Note: Neither platform is available to Canadians. ByBit exited the Canadian market in September 2023 and Canada remains on its restricted jurisdictions list. BitMEX has listed all of Canada as a restricted jurisdiction since late 2023. This comparison is preserved for historical reference, and our current recommendations for Canadians follow at the end.
In this article, we’re comparing ByBit and BitMEX, two prominent cryptocurrency exchanges globally known for their derivatives offerings. ByBit offers more user-friendly features and a wider selection of cryptocurrencies, while BitMEX provides advanced features for experienced traders. Neither is available to Canadians in 2026.
Bybit Vs BitMEX: Which Is Better For Canadians?
Neither is an option for Canadians today. Bybit left Canada in 2023: it stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
Every row below comes from each company’s own pages and the Canadian registries, checked October 2026. Where a row has no fair winner, it says so.
Bybit Vs BitMEX: Master Spec Table
Bybit
BitMEX
Winner
Company
Bybit, HQ Dubai. Canadian FINTRAC entity: Bybit Fintech (Canada) Limited. OSC settled with Bybit Fintech Limited on 2022-06-22. Founder and funding: Not published.
Operator: HDR Global Trading Limited (Seychelles). Founded, founders, funding: Not published. Ceased all exchange operations 2026-09-23.
Depends
Regulation
FINTRAC MSB M20624645 (Bybit Fintech (Canada) Limited) Expired 2025-03-08. Not on the CSA authorized or banned list. OSC settlement 2022-06-22, USD 2,468,910 disgorged.
Not registered in Canada. No FINTRAC, CSA or CIRO entry found as of 2026-10-02.
Tie
Assets
1,800+ coins globally, not for new Canadian accounts.
Perpetual and futures contracts only; no spot. Not available to Canadians.
Depends
Price
Low fees on derivatives, roughly 3% on third-party card payments; schedule Not published. Not applicable.
Tiered maker/taker fees on derivatives, rates Not published. Closed.
Depends
CAD In
No longer available to Canadians
No longer available to Canadians
Depends
CAD Out
No longer available to Canadians
No longer available to Canadians
Depends
Crypto In And Out
No longer available to Canadians
Crypto-only funding; website withdrawals stay open, API withdrawals ended 2026-09-28, monthly fee on balances, per CoinDesk.
Depends
Custody
Cold storage and 2FA; proof of reserves published after the 2025 hack. No Canadian entity holds assets.
All BTC in cold storage with multi-signature wallets, per BitMEX's old claims. Operator wound down trading; withdrawals only.
What Are The Key Differences Between Bybit And BitMEX?
Bybit Vs BitMEX: Side By Side
Bybit
BitMEX
Description
Bybit is a global exchange headquartered in Dubai, with over 1,800 cryptocurrencies. It exited the Canadian market in 2023 and has stayed unavailable to Canadians, with Canada on its restricted jurisdictions list. Its own Canada notice said it acted in light of recent regulatory development.
BitMEX was a veteran crypto derivatives exchange offering futures and perpetual contracts with up to 100x leverage. You could not deposit fiat, only crypto, and it was aimed at experienced traders. Canada was a restricted jurisdiction in BitMEX's terms before closing, and the exchange ceased all operations on 2026-09-23.
Coins
1,800+ crypto coins globally, none open to new Canadian accounts.
Perpetual and futures contracts on major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, Dogecoin, Cardano and Avalanche. None were accessible from Canada.
Fees
Low trading fees, especially on derivatives; roughly 3% card payment fees via third-party providers; no P2P fees; crypto withdrawal fees varied by coin. Not applicable to Canadians.
Free crypto deposits and free BTC withdrawals (network fees could apply on other assets). Low, tiered maker/taker fees on derivatives. Balances now face a monthly fee, per CoinDesk.
Pros
Huge coin selection
Staking, lending and Earn products
OTC desk
Copy trading and trading bots
Low trading fees
Covered 100% of user losses after its 2025 hack, restoring reserves within 72 hours
Deep derivatives liquidity and one of the longest track records in crypto futures
Low, tiered maker/taker fees
Advanced order types
Handy leverage slider for adjusting risk per trade
Cons
Not available in Canada since 2023, with no return in sight
Suffered the largest crypto hack in history in February 2025 (about $1.5 billion in ETH stolen)
Mandatory KYC since 2023, so the old no-verification signup no longer exists
Advanced platform can be confusing for beginners
No CAD support, only card payments or third-party on-ramps for fiat
Closed on 2026-09-23
Canada was a restricted jurisdiction before closure
Not suitable for simply buying crypto, no fiat deposits
Only suitable for traders who understood contract trading
Checkered regulatory history in the US
Security
Cold storage for assets and 2FA. Proof of Reserves published after the 2025 incident.
