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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held.
Bitvo ensures the safety of its users' assets by keeping the majority of them offline in cold storage, similar to Kraken, which keeps over 95% of digital assets in cold storage. Bitvo's additional layer of security includes a 2FA feature, and all withdrawals are manually reviewed and approved. Kraken also offers a two-factor authentication, email notifications for any withdrawals, an account timeout, and an account lock feature.
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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians can use the platform with confidence, with one caveat: as a restricted dealer, its client assets aren't covered by CIPF insurance.
Bitvo is fully compliant with Canadian federal laws, registered as a Money Services Business (MSB) with FINTRAC, and is regulated as per the standards set by FINTRAC and AMF. Meanwhile, Kraken also operates legally, but it is important to note that not all services are available in Ontario due to the Ontario Securities Commission regulations.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
Bitvo provides 24/7 customer support through phone, email, and live chat, with a dedicated Bitvo Cash Card for users to access their cash or cryptocurrencies instantly. Kraken, on the other hand, offers 24/7 live chat and email support, along with phone support for the USA, UK, and the European Union.
Conclusion
Both Bitvo and Kraken are formidable cryptocurrency exchanges that offer unique features, a variety of cryptocurrencies, and robust security measures. However, considering the no-fee instant withdrawal feature, the live customer support, and Bitvo Cash Card, Bitvo appears to offer more streamlined and user-friendly services, especially for Canadian users. Therefore, Bitvo emerges as the winner in this comparison.
We recommend choosing Bitvo over Kraken 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 Kraken 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.
