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.
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
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 (registration M19811620) and with Revenu Québec, and is fully legal in Canada. As a company listed on the TSX Venture Exchange, it also publishes audited financials, a level of transparency almost no other Canadian bitcoin platform offers.
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
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 runs an in-house Canadian support team available around the clock, and you can browse their help centre, open a support ticket, or even call or text their team. Most crypto platforms do not offer a phone number, so this is a big plus. Their Trustpilot rating sits around 4 stars across a modest number of reviews.
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
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.
Conclusion
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.
