Security Compliance
BitMEX's technical security record is genuinely strong: it has never been hacked, keeps all bitcoin in cold storage with multi-signature wallets, and has employees manually audit withdrawals. Its regulatory record is another matter. BitMEX and its founders pleaded guilty to violating the US Bank Secrecy Act for failing to run an anti-money-laundering program, the company was fined $100 million in January 2025, and its three co-founders were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the risk was always regulatory.
To safeguard user funds, Coinsmart employs security measures that are standard in the industry, including two-factor authentication, SSL, and cold storage.Coinsmart also has an insurance policy that covers losses due to hacking, theft, and other events. Additionally, Coinsmart is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), ensuring that it meets the Canadian government's anti-money laundering and counter-terrorism financing regulations. BitMEX has been criticized for its security practices in the past. In 2019, BitMEX accidentally exposed user email addresses due to a software error. Nonetheless, BitMEX has announced that they have implemented additional security measures, including two-factor authentication and the appointment of a Chief Information Security Officer.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
BitMEX initially restricted only Ontario and Québec, but as of late 2023 its Restricted Jurisdiction Policy lists all of Canada as restricted. Its US legal troubles have concluded with guilty pleas, a $100 million fine and subsequent presidential pardons for the founders. There is no indication BitMEX intends to register with Canadian regulators or return to the Canadian market.
Coinsmart is obligated to comply with Canadian regulations such as anti-money laundering and counter-terrorism financing laws because it is registered with FINTRAC, the organization responsible for monitoring financial transactions in Canada. BitMEX is not registered with FINTRAC and does not operate in Canada.
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.
BitMEX offers support via a contact form on its website and has a detailed FAQ section. For Canadians this is academic, since the platform is off-limits entirely.
Coinsmart offers 24/7 customer support through its website, including a help center and a live chat feature. Coinsmart also has a presence on social media platforms such as Twitter, Facebook, and LinkedIn, where users can ask questions and receive help. Similarly, BitMEX offers a support center on its website, which provides answers to common questions raised by users. However, BitMEX does not offer live chat or phone support.
Conclusion
Both Coinsmart and BitMEX offer mobile and desktop trading platforms with advanced features and user-friendly interfaces. Coinsmart's security measures and compliance with Canadian regulations make it a safer choice for Canadian traders. Additionally, Coinsmart's 24/7 customer support and social media presence make it easier for users to get help when they need it. And BitMEX is not registered with FINTRAC and does not operate in Canada. Therefore, Coinsmart is the winner in this comparison.
We recommend choosing Coinsmart over BitMEX for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither Coinsmart nor BitMEX 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.
