Bitbuy and BitMEX are both noteworthy cryptocurrency exchanges, although they cater to very different audiences, and from a Canadian perspective, only one of them is actually available. Bitbuy is a Canadian-built platform tailored for Canadian customers, now owned by Robinhood following the June 2026 acquisition of parent company WonderFi. BitMEX is a leading derivatives trading platform catering to experienced traders, but has listed all of Canada as a restricted jurisdiction since late 2023.
Bitbuy Vs BitMEX: Which Is Better For Canadians?
Neither is an option for Canadians today. Bitbuy accounts were moved to Coinsquare Capital Markets Ltd. in May 2024, and since Robinhood closed its WonderFi purchase on June 1, 2026 the Bitbuy site tells users it is now part of Robinhood and customers are being invited to move to the Robinhood app. BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
Every row below comes from each company’s own pages and the Canadian registries, checked October 2026. Where a row has no fair winner, it says so.
Bitbuy Vs BitMEX: Master Spec Table
Bitbuy
BitMEX
Winner
Company
Bitbuy Technologies Inc., founded in Toronto in 2016. Accounts moved to Coinsquare Capital Markets Ltd. in May 2024; parent WonderFi was bought by Robinhood on 2026-06-01. Founders: Not published.
Operator: HDR Global Trading Limited (Seychelles). Founded, founders, funding: Not published. Ceased all exchange operations 2026-09-23.
Depends
Regulation
FINTRAC MSB M20728803 Ceased 2025-02-20. Bitbuy Technologies Inc. sits under CSA Expired Decisions. Live CSA entry is Coinsquare Capital Markets Ltd., Decision 2024-10-11. Not on the CSA banned list.
Not registered in Canada. No FINTRAC, CSA or CIRO entry found as of 2026-10-02.
Tie
Assets
60+ coins offered (BTC, ETH, SOL, ADA, DOGE, DOT, USDC). Order book on Pro. Current list: see the Robinhood app.
Perpetual and futures contracts only; no spot. Not available to Canadians.
Depends
Price
Express: spread, Pro: maker/taker, exact rates Not published. Robinhood signaled a flat 0.5% on CAD trades after migration.
Tiered maker/taker fees on derivatives, rates Not published. Closed.
Depends
CAD In
Free Interac e-Transfer, wire and bank draft were offered.
No longer available to Canadians
Depends
CAD Out
Not published in the sources reviewed.
No longer available to Canadians
Depends
Crypto In And Out
Crypto deposits and withdrawals to private wallets were allowed. Networks and minimums: Not published.
Crypto-only funding; website withdrawals stay open, API withdrawals ended 2026-09-28, monthly fee on balances, per CoinDesk.
Depends
Custody
Held with BitGo, majority in insured cold storage; quarterly proof-of-reserves under CIRO rules. Crypto was never CIPF-covered.
All BTC in cold storage with multi-signature wallets, per BitMEX's old claims. Operator wound down trading; withdrawals only.
Depends
Verification (KYC)
No longer available to Canadians
No longer available to Canadians
Depends
Account Types
Express and Pro platforms; OTC desk and Private Wealth.
No longer available to Canadians
Depends
Provinces
No longer available to Canadians
No longer available to Canadians
Depends
Extra Products
Staking on nine coins including ETH, SOL, ADA and DOT, at a combined 39% fee on rewards.
No longer available to Canadians
Depends
Tax Tools
No longer available to Canadians
No longer available to Canadians
Depends
App
App Store rating 4.6 (Oleg's old row). Being replaced by the Robinhood app.
What Are The Key Differences Between Bitbuy And BitMEX?
Bitbuy Vs BitMEX: Side By Side
Bitbuy
BitMEX
Description
Bitbuy was founded in Toronto in 2016 and was one of the first registered crypto marketplaces in Canada. It offered 60+ cryptocurrencies through an Express platform for beginners and a Pro platform for experienced traders. Its accounts moved to Coinsquare Capital Markets Ltd. in May 2024, and since June 2026 it has been part of Robinhood, which acquired parent company WonderFi for C$250 million. Customers are being invited to move to the Robinhood app.
BitMEX was a veteran crypto derivatives exchange offering futures and perpetual contracts with up to 100x leverage. You could not deposit fiat, only crypto, and it was aimed at experienced traders. Canada was a restricted jurisdiction in BitMEX's terms before closing, and the exchange ceased all operations on 2026-09-23.
Coins
60+ including Bitcoin, Ethereum, Solana, Cardano, Dogecoin, Polkadot and USDC.
Perpetual and futures contracts on major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, Dogecoin, Cardano and Avalanche. None were accessible from Canada.
