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Kucoin vs Bitvo: What Works Better For Canadians in 2024

Oleg Galeev

Last updated September 19, 2024

WonderFi and Bitbuy, its parent company, took over all Bitvo client accounts in 2023. This means Bitvo is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the comparison provided below is now outdated and is preserved solely for educational and historical reference.

We’re about to delve into a comparative analysis between Kucoin and Bitvo, two significant players in the cryptocurrency exchange arena. While KuCoin is a globally recognized platform known for its wide variety of cryptocurrencies, Bitvo stands out with its customer-centric approach, specifically tailored to the Canadian market.

Description

Kucoin is a sort of Canadian-friendly cryptocurrency exchange that offers peer-to-peer crypto trades, lending, and futures trading. Kucoin is suitable for more advanced traders looking for advanced charting and order types. Kucoin has 8 million

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.

Coins

500+ coins

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

Fees

  • Low maker/taker trading fees ( 0.005%/0.025% to 0.1%/0.1% for class A coins)
  • Free deposits
  • Variable withdrawal fees
  • KCS holders get 20% discount on trading fees

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

Pros

  • Low fees
  • Wide range of altcoins available
  • Advanced order types
  • Crypto lending
  • Futures trading
  • Fast crypto purchases
  • Peer to peer exchange
  • Anonymous trading
  • 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)

Cons

  • Platform is confusing for beginners
  • No fiat to crypto pairs
  • Must buy USDT to trade
  • Previously hacked
  • Not compliant in Ontario (but you can still use it though)
  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads

Account Limits

Low

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

Methods to buy

  • Credit/debit card 
  • Third party Bank transfer
  • Interac® e-Transfer
  • Wire
  • Canada Post Load

Security

  • $275 million stolen in 2020 hack
  • 2FA available
  •  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

The Kucoin platform is user-friendly on both mobile and desktop. It comes with a well-structured interface for easy trading and portfolio management. On Google Play, it boasts a 4.3-star rating from over 131K reviews, whereas on the App Store, it has a slightly higher rating of 4.6 stars from 19K ratings. The desktop version is equally applauded for its advanced features and functionality.

Bitvo offers a clean and easy-to-navigate interface on both its mobile and desktop platforms. Its mobile app holds a 3-star rating on the App Store from 25 reviews, with users suggesting the desktop experience offers superior stability. Bitvo's desktop interface provides both basic and advanced trading options, catering to a wide range of users.

Kucoin

Kucoin is slightly different than your average crypto exchange. You won’t be able to deposit Canadian dollars directly. You’ll have to go through a third-party such as Banxa to deposit fiat. Kucoin does, however, accept credit and debit card payments, but you’ll need to check if your Canadian bank allows crypto transactions.

There are no fiat to crypto pairs, so you cannot buy bitcoin or other crypto directly with your dollars. You’ll need to first purchase Tether USDT on Kucoin and then trade that for the crypto you want.

The Kucoin exchange can be quite confusing for beginners.

There are advanced charting and order types available, plus you can trade on margin and trade futures contracts if you wish.

To buy USDT quickly, go up to the top menu and select the “Fast Buy” option. Here, you can purchase USDT using your credit or debit card or via the P2P exchange, or via a third party transfer. Once you have your USDT, then you can trade it on the Kucoin exchange under “spot trading”. Select the trading pair e.g. USDT/BTC and then choose your order type e.g. market order.

The Kucoin app has a 3.7-star rating from over 2,000 reviews on the Apple App Store and a 2.7-star rating from over 12,000 reviews on Google Play. Many people complain that the app crashes or that there are certain features lacking such as the ability to filter order history by trading pair.

Kucoin’s app is a bit more simple than its desktop exchange but it’s still confusing for beginners. There are lots of features, tabs, and menus. Buying USDT is easy since you do not need to verify your account. Simply sign up with an email and you can buy crypto in seconds using your credit or debit card under the Fast trade option. From there though, you will need to navigate to the spot trading page and select the trading pair you want.

Kucoin crypto exchange desktop interface

Kucoin desktop interface

Kucoin desktop app (Fast Trade)

Kucoin desktop app (Fast Trade)

Kucoin app screenshot

Kucoin app interface

Kucoin app while trading

Kucoin app interface while trading

Bitvo

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

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet

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.

Kucoin takes its users' security seriously with an operational strategy that comprises multiple security levels to safeguard user information and funds. They use micro-withdrawal wallets, industry-level multilayer encryption, dynamic multifactor authentication, and dedicated internal risk control departments to ensure a secure trading environment.

Bitvo employs stringent security measures, with 95-100% of digital assets stored in cold storage. Additionally, they have a multilayered firewall infrastructure and segregated bank accounts for fiat funds. Bitvo is a registered Money Service Business and compliant with FINTRAC regulations in Canada, which speaks to their commitment to security.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

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

As a Canadian cryptocurrency exchange, Bitvo is subject to and compliant with the local regulatory framework. It's a registered Money Service Business and is compliant with FINTRAC regulations.

Kucoin, on the other hand, is an international exchange and isn't registered with a Canadian regulatory body. While Kucoin users from Canada can use the platform, it does not offer the same degree of regulatory compliance specific to Canada as Bitvo does.

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

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.

Kucoin offers 24/7 customer support via its online chat feature. Moreover, the platform provides comprehensive self-help resources including guides, FAQs, and an online support center.

Customer support is a key selling point for Bitvo. It offers 24/7 customer support including live chat, email, and uniquely, phone support - something that sets it apart from many of its competitors.

Conclusion

While both Kucoin and Bitvo present a compelling case for Canadian crypto traders, Kucoin emerges as the winner due to its wider range of supported cryptocurrencies, global recognition, and highly-rated user interface across mobile and desktop platforms. Bitvo's customer service and lack of trading fees are commendable, but the overall feature set of Kucoin provides a more comprehensive trading experience.

We recommend choosing Kucoin over Bitvo for your cryptocurrency trading needs. By opting for Kucoin through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Kucoin 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.

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.