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ByBit vs Bitvo: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

WonderFi and Bitbuy, its parent company, took over all Bitvo client accounts in 2023. This means Bitvo is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the comparison provided below is now outdated and is preserved solely for educational and historical reference.

In this head-to-head comparison, we’ll be scrutinizing two significant cryptocurrency exchanges operating in Canada: ByBit and Bitvo. Both have unique offerings for Canadian users, with ByBit being a global platform with a large selection of tradable cryptocurrencies, while Bitvo stands out with its strong compliance, customer support, and exclusive features tailored specifically for Canadians. Let’s delve into the details to understand their differences and determine which platform might be the best fit for your trading needs.

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 Bitvo.

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.

Bitvo is a cryptocurrency exchange that offers simple trading for Canadians. It's fully compliant in Canada and also has a crypto cash card that can be used for everyday purchases.

Coins

1000+ crypto coins

You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and more.

Fees

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

The only fee you will pay is a 1% withdrawal fee

Pros

  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • No deposit fees
  • No trading fees
  • Low withdrawal fee
  • Beginner and advanced trading available
  • Bitvo Cash Card available
  • 24/7 customer support (including phone support)

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
  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads

Account Limits

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

A few withdrawal limits & deposit limit that could be found here

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
  • Interac® e-Transfer
  • Wire
  • Canada Post Load

Security

  • ByBit uses cold storage for assets
  • 2FA
  •  It holds 95% of assets in cold storage
  • 5% in hot storage
  • A multi-layered firewall infrastructure to protect the exchange

Mobile and Desktop Trading

Both ByBit and Bitvo provide a mobile app and a desktop platform for trading cryptocurrencies. The ByBit app has a high rating of 4.6 stars on Google Play from 70,000 reviews and 4.6 stars on the App Store from 68 reviews. Bitvo's apps, on the other hand, do not have many ratings: it has a three-star rating on iOS with 25 reviews and no rating on Android. Both platforms have advanced trading features, but some users have reported that Bitvo's app can be buggy and the desktop experience is better.

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

Bitvo

Bitvo’s mobile app does not have many ratings. Its iOS app has a three-star rating with 21 reviews and its Android app has a 3.1-star rating with 19 reviews. Some of the reviewers claim the apps are buggy and that the experience on their desktop exchange is better.

Bitvo desktop app main screen

Bitvo desktop app main screen

Bitvo desktop (trading view)

Bitvo desktop (trading view)

Bitvo mobile app

Bitvo mobile app

Bitvo app main screen

Bitvo app (main screen)

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. 

It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.

Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.

ByBit uses cold storage for assets but it's not clear what percentage of funds are held in cold storage.

Bitvo holds 95% to 100% of assets in cold storage and keeps customers' fiat funds in segregated bank accounts. Both platforms offer two-factor authentication for account security.

Regulatory Compliance

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

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

ByBit had some compliance issues with the Ontario Securities Commission, leading to a fine and restrictions for new account sign-ups from Ontario residents

Contrarily, Bitvo maintains its status as a registered Money Service Business in Canada, adhering strictly to the FINTRAC regulations.

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.

Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.

Both exchanges provide customer support, with ByBit offering a support center with guides and a ticket system.

Bitvo stands out by offering round-the-clock support through live chat, email, and uniquely, phone support, positioning it among the rare exchanges that provide such a comprehensive service.

Conclusion

Both Bitvo and ByBit are robust crypto exchanges each with their own strengths. Bitvo shines with its Canadian compliance, strong customer support, and unique features like the Bitvo Cash Card. However, if we must choose a winner, ByBit gets the edge due to its larger selection of tradable cryptocurrencies, higher app ratings, and global presence, despite its compliance issues in Ontario. It's important to remember that both platforms have their own strengths and the choice would largely depend on individual trading needs and preferences.

Initially, we recommended choosing ByBit over Bitvo 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 Bitvo.

If you find that neither ByBit nor Bitvo 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.