ByBit vs Kucoin: What Works Better For Canadians in 2024

Security Compliance

ByBit's security record now carries a major asterisk. In February 2025, attackers linked to North Korea's Lazarus Group exploited ByBit's multi-signature wallet transfer process and stole roughly $1.5 billion in Ethereum, the largest crypto theft ever recorded. To ByBit's credit, no customers lost funds: the exchange covered all losses from its own liquidity and replenished reserves within about 72 hours, a crisis response widely considered the best the industry has seen. Still, the breach shows that even cold storage and multisig setups can be defeated. Users can secure their accounts with two-factor authentication via Google Authenticator. ByBit also previously ran into trouble in Canada specifically, paying a roughly $2.5 million penalty to the Ontario Securities Commission in 2022 for operating without registration.

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

Both ByBit and KuCoin prioritize the security of user funds. ByBit implements robust security measures including two-factor authentication, secure cold storage for funds, and advanced encryption protocols. KuCoin also emphasizes security, utilizing measures like cold storage, multisignature wallets, and two-factor authentication. While both exchanges have experienced security incidents in the past, they have taken steps to enhance their security infrastructure.

Regulatory Compliance

ByBit exited the Canadian market in 2023 due to Canadian regulations and Canada remains on its restricted jurisdictions list. Notably, ByBit has since obtained licenses elsewhere, including a MiCA license serving the EEA through ByBit EU and a UK relaunch in late 2025, but it has shown no intention of registering with Canadian regulators.

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

ByBit, known for its wide selection of over 100 cryptocurrencies for trading, shares similarities with Binance, including offerings of futures and margin trading. However, ByBit faced issues with the Ontario Securities Commission (OSC) due to these features and consequently does not operate in Ontario. On the other hand, KuCoin was also mentioned by the OSC in June 2021 for allegedly providing illegal securities and derivatives trading to Ontario residents, but no response was received from KuCoin regarding this matter.

Customer support

ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange, plus ticket-based and chat support. For Canadians this is academic, since the platform is off-limits entirely.

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

ByBit provides customer support through live chat, email, and a comprehensive help center that addresses frequently asked questions. The available information does not specify the level of responsiveness and customer satisfaction. On the other hand, KuCoin offers 24/7 customer support via email and their website ticketing service. However, the speed and effectiveness of KuCoin's customer service have received mixed reviews.

Conclusion

Both ByBit and KuCoin are reputable cryptocurrency exchanges with their own strengths. ByBit excels in providing user-friendly trading experiences and a highly regarded desktop platform. On the other hand, KuCoin stands out for its extensive altcoin offerings and low trading fees. However, considering the overall features, security measures, and user satisfaction, ByBit emerges as the winner in this comparison. Its emphasis on user-friendly experiences and robust security measures makes it a preferred choice for Canadian traders.

Initially, we recommended choosing ByBit over KuCoin 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 KuCoin.

If you find that neither ByBit nor KuCoin 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.