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.
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
Bitbuy boasts that it stores 97% of its digital assets in cold storage, which surpasses the industry average. They have a 1:1 Bitcoin insurance policy and conduct regular financial audits. Moreover, Bitbuy has never been hacked, which contributes to its strong reputation in terms of security.
Bitvo keeps between 95% to 100% of its digital assets in third-party cold storage, which is standard in the industry. It also has multi-layered firewall infrastructure for added security and screens any cryptocurrencies for potential risks before listing them.
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 The old IIROC Crypto-Asset Working Group reference is obsolete, as IIROC merged into CIRO in 2023.
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
Both Bitbuy and Bitvo are registered Money Service Businesses in Canada and comply with FINTRAC regulations, a Canadian federal regulatory body that ensures financial entities are adhering to Canadian law. This demonstrates both platforms' commitment to complying with local laws and regulations and offering a legitimate service to Canadian residents.
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.
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
Bitbuy provides a comprehensive support page on its website, an online request form, and an email support option. User feedback generally praises their customer support.
Bitvo distinguishes itself with 24/7 customer support, including live chat, email, and phone support. The addition of phone support is a unique offering in the crypto exchange space.
Conclusion
While both Bitbuy and Bitvo have their strengths and offer solid platforms for trading cryptocurrencies in Canada, Bitbuy emerges as the winner in this comparison. Bitbuy's wider variety of cryptocurrencies, higher cold storage percentage, insurance policy, and great customer reviews give it a slight edge over Bitvo.
We recommend choosing Bitbuy over Bitvo 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 Bitvo 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.
