Security Compliance
CoinSmart's wind-down was orderly and regulator-supervised, with no reported loss of customer funds, the same clean pattern as Coinberry and Bitvo, and the opposite of CoinField. Its legacy custody arrangement with BitGo and its OSC registration are what made the seamless handover possible.
Bitvo's exit was orderly and its record clean. It was a CSA-registered restricted dealer that operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodians BitGo, with over 80% in cold storage. No customer funds were lost in the wind-down, and its refusal to close the FTX deal after the collapse protected its clients from being dragged into the largest fraud in crypto history.
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 was registered with FINTRAC and was one of the first crypto platforms granted registration by the Ontario Securities Commission, a status that shaped its ending: rather than stranding users, its accounts were transferred to another registered platform under regulatory oversight. The full successor chain: CoinSmart into WonderFi (July 2023), client accounts to Bitbuy (September 2023), WonderFi to Robinhood (June 2026). Former CoinSmart users needing historical transaction records for taxes should log into Bitbuy and request their history from support.
Bitvo was registered with FINTRAC and as a restricted dealer with Canadian securities regulators, and that registration shaped its ending: rather than collapsing, its client accounts were transferred to another registered platform under regulatory oversight. Its successor chain: Bitvo clients to Bitbuy (November 2023), Bitbuy's parent WonderFi to Robinhood (2025). Former Bitvo customers with account questions should contact Bitbuy support.
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
There is no CoinSmart support team anymore; former users should contact Bitbuy support ([email protected]) referencing their old CoinSmart account. Two practical warnings: anyone offering to "recover" CoinSmart funds for a fee is running a recovery scam, and any active website using the CoinSmart name to solicit deposits is an impostor.
There is no Bitvo support team anymore. Former customers should reach out to Bitbuy, which assumed servicing of migrated accounts. If anyone contacts you offering to recover Bitvo funds for a fee, treat it as a recovery scam.
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.
Conclusion
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.
