Security Compliance
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
Coinbase keeps around 98% of customer crypto in cold storage with multi-signature wallets, making theft extremely difficult even if systems are compromised, and backs custodied assets with substantial crime insurance. It undergoes SOC 1 and SOC 2 audits and, as a public company, publishes quarterly audited financials, a level of transparency almost no competitor matches. Note that Coinbase also offers the separate, non-custodial Coinbase Wallet app for self-custody, which is distinct from holding coins on the exchange.
Both exchanges prioritize user security. Bitvo keeps 95%-100% of digital assets in third-party cold storage, uses multi-layered firewall infrastructure, and scrutinizes any cryptocurrency it lists. Coinbase, too, safeguards 98% of assets in cold storage, encrypts wallets and private keys, and mandates two-factor authentication. Though both platforms are secure, Coinbase's larger scale and public company status necessitate a higher degree of regulatory compliance and transparency.
Regulatory Compliance
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
Coinbase went from unregistered convenience to the most credentialed international platform in Canada: it signed an Enhanced Pre-Registration Undertaking in March 2023, formally launched with Interac rails in August 2023, and became a CSA-registered Restricted Dealer in April 2024, the first international exchange to achieve this. It's registered with FINTRAC as an MSB and authorized in Quebec by the AMF. Canadians can use the platform fully, with the standard restricted dealer caveats: certain altcoin purchase limits and no CIPF coverage on crypto.
Bitvo is registered as a Money Service Business in Canada, abiding by FINTRAC regulations. Coinbase, a U.S. company, is also registered as a Money Services Business, but with FinCEN. Both are therefore compliant with federal regulations. However, Bitvo, being a Canadian platform, may align better with local rules and banking systems.
Customer support
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
Coinbase offers 24/7 support with live chat, a comprehensive help centre and an extensive learning hub. Support quality remains its weak spot: reaching a human who understands Canadian banking specifics can take patience, and our own test took four days to get a real person. For routine issues the automated help works fine, but complex account problems can drag.
Bitvo offers 24/7 customer support, including phone support, which is quite unique in the crypto space. On the other hand, Coinbase has received numerous complaints regarding customer service, even though it has recently implemented 24/7 phone support. Bitvo's customer-first approach is evident in its promises for same-day processing and customer satisfaction guarantees.
Conclusion
While both Bitvo and Coinbase are credible exchanges, Bitvo stands out as the preferred choice for Canadians in 2024. It aligns well with local banking systems, offers exceptional customer support, and guarantees user satisfaction. Moreover, its competitive fee structure and user-friendly platform make it an excellent choice for beginners and seasoned traders alike.
We recommend choosing Bitvo over Coinbase for your cryptocurrency trading needs. By opting for Bitvo through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitvo nor Coinbase 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.
