Bitbuy vs. Coinberry: Security
Coinberry and Bitbuy are secure and reliable exchanges. They both require new customers to go through the KYC process in order to trade.
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 the highest percentage we’ve seen.
Bitbuy vs. Coinberry: Regulatory compliance
Coinberry and Bitbuy are both fully regulated in Canada. The exchanges are registered with FINTRAC and are PIPEDA-compliant. Coinberry has a $200M insurance policy with Gemini Trust Company LLC™ and it states on its website that it is backed by a “financial insurance bond” which covers any unethical acts from Coinberry employees.
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.
Bitbuy vs. Coinberry: Customer support
Coinberry and Bitbuy have FAQs and knowledge centres on their websites. Customers can message the support teams either online via their support pages or through email. Neither platform offers phone support.
Both Coinberry and Bitbuy offer Canadians a fast, simple, and secure way to buy cryptocurrency. Both exchanges have insurance policies to protect your assets, and both are fully regulated in Canada.
Though it has higher deposit and withdrawal fees than Coinberry, Bitbuy has a lower spread, which often works out cheaper overall. Sometimes traders make the mistake of thinking a “no-fee” exchange is the cheapest option, but the fees are usually hidden within the spread. Here is an example comparing Bitbuy to a no-fee crypto exchange:
Due to the higher spreads of no-fee crypto exchanges, you can see that Bitbuy is the more profitable option.
While Coinberry has more cryptocurrencies available and no deposit fees which might seem appealing at first, Bitbuy is suitable for both beginners and those who want to more advanced order types and data. In addition, Bitbuy has a stronger reputation.
Due to its highly regarded reputation, its transparency on security, its commitment to regulatory compliance, and its overall lower fees, we think Bitbuy is the clear winner when it comes to choosing a crypto exchange in Canada.
On top of these two, we would recommend Coinsmart for a number of reasons. Why? Check on our Coinsmart review.