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

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 Please note that the review content provided below is now outdated and is preserved solely for educational and historical reference.

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 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

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

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’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.

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’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.

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 Design and Usability

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.