Security Compliance
Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet.
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.
Both Bull Bitcoin and BitMEX prioritize security, but they employ different strategies. Bull Bitcoin's approach to security is through immediate self-custody, reducing the risk of platform breaches affecting users' assets. BitMEX implements robust security measures including multi-signature deposits and withdrawals, and all funds are stored in offline cold storage. BitMEX has not reported major security breaches, making it a strong contender in terms of platform security.
Regulatory Compliance
Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations.
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.
Bull Bitcoin is fully compliant with Canadian regulations, registered with FINTRAC, and follows KYC procedures. BitMEX has faced regulatory challenges globally and does not offer services to residents of Ontario and Quebec due to regulatory constraints. Canadians outside these provinces can access BitMEX but must navigate the complex landscape of local laws and regulations carefully.
Customer support
Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service.
BitMEX offers support via a contact form on their website and has a detailed FAQ section as well.
Bull Bitcoin offers targeted support to Canadian users, with email support and a high Trustpilot rating indicating a positive customer service experience. BitMEX provides support through email and a ticketing system, backed by a comprehensive FAQ and resources section, though the platform's focus on a global audience may not offer the same localized support experience as Bull Bitcoin.
Conclusion
While both Bull Bitcoin and BitMEX offer valuable services to their respective audiences, Bull Bitcoin emerges as the winner for Canadian users seeking a straightforward, secure platform for buying bitcoin and using it for everyday transactions. Its compliance with Canadian regulations, focus on immediate asset custody, and dedicated support for Canadian clients make it a more suitable choice for users in Canada, particularly for those new to cryptocurrency or preferring simplicity over complex trading options.
Bull Bitcoin is the most cost-effective platform for trading Bitcoin in Canada, offering a unique feature that allows users to pay bills, including phone, electricity, and even taxes to the Canada Revenue Agency (CRA).
