Security Compliance
To secure an Uphold account, users enable two-factor authentication, which Uphold requires before funds can be transferred. The platform keeps around 90% of digital assets in cold storage and has never suffered a sitewide hack. For former Canadian users, the more pressing security matter is retrieving stranded balances before unclaimed property rules kick in.
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.
Security-wise, both Uphold and Bitvo give paramount importance to safeguarding users' funds. While Uphold maintains a broad array of cybersecurity measures, they do not provide explicit information about the use of cold storage. On the other hand, Bitvo clearly states that it stores between 95% and 100% of its assets in third-party cold storage, offering a higher level of security.
Regulatory Compliance
Uphold is regulated in the USA and compliant with the Office of Foreign Assets Control (OFAC) and Bank Secrecy Act (BSA) record-keeping requirements. However, it is no longer Canadian-friendly: Canada appears on Uphold's non-supported jurisdictions list, and Canadian accounts were wound down in 2025. Uphold has publicly stated it's working on plans to return to Canada, but no timeline has been announced.
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.
Both exchanges adhere to regulatory standards. Uphold is regulated by the FINTRAC. Bitvo, also complies with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) regulations, indicating strong adherence to Canadian regulatory standards.
Customer support
Uphold offers help centres on its website and in-app, with support via an online ticketing system. If you're a former Canadian customer trying to recover funds, their Canadian services withdrawal help page is the place to start, and be patient, as reviews frequently mention slow, message-only support with replies taking days.
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.
Uphold provides customer support through an online ticketing system, while Bitvo takes client service a step further by offering 24/7 support via live chat, email, and even phone support, which is a rare feature among cryptocurrency exchanges.
Conclusion
While both Uphold and Bitvo have their strengths and cater to the specific needs of their clientele, Uphold edges ahead due to its global presence, diverse crypto offerings, and innovative trading functionalities. However, Bitvo's dedicated focus on the Canadian market and emphasis on customer service make it a worthy contender.
We recommend choosing Uphold over Bitvo for your cryptocurrency trading needs. By opting for Uphold through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Uphold 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.
