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

Oleg Galeev

Last updated May 25, 2024

WonderFi and Bitbuy, its parent company, took over all Bitvo client accounts in 2023. This means Bitvo is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the comparison provided below is now outdated and is preserved solely for educational and historical reference.

Bitcoin Well and Bitvo, two notable cryptocurrency exchanges in Canada, have each carved a unique niche in the digital currency landscape. While Bitcoin Well is revered for its robust infrastructure, Bitvo touts customer-centric features and exclusive offerings.


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.

Bitvo is a cryptocurrency exchange that offers simple trading for Canadians. It's fully compliant in Canada and also has a crypto cash card that can be used for everyday purchases.


Bitcoin only

You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and more.


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. 

The only fee you will pay is a 1% withdrawal fee


  • 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
  • No deposit fees
  • No trading fees
  • Low withdrawal fee
  • Beginner and advanced trading available
  • Bitvo Cash Card available
  • 24/7 customer support (including phone support)


  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types
  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads

Account Limits

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

A few withdrawal limits & deposit limit that could be found here

Methods to buy

  • Interac® e-Transfer
  • Wire
  • Canada Post Load


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. 

  •  It holds 95% of assets in cold storage
  • 5% in hot storage
  • A multi-layered firewall infrastructure to protect the exchange

Mobile and Desktop Trading

In the realm of mobile and desktop trading, both exchanges stand strong. Bitcoin Well has been lauded for its intuitive desktop platform, suitable for both novices and experts. On the mobile front, while specific ratings from the App Store and Google Play aren't detailed, it's inferred that the application is geared for on-the-go traders. Bitvo, contrastingly, showcases a simplistic and clean desktop interface, and while its mobile apps have received mixed reviews – with a three-star rating on iOS and a no rating on Android – its desktop experience is often deemed superior by users.

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


Bitvo’s mobile app does not have many ratings. Its iOS app has a three-star rating with 21 reviews and its Android app has a 3.1-star rating with 19 reviews. Some of the reviewers claim the apps are buggy and that the experience on their desktop exchange is better.

Bitvo desktop app main screen

Bitvo desktop app main screen

Bitvo desktop (trading view)

Bitvo desktop (trading view)

Bitvo mobile app

Bitvo mobile app

Bitvo app main screen

Bitvo app (main screen)

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. 

It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.

Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.

Safety in the crypto world is paramount. Bitcoin Well makes this clear with its multi-tiered security measures, including multi-factor authentication, cold storage solutions, and persistent monitoring. Bitvo, on the other hand, safeguards 95% to 100% of its assets in cold storage, further fortifying its defenses with multi-layered firewalls. Additionally, Bitvo's rigorous vetting process for listing new cryptocurrencies showcases its commitment to user safety.

Regulatory Compliance

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

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

Navigating the Canadian regulatory terrain, both platforms have taken compliance seriously. Bitcoin Well is diligent in adhering to Canadian legal standards, underscoring its commitment to legitimate trading. Similarly, Bitvo registers as a Money Service Business in the country, aligning with FINTRAC regulations, ensuring that users operate within the bounds of Canadian laws.

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. 

Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.

Support stands as a pillar for both exchanges. Bitcoin Well, understanding the essence of timely assistance, has fostered a responsive support team to address queries and technical issues. Bitvo's claim to fame in the support domain is its 24/7 service, encompassing live chat, email, and the rarity of phone support in the crypto world.


While both Bitcoin Well and Bitvo have their merits, making a choice boils down to user preference and specific needs. Bitvo impresses with its customer-centric approach and unique offerings, like its cash card. However, Bitcoin Well edges out as the winner, owing to its comprehensive platform, stringent security measures, and unwavering commitment to Canadian compliance. For those seeking a harmonious blend of user experience, security, and adherence to regulations, Bitcoin Well might just be the go-to choice in Canada.

We recommend choosing Bitcoin Well over Bitvo 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 Bitvo 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.