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Bitget vs. ByBit: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

Bitget and ByBit have emerged as two critical players in the cryptocurrency exchange space, especially in the Canadian market. While both platforms promise a seamless trading experience, subtle differences set them apart, catering to various trader needs and preferences.

Description

Bitget is a cryptocurrency exchange for skilled users that offers thousand of altcoins for Canadians (and people all over the world) to trade.

ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

Coins

Over 1000 major coins and altcoins

100+ crypto coins

Fees

Trading fees on Bitget are low at just 0.1%, but can be lower if you pay fees with their token BGB.

  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees

Pros

  • Low trading fees
  • Hundreds of altcoins
  • Advanced features
  • Simple KYC process
  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary

Cons

  • No Interac e-Transfer
  • Confusing for beginners
  • No CAD deposits and withdrawals
  • Won't be available in Canada in October 2023
  • Advanced trading platform can be confusing for beginners
  • Only card payments or third-party transfers
  • No CAD deposits

Account Limits

No major limits

A peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

Methods to buy

  • Credit or debit card
  • P2P platform
  • CAD deposits are not available
  • You can deposit  by card payment, a third-party such as Banxa (3% commission)
  • Peer-to-peer marketplace

Security

  • 2FA
  • Anti-phishing code
  • $300 million insurance for lost assets
  • ByBit uses cold storage for assets
  • 2FA

Mobile and Desktop Trading

Both Bitget and ByBit offer powerful desktop trading platforms with advanced charting tools and order book data, which may come across as intricate for novices. On the mobile front, Bitget has achieved recognition with a 4.5-star rating on the Apple App Store and a commendable 4.5 stars on Google Play. This suggests a favorable user experience and a reliable mobile interface. ByBit, on the other hand, doesn't lag too far behind with a 4,5-star rating on iOS and a 4.9-star score on Google Play. These scores reflect that both apps offer almost parallel features, with minor differences in user interface and functionality.

Bitget

The Bitget platform can be confusing for beginners since there is advanced charting and order book data. Bitget’s mobile app has a 4.4-star rating on the Apple App Store and a 4.6-star rating on Google Play

Trading crypto on Bitget from Canada

Bitget desktop view (trading screen)

Depositing money to Bitget

Bitget depositing screen

Bitget mobile app main screenshot

Bitget mobile app main screen

Bitget mobile app screenshot

Bitget mobile app (coins)

ByBiy

ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen

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.

ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage. 

For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account. 

This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario. 

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

Not regulated by Canadian financial institutions. 

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.

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 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. 

ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.

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.

Author

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.