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

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.

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.