Oleg Galeev

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Bitvo Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

Last updated January 13, 2025

Featured image for Bitvo cryptoexchange review

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 Please note that the review content provided below is now outdated and is preserved solely for educational and historical reference.

Message from Bitvo crypto exchange

Bitvo is a Canadian cryptocurrency exchange. As someone who has tested over 50 crypto exchanges since 2016, I signed up for a Bitvo account to evaluate its value for Canadians in 2025. Here’s our detailed Bitvo review.

Bitvo Quick Summary

Bitvo is a Canadian cryptocurrency exchange that stands out by offering free trading to its users. You can purchase popular cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, QCAD, and DASH without incurring any trading fees. Additionally, there are no deposit fees, making it a cost-effective option for Canadians.

Bitvo does charge a 1% withdrawal fee, which is reasonable compared to many other platforms. Deposits can be made via Interac e-Transfer, wire transfer, in person at any Canada Post location, or through a cryptocurrency transfer, providing flexibility for users.

  • Bitvo logo

    7.6/10

  • Pros & Cons

    • 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)
    • Limited number of coins available
    • Only for Canadians 
    • Not clear on compliance on their website
  • Fees

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

  • Coins

    Bitcoin, Ethereum, Litecoin, Bitcoin Cash, QCAD, XRP, and DASH

Bitvo Features

One unique feature of Bitvo is its customer satisfaction guarantee. Bitvo promises same-day processing for registration, deposits, and withdrawals. If they fail to meet this commitment, they’ll credit your account with the cost of their withdrawal fee. Additionally, they guarantee 24/7 customer support, highlighting their focus on customer satisfaction.

Bitvo is also one of the first Canadian crypto exchanges to offer its own cash card. The card is free with no monthly cost and allows you to spend the cash in your Bitvo account anytime and anywhere. While technically a crypto Visa card, it functions more like a debit card, as you can only spend funds that are already in your Bitvo account.

Although Bitvo doesn’t emphasize additional perks of using the card, we find it particularly convenient for accessing your account funds immediately, eliminating the need to withdraw to your bank account before spending.

Bitvo Registration & Verification

To register, you’ll need to enter your email and password, then fill out more information including your address and occupation. Next, verify your email and then you’ll be taken to your dashboard within the exchange. There was no KYC process involved in opening an account with Bitvo.

Bitvo Fees

Bitvo fees images

It is free to make deposits and to trade on Bitvo. The only fee you will pay is a 1% withdrawal fee, which is reasonable. 

Bitvo Currencies & Deposit Methods

Bitvo exclusively accepts Canadian dollars, offering multiple free deposit methods for added convenience. You can deposit via Interac e-Transfer, wire transfer, in person at Canada Post, or by transferring cryptocurrency from another wallet or exchange.

Interac e-Transfers are processed within 24 hours, while wire transfers and in-person deposits at Canada Post are completed immediately. For crypto transfers, the processing time depends on the blockchain network speed.

Bitvo Security and Safety

Reviewing Bitvo cryptoexchange security

Is Bitvo safe for Canadians to use? Yes, it is. Bitvo follows standard security practices to safeguard user assets. They store 95% to 100% of digital assets in third-party cold storage, minimizing the risk of online threats, while maintaining only a small portion in hot storage for operational needs. Fiat funds are held in segregated bank accounts, ensuring they are kept separate from the company’s operational funds.

Bitvo also employs a multi-layered firewall infrastructure to secure its platform from cyber threats. Additionally, they use a third-party screening process to evaluate cryptocurrencies before listing them. This process includes analyzing a coin’s history and other factors to ensure it aligns with their policies, helping protect users from scam coins.

Furthermore, Bitvo is a registered Money Service Business in Canada and fully compliant with FINTRAC regulations, demonstrating their commitment to regulatory standards and user safety.

Bitvo Mobile and Desktop App

Bitvo desktop app (main page)

Bitvo’s dashboard is one of the cleanest and most intuitive we’ve seen. It’s designed to minimize confusion and provide a seamless user experience. Deposit and withdrawal options are clearly displayed at the top, and buy and sell buttons are conveniently located next to the listed cryptocurrencies.

Clicking on one of these buttons reveals basic charting tools and the option to complete your purchase or sale, making it easy for users to navigate and trade without unnecessary complexity.

Bitvo desktop app (buy & sell page)

At the top of the page, you’ll find the option to enter Bitvo’s Advanced Trading Platform. This section provides access to advanced order types and more sophisticated charting tools.

Despite being an advanced feature, Bitvo has done an excellent job of keeping it user-friendly. Even beginners can easily navigate this platform and experiment with options like setting a limit order. The interface is clean, with no ads or unnecessary clutter, allowing users to focus entirely on trading. It’s a simple yet effective tool for those looking to explore more advanced trading options.

Bitvo cryptoexchange desktop pro version

Bitvo’s mobile apps have limited ratings and mixed feedback. The iOS app holds a three-star rating from 21 reviews, while the Android app has a 3.1-star rating from 19 reviews.

Some users have reported that the apps are buggy, leading to a less-than-ideal trading experience. Many reviewers suggest that the desktop platform offers a smoother and more reliable experience compared to the mobile versions.

Bitvo cryptoexchange mobile app screenshot

The app has a clean look, much like its desktop counterpart. You can deposit and withdraw, view the markets, view your portfolio, and contact support through the app. 

Bitvo cryptoexchange mobile app (main page)

Bitvo Design and Usability

 

Bitvo’s website has a noticeable corporate feel, which can be a bit off-putting. It feels overly formal, almost like you’re purchasing insurance rather than trading cryptocurrency. While the inclusion of stock images and team member profiles on the homepage seems intended to make the service feel more personal, the overall corporate tone somewhat undermines that effort.

That said, their exchange platform is simple and user-friendly, making it a great choice for beginners. Even the advanced trading platform is intuitive and easy to navigate. We also appreciate the clean and streamlined design of the exchange, and while the mobile app isn’t perfect, it includes all the essential tools needed for trading on the go.

Bitvo Customer support

Bitvo provides 24/7 customer support, including live chat, email, and phone support. Notably, Bitvo is the first cryptocurrency exchange we’ve reviewed that offers a phone support option, making it a standout feature. This is a significant advantage for users who may need urgent assistance, ensuring help is always readily available.

Conclusion

Bitvo is a solid cryptocurrency trading platform, especially for beginners. It offers free deposits, no trading fees, and a user-friendly platform that’s easy to navigate. That said, its corporate feel may come off as too formal for some (a subjective observation), and the high spreads can be a downside.

Is Bitvo a scam? No, it’s not. Bitvo is fully compliant with Canadian regulations for cryptocurrency exchanges, making it a legitimate and secure option for Canadians.

Bitvo is not rated as a TOP-10 of the best crypto exchanges for Canadians

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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. 

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