Security Compliance
To secure an Uphold account, users enable two-factor authentication, which Uphold requires before funds can be transferred. The platform keeps around 90% of digital assets in cold storage and has never suffered a sitewide hack. For former Canadian users, the more pressing security matter is retrieving stranded balances before unclaimed property rules kick in.
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.
To secure an Uphold account, users enable two-factor authentication, which Uphold requires before funds can be transferred. The platform keeps around 90% of digital assets in cold storage and has never suffered a sitewide hack. For former Canadian users, the more pressing security matter is retrieving stranded balances before unclaimed property rules kick in.
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. Shakepay publishes full details of its security and custody arrangements on its website, and its practices are subject to CIRO oversight.
Both Uphold and Shakepay use cold storage and two-factor authentication as their core security layers. Shakepay's CIRO membership adds mandatory quarterly audits and CIPF coverage on CAD balances, giving it a clear institutional edge over Uphold's US-only regulatory framework — and since Uphold is no longer available in Canada, only Shakepay's protections are relevant here.
Regulatory Compliance
Uphold is regulated in the USA and compliant with the Office of Foreign Assets Control (OFAC) and Bank Secrecy Act (BSA) record-keeping requirements. However, it is no longer Canadian-friendly: Canada appears on Uphold's non-supported jurisdictions list, and Canadian accounts were wound down in 2025. Uphold has publicly stated it's working on plans to return to Canada, but no timeline has been announced.
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.
Uphold is regulated in the USA and compliant with the Office of Foreign Assets Control (OFAC) and Bank Secrecy Act (BSA) record-keeping requirements. However, it is no longer available to Canadians: Canada appears on Uphold's non-supported jurisdictions list, and Canadian accounts were wound down in 2025. Uphold has publicly stated it's working on plans to return to Canada, but no timeline has been announced.
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.
Shakepay is registered with FINTRAC and operates as a full CIRO investment dealer — the highest regulatory tier available to a Canadian crypto platform. Uphold was also registered with FINTRAC but is no longer authorized to serve Canadian users.
Customer support
Uphold offers help centres on its website and in-app, with support via an online ticketing system. If you're a former Canadian customer trying to recover funds, their Canadian services withdrawal help page is the place to start, and be patient, as reviews frequently mention slow, message-only support with replies taking days.
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.
Uphold offers help centres on its website and in-app, with support via an online ticketing system. If you're a former Canadian customer trying to recover funds, their Canadian services withdrawal help page is the place to start — be patient, as reviews frequently mention slow, message-only support with replies taking days.
Shakepay offers chat support, helpful FAQs and email support, with tickets typically answered within hours, even on weekends. Customer reviews consistently rank Shakepay's support among the friendliest in Canadian crypto, and as a CIRO member it is subject to additional conduct and complaint-handling obligations that Uphold is not.
Conclusion
This comparison is straightforward from a Canadian perspective. Uphold exited Canada on June 11, 2025 — if you had an account, the withdrawal deadline was September 8, 2025, and any remaining crypto was auto-converted to CAD. Log in and withdraw it now if you haven't, and act quickly if you used Uphold Vault since the 12-month key retention window after account closure is running.
Shakepay is the clear choice for Canadians looking for a platform today. As a CIRO-registered investment dealer since January 2025, it holds the same regulatory standard as bank-owned brokerages, with CIPF coverage on CAD balances up to $1 million. Add free Interac deposits, zero withdrawal fees, ShakingSats, the Shakepay Card and the April 2026 bitcoin-backed loans product, and it is a genuinely well-rounded platform for Canadians who want BTC and ETH. The two-coin limitation is the only real constraint — if you need a wider range of assets, platforms like Kraken or Crypto.com are worth checking.
We recommend choosing Shakepay for your cryptocurrency trading needs. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that Shakepay doesn't meet your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
