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