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Bitcoin Well vs. What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

Navigating the vast sea of cryptocurrency exchanges can be a challenge. Here, we pit two prominent platforms, Bitcoin Well and, against each other, exploring their features, security measures, and compliance, especially in the context of the Canadian market.


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.

Launched in 2013, is one of the top cryptocurrency exchanges in the world with $12 billion+ daily trading volume. However, Canada is on the list of disallowed countries under terms same as the US and many other counties. Because of this, they can randomly block your account at any time so we WOULD NOT recommend using it. If you are looking for a similar exchange, we would recommend using Bitget instead or checking our list of the best crypto exchanges in Canada


Bitcoin only



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 crypto deposits 
  • Some free crypto withdrawals minus network fees
  • Other various crypto withdrawal fees
  • 0.2%/0.2% maker/taker fees
  • 0.15%/1.5% maker/taker fees when paid in GT
  • Lower trading fees when holding 100+ GT or 0.05+ BTC
  • $30 + 3.5% bank transfer for up to $2,000 (USD only)
  • Various third-party fees for card payments


  • 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
  • Thousands of altcoins available to trade
  • Advanced trading features and tools
  • Unique features
  • Comprehensive help and data available
  • Low trading fees
  • Get additional benefits by holding GateToken
  • OTC Desk
  • NFT marketplace


  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types
  • Not allowed in Canada
  • CAD bank accounts not supported
  • Must use third-party for card purchases
  • Some trading options not available to Canadians
  • Not beginner-friendly
  • Bad app reviews

Account Limits

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

No major limits

Methods to buy

  • Credit/debit card using third-party service
  • USD bank transfer to OTC desk
  • Crypto deposits


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. 

  • Hot and cold storage to keep customer funds safe
  • 2FA

Mobile and Desktop Trading

Bitcoin Well's desktop trading platform has been lauded for its user-friendly interface, catering to both seasoned traders and novices. While explicit reviews from app stores are not mentioned, one can infer that their mobile experience mirrors the ease of their desktop version., on the other hand, presents a dichotomy. Its desktop platform is comprehensive, but its mobile application has faced criticism. With ratings averaging 4,1 stars on the App Store and 4,5 on Google Play, users often find themselves grappling with usability issues on mobile, although the desktop experience remains largely positive.

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 App’s iOS app has a 2.5-star rating from 700 reviews and a 2.5-star rating from 10,000 reviews on Google Play. It is quite low, we would recommend using a desktop app. Many reviewers have said that they cannot log in, that the 2FA does not work, you are often sent to blank pages and overall a bad user interface. We never had such issues though. desktop app interface desktop app interface

Screenshot of “big data” market tracker on data screen mobile app screenshot (main page) mobile app screenshot (main page) mobile interface mobile interface

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. is quite a reputable exchange. Forbes Advisor gave it a 4.5-star rating and named it one of the best crypto exchanges. utilizes hot and cold storage to keep customer funds safe. On its website, says it is the first exchange to invest millions in security and law funds. They also claim to be fully compliant and certain features such as futures trading is not available to Canadians because of regulationsThey can block your account at any time.

In the digital currency world, security reigns supreme. Bitcoin Well impressively checks off most boxes: multi-factor authentication, cold storage solutions, and ongoing monitoring are part of its robust security suite. isn’t lagging either. Garnering praise from reputable entities like Forbes Advisor, it employs both hot and cold storage solutions for fund protection and recommends two-factor authentication. Both exchanges prioritize user asset protection, making it a tight race in terms of security.

Regulatory Compliance

Bitcoin Well is registered with FINTRAC and fully legal in Canada. is not compliant crypto exchange in Canada.

Bitcoin Well stands tall when it comes to adhering to Canadian regulations, ensuring its users remain within the bounds of the law. Meanwhile, treads a trickier path. While it acknowledges Canadian regulations and sometimes limits certain features, its inclusion of Canada in its list of restricted countries casts a shadow of uncertainty, posing potential inconveniences for Canadian users. 

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. 

There is a helpful help centre and blog on the website which teaches you how to use their many features. They also have a live chat function and you can submit a support request when you’re logged in. Unfortunately, has many bad reviews on Trustpilot with people complaining that they are unable to withdraw or that customer service is slow or does not respond. 

Bitcoin Well champions user support with its quick response times and a team adept at handling user concerns., while offering an array of support avenues including a comprehensive help center and live chat, faces mixed reviews. Some users cite slow responses and withdrawal challenges, which could cause hesitancy among potential Canadian clients.


Both Bitcoin Well and possess merits that make them viable choices for cryptocurrency enthusiasts., with its broad altcoin offerings and global reputation, is certainly enticing for advanced traders. However, Bitcoin Well, with its clear commitment to the Canadian market, its robust security features, and exemplary user support, takes the crown. It offers a sense of reliability and trust, especially for Canadians who desire an uninterrupted trading experience without regulatory grey areas.

We recommend choosing Bitcoin Well over 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 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.