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.
NDAX keeps its digital assets in cold storage using Ledger Vault, although they do not state the percentage. Ledger is a big name in the cryptocurrency space, known for making secure hardware wallets.
When signing up to NDAX, you are forced to enable two-factor authentication. Most crypto exchanges will leave this optional, but we think everybody should do it, so we like this mandatory policy.
Additionally, when you wish to change your details such as your email, address, phone number etc, NDAX requires you to submit a selfie with a handwritten note outlining the request.
Both Bitbuy and NDAX are secure crypto exchanges. NDAX keeps its digital assets in cold storage using Ledger Vault, although they do not state the percentage. Ledger is a big name in the cryptocurrency space, known for making secure hardware wallets.
When signing up to NDAX, you are forced to enable two-factor authentication. Most crypto exchanges will leave this optional, but we think everybody should do it, so we like this mandatory policy.
Additionally, when you want to update your details, like your email, address, or phone number, NDAX requires you to submit a selfie with a handwritten note explaining your request.
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 is the highest percentage we’ve seen.
It is a red flag that NDAX does not disclose what percentage of coins are held in cold storage. We like how transparent Bitbuy is on this point because utilizing cold storage is the main way to prevent hackers from stealing crypto from an exchange.
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.
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
NDAX is registered as a Money Service Business with FINTRAC and AMF, NDAX is fully compliant with Canadian regulations.
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.
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.
NDAX provides a knowledge centre on its website. Articles here answer some of the most common questions. They also have a live chat function, which is handy when you need a quick answer. You can also email them for support. Confusingly, NDAX lists its phone number on its contact page, which is rare for a crypto exchange to do. We weren’t sure if this meant they had phone support, so we reached out via email to ask. They got back to us a very impressive 20 minutes later to let us know that they only have email support. So that’s that. Still, that’s the fastest response we’ve seen.
NDAX and Bitbuy have FAQs and knowledge centres on their websites with lots of helpful articles. Customers can message the support teams either online via their support pages or through email. Although NDAX lists a phone number on its website, it does not offer phone support, which is confusing. However, it does have a live chat function which is handy when you need a quick answer.
Both Bitbuy’s and NDAX’s support teams respond to requests relatively quickly.
Conclusion
Both Bitbuy and NDAX are great choices for Canadians looking to trade cryptocurrency. They both have top security features, although NDAX could be more transparent about its cold storage usage. They both have beginner-friendly platforms, and both make it easy for Canadians to trade crypto.
NDAX claims to be the cheapest Canadian crypto exchange and with its fixed 0.2% buy/sell fee, it might appear the cheapest at first glance. However, here is an example of how Bitbuy compares to no-fee exchanges:
You can see that Bitbuy is the cheaper option because of its lower spreads.
Due to its highly regarded reputation, its transparency on security, its commitment to regulatory compliance, and its lower spread, we think Bitbuy is the clear winner when it comes to choosing a Canadian crypto exchange. You can sign up here.
On top of these two, we would recommend Coinsmart for a number of reasons. Why? Check on our Coinsmart review.
