All of our content is written by Canadian crypto experts, not robots. We ensure each article is reviewed and updated regularly. Learn More


Bitcoin Well vs. BitMEX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

In the bustling world of cryptocurrency trading, two platforms, Bitcoin Well and BitMEX, stand tall with distinct offerings. While Bitcoin Well caters predominantly to the Canadian audience with its user-friendly interfaces, BitMEX is lauded for its advanced derivative trading features, making the comparison between them both interesting and essential.


Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

BitMEX is a crypto derivatives exchange that offers futures trading, and perpetual contracts. BitMEX aims to become the world’s largest regulated derivatives exchange. You cannot deposit fiat on BitMEX, only BTC and USDT. The exchange is aimed at experienced traders.


Bitcoin only

Bitcoin, Ethereum, Terra, Solana, XRP, EOS, Stellar, Tron, Litecoin, Chainlink, Polkadot, Dogecoin, Binance Coin, Bitcoin Cash, Axie Infinity, Avalanche, Cardano


Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 

  • Free USDT or BTC deposits
  • Free BTC withdrawals
  • Variable USDT withdrawal fees
  • 0.01%/0.05% maker/taker fees


  • Immediate self-custody of assets
  • Option to buy bitcoin privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency
  • Low trading fees
  • Advanced order types
  • No BTC deposit/withdrawal fees
  • Futures/perpetual trading


  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types
  • Not suitable for buying crypto
  • USDT withdrawal fees
  • Only suitable for traders who understand contracts trading
  • No fiat deposits

Account Limits

  • minimum of $100 payment
  • $50,000 transaction limit.


Methods to buy


As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

  • All BTC held in cold storage
  • Two employees audit all BTC withdrawals
  • BTC deposit addresses externally verified
  • Multisignature wallets

Mobile and Desktop Trading

Bitcoin Well prides itself on an accessible desktop trading platform that appeals to both new and seasoned traders alike. Their platform offers an uncomplicated, intuitive layout that keeps users engaged. When we shift focus to mobile trading, BitMEX launched its mobile app in 2020, garnering attention for its exhaustive feature set. Reflective of the user sentiments, Bitcoin Well’s mobile application holds a reputable position on both the App Store and Google Play. BitMEX, while offering a rich array of tools on mobile, has slightly lesser ratings on these platforms, especially on iOS.

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with Bitcoin Well


BitMEX’s exchange is confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.

There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.

To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.

Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.

BitMEX is only available as a desktop platform.

Bitmex desktop app

Bitmex desktop app

Security Compliance

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading. 

Diving deep into the realm of security, both platforms have their robust protocols. Bitcoin Well prioritizes user safety with multi-factor authentication, cold storage solutions, and incessant monitoring. BitMEX counters with its multi-signature schemes for withdrawals and deposits, ensuring all BitMEX addresses are multisignature and stored offline. The track record speaks for itself with BitMEX not facing any significant breaches since its inception in 2014. In essence, both exchanges offer commendable security; however, Bitcoin Well’s security seems a bit more holistic and user-centric.

Regulatory Compliance

Bitcoin Well is registered with FINTRAC and fully legal in Canada.

BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally. 

While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations. 

As for the crucial aspect of regulatory compliance in Canada, Bitcoin Well shines with its commitment to function within Canadian legalities. It ensures users remain compliant while trading, reinforcing trust and reliability. On the other side, BitMEX has hit regulatory roadblocks in specific Canadian provinces like Ontario and Quebec. Although Canadian federal organizations oversee cryptocurrency compliance, traders should be wary of the regional nuances.

Customer support

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good.  If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

BitMEX offers support via a contact form on their website and has a detailed FAQ section as well. 

Customer support remains the backbone of any service platform. Bitcoin Well, acknowledging this, extends top-notch support, whether it be transactional issues or general crypto queries. On the flip side, BitMEX operates primarily through an email ticketing system. While their FAQ and "References" sections are informative, direct user interactions are somewhat limited compared to Bitcoin Well.


Both Bitcoin Well and BitMEX have carved a niche for themselves in the crypto trading domain. BitMEX, with its advanced trading derivatives, caters to a segment of experienced traders, but Bitcoin Well, with its balanced blend of user experience, security, and compliance, especially in the Canadian context, nudges ahead. Therefore, in the contest between these two for the Canadian audience, Bitcoin Well emerges as the winner.

We recommend choosing Bitcoin Well over BitMEX for your cryptocurrency trading needs. By opting for Bitcoin Well through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Bitcoin Well nor BitMEX 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.


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.