All BTC held in cold storage, multi-signature wallets, withdrawals audited by hand by BitMEX employees, 2FA. Never hacked in over a decade of operation, per our old row.
Methods To Buy
Canadians cannot buy crypto on Bybit. Account creation requires full identity verification tied to your ID country, so VPN workarounds do not work and risk frozen funds. Elsewhere funding was via third-party card providers such as Banxa or MoonPay, crypto deposits and a P2P marketplace.
Canadians could not use BitMEX. Funding was crypto only (BTC, USDT and other supported assets), with no fiat rails.
App
A well-rated app exists in supported countries but is inaccessible to Canadians.
BitMEX had iOS and Android apps, inaccessible to Canadians and now closed.
Account Limits
Not applicable. Legacy Canadian accounts were set to withdrawal-only; elsewhere withdrawal limits depend on KYC level, starting around 20,000 USDT per day for basic accounts.
Not applicable. Full KYC was required before trading elsewhere.
How Do You Fund And Cash Out Bybit And BitMEX In Canada?
BitMEX: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Crypto withdrawal via website
Not published
Not published
Not published
Not published
Legacy Canadian accounts are withdrawal-only. No current funding methods. BitMEX never accepted fiat.
What Do Bybit And BitMEX Offer Beyond Buying And Selling?
Bybit Only
Derivatives, copy trading, Earn (historic): Bybit offered derivatives, copy trading bots, staking, lending and an OTC desk globally. Canadian retail access ended in 2023.
BitMEX Only
Futures and perpetual contracts (closed): Up to 100x leverage on crypto derivatives. Trading ceased 2026-09-23.
What Happens To Your Money If Bybit Or BitMEX Fails?
Bybit: Bybit has no Canadian registration or recognition, so no Canadian regulator stands behind a balance there. If you still hold funds, withdraw them to a wallet you control; Canadian accounts were set to withdrawal-only. Bybit's February 2025 hack, which it covered in full, shows the platform risk even outside Canada. VPN use breaks its terms and can freeze funds.
BitMEX: BitMEX says it closed by owner decision after a business review and that it is unrelated to legal or regulatory issues, per CoinDesk. If you still have a balance, withdraw through the website, since API withdrawals ended on 2026-09-28 and balances face a monthly fee. No Canadian regulator covers BitMEX, so there is no compensation scheme for crypto left behind.
How Are Bybit And BitMEX Treated For Tax In Canada?
Bybit: Trades on Bybit were dispositions for CRA purposes. Export your history while withdrawal access lasts. Export formats: Not published.
BitMEX: Derivative gains and losses on BitMEX were taxable for CRA purposes. Export your trade and wallet history now. Export formats: Not published.
Selling, swapping or spending crypto is a disposition for the CRA on any platform. This is not tax advice: see my guide to crypto taxes in Canada.
Which Should You Choose, Bybit Or BitMEX?
Choose Bybit If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
Choose BitMEX If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
What Happened To Bybit?
Bybit left Canada in 2023. It stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. Bybit's own notice cited "recent regulatory development" under Canadian CSA rules.
The Ontario Securities Commission had already settled with Bybit Fintech Limited on June 22, 2022, with USD 2,468,910 disgorged. Its Canadian money services business registration (Bybit Fintech (Canada) Limited) shows as expired on March 8, 2025, and Bybit sits on neither the CSA authorized list nor the banned list.
Bybit Status Record
Item
Detail
Status
Left Canada in 2023
Last dates
May 31, July 31 and September 30, 2023
Regulatory record
OSC settlement of June 22, 2022; FINTRAC registration expired March 8, 2025
Return announced
No
What Happened To BitMEX?
BitMEX shut down its exchange on September 23, 2026, so no one, Canadians included, can trade there any more. BitMEX's own Legal page says it ceased trading on that date. Per CoinDesk, withdrawals through the website stay open, API withdrawals end September 28, and balances face a monthly fee.
BitMEX said the closure was an owner decision after a business review and unrelated to legal or regulatory issues. Canada was already a restricted jurisdiction in its terms before it closed, so Canadians were not served even when it was open.
BitMEX Status Record
Item
Detail
Status
Closed on September 23, 2026
Operator
HDR Global Trading Limited (Seychelles)
What remains
Website withdrawals only
Canada
Restricted jurisdiction before closing
What Should Bybit And BitMEX Users Use Instead?
Neither side of this matchup is a usable choice for new Canadian buyers, so the real question is which registered platform replaces them. These are the picks from my status research.
For Bybit users, the closest replacement is Kraken. Kraken is a registered Canadian dealer with a wide altcoin list. Bybit-style derivatives are not available to Canadian retail anywhere.
For BitMEX users, the closest replacement is Kraken. Kraken is registered in Canada and still trading, whereas BitMEX had already listed Canada as restricted before closing.
