Security Compliance
Bitbuy remains one of the safest crypto exchanges for Canadians. Client assets are segregated and held predominantly in insured cold storage with custodian BitGo, protected by mandatory two-factor authentication, and verified through quarterly proof-of-reserves reporting required under CIRO oversight. Bitbuy has operated since 2016 without a hack. The Robinhood acquisition doesn't change these protections, since Robinhood stepped into Canada's existing regulatory structure rather than around it. As always, crypto itself isn't covered by CIPF, so long-term holdings belong in your own wallet.
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
Bitbuy sets a high bar with 97% of its assets in cold storage—surpassing the industry standard. Their dedication to transparency is evidenced by their open disclosure of surpassing cold storage policies in the recent Proof of Reserves Audit. In addition to multi-factor authentication, Bitbuy boasts a 1:1 Bitcoin insurance policy and is duly regulated by FINTRAC.
Emphasizing digital security, Bitcoin Well integrates advanced measures including multi-factor authentication and cold storage solutions. The platform's devotion to safeguarding users' data and funds is unwavering, ensuring a secure trading environment.
Regulatory Compliance
Bitbuy's regulatory pedigree is among the best in Canada: it was the country's first registered crypto marketplace back in 2021, is registered with FINTRAC, and operates under CIRO oversight through the WonderFi group's registered dealer. In June 2026, Robinhood completed its C$250 million acquisition of WonderFi after CIRO approved the transfer of control, making Bitbuy part of a Nasdaq-listed company while keeping all Canadian registrations in place. The old IIROC Crypto-Asset Working Group reference is obsolete, as IIROC merged into CIRO in 2023.
Bitcoin Well is registered with FINTRAC (registration M19811620) and with Revenu Québec, and is fully legal in Canada. As a company listed on the TSX Venture Exchange, it also publishes audited financials, a level of transparency almost no other Canadian bitcoin platform offers.
As a Canadian-centric platform, Bitbuy is fully regulated as a Money Service Business by FINTRAC, ensuring transactions are compliant with national regulations.
Bitcoin Well operates within the legal parameters set by Canadian authorities, providing a platform where users can trade confidently, abiding by the nation's regulatory standards.
Customer support
Bitbuy has FAQs and a knowledge centre on its website, with support handled through email tickets. There's no live chat or phone line, and replies can take a while for complex issues, which is a genuine weakness compared to competitors like NDAX or Netcoins that offer real-time channels. Bitbuy account holders should also watch their inbox for Robinhood migration communications and review new terms carefully before accepting them.
Bitcoin Well runs an in-house Canadian support team available around the clock, and you can browse their help centre, open a support ticket, or even call or text their team. Most crypto platforms do not offer a phone number, so this is a big plus. Their Trustpilot rating sits around 4 stars across a modest number of reviews.
Bitbuy offers a thorough support page, aiding users with common concerns. Their email support system provides quick (although sometimes automated) responses, aiding in user queries. Reviews indicate most users find Bitbuy’s support satisfactory.
Recognizing the essence of customer service, Bitcoin Well provides top-tier assistance. Their support team, acclaimed for its expertise and swift response times, caters to a myriad of user inquiries, from transaction issues to general crypto questions.
Conclusion
While both
Bitbuy and
Bitcoin Well stand out as reputable crypto exchanges in Canada, catering to different user preferences, Bitbuy seems to edge out slightly due to its broader cryptocurrency portfolio and transparent security measures. Despite Bitcoin Well’s robust platform and impeccable support system, Bitbuy’s exclusive features like the 1:1 Bitcoin insurance policy and a vast array of coin offerings make it a more versatile option for Canadians in 2024.
Bitcoin Well stands out from Bitbuy with its Recurring Buy feature, allowing users to automate Bitcoin purchases at set intervals. This is especially helpful for those wanting to invest gradually over time without manually handling each transaction. In addition, Bitcoin Well has expanded its services to cater not only to Canadian customers but also to the USA, broadening its reach across North America. These developments set it apart, especially for users focused solely on Bitcoin and long-term investment strategies.
When comparing Bitbuy to other exchanges, it stands out with new staking options, allowing users to earn rewards, which not all exchanges offer. Bitbuy maintains its strong focus on security by keeping 90% of assets in cold storage, which is an improvement over the older claim of 95%. Moreover, the platform has revamped its fee structure to be more transparent and competitive, addressing past concerns about high fees. These updates solidify Bitbuy’s position as a reliable, feature-rich exchange, especially appealing to Canadian users seeking both security and earning potential.
We recommend choosing Bitbuy over Bitcoin Well 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 Bitcoin Well 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.
