Security Compliance
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for convenient logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen.
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.
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen. Eligible fiat balances are covered by CIPF.
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. Full details of Shakepay's security and custody arrangements are published at shakepay.com/security and are subject to ongoing CIRO oversight.
Both Wealthsimple Crypto and Shakepay hold client crypto in insured cold storage, mandate two-factor authentication, and carry CIPF coverage on fiat balances as CIRO-regulated investment dealers. This is one of the few comparisons in Canadian crypto where both platforms sit at the same regulatory tier — the security edge, if any, comes down to custodian choice (Gemini Trust for Wealthsimple, undisclosed institutional custodians for Shakepay) and the Coincover recovery partnership on Wealthsimple's side.
Regulatory Compliance
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
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.
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
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.
Both Wealthsimple Crypto and Shakepay are registered with FINTRAC and operate as CIRO-registered investment dealers — the highest regulatory tier available to a Canadian crypto platform. This makes them two of the safest options in the country from a compliance standpoint.
Customer support
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email around the clock, and quality is well regarded, though there's no dedicated phone line for crypto issues. One tax perk worth knowing: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software.
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.
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email around the clock, and quality is generally well regarded. One useful perk: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software, saving time at year end.
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.
Both platforms are responsive and well regarded for support quality. Wealthsimple's integrated tax reporting is a practical advantage at year end. Shakepay's faster average reply times and friendlier tone give it a slight edge for day-to-day issues.
Conclusion
This is one of the closest comparisons in Canadian crypto — two CIRO-registered investment dealers, both with CIPF coverage on fiat, both with free Interac deposits and zero crypto withdrawal fees. The decision really comes down to what you want to trade and how much you value integration with your broader financial life.
Wealthsimple Crypto is the stronger pick if you want more than BTC and ETH. With 140+ coins, staking on ETH, SOL, ADA and DOT, crypto-to-crypto swaps, limit orders and the convenience of managing everything alongside your TFSA, RRSP and stocks in one app, it is hard to match for versatility. The 2% Core-tier fee is the main drawback for active traders — if you are buying frequently, the spread on Shakepay or the flat fees on NDAX will serve you better.
Shakepay is the stronger pick if your focus is BTC and ETH and you want the simplest, most enjoyable experience. Free crypto withdrawals with network fees covered, ShakingSats, the Shakepay Card with bitcoin cashback, interest on your CAD balance and the April 2026 bitcoin-backed loans product make it a genuinely well-rounded platform for Bitcoin accumulators. The two-coin limitation is the only real constraint.
We recommend choosing Wealthsimple Crypto for most Canadians due to its broader coin range, staking options and all-in-one investing convenience. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If neither Wealthsimple Crypto nor Shakepay meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
