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CoinSmart vs. ByBit: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In this comparison, we will explore the differences between Coinsmart and ByBit, two cryptocurrency exchanges catering to Canadian traders. We will examine their mobile and desktop trading platforms, security features, compliance with Canadian regulations, and customer support to help you decide which exchange better suits 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!

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.

ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

Coins

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

1000+ crypto coins

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
  • Low trading fees 
  • Approx 5% third party fees for e-Transfer
  • Approx 3% card payment fees
  • No P2P fees

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
  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary

Cons

  • There is a 1% fee for Interac deposits less than $2000
  • 1% withdrawal fee
  • Won't be available in Canada in October 2023
  • Advanced trading platform can be confusing for beginners
  • Only card payments or third-party transfers
  • No CAD deposits

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 peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

Methods to buy

  • Credit/debit cards
  • Interac e-Transfer
  • Bank wire
  • SEPA (for EUR)
  • CAD deposits are not available
  • You can deposit  by card payment, a third-party such as Banxa (3% commission)
  • Peer-to-peer marketplace

Security

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.

  • ByBit uses cold storage for assets
  • 2FA

Mobile and Desktop Trading

Coinsmart offers a user-friendly mobile app with a 3.6-star rating from 720 reviews on the Apple App Store. The desktop platform is user-friendly and ideal for beginners. In contrast, ByBit provides a more sophisticated trading platform, garnering a 4,0-star rating from 1K reviews on the App Store and a 4.3-star rating from 65,000 reviews on Google Play. Both platforms deliver a variety of tools and functionalities for cryptocurrency trading.

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. 

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

ByBiy

ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen

Security Compliance

ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage. 

For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account. 

This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario. 

Coinsmart uses cold storage for its digital assets and mandates two-factor authentication for users. ByBit also uses cold storage but does not provide information about the percentage of funds held in cold storage. Both exchanges offer two-factor authentication, but ByBit's security features are less transparent than Coinsmart's.

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).

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.

Coinsmart is fully compliant with Canadian regulations and is registered with FINTRAC. ByBit, on the other hand, faced issues with the Ontario Securities Commission and has since restricted new account sign-ups from Ontario residents. This makes Coinsmart a more compliant option for Canadians.

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.

ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.

Coinsmart provides responsive customer support through live chat, email, and phone support. ByBit also offers a helpful support center on its website with guides and ticket support, but its live chat function has mixed reviews.

Conclusion

Both Coinsmart and ByBit have their advantages for Canadians, but Coinsmart is the winner due to its full compliance with Canadian regulations, more transparent security features, and responsive customer support. ByBit is a cheaper option with low trading fees and a wide range of coins, but its lack of CAD deposit options and compliance issues in Ontario make it a less appealing choice for Canadians.

We recommend choosing Coinsmart over ByBit 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 ByBit 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.

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.