Bitget vs. BitMEX: What Works Better For Canadians in 2023

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.

BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading. 

Bitget emphasizes account security with its two-factor authentication and email alerts for logins and withdrawals. An anti-phishing code feature further bolsters email security. Its standout feature is the emergency insurance coverage, set at $300 million, to protect customer funds. BitMEX doesn't fall short in this aspect either. Their use of multisignature deposits and withdrawal schemes ensures user funds' safety. Moreover, they rely heavily on offline storage, and their commitment to Amazon Web Services offers additional protection. Since its 2014 inception, BitMEX has successfully steered clear of major security breaches.

Regulatory Compliance

Not regulated by Canadian financial institutions. 

BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally. 

While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations. 

Bitget is gaining traction in Canada, especially as alternatives like Binance and ByBit wind down their operations in the country. As for BitMEX, there have been regulatory constraints, with the platform not offering its services to residents of Ontario and Quebec due to new provincial regulations. Canadians must remain vigilant about federal and regional cryptocurrency regulations to ensure compliance.

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. 

BitMEX offers support via a contact form on their website and has a detailed FAQ section as well. 

Bitget's customer support has seen a mixed reception. While their Trustpilot rating stands at 2.8 stars, with some calling out the copy trading feature, it's worth noting that many of these reviews might stem from misunderstandings. Conversely, BitMEX handles its client support through an email ticketing system, and user feedback has generally been satisfactory.

Conclusion

Both Bitget and BitMEX are undeniably powerful platforms in their right. While BitMEX offers advanced derivative trading and strong security protocols, its limited availability in some Canadian provinces poses a disadvantage. On balance, given its comprehensive features, positive mobile app reviews, and growing traction in Canada, Bitget edges out as the winner for Canadians looking for a versatile trading experience.

We recommend choosing Bitget over BitMEX 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 BitMEX 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.