Fees
Free Interac e-Transfer deposits. Express Trade prices included a spread, the pricier way to buy. Pro Trade used lower maker/taker fees with TradingView charting. Staking carried a combined fee of roughly 39% of rewards (30% Bitbuy plus 9% custodian). Robinhood has signaled a flat 0.5% CAD trading fee after migration; the schedule is likely to change during the transition.
Free crypto deposits and free BTC withdrawals (network fees could apply on other assets). Low, tiered maker/taker fees on derivatives. Balances now face a monthly fee, per CoinDesk.
Pros
One of Canada's longest-standing registered platforms, later under CIRO oversight with segregated client assets and quarterly proof-of-reserves
Express and Pro platforms served beginners and advanced traders alike
Free Interac e-Transfer deposits
Staking on nine coins including ETH, SOL, ADA and DOT
Insured cold storage custody with BitGo and a clean security track record
OTC desk and Private Wealth services
Deep derivatives liquidity and one of the longest track records in crypto futures
Low, tiered maker/taker fees
Advanced order types
Handy leverage slider for adjusting risk per trade
Cons
No longer a separate platform: accounts moved to Coinsquare Capital Markets Ltd., then to Robinhood
Staking's roughly 39% combined cut of rewards was the highest in Canada
Support was email-ticket only, with no live chat or phone
Fees ran higher than global competitors unless you stuck to Pro Trade
No margin, derivatives or stop-loss orders
Migration to the Robinhood app brings new terms, fees and interface
Closed on 2026-09-23
Canada was a restricted jurisdiction before closure
Not suitable for simply buying crypto, no fiat deposits
Only suitable for traders who understood contract trading
Checkered regulatory history in the US
Security
Majority of digital assets in insured cold storage with BitGo, mandatory 2FA, quarterly proof-of-reserves under CIRO requirements, withdrawals to private wallets allowed. No hacks in nearly a decade of operation.
All BTC held in cold storage, multi-signature wallets, withdrawals audited by hand by BitMEX employees, 2FA. Never hacked in over a decade of operation, per our old row.
Methods To Buy
Interac e-Transfer, wire transfer, bank draft and crypto deposits were accepted. Today new Canadians are pointed to the Robinhood app instead.
Canadians could not use BitMEX. Funding was crypto only (BTC, USDT and other supported assets), with no fiat rails.
App
Bitbuy's app held a 4.6-star rating on the App Store. It is being replaced by the Robinhood app.
BitMEX had iOS and Android apps, inaccessible to Canadians and now closed.
Account Limits
Standard verified accounts handled typical retail volumes, with OTC and Private Wealth desks for large trades. Legacy limit figures changed repeatedly through the platform mergers.
Not applicable. Full KYC was required before trading elsewhere.
How Do You Fund And Cash Out Bitbuy And BitMEX In Canada?
Bitbuy: CAD Deposits (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer
Free
Not published
Not published
Not published
BitMEX: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Crypto withdrawal via website
Not published
Not published
Not published
Not published
Funding for the live platform is now on Robinhood. Bitbuy-specific limits are Not published. BitMEX never accepted fiat.
What Do Bitbuy And BitMEX Offer Beyond Buying And Selling?
Bitbuy Only
Staking:Staking on nine coins including ETH, SOL, ADA and DOT, with a combined 39% cut of rewards (30% Bitbuy plus 9% custodian).
OTC desk and Private Wealth: Offered for large trades.
BitMEX Only
Futures and perpetual contracts (closed): Up to 100x leverage on crypto derivatives. Trading ceased 2026-09-23.
What Happens To Your Money If Bitbuy Or BitMEX Fails?
Bitbuy: Existing Bitbuy users should watch for Robinhood migration emails and read the new terms and fees before accepting. Accounts are held by Coinsquare Capital Markets Ltd., a CIRO-regulated dealer, and the registry says the CSA entry for Bitbuy Technologies Inc. is expired. If you do not want to move, withdraw your crypto to a wallet you control. CIPF covers cash but never crypto.
BitMEX: BitMEX says it closed by owner decision after a business review and that it is unrelated to legal or regulatory issues, per CoinDesk. If you still have a balance, withdraw through the website, since API withdrawals ended on 2026-09-28 and balances face a monthly fee. No Canadian regulator covers BitMEX, so there is no compensation scheme for crypto left behind.
How Are Bitbuy And BitMEX Treated For Tax In Canada?
Bitbuy: Selling or swapping crypto on Bitbuy was a disposition for CRA purposes. Export your full transaction history before your account is migrated or closed. Export formats: Not published.
BitMEX: Derivative gains and losses on BitMEX were taxable for CRA purposes. Export your trade and wallet history now. Export formats: Not published.
Selling, swapping or spending crypto is a disposition for the CRA on any platform. This is not tax advice: see my guide to crypto taxes in Canada.
