Security Compliance
Shakepay holds the majority of users' funds in cold storage with insurance covering risks like theft or key loss, and client funds are held 1:1 with approved custodians. Operating since 2015, it has never been hacked. As a CIRO member, Shakepay's CAD balances carry Canadian Investor Protection Fund coverage up to $1 million, though crypto assets fall outside CIPF. Two-factor authentication, biometric login and email withdrawal confirmations round out account security.
Since April 2025, VirgoCX operates as a non-custodial platform, meaning it never holds your crypto. The coins you buy are delivered to your own wallet, so there is no pool of customer funds on the exchange for hackers to steal. This replaces the old model, where assets were held in cold storage with third-party custody and covered by crime insurance. The new approach is actually closer to what we always recommend anyway: holding your own coins in your own Canadian crypto wallet. Fiat balances are held with Canadian banking partners.
Shakepay holds the majority of users' funds in cold storage with insurance covering risks like theft or key loss, and client funds are held 1:1 with approved custodians. Operating since 2015, it has never been hacked. As a CIRO member, Shakepay's CAD balances carry Canadian Investor Protection Fund coverage up to $1 million, though crypto assets fall outside CIPF. Two-factor authentication, biometric login and email withdrawal confirmations round out account security.
Since April 2025, VirgoCX operates as a non-custodial platform, meaning it never holds your crypto. The coins you buy are delivered to your own wallet, so there is no pool of customer funds on the exchange for hackers to steal. This replaces the old custodial model entirely. The approach is actually closer to what we always recommend anyway: holding your own coins in your own Canadian crypto wallet. Fiat balances are held with Canadian banking partners.
Both Shakepay and VirgoCX prioritize the security of user funds, but in different ways. Shakepay employs cold storage with insurance and two-factor authentication, and adds CIPF coverage on CAD balances as a CIRO member. VirgoCX's non-custodial model means it never holds your crypto at all, eliminating exchange-hack risk for your coins entirely.
Regulatory Compliance
Shakepay is one of the most regulated crypto platforms in Canada. Beyond its FINTRAC Money Service Business registration, it became a CIRO-registered investment dealer in January 2025, the first Quebec-based crypto platform to reach that tier, and the first crypto-native member of Payments Canada in May 2025. Its bitcoin-backed lending product operates under a three-year exemptive relief from Quebec's AMF with passport coverage across all provinces. Montreal-based, it operates in every Canadian province and territory.
VirgoCX is registered with FINTRAC as a money services business (MSB M19955733) and appears on the Canadian Securities Administrators' list of crypto platforms authorized to do business with Canadians, so it is fully legal in Canada. It originally registered as a restricted securities dealer in 2022 but did not complete CIRO investment dealer registration, which is why it pivoted to the non-custodial model in April 2025.
Shakepay is one of the most regulated crypto platforms in Canada. Beyond its FINTRAC Money Service Business registration, it became a CIRO-registered investment dealer in January 2025, the first Quebec-based crypto platform to reach that tier, and the first crypto-native member of Payments Canada in May 2025. Its bitcoin-backed lending product operates under a three-year exemptive relief from Quebec's AMF with passport coverage across all provinces. Montreal-based, it operates in every Canadian province and territory.
VirgoCX is registered with FINTRAC as a money services business (MSB M19955733) and appears on the Canadian Securities Administrators' list of crypto platforms authorized to do business with Canadians, so it is fully legal in Canada. It originally registered as a restricted securities dealer in 2022 but did not complete CIRO investment dealer registration, which is why it pivoted to the non-custodial model in April 2025.
Both Shakepay and VirgoCX are registered with FINTRAC and fully compliant with Canadian regulations. Shakepay holds the higher regulatory tier as a full CIRO investment dealer with CIPF coverage, while VirgoCX operates under FINTRAC as a non-custodial MSB.
Customer support
Shakepay offers chat support, helpful FAQs and email support at [email protected], with tickets typically answered within hours, even on weekends. When we tested it, we received a reply in under 24 hours, and customer reviews consistently rank Shakepay's support among the friendliest in Canadian crypto.
If you need help, you can contact VirgoCX's support team via email or live chat, and they offer multi-language support. Not many exchanges offer live chat.
Shakepay offers chat support, helpful FAQs and email support, with tickets typically answered within hours, even on weekends. When we tested it, we received a reply in under 24 hours, and customer reviews consistently rank Shakepay's support among the friendliest in Canadian crypto.
VirgoCX offers support via email and live chat with multi-language support. Not many exchanges offer live chat at all, which is a genuine plus for newer users navigating the non-custodial wallet setup for the first time.
Both platforms are responsive, but they cover different gaps. Shakepay's support is faster and more personalized for simple issues. VirgoCX's live chat is a real advantage for users who need immediate help during the setup process.
Conclusion
Both Shakepay and VirgoCX are strong, fully compliant Canadian platforms, and the right choice depends on what you need.
Shakepay is the stronger pick for most beginners and Bitcoin-focused Canadians. It is one of the most regulated crypto platforms in the country as a full CIRO investment dealer, with CIPF coverage on CAD balances, free Interac deposits, and zero withdrawal fees. Its product suite has grown meaningfully — the Shakepay Card, ShakingSats, interest on cash, and now bitcoin-backed loans launched in April 2026. The two-coin limitation is a real constraint, but for Canadians whose main goal is accumulating BTC and ETH simply and cheaply, it is hard to beat.
VirgoCX suits Canadians who want access to more than two coins — over 90 at last count — and are comfortable managing their own wallet. The non-custodial model introduced in April 2025 means your crypto is never on the exchange, which is a genuine security advantage over custodial platforms. The spreads are a bit higher on altcoins, and you do need to set up a wallet first, but the Quick Trade feature keeps things accessible once you are ready.
We recommend choosing Shakepay for most Canadians due to its CIRO membership, CIPF coverage, simplicity and zero withdrawal fees. By using our referral link, you support us in conducting independent analysis of crypto trading options for Canadians.
If neither Shakepay nor VirgoCX meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
