Security Compliance
Bitbuy is one of the safest crypto exchanges for Canadians. The Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is one of the highest percentages we’ve seen.
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Bitbuy: Stores 97–98% of assets in offline cold storage, offers a 1:1 Bitcoin insurance policy, and publishes proof-of-reserves audits. It’s one of the most secure Canadian exchanges with no history of hacks.
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Beaver Bitcoin: Non-custodial by design. Bitcoin is sent directly to your wallet, so the platform never holds your funds. However, it’s a small, newer company (since 2021) with less transparency around internal security.
Bitbuy has stronger institutional-grade security, while Beaver Bitcoin minimizes risk by never holding your coins.
Regulatory Compliance
Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets.
Both are registered with FINTRAC as Money Services Businesses (MSBs) under the PCMLTFA (Proceeds of Crime and Terrorist Financing Act).
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Bitbuy goes further: it’s overseen by the Ontario Securities Commission (OSC), requires strict KYC, and can freeze accounts for suspicious activity.
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Beaver Bitcoin also requires KYC but with a much lighter onboarding process compared to Bitbuy’s detailed financial and risk questionnaires.
Customer support
Binance has FAQs and a knowledge centre on their website. They make it easy to submit a support ticket but the reply might take a while.
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Bitbuy: Offers email support and a detailed help center. Responses are generally quick, but some users complain about intrusive compliance checks and account freezes.
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Beaver Bitcoin: Support via a website form. The small team may be slower to respond, but the platform is so minimal that support needs are usually low.
Conclusion
Both exchanges are good, but they serve different goals. Beaver Bitcoin is best for beginners and long-term holders who want the simplest, most transparent way to buy Bitcoin and hold it themselves. Bitbuy, however, is the overall winner thanks to its stronger security, broader coin selection, regulated status, and availability of advanced trading features.
Winner: Bitbuy — a more versatile and secure platform for Canadians looking beyond just Bitcoin.
We recommend choosing Bitbuy over Beaver Bitcoin for your cryptocurrency trading needs. By opting for Bitbuy through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitbuy nor Beaver Bitcoin meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
