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.
Netcoins keeps the majority of client crypto in cold storage with custodian BitGo, whose private keys live in air-gapped offline systems, while hot wallet operations run through Fireblocks. Two-factor authentication is mandatory for withdrawals, and multi-signature wallets add another layer. Its parent company's blockchain surveillance technology monitors wallet addresses and transactions for fraud and links to criminal enterprises. Netcoins has operated since 2014 without a hack.
While ByBit does employ cold storage for assets, details about the proportion of funds in cold storage remain undisclosed. It offers two-factor authentication via Google Authenticator. However, it has faced legal action by the Ontario Securities commission over unlicensed securities.
As a publicly traded company, Netcoins provides a regulated platform, registered as a Money Services Business with FINTRAC. Despite the positive implications, it's unclear how customer funds are stored. Two-factor authentication is also available.
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.
Netcoins is one of the most regulated exchanges in Canada. Beyond its FINTRAC MSB registration, it has been registered as a Restricted Dealer with the Canadian securities regulators in every province since 2021, among the very first platforms to achieve this, and is working toward full investment dealer registration and CIRO membership. Its parent, BIGG Digital Assets, is publicly traded and must publish audited financial statements, adding a transparency layer most private exchanges can't match.
Following a conflict with the Ontario Securities Commission, ByBit is not compliant in Ontario and has restricted new account sign-ups from residents of this province.
Fully regulated and compliant in Canada, Netcoins is registered with FINTRAC. It uses the services of Bitrank and QLUE to monitor wallet addresses and transactions for fraud and potential links to criminal enterprises.
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.
Netcoins offers email, live chat and phone support seven days a week, and phone support remains rare among crypto exchanges. Its reputation for customer service is strong, with reviewers consistently praising the fast, human support and quick verification, though some negative reviews cite blocked withdrawals during compliance checks. Check the live Trustpilot page for the current rating before quoting a number.
ByBit has an extensive support center on its website, and users can contact support by creating a ticket. However, some users reported issues with withdrawals.
Known for its excellent customer service, Netcoins offers 24/7 live chat support, along with email and phone support, a rarity in the crypto exchange industry. Its prompt and efficient support team is highly rated by users.
Conclusion
Both ByBit and Netcoins provide solid platforms for cryptocurrency trading, each with its strengths. However, due to its advanced trading features, global reach, and lower trading fees, ByBit stands out as the winner, especially for experienced traders. But remember, its non-compliance in Ontario and lack of clarity on security measures warrant caution for Canadian users.
Initially, we recommended choosing ByBit over Netcoins 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 Netcoins.
If you find that neither ByBit nor Netcoins 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.
