Security Compliance
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for convenient logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen.
BitMEX's technical security record is genuinely strong: it has never been hacked, keeps all bitcoin in cold storage with multi-signature wallets, and has employees manually audit withdrawals. Its regulatory record is another matter. BitMEX and its founders pleaded guilty to violating the US Bank Secrecy Act for failing to run an anti-money-laundering program, the company was fined $100 million in January 2025, and its three co-founders were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the risk was always regulatory.
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for convenient logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen. Eligible fiat balances are covered by CIPF as a CIRO investment dealer.
BitMEX's technical security record is genuinely strong: it has never been hacked, keeps all bitcoin in cold storage with multi-signature wallets, and has employees manually audit withdrawals. Its regulatory record is another matter. BitMEX and its founders pleaded guilty to violating the US Bank Secrecy Act for failing to run an anti-money-laundering program, the company was fined $100 million in January 2025, and its three co-founders were pardoned by President Trump in March 2025. Funds on the platform have historically been safe from hackers; the risk was always regulatory.
Wealthsimple Crypto holds client crypto in insured cold storage with Gemini Trust, adds Coincover for asset recovery, mandates 2FA, and carries CIPF coverage on fiat as Canada's only CIRO investment dealer. BitMEX has a strong technical security record with cold storage and manual withdrawal audits, but its legal history includes a $100M US fine for AML failures. Since BitMEX is not available to Canadians, only Wealthsimple's security is relevant here.
Regulatory Compliance
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
BitMEX initially restricted only Ontario and Québec, but as of late 2023 its Restricted Jurisdiction Policy lists all of Canada as restricted. Its US legal troubles have concluded with guilty pleas, a $100 million fine and subsequent presidential pardons for the founders. There is no indication BitMEX intends to register with Canadian regulators or return to the Canadian market.
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
BitMEX initially restricted only Ontario and Québec, but as of late 2023 its Restricted Jurisdiction Policy lists all of Canada as restricted. Its US legal troubles have concluded with guilty pleas, a $100 million fine and subsequent presidential pardons for the founders. There is no indication BitMEX intends to register with Canadian regulators or return to the Canadian market.
Wealthsimple Crypto is registered with FINTRAC and operates as Canada's only CIRO-registered crypto investment dealer with CIPF coverage on fiat. BitMEX has listed all of Canada as a restricted jurisdiction and is not registered with Canadian securities regulators.
Customer support
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email around the clock, and quality is well regarded, though there's no dedicated phone line for crypto issues. One tax perk worth knowing: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software.
BitMEX offers support via a contact form on its website and has a detailed FAQ section. For Canadians this is academic, since the platform is off-limits entirely.
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email around the clock, and quality is well regarded, though there's no dedicated phone line for crypto issues. One tax perk worth knowing: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software.
BitMEX offers support via a contact form on its website and has a detailed FAQ section. For Canadians this is academic, since the platform is off-limits entirely.
Wealthsimple's 24/7 live chat and email is the only relevant support option for Canadians. BitMEX's support matters only if you have a legacy account to close. Neither platform offers phone support.
Conclusion
From a Canadian perspective, this comparison has a clear answer. BitMEX has listed all of Canada as a restricted jurisdiction since late 2023 — not just Ontario and Quebec, as it did previously. It is not available to Canadians, and there is no indication it plans to register with Canadian regulators.
Wealthsimple Crypto is the clear choice. As Canada's only CIRO-registered crypto investment dealer, it holds the highest regulatory position of any crypto platform in the country, with CIPF coverage on fiat balances up to $1 million. It offers 140+ coins alongside your TFSA, RRSP and stocks in one app, staking on ETH/SOL/ADA/DOT, crypto-to-crypto swaps, limit orders, free CAD deposits and withdrawals, Canada Post cash deposits and 24/7 live chat support. Crypto withdrawals to external wallets have been available since 2022. The main trade-off is the 2% Core-tier fee — if you are trading frequently or at scale, platforms like NDAX or Kraken Pro are more cost-effective for volume.
We recommend choosing Wealthsimple Crypto over BitMEX for your cryptocurrency trading needs. By using our referral link, you get $50 and support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that Wealthsimple Crypto doesn't meet your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto.
