Note: ByBit is not available to Canadians. ByBit exited the Canadian market on September 30, 2023, paid a roughly $2.5 million OSC penalty, and Canada remains on its restricted jurisdictions list with no return announced. Bitbuy is the only active platform here.
In this comparison, we look at Bitbuy and ByBit, two popular cryptocurrency exchanges catering to different types of users. Bitbuy is one of Canada’s longest-standing registered platforms, now owned by Robinhood following the June 2026 WonderFi acquisition. ByBit is a global exchange primarily targeting experienced traders, and completely off-limits to Canadians since September 2023. This comparison is preserved for historical reference only.
Bitbuy Vs Bybit: Which Is Better For Canadians?
Neither is an option for Canadians today. Bitbuy accounts were moved to Coinsquare Capital Markets Ltd. in May 2024, and since Robinhood closed its WonderFi purchase on June 1, 2026 the Bitbuy site tells users it is now part of Robinhood and customers are being invited to move to the Robinhood app. Bybit left Canada in 2023: it stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
Every row below comes from each company’s own pages and the Canadian registries, checked October 2026. Where a row has no fair winner, it says so.
Bitbuy Vs Bybit: Master Spec Table
Bitbuy
Bybit
Winner
Company
Bitbuy Technologies Inc., founded in Toronto in 2016. Accounts moved to Coinsquare Capital Markets Ltd. in May 2024; parent WonderFi was bought by Robinhood on 2026-06-01. Founders: Not published.
Bybit, HQ Dubai. Canadian FINTRAC entity: Bybit Fintech (Canada) Limited. OSC settled with Bybit Fintech Limited on 2022-06-22. Founder and funding: Not published.
Depends
Regulation
FINTRAC MSB M20728803 Ceased 2025-02-20. Bitbuy Technologies Inc. sits under CSA Expired Decisions. Live CSA entry is Coinsquare Capital Markets Ltd., Decision 2024-10-11. Not on the CSA banned list.
FINTRAC MSB M20624645 (Bybit Fintech (Canada) Limited) Expired 2025-03-08. Not on the CSA authorized or banned list. OSC settlement 2022-06-22, USD 2,468,910 disgorged.
Tie
Assets
60+ coins offered (BTC, ETH, SOL, ADA, DOGE, DOT, USDC). Order book on Pro. Current list: see the Robinhood app.
1,800+ coins globally, not for new Canadian accounts.
Depends
Price
Express: spread, Pro: maker/taker, exact rates Not published. Robinhood signaled a flat 0.5% on CAD trades after migration.
Low fees on derivatives, roughly 3% on third-party card payments; schedule Not published. Not applicable.
Depends
CAD In
Free Interac e-Transfer, wire and bank draft were offered.
No longer available to Canadians
Depends
CAD Out
Not published in the sources reviewed.
No longer available to Canadians
Depends
Crypto In And Out
Crypto deposits and withdrawals to private wallets were allowed. Networks and minimums: Not published.
No longer available to Canadians
Depends
Custody
Held with BitGo, majority in insured cold storage; quarterly proof-of-reserves under CIRO rules. Crypto was never CIPF-covered.
Cold storage and 2FA; proof of reserves published after the 2025 hack. No Canadian entity holds assets.
Depends
Verification (KYC)
No longer available to Canadians
No longer available to Canadians
Depends
Account Types
Express and Pro platforms; OTC desk and Private Wealth.
No longer available to Canadians
Depends
Provinces
No longer available to Canadians
No longer available to Canadians
Depends
Extra Products
Staking on nine coins including ETH, SOL, ADA and DOT, at a combined 39% fee on rewards.
No longer available to Canadians
Depends
Tax Tools
No longer available to Canadians
No longer available to Canadians
Depends
App
App Store rating 4.6 (Oleg's old row). Being replaced by the Robinhood app.
What Are The Key Differences Between Bitbuy And Bybit?
Bitbuy Vs Bybit: Side By Side
Bitbuy
Bybit
Description
Bitbuy was founded in Toronto in 2016 and was one of the first registered crypto marketplaces in Canada. It offered 60+ cryptocurrencies through an Express platform for beginners and a Pro platform for experienced traders. Its accounts moved to Coinsquare Capital Markets Ltd. in May 2024, and since June 2026 it has been part of Robinhood, which acquired parent company WonderFi for C$250 million. Customers are being invited to move to the Robinhood app.
