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Bitbuy vs Bitvo: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

WonderFi and Bitbuy, its parent company, took over all Bitvo client accounts in 2023. This means Bitvo is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the comparison provided below is now outdated and is preserved solely for educational and historical reference.

In this comparison, we are scrutinizing two prominent Canadian crypto exchanges: Bitbuy and Bitvo. Both platforms cater extensively to Canadian residents but they differ in several key aspects, such as cryptocurrency offerings, trading fees, and the unique features they provide to their users.

Description

Bitbuy was founded in 2016 and it offers nine of the most popular cryptocurrencies. It has an Express platform for beginners and a Pro platform for more experienced traders.

Bitvo is a cryptocurrency exchange that offers simple trading for Canadians. It's fully compliant in Canada and also has a crypto cash card that can be used for everyday purchases.

Coins

Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Sushiswap (SUSHI), Polygon (MATIC), MANA and USDC

You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and more.

Fees

  • 1.5% CAD withdrawal fees for e-Transfer
  • 0.5% fee for wire transfer
  • 0.79% spread
  • 0.1% Maker 0.2% Taker fees
  • Wire transfer 0.50% ($20k min)
  • 0.00025 BTC crypto withdrawal fee

The only fee you will pay is a 1% withdrawal fee

Pros

  • Offers seven of the world’s most popular cryptocurrencies
  • Express Trade and Pro Trade makes it suitable for beginners and advanced traders
  • OTC Desk available
  • Digital assets held in cold storage
  • $20 referral bonus
  • Interac e-Transfer available
  • Industry leader in compliance and security
  • No deposit fees
  • No trading fees
  • Low withdrawal fee
  • Beginner and advanced trading available
  • Bitvo Cash Card available
  • 24/7 customer support (including phone support)

Cons

  • Deposits can take a few hours
  • 1.5% Interac e-Transfer fee (both in and out)
  • Low Android app rating
  • Low rating on Trust Pilot
  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads

Account Limits

  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum e-Transfer withdrawal
  • $20,000 minimum for wire transfers

A few withdrawal limits & deposit limit that could be found here

Methods to buy

  • Debit card
  • Interac e-Transfer
  • Wire transfer
  • Interac® e-Transfer
  • Wire
  • Canada Post Load

Security

  • Up to 98% of digital assets are held in cold storage
  • Users can withdraw crypto to private wallets
  • Bitcoin backed 1:1 with Knox insurance policy
  •  It holds 95% of assets in cold storage
  • 5% in hot storage
  • A multi-layered firewall infrastructure to protect the exchange

Mobile and Desktop Trading

The Bitbuy mobile app offers a user-friendly interface mirroring its Express platform. The iOS version of the app boasts a solid 4.6-star rating from 6,500 reviews, while the Android version has no rating. The desktop version is highly rated for its ease of use, catering to both beginners and seasoned traders.

Bitvo's mobile apps don't have a significant number of ratings yet. Its iOS app has a 3-star rating with 25 reviews and the Android app has no rating. The desktop platform has been praised for its simplicity, clear navigation, and overall user-friendly design.

Bitbuy

The Bitbuy app has a 4.6-star rating and 6,000 ratings on the Apple App Store. It has a 2-star rating with 1,000 ratings on Google Play. According to reviewers, the Android app has bugs that prevent them from logging in and verifying their account. They also claim customer support is poor. 

The iOS app is easy to use and offers a modern interface like the desktop platform. There is live charting where you can find volume and order book data. Easily deposit funds to your account, and click on your profile tab for your referral details. 

Bitbuy’s Express Trade is suitable for beginners or anyone seeking a quick market trade. The Pro Trade platform is geared toward more experienced traders who wish to place advanced order types.

Express trade view for Bitbuy crypto exchange

Express trade view

Bitbuy's Pro trade

Pro trade view

Bitbuy app interface

Bitbuy app interface

Bitbuy app interface while trading

Bitvo

Bitvo’s mobile app does not have many ratings. Its iOS app has a three-star rating with 21 reviews and its Android app has a 3.1-star rating with 19 reviews. Some of the reviewers claim the apps are buggy and that the experience on their desktop exchange is better.

Bitvo desktop app main screen

Bitvo desktop app main screen

Bitvo desktop (trading view)

Bitvo desktop (trading view)

Bitvo mobile app

Bitvo mobile app

Bitvo app main screen

Bitvo app (main screen)

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.

It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.

Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.

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 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. 

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

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

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.

Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.

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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.