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Coinsmart vs. Bitvo: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

Today, we will take a closer look at two cryptocurrency exchanges in Canada, Coinsmart and Bitvo. Both exchanges offer free trading, but they differ in their supported coins, fees, and features. In this article, we will dive into a detailed comparison of Coinsmart and Bitvo to help you choose the best option for your needs.

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!


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.

Bitvo is a cryptocurrency exchange that offers simple trading for Canadians. It's fully compliant in Canada and also has a crypto cash card that can be used for everyday purchases.


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

You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and more.


  • 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

The only fee you will pay is a 1% withdrawal fee


  • 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
  • No deposit fees
  • No trading fees
  • Low withdrawal fee
  • Beginner and advanced trading available
  • Bitvo Cash Card available
  • 24/7 customer support (including phone support)


  • There is a 1% fee for Interac deposits less than $2000
  • 1% withdrawal fee
  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads

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

A few withdrawal limits & deposit limit that could be found here

Methods to buy

  • Credit/debit cards
  • Interac e-Transfer
  • Bank wire
  • SEPA (for EUR)
  • Interac® e-Transfer
  • Wire
  • Canada Post Load


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.

  •  It holds 95% of assets in cold storage
  • 5% in hot storage
  • A multi-layered firewall infrastructure to protect the exchange

Mobile and Desktop Trading

Coinsmart has a user-friendly dashboard that displays market information and portfolio balance. The platform has a modern and youthful look with bright colors, large fonts, and cartoon-like icons that make it stand out from other Canadian crypto exchanges. The Coinsmart iOS app has undergone significant improvements with a rise in the App Store rating from 1.7 to 3.6 stars. However, the app's functionality is limited, and it's recommended to use the desktop app for more flexibility and tools. The app has several terms and conditions to agree with and requires detailed information about financial status, income, employment, and investing objectives, which can be repetitive and tedious. The app needs improvements to enhance its functionality and user experience.

Bitvo's mobile app has a rating of 3 stars on the Apple App Store with 21 ratings, and a rating of 3.1 stars on Google Play with 19 ratings. Some reviewers have reported issues with the app being buggy, but others have found it to be easy to use.

With Bitvo's mobile app, you can buy and sell cryptocurrency, access your portfolio, and contact support. Bitvo's desktop platform is designed to be user-friendly, offering access to advanced charting and order types. The platform includes a straightforward buy and sell interface, making it easy for beginners to navigate.

The platform also offers a corporate account option for businesses, with additional features such as custom trading limits and reporting tools.

Overall, both Coinsmart and Bitvo offer user-friendly mobile and desktop platforms for trading cryptocurrency. While Coinsmart's mobile app has higher ratings and more features, Bitvo's desktop platform offers access to advanced charting and order types.


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. 

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.

accessing Coinsmart app

Coinsmart App

Cool usability and design of Coinsmart cryptoexchange

Coinsmart App trading screen

Coinsmart app mobile view

Coinsmart mobile app interface

Coinsmart mobile app interface while trading

Coinsmart mobile app interface while trading


Bitvo’s mobile app does not have many ratings. Its iOS app has a three-star rating with 21 reviews and its Android app has a 3.1-star rating with 19 reviews. Some of the reviewers claim the apps are buggy and that the experience on their desktop exchange is better.

Bitvo desktop app main screen

Bitvo desktop app main screen

Bitvo desktop (trading view)

Bitvo desktop (trading view)

Bitvo mobile app

Bitvo mobile app

Bitvo app main screen

Bitvo app (main screen)

Security Compliance

It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.

Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.

Coinsmart and Bitvo both prioritize the security of their customers' assets. Coinsmart employs various security measures to ensure the protection of user data and funds. These include multi-layered security protocols such as SSL encryption, two-factor authentication, and biometric authentication. Additionally, Coinsmart operates in compliance with Canadian regulations, providing an additional layer of protection and peace of mind for users.

On the other hand, Bitvo also employs industry-standard security measures, such as cold storage, two-factor authentication, and segregation of customer funds in a separate bank account. Additionally, Bitvo screens any cryptocurrencies seeking to be listed on its platform, which helps protect customers from fraudulent coins.

Overall, both Coinsmart and Bitvo have demonstrated a commitment to the security of their customers' assets and have implemented robust measures to protect them.

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).

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

Coinsmart and Bitvo are both registered as Money Services Businesses (MSBs) with FINTRAC, which means they must comply with the PCMLTFA and other regulatory requirements. They are also required to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to verify the identity of their customers and prevent financial crime. Failure to comply with these regulations can result in fines or other penalties.

In addition to FINTRAC, other regulatory bodies that oversee the cryptocurrency industry in Canada include the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC).

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.

Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.

Both Coinsmart and Bitvo provide round-the-clock customer support options through their website's email and live chat features. In addition, Bitvo offers phone support which is a big plus when it comes to urgent assistance.

Coinsmart's customer support is highly regarded for its prompt replies within a day. Additionally, Coinsmart has a dedicated support page on its website, which includes a comprehensive FAQ section and knowledge base designed to assist users in finding answers to frequently asked questions. On the other hand, Bitvo doesn't seem to have a dedicated support page, but they do have a ticketing system for inquiries and concerns.

Overall, Coinsmart seems to have better customer support with its dedicated support page and faster response times, but Bitvo's phone support option is a notable advantage.


After comparing Coinsmart and Bitvo, it is clear that both Canadian cryptocurrency exchanges have a lot to offer. Bitvo has some unique features like a free cash card and a customer satisfaction guarantee, while Coinsmart's user-friendly interface and superior customer support make it stand out. However, Coinsmart comes out as the clear winner due to its multi-layered security protocols, modern and user-friendly interface, and faster customer support response time. Moreover, Coinsmart has a wider selection of coins and lower fees compared to Bitvo. Overall, both exchanges are great options for Canadians looking to trade cryptocurrency, but Coinsmart is the better choice for those who prioritize security, customer support, and a wider selection of coins.

We recommend choosing Coinsmart over Bitvo 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 Bitvo 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.