Bybit is a global exchange headquartered in Dubai, with over 1,800 cryptocurrencies. It exited the Canadian market in 2023 and has stayed unavailable to Canadians, with Canada on its restricted jurisdictions list. Its own Canada notice said it acted in light of recent regulatory development.
Coins
60+ including Bitcoin, Ethereum, Solana, Cardano, Dogecoin, Polkadot and USDC.
1,800+ crypto coins globally, none open to new Canadian accounts.
Fees
Free Interac e-Transfer deposits. Express Trade prices included a spread, the pricier way to buy. Pro Trade used lower maker/taker fees with TradingView charting. Staking carried a combined fee of roughly 39% of rewards (30% Bitbuy plus 9% custodian). Robinhood has signaled a flat 0.5% CAD trading fee after migration; the schedule is likely to change during the transition.
Low trading fees, especially on derivatives; roughly 3% card payment fees via third-party providers; no P2P fees; crypto withdrawal fees varied by coin. Not applicable to Canadians.
Pros
One of Canada's longest-standing registered platforms, later under CIRO oversight with segregated client assets and quarterly proof-of-reserves
Express and Pro platforms served beginners and advanced traders alike
Free Interac e-Transfer deposits
Staking on nine coins including ETH, SOL, ADA and DOT
Insured cold storage custody with BitGo and a clean security track record
OTC desk and Private Wealth services
Huge coin selection
Staking, lending and Earn products
OTC desk
Copy trading and trading bots
Low trading fees
Covered 100% of user losses after its 2025 hack, restoring reserves within 72 hours
Cons
No longer a separate platform: accounts moved to Coinsquare Capital Markets Ltd., then to Robinhood
Staking's roughly 39% combined cut of rewards was the highest in Canada
Support was email-ticket only, with no live chat or phone
Fees ran higher than global competitors unless you stuck to Pro Trade
No margin, derivatives or stop-loss orders
Migration to the Robinhood app brings new terms, fees and interface
Not available in Canada since 2023, with no return in sight
Suffered the largest crypto hack in history in February 2025 (about $1.5 billion in ETH stolen)
Mandatory KYC since 2023, so the old no-verification signup no longer exists
Advanced platform can be confusing for beginners
No CAD support, only card payments or third-party on-ramps for fiat
Security
Majority of digital assets in insured cold storage with BitGo, mandatory 2FA, quarterly proof-of-reserves under CIRO requirements, withdrawals to private wallets allowed. No hacks in nearly a decade of operation.
Cold storage for assets and 2FA. Proof of Reserves published after the 2025 incident.
Methods To Buy
Interac e-Transfer, wire transfer, bank draft and crypto deposits were accepted. Today new Canadians are pointed to the Robinhood app instead.
Canadians cannot buy crypto on Bybit. Account creation requires full identity verification tied to your ID country, so VPN workarounds do not work and risk frozen funds. Elsewhere funding was via third-party card providers such as Banxa or MoonPay, crypto deposits and a P2P marketplace.
App
Bitbuy's app held a 4.6-star rating on the App Store. It is being replaced by the Robinhood app.
A well-rated app exists in supported countries but is inaccessible to Canadians.
Account Limits
Standard verified accounts handled typical retail volumes, with OTC and Private Wealth desks for large trades. Legacy limit figures changed repeatedly through the platform mergers.
Not applicable. Legacy Canadian accounts were set to withdrawal-only; elsewhere withdrawal limits depend on KYC level, starting around 20,000 USDT per day for basic accounts.
How Do You Fund And Cash Out Bitbuy And Bybit In Canada?
Bitbuy: CAD Deposits (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer
Free
Not published
Not published
Not published
Funding for the live platform is now on Robinhood. Bitbuy-specific limits are Not published. Legacy Canadian accounts are withdrawal-only. No current funding methods.
What Do Bitbuy And Bybit Offer Beyond Buying And Selling?
Bitbuy Only
Staking:Staking on nine coins including ETH, SOL, ADA and DOT, with a combined 39% cut of rewards (30% Bitbuy plus 9% custodian).
OTC desk and Private Wealth: Offered for large trades.
Bybit Only
Derivatives, copy trading, Earn (historic): Bybit offered derivatives, copy trading bots, staking, lending and an OTC desk globally. Canadian retail access ended in 2023.
What Happens To Your Money If Bitbuy Or Bybit Fails?
