Coinsmart vs Bitbuy: What Works Better For Canadians?

Oleg Galeev

9 months ago

Coinsmart vs Bitbuy featured image

CoinSmart and Bitbuy are probably the two most popular Canadian cryptocurrency exchanges. How do they fare for Canadians looking to buy crypto? The OCryptoCanada team did some extensive research to see how these two compare. Check our CoinSmart vs Bitbuy below.

Description

CoinSmart is a Toronto-based Canadian crypto exchange that offers same-day deposits in CAD, EUR and USD. CoinSmart offers crypto trading for both beginners and advanced users.

Bitbuy was founded in 2016 and it offers nine of the most popular cryptocurrencies. It has an Express platform for beginners and a Pro platform for more experienced traders. Bitbuy is one of the most secure and trusted Canadian crypto exchanges.

Coins

Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, USDT,Cardano, Dogecoin, Polkadot, Shiba Inu, Chainlink, Uniswap, Solana

Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Sushiswap (SUSHI), Polygon (MATIC), MANA and USDC

Fees

  • Interac deposit fee of 1% for deposits between $100 - $1999 
  • Free Interac deposits for deposits of $2000+
  • Free wire and bank draft deposits 
  • Withdrawal fees are 1% 
  • Various crypto withdrawal fees
  • Trading fees are 0.20% for a single trade or 0.30% for a double trade
  • Up to 6% fee for credit/debit card purchases
  • 1.5% CAD deposit and withdrawal fees for e-Transfer
  • 0.5% fee for wire transfer
  • 0.79% spread
  • 0.1% Maker 0.2% Taker fees
  • Wire transfer 0.50% ($20k min)
  • 0.00025 BTC crypto withdrawal fee

Pros

  • Low trading fees
  • Free deposits over $2000
  • Suitable for beginners
  • Advanced trading options
  • Interac e-Transfer available
  • $50 bonus
  • Trade crypto to crypto (no trading pairs needed)
  • Same-day verification
  • CAD, USD, EUR deposits
  • Offers seven of the world’s most popular cryptocurrencies
  • Express Trade and Pro Trade makes it suitable for beginners and advanced traders
  • OTC Desk available
  • Digital assets held in cold storage
  • $20 referral bonus
  • Interac e-Transfer available
  • Industry leader in compliance and security

Cons

  • There is a 1% fee for Interac deposits less than $2000
  • 1% withdrawal fee
  • Deposits can take a few hours
  • 1.5% Interac e-Transfer fee (both in and out)
  • High deposit fees
  • Low Android app rating

Account Limits

  • $100 min to $10,000 max for Interac deposits
  • $100 min to $5,000 max for credit/debit card buys
  • $10,000 bank wire min to $5M max
  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum e-Transfer withdrawal
  • $20,000 minimum for wire transfers

Methods to buy

  • Credit/debit cards
  • Interac e-Transfer
  • Bank wire
  • SEPA (for EUR)
  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

  • Crypto stored in cold storage with BitGo
  • $100M insurance
  • 2FA available
  • Chainalysis to detect fraud
  • Up to 98% of digital assets are held in cold storage
  • Users can withdraw crypto to private wallets
  • Bitcoin backed 1:1 with Knox insurance policy

Mobile and Desktop Trading

Both CoinSmart and BitBuy offer simple and beginner-friendly trading platforms. 

Coinsmart

CoinSmart has a fun look with bright colours and cartoons. It is enjoyable to use. The dashboard shows everything you need to trade including options to buy, sell, and trade. You can also view your wallets, activity and simple market information. 

Coinsmart vs Netcoins Main screen

Coinsmart App

Coinsmart vs Netcoins trading screen

Coinsmart App trading screen

To use CoinSmart’s advanced features such as limit orders, you can use their advanced trading platform, which is accessible within your user dashboard. 

CoinSmart’s iOS app has a 3.4-star rating with 309 reviews. Its Android app has a 2.6-star rating from 94 reviews. Users of the app say the app crashes, is slow, and often freezes. This is why we would recommend using their desktop version.

Bitbuy

The Bitbuy app has a 4.6-star rating and 6,000 ratings on the Apple App Store. It has a 2-star rating with 1,000 ratings on Google Play. According to reviewers, the Android app has bugs that prevent them from logging in and verifying their account. They also claim customer support is poor. 

The iOS app is easy to use and offers a modern interface like the desktop platform. There is live charting where you can find volume and order book data. Easily deposit funds to your account, and click on your profile tab for your referral details. 

Bitbuy’s Express Trade is suitable for beginners or anyone seeking a quick market trade. The Pro Trade platform is geared toward more experienced traders who wish to place advanced order types.

Express Trade

Express trade view for Bitbuy

Pro Trade

Express trade on Bitbuy app

 

Bitbuy app interface

Bitbuy app interface

Bitbuy app interface while trading

Bitbuy app interface while trading

Security and Regulatory Compliance

CoinSmart is partnered with BitGo to keep customers’ crypto safe in cold storage. BitGo is insured by Lloyds of London for $100 million, so if something were to happen to CoinSmart, your funds might be insured.

CoinSmart offers two-factor authentication to help protect your account.

As for Bitbuy, the Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is one of the highest percentages we’ve seen.

Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets. 

Customer support

CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.

Binance has FAQs and knowledge centre on their website. They make it easy to submit a support ticket but the reply might take a while.

It’s clear that CoinSmart values good customer support.

Conclusion

Both CoinSmart and Bitbuy are great options for Canadians looking to trade crypto. CoinSmart has a lot of fun features such as its learn and earn program, the ability to send crypto invoices, as well as the ability to trade altcoin to altcoin and low fees. Bitbuys’ iOS mobile app and security are some of the highest-rated we’ve come across and its trading platform is also easy to use. While we think both exchanges are good choices, we think CoinSmart comes out slightly ahead because of lower trading fees, and insurance for your crypto. You can sign up for Coinsmart here.

Author

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.