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ByBit vs Bitbuy: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In this comparison, we will be analyzing Bitbuy and ByBit, two popular cryptocurrency exchanges catering to different types of users. Bitbuy is a Canadian-based exchange tailored for both beginners and experienced traders, while ByBit is a global exchange primarily targeting experienced traders. We will explore their features, security, supported cryptocurrencies, and other aspects to help you decide which platform suits your needs better.

Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Bitbuy.

Description

ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

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.

Coins

1000+ crypto 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

Fees

  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P 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

Pros

  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • 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

Cons

  • Won't be available in Canada in October 2023
  • Advanced trading platform can be confusing for beginners
  • Only card payments or third-party transfers
  • No CAD deposits
  • 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

Account Limits

A peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

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

Methods to buy

  • CAD deposits are not available
  • You can deposit  by card payment, a third-party such as Banxa (3% commission)
  • Peer-to-peer marketplace
  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

  • ByBit uses cold storage for assets
  • 2FA
  • 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

Mobile and Desktop Trading

Bitbuy's desktop and mobile platforms are user-friendly, with the mobile app rated 4.6 on the App Store

Both platforms allow easy deposits and purchases of cryptocurrencies. ByBit also has robust desktop and mobile platforms, with the mobile app rated 4.6 on the App Store and 4.6 on Google Play. The platforms offer all the tools needed for advanced trades and technical analysis.

ByBiy

ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen

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

Security Compliance

ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage. 

For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account. 

This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario. 

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.

Bitbuy is quite transparent about its security measures, stating that it holds 97% of digital assets in cold storage, which is higher than many other exchanges. It also has a 1:1 Bitcoin insurance policy, conducts regular financial audits, and is regulated by FINTRAC as a Money Service Business (MSB).
ByBit uses cold storage for assets, but it's not clear what percentage of funds are held in cold storage. They offer two-factor authentication for additional account security. However, detailed information about their security infrastructure is lacking.

Regulatory Compliance

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.

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. 

ByBit faced issues with the Ontario Securities Commission and, as a result, stopped operating in Ontario after paying a $2.5M fine. The exchange is not currently fully compliant in Ontario.

Bitbuy is fully compliant with Canadian federal laws and is regulated as an MSB by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). This means Bitbuy is obliged to report certain types of transactions to prevent illegal activities like money laundering.

Customer support

ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.

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.

Bitbuy offers extensive support, with a comprehensive support page and an online form for queries. They also provide support via email. Customer reviews suggest that the response time is fairly quick. ByBit also provides a robust support system with numerous guides and the ability to create a ticket for queries. However, it has a lower rating on Trustpilot, with some users claiming issues with withdrawals.

Conclusion

Although both Bitbuy and ByBit have their unique strengths and offerings, ByBit takes the lead in this comparison for several reasons. First, ByBit offers a larger variety of cryptocurrencies, which is a significant advantage for traders interested in altcoins. It also provides more sophisticated tools for experienced traders, including futures and margin trading. While ByBit's compliance issues in Ontario are a concern, its global reach and immense user base show its overall reliability and acceptance. Its mobile app also has higher ratings compared to Bitbuy, indicating a more satisfying user experience on portable devices. Moreover, ByBit's lack of mandatory verification for trading can be seen as a benefit for those who value privacy. Yet, it also offers the option for users to increase their withdrawal limits through verification, thereby catering to the needs of different traders. Lastly, the low trading fees on ByBit make it a more cost-effective choice for active traders. While it may not be the ideal platform for Canadians wishing to buy crypto with fiat currencies directly, its P2P marketplace provides a workaround for this limitation. In essence, for traders prioritizing a wide range of cryptocurrencies, advanced trading tools, and lower fees, ByBit stands out as the more attractive choice.

Initially, we recommended choosing ByBit over Bitbuy for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Bitbuy.

f you find that neither ByBit nor Bitbuy 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.