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Bitbuy vs. Bull Bitcoin: What Works Better For Canadians in 2024?

Oleg Galeev

Last updated September 20, 2024

In the evolving landscape of cryptocurrency exchanges in Canada, Bitbuy and Bull Bitcoin stand out for their unique offerings and approaches to digital currency trading. With Bitbuy offering a wide range of cryptocurrencies and a dual platform catering to both beginners and professionals, and Bull Bitcoin focusing exclusively on Bitcoin with innovative payment solutions, potential users have distinct options to consider in 2024.

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.

Bull Bitcoin is a unique Canadian Bitcoin trading platform with ability to pay bills with bitcoin (cellphone, electricity even taxes to CRA) and that allows you to take self-custody immediately.

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

BTC only

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

Bull Bitcoin sends the BTC directly to your wallet so you avoid typical withdrawal and network fees that exchanges often have which is a money saver. Bull Bitcoin does not charge fees for buying bitcoin either. Instead, you’ll get exactly what their “We sell” price is. When paying via debit or cash at Canada Post, you’ll pay a 2% 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

Immediate self-custody of assets
Send funds via e-Transfer or wire
Pay anonymously with cash
No withdrawal fees or wait times
Recurring buys directly from your bank account
Pay bills with bitcoin

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

Only bitcoin available

Account Limits

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

$10,000,000.00 CAD deposit / day via wire trasnfer
$10,000.00 CAD deposit / day via Interac E-transfer
$1,000.00 CAD deposit / day via Cash or Debit at Canada Post
Buy & Sell transfer are almost unlimited ( $1,000,000.00 CAD a day)

App

Methods to buy

Debit card
Interac e-Transfer
Wire transfer

When buying cryptocurrency with Bull Bitcoin, you can deposit Canadian dollars via an Interac e-Transfer, wire transfer or cash or debit at Canada Post. With the first two options, you will have to KYC and verify your Bull Bitcoin account.

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

Full custody of your bitcoin.

Mobile and Desktop Trading

Both Bitbuy and Bull Bitcoin offer robust mobile and desktop platforms designed to cater to the needs of modern traders. Bitbuy’s mobile app is highly rated on the iOS App Store with a 4.5-star rating from over 6,000 reviews, indicating a positive user experience. However, its Android counterpart has a lower rating at 2 stars from 1,000 reviews, suggesting some areas for improvement, particularly with the app's tendency to log users out. On the desktop front, Bitbuy provides a seamless trading experience through its Express and Pro platforms, accommodating traders of all skill levels.

Bull Bitcoin does not have a dedicated mobile app, emphasizing simplicity and direct web access for transactions. While this might limit accessibility for users who prefer trading on the go, it ensures that the platform's services are straightforward and focused, especially for those concentrating on Bitcoin. The desktop interface, while described as functional, could benefit from design improvements for enhanced user experience.

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

Pro trade view

Bitbuy app interface

Bitbuy app interface while trading

Bull Bitcoin

Bull Bitcoin has a simple website since all of the transactions happen via your bank. There aren’t many features to get you confused, however, we think their website could be designed a little better.

Major Screen

Buying Bitcoin via Bull Bitcoin

Transaction screen on the mobile app

Bull Bitcoin app screenshot

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.

Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet.

In terms of security, Bitbuy takes a strong stance by storing 97% of its digital assets in cold storage and boasting a 1:1 Bitcoin insurance policy. This, combined with its regular financial audits and compliance with FINTRAC as a Money Service Business (MSB), places Bitbuy at a high level of security for its users.

Bull Bitcoin promotes security through immediate self-custody of Bitcoin, minimizing the risk associated with exchange custody. While it requires a level of trust in the platform to send BTC to your wallet, this model significantly reduces the risks of online hacking incidents. Compliance with Canadian regulations and registration as an MSB with FINTRAC further reinforces its security posture.

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.

Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations.

Both exchanges are registered as Money Services Businesses with FINTRAC, adhering to Canadian federal regulations aimed at preventing money laundering and terrorist financing. This registration necessitates rigorous compliance with identification and reporting standards, ensuring that both Bitbuy and Bull Bitcoin operate within the legal framework set by Canadian federal organizations. Their commitment to compliance is a testament to their reliability and safety as trading platforms.

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.

Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service.

Bitbuy offers comprehensive customer support through an online form and direct email contact, providing personalized responses even to general inquiries. Its extensive support page and responsiveness indicate a strong commitment to customer satisfaction.

Bull Bitcoin, while operating on a smaller scale, ensures quality support with its direct email contact. Its high rating on Trustpilot reflects a high level of customer satisfaction, attributed to its dedicated service and user-friendly approach to Bitcoin trading.

Conclusion

While both Bitbuy and Bull Bitcoin offer commendable services tailored to their specific user bases, Bitbuy emerges as the winner in this comparison. Its broad selection of cryptocurrencies, dual-platform catering to various trader experiences, and higher mobile app ratings for iOS make it a versatile choice for Canadian users. Additionally, Bitbuy's superior security features, including cold storage and insurance policies, alongside its strong compliance with Canadian federal regulations, ensure a secure and reliable trading environment. Though Bull Bitcoin has its strengths, especially for Bitcoin enthusiasts, Bitbuy's comprehensive offerings and robust platform support crown it as the preferred choice in 2024.

However, if your goal is to trade Bitcoin in the most effective and affordable way in Canada, then Bull Bitcoin has no alternatives. In our opinion, every Canadian should sign up for an account with them because of this, not to mention the ability to pay for over 5,000 Canadian bills with Bitcoin, which you can do with Bull Bitcoin.

Author

Oleg Galeev

Cryptocurrency Specialist

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.