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.
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
In terms of security, both exchanges take this aspect very seriously. Bitbuy operates under a proof of reserves audit, ensuring that it can cover all customer deposits, and utilizes two-factor authentication for additional account security. Crypto.com also boasts a high level of security with 100% of customer funds stored in cold storage, two-factor authentication, and email confirmations for withdrawals. The exchanges consult with leading cybersecurity firms to maintain their robust security systems.
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.
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
Both Bitbuy and Crypto.com have taken considerable steps to ensure they operate in accordance with Canadian regulations. Bitbuy is a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and diligently follows the guidelines set by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
Conversely, Crypto.com has taken notable steps forward by entering into a pre-registration agreement with the Ontario Securities Commission (OSC). This marks them as the inaugural international crypto exchange to comply with the OSC's rules, thereby setting a benchmark in the industry. This provides assurance to residents of Ontario and other provinces across Canada, who can confidently engage with Crypto.com's comprehensive product offerings knowing the exchange adheres to Canadian regulations.
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.
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
Bitbuy's customer service is highly rated, with phone support, which is relatively rare in the cryptocurrency exchange space, and responsive email support. Conversely, Crypto.com's customer service appears to be a weak point, with some customers noting slow response times and lack of adequate educational resources. However, it's worth noting that Crypto.com support typically resolves issues within a 24-hour window.
Conclusion
Both Bitbuy and Crypto.com are impressive platforms, each offering unique features and benefits to Canadian users. However, Bitbuy comes out slightly ahead in this comparison. It offers a well-rounded experience, catering more specifically to the Canadian market, with superb customer service and robust security features. Its compliance with Canadian regulations is also well established, and its favorable user reviews reinforce its position as a reliable and trustworthy exchange.
When comparing Bitbuy to other exchanges, it stands out with new staking options, allowing users to earn rewards, which not all exchanges offer. Bitbuy maintains its strong focus on security by keeping 90% of assets in cold storage, which is an improvement over the older claim of 95%. Moreover, the platform has revamped its fee structure to be more transparent and competitive, addressing past concerns about high fees. These updates solidify Bitbuy’s position as a reliable, feature-rich exchange, especially appealing to Canadian users seeking both security and earning potential.
When comparing Crypto.com to other exchanges, it's essential to note that Crypto.com stands out by offering over 350 cryptocurrencies, making it one of the most comprehensive platforms available. It also provides a Visa card with customizable cashback rates and different card types to suit user preferences. Additionally, Crypto.com’s robust DeFi services and competitive staking options, with regularly updated APY rates, make it a versatile choice for investors. Furthermore, its security certifications, such as SOC2 and ISO standards, further enhance its appeal by ensuring a high level of safety and trustworthiness.
We recommend choosing Bitbuy over Crypto.com for your cryptocurrency trading needs. By opting for Bitbuy through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitbuy nor Crypto.com 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.
