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ByBit vs. Bitcoin Well: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

Navigating the cryptocurrency exchange landscape in Canada can be a challenge, especially with top contenders like ByBit and Bitcoin Well. Each offers a unique blend of features, with ByBit being a global entity recently exiting the Canadian market and Bitcoin Well being a local favorite tailored specifically for Canadian users.

Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can’t recommend Bybit over Bitcoin Well.

Description

ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

Coins

100+ crypto coins

Bitcoin only

Fees

  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 

Pros

  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • Immediate self-custody of assets
  • Option to buy bitcoin privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency

Cons

  • Won't be available in Canada in October 2023
  • Advanced trading platform can be confusing for beginners
  • Only card payments or third-party transfers
  • No CAD deposits
  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types

Account Limits

A peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

  • minimum of $100 payment
  • $50,000 transaction limit.
 
 

Methods to buy

  • CAD deposits are not available
  • You can deposit  by card payment, a third-party such as Banxa (3% commission)
  • Peer-to-peer marketplace

Security

  • ByBit uses cold storage for assets
  • 2FA

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Mobile and Desktop Trading

Equipped with an app that boasts a 4.6-star rating on iOS from 2.300 reviews and a 4.8-star rating on Google Play from 186,000 reviews, ByBit offers its users a robust mobile trading experience. The desktop platform provides advanced trading tools, with features like indicators and order histories. Both platforms are lauded for their user-friendliness.

Bitcoin Well's desktop platform prioritizes user-friendly interfaces, ideal for both novices and experts.

ByBiy

ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with Bitcoin Well

Security Compliance

ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage. 

For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account. 

This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario. 

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

While ByBit does employ cold storage for assets, they remain rather opaque regarding the exact percentage stored in this manner. However, for added personal security, users can activate two-factor authentication using Google Authenticator.

With a focus on premier digital security, Bitcoin Well integrates multi-factor authentication, cold storage solutions, and continuous surveillance measures. This holistic approach ensures a high level of protection for user assets and data

Regulatory Compliance

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.

Bitcoin Well is registered with FINTRAC and fully legal in Canada.

Recently, ByBit faced compliance issues, particularly in Ontario where the Ontario Securities Commission (OSC) fined them $2.5M for selling unlicensed securities. As a result, they ceased operations in the region

Prioritizing its Canadian clientele, Bitcoin Well operates fully within the boundaries of Canadian regulatory guidelines. Their transparency and dedication to local standards make them a reliable choice for Canadians.

Customer support

ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good.  If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

With a blend of online guides and responsive chat support, ByBit ensures that users' queries are addressed promptly. Their chat support, in particular, stands out for swift resolutions, as evidenced by a TONCOIN withdrawal issue which was settled within an hour. 

Emphasizing its commitment to users, Bitcoin Well offers stellar customer support, always ready to assist with any concerns or inquiries. Their proficiency and promptness enhance user experience manifold.

Conclusion

In the duel between ByBit and Bitcoin Well, both exchanges shine in their respective domains. ByBit, with its expansive global reach and robust trading platforms, certainly offers a diverse trading experience. However, for Canadians, Bitcoin Well's emphasis on compliance, security, and tailored support makes it an appealing choice. But when considering the broader picture, with a diverse range of coins and advanced trading tools, ByBit narrowly edges out as the winner.

Initially, we recommended choosing ByBit over Bitcoin Well for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Bitcoin Well.

If you find that neither ByBit nor Bitcoin Well 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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.