Security Compliance
Bitget uses two-factor authentication, sends alerts for logins and withdrawals, and offers an anti-phishing code to verify genuine emails. It maintains a protection fund of over $300 million to compensate users for losses where they're not at fault, and publishes monthly Proof of Reserves. Worth knowing: Bitget has had at least one security incident in its history and has been criticized for limited transparency around it.
ByBit's security record now carries a major asterisk. In February 2025, attackers linked to North Korea's Lazarus Group exploited ByBit's multi-signature wallet transfer process and stole roughly $1.5 billion in Ethereum, the largest crypto theft ever recorded. To ByBit's credit, no customers lost funds: the exchange covered all losses from its own liquidity and replenished reserves within about 72 hours, a crisis response widely considered the best the industry has seen. Still, the breach shows that even cold storage and multisig setups can be defeated. Users can secure their accounts with two-factor authentication via Google Authenticator. ByBit also previously ran into trouble in Canada specifically, paying a roughly $2.5 million penalty to the Ontario Securities Commission in 2022 for operating without registration.
Security stands paramount for any exchange. Bitget showcases its commitment to safeguarding user assets by providing a substantial emergency insurance coverage of $300 million. Additionally, two-factor authentication and anti-phishing codes ensure enhanced protection against unauthorized access. On the ByBit side, while it uses cold storage for assets, the transparency regarding the percentage of funds held in cold storage remains vague. However, like Bitget, ByBit also facilitates two-factor authentication.
Regulatory Compliance
Bitget is not registered with Canadian securities regulators and, as of 2026, Canada sits on its list of restricted jurisdictions. The Alberta Securities Commission had already warned investors that Bitget was not registered in the province before the broader restriction took effect. Canadians should avoid workarounds like VPNs, which breach Bitget's terms and put funds at risk of being frozen.
ByBit exited the Canadian market in 2023 due to Canadian regulations and Canada remains on its restricted jurisdictions list. Notably, ByBit has since obtained licenses elsewhere, including a MiCA license serving the EEA through ByBit EU and a UK relaunch in late 2025, but it has shown no intention of registering with Canadian regulators.
Canada maintains a stringent regulatory framework for cryptocurrency exchanges. Ontario's Securities Commission (OSC), in particular, plays a pivotal role. ByBit recently came under the OSC's radar and faced accusations of selling unlicensed securities to Ontario residents. The fallout from this led to a $2.5M fine and subsequent restrictions on new account sign-ups from the region. Bitget, conversely, has been widely regarded as a top alternative, especially after ByBit’s announcements of exiting from Canada.
Customer support
Reviewers frequently describe Bitget's customer support as slow or unhelpful, particularly for complex issues involving futures or copy trading. That matters less now for Canadian readers, since the platform is closed to them, but anyone with a legacy account trying to withdraw remaining funds should be prepared for a slow support process.
ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange, plus ticket-based and chat support. For Canadians this is academic, since the platform is off-limits entirely.
Support services are critical for any trading platform. Bitget seems to be struggling in this domain, with a low 2.2-star rating on Trustpilot. The reviews largely term the support as 'unhelpful'. Conversely, ByBit appears to fare better, equipped with a comprehensive support center on its website, and reviewers have noted prompt responses to their queries.
Conclusion
While both Bitget and ByBit cater to unique trader needs, it's crucial to consider the comprehensive package. Despite the slightly overwhelming interface for beginners, Bitget provides enhanced security, a broader altcoin spectrum, and a better reputation in the Canadian market. Therefore, while both exchanges are commendable, Bitget steals the limelight as the preferable choice for Canadians in 2024.
We recommend choosing Bitget over ByBit 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 ByBit 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.
