BitBuy vs Coinbase: What Is Better Platform For Canadians?
3 weeks ago
Coinbase is one of the most reputable crypto exchanges in the world, while BitBuy is probably the most reputable in Canada. We even included BitBuy in the list of the best cryptocurrency exchanges for Canadians. Check our BitBuy vs Coinbase comparison to have a clear understanding of how different are they and which one works the best for your needs.
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. It's recognized as one of the safest crypto exchanges in Canada.
Founded in 2012, Coinbase is a US-based cryptocurrency exchange with a simple interface making it a popular choice for Canadians looking to start their crypto journey. Coinbase has 56 million users and became the first cryptocurrency exchange to have an Initial Public Offering.
50+ including BTC, ETH, XRP, LTC
- 1.5% CAD deposit and 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
3.99% buy fee
0.50% fee per trade
- 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
- Simple and easy interface
- Good for beginners
- Secure exchange with cold storage
- The most popular coins offered
- Users can set up automatic recurring buys
- Learn to earn crypto program
- Deposits can take a few hours
- Low Android app rating
- High fees
- Complaints of bad customer support
- No Interac e-Transfer
- Might be challenging for Canadians to deposit money
- Deposit $100 - $10,000 via Interac daily
- $50 minimum e-Transfer withdrawal
- $20,000 minimum for wire transfers
High limit. Purchase limit depends on account age and other factors
Methods to buy
- Debit card
- Interac e-Transfer
- Wire transfer
- 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
- Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA) announced that Bitbuy is the first Registered Marketplace and Investment Dealer where Canadians can invest in crypto assets
2FA, coins held in cold storage with multi-signature wallets, KYC verification process
Mobile and Desktop Trading
BitBuy and Coinbase have well-designed desktop platforms and mobile apps that make it easy to trade on the go. Both offer a clean white background with simple text. Both desktop and mobile versions are easy to navigate.
Coinbase offers a clean white background with simple text. Both desktop and mobile versions are easy to navigate and are perfect for beginners. When people ask what the easiest crypto exchange for beginners is, most people will say Coinbase.
Coinbases’s app is almost identical to its desktop platform making it easy to trade crypto wherever you are. Safely store your debit card information and you can buy and sell top cryptocurrencies such as Bitcoin and Ether in just a few clicks. On the Apple App Store, Coinbase has a 4.7-star rating with 1.3 million ratings. On Google Play it has a 4.3-star rating with 453,000 ratings. The ratings show just how popular Coinbase is.
Coinbase desktop interface
Coinbase app interface
Coinbase app interface while trading
One great thing about Coinbase is its learn and earn program. Anybody can take a short quiz on Coinbase to earn cryptocurrency. It is a great way for people to learn about crypto while earning rewards.
If there’s something you don’t understand about crypto, you can read one of the many guides on Coinbase. They have articles explaining DEX’s, slang terms, blockchain, and many other topics.
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. However, most of the bugs are fixed and now it's getting better reviews from Android users.
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. The app uses biometrics for security.
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.
Bitbuy app interface
Bitbuy app interface while trading
Bitbuy vs. Coinbase: Security
Both Bitbuy and Coinbase are secure crypto exchanges. Coinbase uses its own digital wallet for storing your cryptocurrency and keeps 98% of its digital assets in cold storage.
As for Bitbuy, 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 puts it on par with crypto giant Coinbase when it comes to security.
In terms of safety, both exchanges are on the same level.
Bitbuy vs. Coinbase: Regulatory Compliance in Canada
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.
Coinbase is facing some legal action in the United States after it proposed to launch a lending platform that would allow its users to lend out crypto in return for interest. Since lending is classified as a security in the US, Coinbase has been barred from launching this service.
Compare to BitBuy, Coinbase does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit on Coinbase to purchase cryptocurrency. Coinbase no longer allows credit cards to be linked to Canadian accounts due to the number of Canadian banks blocking cryptocurrency transactions. This is a real bummer for Coinbase.
Bitbuy vs. Coinbase: Customer support
Coinbase and Bitbuy have FAQs and knowledge centres on their websites. Coinbase has an extensive “beginner’s guide” section explaining various crypto topics. However, many people have complained about Coinbase’s lack of customer support from slow replies, to unanswered tickets, to not being able to contact them at all. Bitbuy, however, makes it easy to submit a support ticket and its support team replies relatively quickly.
Neither exchange offers a phone support service.
Coinbase has received several complaints about its customer support. For example, BitBuy replied to our concern within a day, while it took Coinbase 4 days to address our request to a real person.
While Coinbase is certainly a crypto giant and the easiest crypto exchange to use for beginners, it is not so easy for Canadians to trade crypto. There is no e-Transfer option to deposit funds, so you are limited to using your debit card - if your bank even allows the transaction. Additionally, Coinbase has the highest fees of any cryptocurrency exchange.
Bitbuy, however, is dedicated to making it easy for Canadians to trade cryptocurrency and we would encourage you to support Canadian crypto exchanges like Bitbuy for this reason. Bitbuy is far cheaper than Coinbase and it supports Interac e-Transfers making it easy to deposit funds. Bitbuy (visit site) is also the most secure and the most trusted of any Canadian crypto exchange, so we think it is a far better choice than Coinbase.