Registered Options Compared
Platform
Status
Fees
CAD Funding
Coins
Kraken
CSA-registered Restricted Dealer
Kraken Pro 0.40% maker / 0.80% taker; Instant Buy 1%
Free Interac e-Transfer deposits
About 490 (derived)
Kraken: Fees, Funding And Safety
Kraken Pro starts at 0.40% maker and 0.80% taker at the entry tier and drops to 0.30% and 0.60% from CAD 2,500 of 30-day volume. Instant Buy and recurring buys cost 1% plus a spread, and custom orders cost 1.5%.
Interac e-Transfer deposits are free (minimum CAD 5, up to CAD 10,000 per transaction). Withdrawing by Interac costs CAD 10. Wire deposits are free, with an intermediary bank fee noted at 13.74. Kraken publishes no Canadian coin count. Taking its public pair list and removing the tickers its own Canada restrictions page bars gives roughly 490, which is a derived figure, not an official one.
Payward Canada Inc. (Kraken) is a CSA Restricted Dealer (decision of April 1, 2025) and a FINTRAC-registered money services business. It is not a CIRO member. Its Proof of Reserves snapshot of June 30, 2026 showed reserve ratios of 102.9% for BTC and 100.5% for ETH. Canadians cannot use margin or derivatives on Kraken.
It suits someone who wants a wide coin list and cheaper trading on Kraken Pro once past the first purchase.
Kraken: someone who wants a wide coin list and cheaper trading on Kraken Pro once past the first purchase.
If you are still deciding, my 60-second quiz narrows it down, and my full ranking shows all ten picks with scores.
How Can You Check Whether An Exchange Is Allowed In Canada?
Do it before you deposit a dollar, because the status of a platform can change in months. Four checks take about ten minutes.
Look for the platform on the CSA list of crypto platforms authorized to do business with Canadians.
Search the CSA banned crypto platforms list, which includes entities ordered out by the Ontario Securities Commission and reciprocated by other provinces.
Search the FINTRAC money services business registry for the legal entity, and read the status column, because "Expired", "Ceased" and "Revoked" all mean the registration is gone.
Read the platform's own terms for a list of restricted locations. If Canada, or your province, is named, you are not allowed to use it, and a registered regulator cannot help you if something goes wrong.
Registration is also not the same as insurance. Crypto held at any Canadian platform is not covered by CIPF, so a registered dealer lowers the risk but does not remove it.
: The date Bybit set for liquidating remaining Canadian positions.
Frequently Asked Questions
Can Canadians Still Use Bybit In 2026?
No. Bybit stopped opening Canadian accounts on May 31, 2023 and ended new deposits and contracts on July 31, 2023. It is not on the CSA authorized list, so there is nothing to sign up for.
Can I Still Withdraw From BitMEX?
According to CoinDesk, withdrawals through the BitMEX website stay open, API withdrawals ended on September 28, 2026, and balances face a monthly fee. Check BitMEX's own Legal page for the current terms rather than relying on a summary.
Which Is Better For Canadians, Bybit Or BitMEX?
Neither is a good choice for a new Canadian buyer in 2026. Use a registered platform from my ranking instead; Kraken is the closest match for Bybit users.
What Does Kraken Cost?
Kraken Pro starts at 0.40% maker and 0.80% taker at the entry tier and drops to 0.30% and 0.60% from CAD 2,500 of 30-day volume. Instant Buy and recurring buys cost 1% plus a spread, and custom orders cost 1.5%.
How Do I Check If A Crypto Exchange Is Registered In Canada?
Check the CSA authorized list and the CSA banned list, search the FINTRAC money services business registry for the legal entity, and read the platform's own terms for restricted locations. Treat "Expired", "Ceased" and "Revoked" as meaning the registration is gone.
Do Bybit And BitMEX Have Limit Orders?
Bybit: Yes globally, not for Canadians. BitMEX: Yes globally, closed.
Which Coins Can You Buy On Bybit And BitMEX?
Bybit: 1,800+ globally, none for new Canadians BitMEX: Derivatives only, closed
Is The Spread The Fee On Bybit And BitMEX?
Bybit: No longer applicable. BitMEX: No longer applicable.
Does CIPF Cover My Crypto On Bybit Or BitMEX?
Bybit: CIPF never covers crypto, and this platform no longer serves Canadians. BitMEX: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Bybit And BitMEX Available In Every Province?
Bybit: No longer available in any province. BitMEX: No longer available in any province.
Do Interac Deposits Work On Weekends On Bybit And BitMEX?
Bybit: No longer applicable. BitMEX: No longer applicable.
What Is The Minimum Buy On Bybit And BitMEX?
Bybit: No longer applicable. BitMEX: No longer applicable.
Can A Business Use Bybit Or BitMEX?
Bybit: No longer applicable. BitMEX: No longer applicable.
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.
