Security Compliance
Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.
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.
Security remains paramount in the volatile world of cryptocurrencies. Bitget offers robust protective measures, including two-factor authentication and email notifications for various account activities. Their trump card, however, is their massive emergency insurance coverage, amounting to $300 million. This ensures a level of restitution in the unfortunate event of asset loss. Bitcoin Well doesn’t lag behind in this arena, with multi-factor authentication, cold storage solutions, and vigilant real-time monitoring to thwart potential threats.
Regulatory Compliance
Not regulated by Canadian financial institutions.
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Canada's regulatory landscape for cryptocurrencies is stringent and evolves to protect its citizens. Bitcoin Well takes pride in its absolute compliance with Canadian regulations, assuring its users of legitimate operations within the nation’s legal framework. While Bitget, being a global player, complies with international norms, its specific alignment with Canadian laws remains less transparent than its counterpart.
Customer support
Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out.
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.
Navigating challenges in cryptocurrency trading requires efficient support. Bitget unfortunately faces some criticism in this domain, with Trustpilot reviews pointing towards unsatisfactory customer service. However, this perspective may not be universal, and some traders still find value in Bitget's offerings. In contrast, Bitcoin Well excels in its customer support commitment. Their proactive approach, combined with their expert knowledge base, ensures users experience minimal hiccups.
Conclusion
Both Bitget and Bitcoin Well hold their ground as top-tier cryptocurrency exchanges in Canada. Bitcoin Well’s robust client support and unwavering compliance with Canadian regulations make it a dependable choice. However, given Bitget’s advanced features, competitive fees, diverse cryptocurrency portfolio, and considerable security measures, it slightly edges out as our preferred pick for 2024.
We recommend choosing Bitget over Bitcoin Well for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitget nor Bitcoin Well 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.