Bitbuy: Existing Bitbuy users should watch for Robinhood migration emails and read the new terms and fees before accepting. Accounts are held by Coinsquare Capital Markets Ltd., a CIRO-regulated dealer, and the registry says the CSA entry for Bitbuy Technologies Inc. is expired. If you do not want to move, withdraw your crypto to a wallet you control. CIPF covers cash but never crypto.
Bybit: Bybit has no Canadian registration or recognition, so no Canadian regulator stands behind a balance there. If you still hold funds, withdraw them to a wallet you control; Canadian accounts were set to withdrawal-only. Bybit's February 2025 hack, which it covered in full, shows the platform risk even outside Canada. VPN use breaks its terms and can freeze funds.
How Are Bitbuy And Bybit Treated For Tax In Canada?
Bitbuy: Selling or swapping crypto on Bitbuy was a disposition for CRA purposes. Export your full transaction history before your account is migrated or closed. Export formats: Not published.
Bybit: Trades on Bybit were dispositions for CRA purposes. Export your history while withdrawal access lasts. Export formats: Not published.
Selling, swapping or spending crypto is a disposition for the CRA on any platform. This is not tax advice: see my guide to crypto taxes in Canada.
Which Should You Choose, Bitbuy Or Bybit?
Choose Bitbuy If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
You hold a Bitbuy account and want to compare it with what Robinhood is offering before you accept the migration.
Choose Bybit If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
What Happened To Bitbuy?
Bitbuy is no longer a separate platform. Its accounts moved to Coinsquare Capital Markets Ltd. in May 2024, and since Robinhood closed its WonderFi purchase on June 1, 2026, the Bitbuy site tells users it is now part of Robinhood and invites customers to move to the Robinhood app.
Coinsquare Capital Markets Ltd. is the entity that operates the platform, and it appears on the CSA list with a decision dated October 11, 2024. Bitbuy Technologies Inc. sits under expired decisions on the CSA site, and its FINTRAC MSB registration shows as ceased on February 20, 2025. Bitbuy's help centre says the 2024 move was required because its CSA relief was time-limited and called for a move under CIRO oversight.
If you still hold coins there, watch for the migration invitation, open it only from the official Bitbuy or Robinhood channels, and read the new terms before you accept. I do not send new readers to Bitbuy, because the business is being folded into Robinhood. On the Robinhood side, a flat 0.5% on CAD trades was advertised for the first few months after launch, and the zero-fee promotion for Canada ended on September 30, 2026. Its fee schedule sets the fee at 0.5% through October 31, 2026 and 0.95% from November 1, 2026.
Bitbuy: What The Records Show
Item
Record
Status
Bitbuy accounts were moved to Coinsquare Capital Markets Ltd. in May 2024, and since Robinhood closed its WonderFi purchase on June 1, 2026 the Bitbuy site tells users it is now part of Robinhood and customers are being invited to move to the Robinhood app.
Key dates
2024-05-28 (accounts moved to Coinsquare Capital Markets Ltd.); 2026-06-01 (Robinhood closes WonderFi, parent)
CSA record
Bitbuy Technologies Inc. is under 'Crypto Platforms Expired Decisions' on the CSA site (Decision, Expired; no date shown). The live CSA list entry is Coinsquare Capital Markets Limited, Decision (October 11, 2024)
FINTRAC record
BITBUY TECHNOLOGIES INC. M20728803 status Ceased, cessation 2025-02-20 (initial approval 2020-02-07)
What Happened To Bybit?
Bybit left Canada in 2023. It stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. Its stated reason was recent regulatory development.
Bybit was never registered with the CSA. The Ontario Securities Commission settled with Bybit Fintech Limited on June 22, 2022, and Bybit disgorged USD 2,468,910. Its Canadian FINTRAC registration shows as expired on March 8, 2025.
Bybit-style derivatives are not available to Canadian retail investors anywhere on a registered platform, so there is no direct substitute for that product.
Bybit: What The Records Show
Item
Record
Status
Bybit left Canada in 2023: it stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated.
Key dates
2023-05-31 (no new Canadian accounts); 2023-07-31 (no new deposits/contracts); 2023-09-30 (liquidation of remaining positions)
CSA record
None. OSC settlement 2022-06-22 (Bybit Fintech Limited disgorged USD 2,468,910); not on CSA authorized or banned list
Neither side of this pair is a place to open a new account. The registry points Bitbuy users to Coinbase and Bybit users to Kraken, and both are CSA-registered in Canada.
