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Bitbuy vs. BitMEX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated October 9, 2024

Bitbuy and BitMEX are both noteworthy cryptocurrency exchanges, although they cater to different audiences. Bitbuy, a Canadian-based exchange, is well-regarded for its user-friendly platform that appeals to beginners and experienced investors alike, and offers a good variety of popular cryptocurrencies. On the other hand, BitMEX is a leading derivatives trading platform recognized for its advanced trading features, focusing primarily on Bitcoin, and catering more to experienced traders.

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.

BitMEX is a crypto derivatives exchange that offers futures trading, and perpetual contracts. BitMEX aims to become the world’s largest regulated derivatives exchange. You cannot deposit fiat on BitMEX, only BTC and USDT. The exchange is aimed at experienced traders.

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, Ethereum, Terra, Solana, XRP, EOS, Stellar, Tron, Litecoin, Chainlink, Polkadot, Dogecoin, Binance Coin, Bitcoin Cash, Axie Infinity, Avalanche, Cardano

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
  • Free USDT or BTC deposits
  • Free BTC withdrawals
  • Variable USDT withdrawal fees
  • 0.01%/0.05% maker/taker fees

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
  • Low trading fees
  • Advanced order types
  • No BTC deposit/withdrawal fees
  • Futures/perpetual trading

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
  • Not suitable for buying crypto
  • USDT withdrawal fees
  • Only suitable for traders who understand contracts trading
  • No fiat deposits

Account Limits

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

Low

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
  • All BTC held in cold storage
  • Two employees audit all BTC withdrawals
  • BTC deposit addresses externally verified
  • Multisignature wallets

Mobile and Desktop Trading

Bitbuy's app provides a beginner-friendly interface, mirroring its Express platform. While it has a 4.6-star rating on the iOS App Store, the Android version has received criticism for frequent logouts. On the contrary, BitMEX's mobile app is more complex, reflecting the advanced nature of its desktop platform, which might be challenging for beginners but ideal for seasoned traders.

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

BitMEX

BitMEX’s exchange is confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.

There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.

To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.

Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.

BitMEX is only available as a desktop platform.

Bitmex desktop app

Bitmex desktop app

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.

BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading. 

Both platforms prioritize security. Bitbuy stores 97% of its digital assets in cold storage, surpassing the industry standard of 95%. They also offer a 1:1 Bitcoin insurance policy and are regulated by FINTRAC. BitMEX also employs robust security measures, including multi-signature deposits and withdrawals, and offline storage. There have been no significant security breaches on BitMEX since its launch in 2014.

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. 

BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally. 

While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations. 

Bitbuy is specifically designed for Canadian residents and is fully regulated as a Money Service Business by FINTRAC. Conversely, BitMEX faces some restrictions in Canada; as of September 2021, BitMEX does not offer its services to Ontario residents due to the province's new regulatory framework.

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.

BitMEX offers support via a contact form on their website and has a detailed FAQ section as well. 

Bitbuy's support includes an online form, email contact, and comprehensive guides on common queries. Customers praise the quick and helpful responses, although complex queries might require more time. BitMEX offers customer support via email and has a ticketing system in place, with users reporting satisfactory interactions.

Conclusion

Both Bitbuy and BitMEX are reputable cryptocurrency exchanges with unique strengths. While BitMEX offers more advanced features and is more suitable for experienced traders, Bitbuy's user-friendly platform, robust security measures, and focus on the Canadian market make it a more convenient choice for Canadian residents. Thus, in the context of Canada, Bitbuy would be the preferable choice, especially for those new to cryptocurrency trading.

When comparing Bitbuy to BitMEX, it stands out with new staking options, allowing users to earn rewards, which not all exchanges offer. Bitbuy maintains its strong focus on security by keeping 90% of assets in cold storage, which is an improvement over the older claim of 95%. Moreover, the platform has revamped its fee structure to be more transparent and competitive, addressing past concerns about high fees. These updates solidify Bitbuy’s position as a reliable, feature-rich exchange, especially appealing to Canadian users seeking both security and earning potential.

We recommend choosing Bitbuy over BitMEX 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 BitMEX 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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