In the bustling world of cryptocurrency trading, Bitcoin Well and BitMEX represent very different approaches to crypto, and from a Canadian perspective, only one is actually available. BitMEX has listed all of Canada as a restricted jurisdiction since late 2023 and is not available. Bitcoin Well is a fully legal, TSXV-listed Canadian platform with 200+ ATMs, self-custody on every purchase, and bill payments. This comparison is one-sided.
Bitcoin Well Vs BitMEX: Which Is Better For Canadians?
Bitcoin Well wins by default for Canadians. BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain. Since BitMEX no longer operates for Canadians, I recommend Coinbase (9.8/10, #1 on my list): open a Coinbase account.
How Do Bitcoin Well And BitMEX Compare, Fact By Fact?
Every row below comes from each company’s own pages and the Canadian registries, checked October 2026. Where a row has no fair winner, it says so.
Bitcoin Well Vs BitMEX: Master Spec Table
Bitcoin Well
BitMEX
Winner
Company
Bitcoin Well Canada Ltd., Edmonton; parent Bitcoin Well Inc. (TSX.V: BTCW). Founded 2013, listed 2021-07-30. Founder and CEO Adam O'Brien. Staff count: Not published.
Operator: HDR Global Trading Limited (Seychelles). Founded, founders, funding: Not published. Ceased all exchange operations 2026-09-23.
Depends
Regulation
FINTRAC MSB M19811620, expires 2026-10-08 (renewal not yet seen). Not on the CSA list, no CIRO membership, no CIPF.
Not registered in Canada. No FINTRAC, CSA or CIRO entry found as of 2026-10-02.
Bitcoin Well
Assets
Bitcoin only. No order book, no staking, no leverage.
Perpetual and futures contracts only; no spot. Not available to Canadians.
Bitcoin Well
Price
Spread: buy 1.5%, sell 2.0% (verified, Interac); Lite 4.0% both ways. Not applied to ATM or OTC. Quote dated 2026-10-03, no live price shown.
Tiered maker/taker fees on derivatives, rates Not published. Closed.
Bitcoin Well
CAD In
Interac e-Transfer on the portal, no separate fee; cash at 160+ ATMs and Lite cash vouchers (4.0% spread). Interac min and max: Not published.
No longer available to Canadians
Bitcoin Well
CAD Out
Sell to your bank with no withdrawal fee. Methods, minimums and speed: Not published.
No longer available to Canadians
Bitcoin Well
Crypto In And Out
Delivery on-chain or over Lightning to your own wallet, no withdrawal fee. Lightning also for sells and bill payments. Minimums: Not published. No Liquid.
Crypto-only funding; website withdrawals stay open, API withdrawals ended 2026-09-28, monthly fee on balances, per CoinDesk.
Bitcoin Well
Custody
Non-custodial: coins are delivered straight to a wallet you control. No custody of coins, so no proof of reserves or insurance is needed or published.
All BTC in cold storage with multi-signature wallets, per BitMEX's old claims. Operator wound down trading; withdrawals only.
Bitcoin Well
Verification (KYC)
Verified account: phone, name, address, birth date, ID, selfie. Lite account: email only for cash vouchers. Business accounts need corporate documents. SIN: Not verified.
No longer available to Canadians
Depends
Account Types
Verified, Lite, business, and Bitcoin Well Infinite (private service for trades from CAD 50,000).
No longer available to Canadians
Bitcoin Well
Provinces
Terms: Canadians in a province where Bitcoin Well operates. ATMs in BC, AB, SK, MB, ON, QC, NB and NS. Full online province list: Not verified.
No longer available to Canadians
Bitcoin Well
Extra Products
160+ ATMs, recurring Interac buys, bill payment with bitcoin, Bitcoin Well Points redeemed for sats, Infinite OTC desk. No card, loan or staking.
No longer available to Canadians
Bitcoin Well
Tax Tools
Export transactions by date range as CSV from the account; a Bitcoin Well to Koinly CSV converter exists. No CRA-ready report.
No longer available to Canadians
Bitcoin Well
App
No Apple Canada or Google Play rating found on 2026-10-01. Web portal is the main product. French UI, 2FA and price alerts: Not verified.
Apps closed with the exchange.
Bitcoin Well
Support
Email hello@bitcoinwell.com. Hours reported as Monday to Friday 9am to 5pm MDT (not on a page I could open). Phone and French: Not verified.