Where Bitbuy And Bybit Users Can Go Instead
Platform
Canadian Status
Published Fee
CAD Funding
Coins
My Ranking
Coinbase
CSA Restricted Dealer in all provinces and territories; FINTRAC MSB; not a CIRO member
Coinbase fee of up to 1.875% on simple buys (varies by payment method) plus spread; separate 1% fee on simple limit orders
Interac e-Transfer and EFT, free
200+
#1 of 10, 9.8/10
Kraken
CSA Restricted Dealer (Payward Canada Inc.); FINTRAC MSB; not a CIRO member
Kraken Pro 0.40% maker and 0.80% taker at the base tier; Instant Buy 1% plus spread
About 490 (derived from the public pair list minus assets Kraken bars in Canada)
#3 of 10, 9.2/10
Coinbase. Coinbase is the closest like-for-like for a Bitbuy user: a beginner app, free Interac e-Transfer and EFT funding, and a Restricted Dealer registration in every province and territory. It sits first in my ranking at 9.8 out of 10. Simple buys carry a Coinbase fee of up to 1.875% on top of the spread, and fiat balances are not covered by CIPF. Derivatives launched for eligible Canadian investors only, so there is no retail leverage.
Kraken. Kraken is third in my ranking at 9.2. It is a CSA Restricted Dealer, deposits by Interac e-Transfer are free, and Kraken Pro starts at 0.40% maker and 0.80% taker. Instant Buy costs 1% plus a spread, an Interac e-Transfer withdrawal costs CAD 10, and Canadians cannot trade margin or derivatives. Most clients face a CAD 30,000 rolling 12-month net purchase limit on assets other than BTC, ETH, LTC and BCH.
What Changed For Bitbuy And Bybit In October 2026?
: Date set for liquidating remaining Canadian positions.
: Bitbuy accounts moved to Coinsquare Capital Markets Ltd..
: CSA Restricted Dealer decision for Payward Canada Inc. (Kraken), with free Interac e-Transfer deposits announced.
: Robinhood closed its WonderFi purchase, and the Bitbuy site now says it is part of Robinhood.
: Robinhood crypto trading launched in Canada with 50+ coins.
: Robinhood's zero-fee promotion for Canada ended.
Frequently Asked Questions
Is Bitbuy Still Open In 2026?
Bitbuy accounts were moved to Coinsquare Capital Markets Ltd. in May 2024, and since Robinhood closed its WonderFi purchase on June 1, 2026 the Bitbuy site tells users it is now part of Robinhood and customers are being invited to move to the Robinhood app.
Should I Open A New Bitbuy Account?
I would not. Bitbuy accounts sit with Coinsquare Capital Markets Ltd., and the Bitbuy site now tells users it is part of Robinhood and invites customers to move to the Robinhood app. A registered platform that is still taking new customers is the safer starting point.
What Happened To Bybit?
Bybit left Canada in 2023: it stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated.
What Should I Use Instead Of Bybit?
Kraken is the registry pick: Registered Canadian dealer with a wide altcoin list; Bybit-style derivatives are not available to Canadian retail anywhere.
Bitbuy: Yes on Pro, historically. Bybit: Yes globally, not for Canadians.
Which Coins Can You Buy On Bitbuy And Bybit?
Bitbuy: 60+ coins offered Bybit: 1,800+ globally, none for new Canadians
Is The Spread The Fee On Bitbuy And Bybit?
Bitbuy: Express prices included a spread, which was the cost. Bybit: No longer applicable.
Does CIPF Cover My Crypto On Bitbuy Or Bybit?
Bitbuy: CIPF never covers crypto, and this platform no longer serves Canadians. Bybit: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Bitbuy And Bybit Available In Every Province?
Bitbuy: Bitbuy's CSA entry expired; accounts now sit with Coinsquare Capital Markets Ltd. Bybit: No longer available in any province.
Do Interac Deposits Work On Weekends On Bitbuy And Bybit?
Bitbuy: No longer applicable. Bybit: No longer applicable.
What Is The Minimum Buy On Bitbuy And Bybit?
Bitbuy: Not published Bybit: No longer applicable.
Can A Business Use Bitbuy Or Bybit?
Bitbuy: Private Wealth and OTC desks existed. Bybit: No longer applicable.
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.
