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ByBit vs What Works Better For Canadians in 2024

Oleg Galeev

Last updated March 12, 2024

In this comparison, we’re examining two major players in the cryptocurrency exchange market in Canada: ByBit and provides a vast array of services, including buying, staking, crypto Visa cards, and NFTs, and it has strong regulatory compliance in Canada. On the other hand, ByBit is known for its focus on futures and margin trading, boasting competitive trading fees, but its regulatory stance in Canada is more complicated. Let’s dive further into their individual characteristics, safety measures, ease of use, and client assistance to empower you to make a well-informed choice.

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


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. is a crypto exchange that is gaining popularity in Canada. It offers its own coin (CRO), staking, lending, NFTs, and pre-paid Visa crypto cards offering cashback. offers everything in one place and is suitable for Canadians looking for an easy way to buy crypto.


1000+ crypto coins



  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees
  • Free deposits
  • Variable Withdrawal fees
  • Send crypto to other users for free
  • 0.04 to 0.4% maker/taker fees


  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • Wide range of coins available
  • Suitable for beginners and pro traders
  • Interac e-Transfer available
  • Deposits take up to one day to process
  • Visa cards
  • Staking
  • NFT marketplace
  • 20+ fiat currencies supported
  • Free deposits


  • 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
  • No crypto education articles
  • Poor customer service

Account Limits

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


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


  • ByBit uses cold storage for assets
  • 2FA
  • 100% coins held in cold storage
  • Ledger Vault partnership
  • Multi-factor authentication
  • Mandatory whitelisting of withdrawal addresses

Mobile and Desktop Trading caters to users through both a mobile application and a Pro desktop exchange. The app, designed to accommodate all your cryptocurrency requirements, boasts a 4.5-star score derived from 146,000 reviews on the Apple App Store and a 4.5-star score accumulated from 459,000 reviews on Google Play. It's especially friendly to beginners, providing options for credit/debit card payments and bank transfers.

On the other hand, ByBit also offers its users a mobile app and a desktop platform, both featuring a similar user interface. The ByBit app holds a 4.2-star rating from 1.2K reviews on the iOS platform, and a commendable 4.7-star rating from 74,000 reviews on Google Play.


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

In the app, users can buy and sell crypto easily. You can also directly stake or lend your crypto, apply for a card, track favourite coins, withdraw to external wallets and more. The app is an all-in-one trading platform that’s user-friendly and suitable for beginners.

The app has a 4.3-star rating from 56,000 reviews on the Apple App Store and a 3.9-star rating from 200,000 reviews on Google Play.

If you’re looking for more advanced tools, you can use’s desktop exchange. The exchange offers more charting and order types but the interface can be confusing for beginners. The app has everything you need, so you’d only use the Exchange for slightly lower fees or advanced order types. advanced trading view

Advanced Desktop Trade

List of coins available for trading on desktop app

List of coins app interface app interface

Crypto com app while trading app interface while trading

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. is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more. keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing truly values security. also has $750M in cold storage insurance in case of theft. also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication  - such as FaceID - to ensures commendable security measures, safeguarding all of its customers' funds in a Ledger Vault with cold storage. The funds of the company itself are the only ones kept in hot wallets. They utilize multi-factor authentication, along with 2FA and email confirmations for each withdrawal.

While ByBit also uses cold storage for its assets, it isn't explicit about the percentage of funds held this way. To enhance account security, ByBit employs two-factor authentication through Google Authenticator.

Regulatory Compliance

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions. is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world. has recently marked its presence as the foremost global crypto exchange to enter into a pre-registration undertaking with the OSC. This signifies its compliance with the regulatory standards set by the OSC in Canada.

In contrast, ByBit faced allegations from the OSC for peddling unlicensed securities to Ontario residents. After settling a $2.5M fine, ByBit has imposed restrictions on creating new accounts for Ontario residents.

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.

The customer support for is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. does not offer educational resources or a knowledge centre, which is a let down. 

ByBit boasts a comprehensive support center on its website, equipped with various crypto-related guides and instructions on using the exchange. Their chat support is noted for its efficiency, often providing assistance within an hour. While they offer several features, customer service has been reported as slow and lacking. However, they are typically able to handle issues within 24 hours.


While both exchanges provide a wide array of features and robust security measures, if we have to choose a winner, it would be ByBit. Although ByBit faced a regulatory issue with the OSC, they resolved it by paying the fine and have since taken measures to ensure compliance. ByBit's strength lies in its competitive trading fees, wide range of coins, and an efficient customer service system. However, it's important to note that this conclusion is more suited for users focused on futures and margin trading. For a broader array of services including staking, crypto Visa cards, and NFTs, is an excellent choice. Always remember that no exchange can guarantee absolute security, and users should follow best practices like enabling two-factor authentication and not leaving a significant amount of assets on any exchange for an extended period.

Initially, we recommended choosing ByBit over 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

If you find that neither ByBit nor 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.


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.