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.
Coinbase uses its own digital wallet for storing your cryptocurrency.
Coinbase keeps 98% of its cryptocurrency in cold storage. This makes it hard for thieves to steal crypto assets if the exchange is hacked. Cold storage is the most secure way to store cryptocurrency, so the fact that Coinbase does this is a huge plus.
Bull Bitcoin emphasizes user control over assets, allowing Canadians to immediately take self-custody of their Bitcoin, thus minimizing risk associated with exchange storage. However, details on its overall security measures are less publicly detailed.
Coinbase is known for its high security, with 98% of assets in cold storage, encrypted wallets, and keys. It's a publicly traded company in the U.S., which adds layers of regulatory compliance and transparency about its security practices.
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.
Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians. Canadian residents can use Coinbase to their full capacity.
Bull Bitcoin is registered with FINTRAC as a Money Services Business, adhering to Canadian regulations, specifically targeting Canadian users with compliance to local laws.
Coinbase, although a global entity, has made efforts to comply with international regulations. However, its focus on a broader market might not cater to specific Canadian regulatory nuances as directly as Bull Bitcoin does.
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.
Coinbase customer support is very slow. It took them 4 days to address our request to a real person. Even though they offer 24/7 support and a live chat option, the quality of the support is bad due to a very high volume.
Bull Bitcoin offers targeted customer support through email, with positive feedback from Canadian users highlighted by a high Trustpilot rating. However, its smaller scale might impact the breadth of support services.
Coinbase, despite offering a variety of support channels including 24/7 phone support, has faced criticism over customer service responsiveness and efficiency, as reflected in its lower Trustpilot score.
Conclusion
While both platforms offer valuable services, Bull Bitcoin emerges as the recommended choice for Canadians focused on Bitcoin transactions, given its tailored services, emphasis on direct ownership, and commitment to Canadian regulatory compliance. Its simplicity and specialized focus make it particularly appealing for those primarily interested in Bitcoin, despite Coinbase's broader array of features and educational resources.
When comparing Coinbase to Bull Bitcoin, it's worth noting that Coinbase One introduces several new features that make it more competitive. These include zero trading fees, boosted rewards, and priority customer support. Additionally, the platform has increased its focus on staking, allowing users to earn rewards, such as 5.10% APY on USDC. While Coinbase’s fees remain high outside of Coinbase One, these added benefits can make the platform more attractive for users looking to maximize earnings while minimizing transaction costs, especially compared to exchanges with lower fees but fewer reward opportunities.
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).
