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ByBit vs Uphold: What Works Better For Canadians in 2024

Oleg Galeev

Last updated March 12, 2024

We’re comparing ByBit and Uphold, two popular crypto exchanges, each with its own unique features and appeal. ByBit specializes in derivatives trading with leverage, attracting seasoned traders, whereas Uphold offers not only crypto, but also stocks and precious metals, thus appealing to a broader audience seeking diversified investment options.

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 Uphold.


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.

Uphold is a multi-asset platform that allows you to trade more than 66 cryptocurrencies, 50 US stocks and four precious metals. You can trade crypto for stocks or stocks for crypto, instantly.


1000+ crypto coins



  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees
  • 1.8% spread on crypto for Canadians
  • 3% spread for precious metals
  • 1% spread for US equities
  • 3.99% credit card fee
  • $3.99 withdrawal fee to US/EU/UK banks
  • Free deposits from US/EU/UK banks
  • Free debit card purchases


  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • Wide range of cryptocurrencies
  • Trade stocks and precious metals 
  • Swap crypto for stocks or metal in seconds
  • Recurring buy/sell orders
  • 50 simultaneous Limit orders allowed
  • Free debit card purchases


  • 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
  • High spreads
  • Uphold debit card not available to Canadians
  • Bank deposits/withdrawals not available for Canadians 
  • 3.99% credit card processing fee
  • Lack of search filters for equities

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

Debit card


  • ByBit uses cold storage for assets
  • 2FA

Mobile and Desktop Trading

ByBit and Uphold both provide mobile apps and desktop platforms for trading. ByBit's app, with high ratings on both Apple (4.2) and Google Play (4.7), provides a user-friendly interface, a smooth trading experience, and robust charting tools.

The Uphold app has also high rating on Apple (4.6) and Google Play (4.7), with some users finding the app somewhat clunky and the verification process slow. Nonetheless, both platforms offer a seamless trading experience on desktop with easy navigation and a host of trading features.


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


Uphold’s app has a 3.5-star rating from 5,000 reviews on the Apple App store and a 3.2-star rating from 18,000 reviews on Google Play. Some reviewers have said the app is slow and buggy, with the verification process being particularly slow.

Uphold is easy to use for beginners. There is a quick trade option called “Anything to Anything”. All you need to do is enter the asset you want to trade, the amount, and the asset you wish to swap it for. You can trade crypto to stocks, stocks to metal etc. in just a few clicks. 

Uphold desktop trading app screenshot

Uphold desktop app

Uphold mobile app screenshot

Uphold mobile app while trading

Reviewing Uphold crypto exchange app and asset types for trading

Uphold main screen app

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. 

To secure your Uphold account, you can enable two-factor authentication.

Uphold trading platform utilizes cold storage for your safety.

ByBit has a strong security record and uses industry-standard protocols including two-factor authentication, and withdrawal whitelisting. Uphold also allows for two-factor authentication but details on its technological security measures are less clear. It's worth mentioning, however, that both exchanges recommend users to move their assets to personal wallets for the highest security.

Regulatory Compliance

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

Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.

In terms of regulatory compliance within Canada, there are crucial differences between the two platforms. Uphold, as a registered money services business in the United States, adheres to several compliance regulations including those of the Office of Foreign Assets Control (OFAC). For Canadian users, it is important to note that Uphold's status within Canadian jurisdiction is not as explicitly defined, but it operates in compliance with the international regulations that would apply.

ByBit's standing with Canadian regulatory bodies is more nuanced. The Ontario Securities Commission (OSC), one of the main financial regulators in the country, has previously raised concerns about ByBit's operations. The OSC, responsible for regulating capital markets in Ontario, has publicly stated that ByBit has been operating without the necessary approvals or exemptions, a reminder of the rigorous regulatory landscape in Canada. However, it is crucial to note that these stances may change over time, and traders should stay updated with the latest information.

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.

Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app. 

You can contact Uphold’s customer support via their online ticketing system on their website. 

ByBit offers 24/7 live chat, email, and social media channels for support, earning high praise for its responsiveness. Uphold's customer support, accessible via an online ticketing system, has been described as helpful and responsive. They also provide an extensive FAQ section and educational resources.


While both exchanges are suitable depending on the user's needs, ByBit edges out as the winner in this comparison. Despite Uphold's diversified asset offerings, ByBit stands out due to its specialized service in crypto derivatives trading, superior mobile app ratings, robust security measures, and excellent customer support. However, Canadian users should consider the regulatory status of ByBit in Canada before proceeding.

Initially, we recommended choosing ByBit over Uphold 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 Uphold.

If you find that neither ByBit nor Uphold 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.