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.
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
ByBit utilizes various security measures, including two-factor authentication, withdrawal whitelist, and cold storage for cryptocurrencies. On the other hand, Wealthsimple Crypto ensures its users' safety by providing insurance for coins worth $200 million through Gemini Trust Company LLC™. It also allows additional security features like Touch ID or Face ID for login, and support two-factor authentication.
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.
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.
ByBit's operations are not officially regulated throughout Canada and have recently ceased providing services to Ontario residents due to regulatory concerns.
In contrast, Wealthsimple Crypto is fully regulated in all Canadian provinces, enhancing its trustworthiness and appeal to Canadian investors.
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.
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
ByBit has a comprehensive customer support system that offers 24/7 service via live chat and email. Wealthsimple Crypto also has robust customer support, available 24/7 through live chat, email, and phone, and it also features a comprehensive help center filled with informative articles.
Conclusion
While both ByBit and Wealthsimple Crypto offer reliable cryptocurrency trading experiences, the choice between them depends on the individual investor's needs and preferences. If you are looking for a simple and regulated platform with a wide variety of cryptocurrencies, Wealthsimple Crypto may be your choice. However, if you seek advanced trading options and don't mind dealing with international platforms, ByBit emerges as the winner.
Initially, we recommended choosing ByBit over Wealthsimple Crypto 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 Wealthsimple Crypto.
If you find that neither ByBit nor Wealthsimple Crypto 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.
