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.
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.
Wealthsimple Crypto assures user safety by insuring coins for $200 million via the Gemini Trust Company LLC™ and offering security measures like Touch ID or Face ID. However, two-factor authentication is currently unavailable. Bitvo also ensures security by storing 95%-100% of assets in cold storage, maintaining a layered firewall infrastructure, and holding fiat funds in segregated bank accounts.
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.
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.
Wealthsimple Crypto is fully regulated in all Canadian provinces and has been a trustworthy brokerage dealing in securities since 2016. It is compliant with all relevant Canadian laws. Bitvo is a registered Money Service Business in Canada and is compliant with FINTRAC regulations.
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.
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.
Wealthsimple Crypto offers comprehensive customer service with a well-documented help centre, live chat support, email support, and phone support available 24/7.
Similarly, Bitvo provides 24/7 support including live chat, email, and phone support, making it one of the few exchanges with a phone support option.
Conclusion
While both platforms offer commendable services, Wealthsimple Crypto stands out for its expansive cryptocurrency selection, high ratings on mobile platforms, and robust security measures. Even though its trading fees are relatively higher, the convenience, security, and comprehensive service make it a preferable choice for Canadian users in 2024.
We recommend choosing Wealthsimple Crypto over Bitvo for your cryptocurrency trading needs. By opting for Wealthsimple Crypto through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Wealthsimple Crypto 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.