What Are The Key Differences Between Bitcoin Well And BitMEX?
Bitcoin Well Vs BitMEX: Side By Side
Bitcoin Well
BitMEX
Description
Bitcoin Well is a Canadian bitcoin company where you can buy online through your bank or with cash at one of its 160+ Bitcoin ATMs across Canada. Every purchase is sent straight to your own wallet and it never takes custody of your coins. It is publicly listed (TSX.V: BTCW) and its online portal also covers all 50 US states.
BitMEX was a veteran crypto derivatives exchange offering futures and perpetual contracts with up to 100x leverage. You could not deposit fiat, only crypto, and it was aimed at experienced traders. Canada was a restricted jurisdiction in BitMEX's terms before closing, and the exchange ceased all operations on 2026-09-23.
Coins
Bitcoin only, delivered on-chain or over the Lightning Network, with Lightning also used for selling and bill payments.
Perpetual and futures contracts on major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, Dogecoin, Cardano and Avalanche. None were accessible from Canada.
Fees
The online portal charges a spread only: 1.5% to buy and 2.0% to sell for verified accounts paying by Interac e-Transfer, and 4.0% either way for Lite accounts using cash vouchers. No withdrawal, account or hidden fees. The rates page says the spreads do not apply to ATM or OTC trades, whose fees are shown before the transaction.
Free crypto deposits and free BTC withdrawals (network fees could apply on other assets). Low, tiered maker/taker fees on derivatives. Balances now face a monthly fee, per CoinDesk.
Pros
Bitcoin goes straight to your own wallet, on-chain or Lightning
Lowest published online spread among the Canadian Bitcoin-only platforms, 1.5% to buy
Cash at 160+ ATMs and cash vouchers for people who want to avoid a bank link
Lite account needs only an email
Recurring Interac e-Transfer buys sent to your wallet automatically
Pay bills with bitcoin, including over Lightning
Listed on the TSX Venture Exchange
Deep derivatives liquidity and one of the longest track records in crypto futures
Low, tiered maker/taker fees
Advanced order types
Handy leverage slider for adjusting risk per trade
Cons
Bitcoin only
Sell spread is 2.0% and Lite accounts pay 4.0%
Not on the CSA list, no CIRO membership, no CIPF
FINTRAC registration expires 2026-10-08 on the registry snapshot, renewal not yet confirmed
ATM prices are higher and shown only at the machine
Support is email only on the terms page
No mobile app rating found
Closed on 2026-09-23
Canada was a restricted jurisdiction before closure
Not suitable for simply buying crypto, no fiat deposits
Only suitable for traders who understood contract trading
Checkered regulatory history in the US
Security
Non-custodial: the terms state that all bitcoin is delivered to a self-custody wallet you control. FINTRAC-registered MSB. No insurance or proof of reserves is published because there is no custody.
All BTC held in cold storage, multi-signature wallets, withdrawals audited by hand by BitMEX employees, 2FA. Never hacked in over a decade of operation, per our old row.
Methods To Buy
Interac e-Transfer on the online portal (verified account), cash at ATMs, cash vouchers for Lite accounts, or a recurring Interac e-Transfer.
Canadians could not use BitMEX. Funding was crypto only (BTC, USDT and other supported assets), with no fiat rails.
App
Web portal; an app rating on Apple Canada or Google Play was not found.
BitMEX had iOS and Android apps, inaccessible to Canadians and now closed.
Account Limits
Lite account cash vouchers: up to CAD 4,950 per day on the rates page (the buy page also says CAD 3,000). Verified accounts: no limit published. Bitcoin Well Infinite handles trades from CAD 50,000. Limits can be set by risk and payment method.
Not applicable. Full KYC was required before trading elsewhere.
How Do You Fund And Cash Out Bitcoin Well And BitMEX In Canada?
Bitcoin Well: CAD Deposits
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer (portal)
No separate fee, 1.5% spread
Not published
Not published
Not published
Cash at Bitcoin ATM
ATM fee shown at the machine
Not published
Not published
at the machine
Cash voucher (Lite account)
4.0% spread
Not published
CAD 4,950 per day
Not published
Bitcoin Well: CAD Withdrawals
Method
Fee
Minimum
Maximum
Speed
Sell to bank account
No withdrawal fee, 2.0% sell spread
Not published
Not published
Not published
BitMEX: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Crypto withdrawal via website
Not published
Not published
Not published
Not published
Interac and sell limits, speeds and weekend handling are not on the pages I could read. The spreads exclude ATM and OTC trades. Bitcoin Well may set limits by risk and payment method. BitMEX never accepted fiat.
