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Bitbuy vs. Bitcoin Well: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

In the bustling world of cryptocurrency exchanges, Bitbuy and Bitcoin Well emerge as two major players in the Canadian scene. While Bitbuy serves exclusively Canadian residents and boasts a vast array of coins, Bitcoin Well draws enthusiasts towards its Bitcoin-centric ecosystem. But how do these platforms measure against each other?

Description

Bitbuy was founded in 2016 and it offers nine of the most popular cryptocurrencies. It has an Express platform for beginners and a Pro platform for more experienced traders.

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

Coins

Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL), Cardano (ADA), Polkadot (DOT), Dogecoin (DOGE), Uniswap (UNI), Sushiswap (SUSHI), Polygon (MATIC), MANA and USDC

Bitcoin only

Fees

  • 1.5% CAD withdrawal fees for e-Transfer
  • 0.5% fee for wire transfer
  • 0.79% spread
  • 0.1% Maker 0.2% Taker fees
  • Wire transfer 0.50% ($20k min)
  • 0.00025 BTC crypto withdrawal fee

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 

Pros

  • Offers seven of the world’s most popular cryptocurrencies
  • Express Trade and Pro Trade makes it suitable for beginners and advanced traders
  • OTC Desk available
  • Digital assets held in cold storage
  • $20 referral bonus
  • Interac e-Transfer available
  • Industry leader in compliance and security
  • Immediate self-custody of assets
  • Option to buy bitcoin privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency

Cons

  • Deposits can take a few hours
  • 1.5% Interac e-Transfer fee (both in and out)
  • Low Android app rating
  • Low rating on Trust Pilot
  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types

Account Limits

  • Deposit $100 - $10,000 via Interac daily
  • $50 minimum e-Transfer withdrawal
  • $20,000 minimum for wire transfers
  • minimum of $100 payment
  • $50,000 transaction limit.
 
 

App

Methods to buy

  • Debit card
  • Interac e-Transfer
  • Wire transfer

Security

  • Up to 98% of digital assets are held in cold storage
  • Users can withdraw crypto to private wallets
  • Bitcoin backed 1:1 with Knox insurance policy

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Mobile and Desktop Trading

Offering both a mobile and desktop application, Bitbuy ensures users have access to crypto at their fingertips. While its iOS app receives high praise with a 4.6-star rating, its Android counterpart faces criticism due to login inconveniences, standing at a 2-star rating.

Prioritizing adaptability, Bitcoin Well’s desktop platform promises a smooth user experience. With an efficient comprehensive desktop platform, users can trade and monitor their portfolio effortlessly.

Bitbuy

The Bitbuy app has a 4.6-star rating and 6,000 ratings on the Apple App Store. It has a 2-star rating with 1,000 ratings on Google Play. According to reviewers, the Android app has bugs that prevent them from logging in and verifying their account. They also claim customer support is poor. 

The iOS app is easy to use and offers a modern interface like the desktop platform. There is live charting where you can find volume and order book data. Easily deposit funds to your account, and click on your profile tab for your referral details. 

Bitbuy’s Express Trade is suitable for beginners or anyone seeking a quick market trade. The Pro Trade platform is geared toward more experienced traders who wish to place advanced order types.

Express trade view for Bitbuy crypto exchange

Express trade view

Bitbuy's Pro trade

Pro trade view

Bitbuy app interface

Bitbuy app interface

Bitbuy app interface while trading

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with Bitcoin Well

Security Compliance

Bitbuy is one of the safest crypto exchanges for Canadians. The Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is one of the highest percentages we’ve seen.

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Bitbuy sets a high bar with 97% of its assets in cold storage—surpassing the industry standard. Their dedication to transparency is evidenced by their open disclosure of surpassing cold storage policies in the recent Proof of Reserves Audit. In addition to multi-factor authentication, Bitbuy boasts a 1:1 Bitcoin insurance policy and is duly regulated by FINTRAC.

Emphasizing digital security, Bitcoin Well integrates advanced measures including multi-factor authentication and cold storage solutions. The platform's devotion to safeguarding users' data and funds is unwavering, ensuring a secure trading environment.

Regulatory Compliance

Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets. 

Bitcoin Well is registered with FINTRAC and fully legal in Canada.

As a Canadian-centric platform, Bitbuy is fully regulated as a Money Service Business by FINTRAC, ensuring transactions are compliant with national regulations.

Bitcoin Well operates within the legal parameters set by Canadian authorities, providing a platform where users can trade confidently, abiding by the nation's regulatory standards.

Customer support

Binance has FAQs and a knowledge centre on their website. They make it easy to submit a support ticket but the reply might take a while.

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good.  If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

Bitbuy offers a thorough support page, aiding users with common concerns. Their email support system provides quick (although sometimes automated) responses, aiding in user queries. Reviews indicate most users find Bitbuy’s support satisfactory. 

Recognizing the essence of customer service, Bitcoin Well provides top-tier assistance. Their support team, acclaimed for its expertise and swift response times, caters to a myriad of user inquiries, from transaction issues to general crypto questions.

Conclusion

While both Bitbuy and Bitcoin Well stand out as reputable crypto exchanges in Canada, catering to different user preferences, Bitbuy seems to edge out slightly due to its broader cryptocurrency portfolio and transparent security measures. Despite Bitcoin Well’s robust platform and impeccable support system, Bitbuy’s exclusive features like the 1:1 Bitcoin insurance policy and a vast array of coin offerings make it a more versatile option for Canadians in 2024.

We recommend choosing Bitbuy over Bitcoin Well for your cryptocurrency trading needs. By opting for Bitbuy through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Bitbuy nor Bitcoin Well 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.

Author

Oleg Galeev

Cryptocurrency Specialist

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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