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.
Bull Bitcoin ensures safety through immediate self-custody of Bitcoin, minimizing the risk of exchange hacks. Compliance with Canadian laws and a strong emphasis on user privacy and security underscore its commitment to safeguarding user assets.
CoinSmart used cold storage for the majority of its digital assets and enforced two-factor authentication, alongside compliance with Canadian regulatory standards, to protect its users and their investments.
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.
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
Bull Bitcoin is registered with FINTRAC as a Money Services Business, adhering to Canadian financial regulations and KYC procedures to prevent fraud and money laundering.
CoinSmart was fully compliant in Canada, registered with FINTRAC, and recognized by the Ontario Securities Commission (OSC), ensuring a secure and regulated trading environment for its users.
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.
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
Bull Bitcoin offers personalized support through email, with high customer satisfaction reflected in its Trustpilot ratings. The platform's focus on the Canadian market enables targeted and effective customer service.
CoinSmart provided 24/7 customer support with a live chat function, phone support, and a high reported customer satisfaction rate. Their comprehensive support system was designed to quickly resolve user issues and inquiries.
Conclusion
Both Bull Bitcoin and CoinSmart offer compelling services for Canadian cryptocurrency users, each with its unique strengths and focus areas. CoinSmart catered to a broader audience with its wide range of cryptocurrencies, educational resources, and additional services such as SmartPay and an OTC desk, making it a versatile platform designed for both beginners and seasoned traders. Its commitment to security, compliance, and customer support made it a strong contender in the Canadian crypto market.
However, with CoinSmart no longer accepting new signups and directing potential users towards Bitbuy, the comparison takes an interesting turn. For Canadians specifically focused on Bitcoin and looking for a straightforward, secure, and direct way to manage their Bitcoin transactions, Bull Bitcoin emerges as the clear winner. It excels in offering a specialized, Bitcoin-focused service that simplifies buying, selling, and paying bills with Bitcoin, emphasizing the importance of self-custody and reducing reliance on the exchange for holding assets.
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).