What Does It Actually Cost To Buy On Bitcoin Well?
Worked Cost, Buy Only And Buy Plus Sell (Round Trip)
Amount
Bitcoin Well Buy
Bitcoin Well Round Trip
CAD 100
$1.50
$3.50
CAD 500
$7.50
$17.50
CAD 1,000
$15.00
$35.00
CAD 10,000
$150.00
$350.00
Bitcoin Well: Rates page checked 2026-10-03: verified account via Interac, buy 1.5% and sell 2.0%. Lite account 4.0% both ways. Not valid for ATM or OTC. Neither publishes a maker and taker schedule because there is no order book: the spread is the fee. If cost matters most, NDAX (flat 0.20%) or Kraken Pro are cheaper places to buy in Canada. Ranges reflect each platform’s published band, not a single quote. Bank and network fees are not included.
What Do Bitcoin Well And BitMEX Offer Beyond Buying And Selling?
Bitcoin Well Only
Bitcoin ATMs: 160+ machines in Canada for cash buys, no account needed; the price is shown before the transaction and is not covered by the portal spread.
Recurring buy: Set a recurring Interac e-Transfer; each time it arrives, bitcoin is sent automatically to your own wallet.
Bill payment with bitcoin: Add a Canadian payee and send bitcoin on-chain or over Lightning; it is converted to CAD and paid. A permanent per-payee address and a 1% spread with a 0.1 BTC cap were reported by search results and not confirmed on the page.
Bitcoin Well Infinite: Private service for trades from CAD 50,000 with an Executive Bitcoin Advisor.
Bitcoin Well Points: A rewards programme whose points redeem for sats; no cash signup bonus found.
BitMEX Only
Futures and perpetual contracts (closed): Up to 100x leverage on crypto derivatives. Trading ceased 2026-09-23.
What Happens To Your Money If Bitcoin Well Or BitMEX Fails?
Bitcoin Well: Bitcoin Well never holds your coins, so the main exposure is the cash in transit and the quote: you pay by Interac or cash and rely on the company to send the bitcoin to your wallet. It is a FINTRAC-registered MSB only, with no CSA registration, no CIRO membership and no CIPF, and the terms mention no insurance. A wrong wallet address or a scam is your loss. The FINTRAC registration shown expires 2026-10-08, so confirm the renewal before relying on it.
BitMEX: BitMEX says it closed by owner decision after a business review and that it is unrelated to legal or regulatory issues, per CoinDesk. If you still have a balance, withdraw through the website, since API withdrawals ended on 2026-09-28 and balances face a monthly fee. No Canadian regulator covers BitMEX, so there is no compensation scheme for crypto left behind.
How Are Bitcoin Well And BitMEX Treated For Tax In Canada?
Bitcoin Well: Each sell, bitcoin-funded bill payment or Lightning payment is a disposition, and each buy sets your cost base. Export your history as CSV by date range and load it into Koinly or another tax tool; there is no CRA-ready report.
BitMEX: Derivative gains and losses on BitMEX were taxable for CRA purposes. Export your trade and wallet history now. Export formats: Not published.
Selling, swapping or spending crypto is a disposition for the CRA on any platform. This is not tax advice: see my guide to crypto taxes in Canada.
Which Should You Choose, Bitcoin Well Or BitMEX?
Choose Bitcoin Well If
You want bitcoin sent straight to your own wallet, on-chain or over Lightning, at a low published spread.
You want to buy with cash at an ATM or without a full bank-linked account.
You want to pay Canadian bills with bitcoin.
You trade above CAD 50,000 and want a private desk.
Choose BitMEX If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
What Happened To BitMEX?
BitMEX shut down its exchange on September 23, 2026, so nobody, Canadians included, can trade there any more. Only withdrawals remain. The operator is HDR Global Trading Limited, based in the Seychelles.
According to CoinDesk, withdrawals through the website stay open, API withdrawals ended on September 28, and balances left behind face a monthly fee. BitMEX called the closure an owner decision after a business review and said it was unrelated to legal or regulatory issues. Canada was already a restricted jurisdiction in its terms before the closure, per a summary of those terms.
If you still have funds there, pull them out through the website now rather than waiting for the monthly fee to start eating into the balance.
BitMEX: What The Records Show
Item
Record
Status
BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain.
Key dates
2026-09-23
What Should BitMEX Users Use Instead?
Bitcoin Well is the available side of this pair, and it suits one job well: buying Bitcoin and sending it to a wallet you control. Bitcoin Well charges a spread only, spread only: 1.5% to buy and 2.0% to sell on the online portal; lite accounts 4.0%, and it is fintrac msb (bitcoin well canada ltd.); not a csa platform; not a ciro member. It is tenth in my ranking at 6.4 out of 10.
If you traded more than Bitcoin on BitMEX, Bitcoin Well will not cover it, because it sells Bitcoin only. The replacement the registry points to is Kraken.
Where BitMEX Users Can Go Instead
Platform
Canadian Status
Published Fee
CAD Funding
Coins
My Ranking
Kraken
CSA Restricted Dealer (Payward Canada Inc.); FINTRAC MSB; not a CIRO member
Kraken Pro 0.40% maker and 0.80% taker at the base tier; Instant Buy 1% plus spread
About 490 (derived from the public pair list minus assets Kraken bars in Canada)
#3 of 10, 9.2/10
Kraken. Kraken is third in my ranking at 9.2. It is a CSA Restricted Dealer, deposits by Interac e-Transfer are free, and Kraken Pro starts at 0.40% maker and 0.80% taker. Instant Buy costs 1% plus a spread, an Interac e-Transfer withdrawal costs CAD 10, and Canadians cannot trade margin or derivatives. Most clients face a CAD 30,000 rolling 12-month net purchase limit on assets other than BTC, ETH, LTC and BCH.
What Changed For BitMEX And Bitcoin Well In October 2026?
: CSA Restricted Dealer decision for Payward Canada Inc. (Kraken), with free Interac e-Transfer deposits announced.
: BitMEX shut down its exchange; only withdrawals remain.
Frequently Asked Questions
Is BitMEX Still Available To Canadians?
BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain.
What Should I Use Instead Of BitMEX?
Kraken is the registry pick: Registered in Canada and still trading; BitMEX had already listed Canada as restricted before closing. If you only want Bitcoin delivered to your own wallet, Bitcoin Well is a straightforward option.
Is Bitcoin Well Registered In Canada?
Bitcoin Well Canada Ltd. is a FINTRAC-registered MSB. It is not on the CSA list of authorized crypto platforms and is not a CIRO member.
How Much Does Bitcoin Well Charge?
On the online portal for verified accounts, the spread is 1.5% to buy and 2.0% to sell, paid by Interac e-Transfer. Lite Accounts pay 4.0%. The rates page says there are no withdrawal fees, account fees or hidden fees.
Does Bitcoin Well Sell Coins Other Than Bitcoin?
No. Bitcoin Well is Bitcoin only, delivered on-chain or by Lightning to your own wallet.
Do Bitcoin Well And BitMEX Have Limit Orders?
Bitcoin Well: No: you buy and sell at the quoted portal price. BitMEX: Yes globally, closed.
Which Coins Can You Buy On Bitcoin Well And BitMEX?
Bitcoin Well: Bitcoin only BitMEX: Derivatives only, closed
Is The Spread The Fee On Bitcoin Well And BitMEX?
Bitcoin Well: The 1.5% buy and 2.0% sell spread is the whole fee: no withdrawal or account fees. BitMEX: No longer applicable.
Does CIPF Cover My Crypto On Bitcoin Well Or BitMEX?
Bitcoin Well: Bitcoin Well is not a CIPF member; CIPF never covers crypto. BitMEX: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Bitcoin Well And BitMEX Available In Every Province?
Bitcoin Well: Online province list not published; ATMs sit in eight provinces. BitMEX: No longer available in any province.
Do Interac Deposits Work On Weekends On Bitcoin Well And BitMEX?
Bitcoin Well: Not published. BitMEX: No longer applicable.
What Is The Minimum Buy On Bitcoin Well And BitMEX?
Bitcoin Well: Not published for Interac; Lite cash vouchers cap at CAD 4,950 per day. BitMEX: No longer applicable.
Can A Business Use Bitcoin Well Or BitMEX?
Bitcoin Well: Yes, business accounts need corporate documents; Infinite serves trades from CAD 50,000. BitMEX: No longer applicable.
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.