Which Should You Choose, Bitbuy Or BitMEX?
Choose Bitbuy If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
You hold a Bitbuy account and want to compare it with what Robinhood is offering before you accept the migration.
Choose BitMEX If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
What Happened To Bitbuy?
Bitbuy is no longer a separate platform. Its accounts moved to Coinsquare Capital Markets Ltd. in May 2024, and since Robinhood closed its WonderFi purchase on June 1, 2026, the Bitbuy site tells users it is now part of Robinhood and invites customers to move to the Robinhood app.
Coinsquare Capital Markets Ltd. is the entity that operates the platform, and it appears on the CSA list with a decision dated October 11, 2024. Bitbuy Technologies Inc. sits under expired decisions on the CSA site, and its FINTRAC MSB registration shows as ceased on February 20, 2025. Bitbuy's help centre says the 2024 move was required because its CSA relief was time-limited and called for a move under CIRO oversight.
If you still hold coins there, watch for the migration invitation, open it only from the official Bitbuy or Robinhood channels, and read the new terms before you accept. I do not send new readers to Bitbuy, because the business is being folded into Robinhood. On the Robinhood side, a flat 0.5% on CAD trades was advertised for the first few months after launch, and the zero-fee promotion for Canada ended on September 30, 2026. Its fee schedule sets the fee at 0.5% through October 31, 2026 and 0.95% from November 1, 2026.
Bitbuy: What The Records Show
Item
Record
Status
Bitbuy accounts were moved to Coinsquare Capital Markets Ltd. in May 2024, and since Robinhood closed its WonderFi purchase on June 1, 2026 the Bitbuy site tells users it is now part of Robinhood and customers are being invited to move to the Robinhood app.
Key dates
2024-05-28 (accounts moved to Coinsquare Capital Markets Ltd.); 2026-06-01 (Robinhood closes WonderFi, parent)
CSA record
Bitbuy Technologies Inc. is under 'Crypto Platforms Expired Decisions' on the CSA site (Decision, Expired; no date shown). The live CSA list entry is Coinsquare Capital Markets Limited, Decision (October 11, 2024)
FINTRAC record
BITBUY TECHNOLOGIES INC. M20728803 status Ceased, cessation 2025-02-20 (initial approval 2020-02-07)
What Happened To BitMEX?
BitMEX shut down its exchange on September 23, 2026, so nobody, Canadians included, can trade there any more. Only withdrawals remain. The operator is HDR Global Trading Limited, based in the Seychelles.
According to CoinDesk, withdrawals through the website stay open, API withdrawals ended on September 28, and balances left behind face a monthly fee. BitMEX called the closure an owner decision after a business review and said it was unrelated to legal or regulatory issues. Canada was already a restricted jurisdiction in its terms before the closure, per a summary of those terms.
If you still have funds there, pull them out through the website now rather than waiting for the monthly fee to start eating into the balance.
BitMEX: What The Records Show
Item
Record
Status
BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain.
Key dates
2026-09-23
What Should Bitbuy And BitMEX Users Use Instead?
Neither side of this pair is a place to open a new account. The registry points Bitbuy users to Coinbase and BitMEX users to Kraken, and both are CSA-registered in Canada.
Where Bitbuy And BitMEX Users Can Go Instead
Platform
Canadian Status
Published Fee
CAD Funding
Coins
My Ranking
Coinbase
CSA Restricted Dealer in all provinces and territories; FINTRAC MSB; not a CIRO member
Coinbase fee of up to 1.875% on simple buys (varies by payment method) plus spread; separate 1% fee on simple limit orders
Interac e-Transfer and EFT, free
200+
#1 of 10, 9.8/10
Kraken
CSA Restricted Dealer (Payward Canada Inc.); FINTRAC MSB; not a CIRO member
Kraken Pro 0.40% maker and 0.80% taker at the base tier; Instant Buy 1% plus spread
About 490 (derived from the public pair list minus assets Kraken bars in Canada)
#3 of 10, 9.2/10
Coinbase. Coinbase is the closest like-for-like for a Bitbuy user: a beginner app, free Interac e-Transfer and EFT funding, and a Restricted Dealer registration in every province and territory. It sits first in my ranking at 9.8 out of 10. Simple buys carry a Coinbase fee of up to 1.875% on top of the spread, and fiat balances are not covered by CIPF. Derivatives launched for eligible Canadian investors only, so there is no retail leverage.
Kraken. Kraken is third in my ranking at 9.2. It is a CSA Restricted Dealer, deposits by Interac e-Transfer are free, and Kraken Pro starts at 0.40% maker and 0.80% taker. Instant Buy costs 1% plus a spread, an Interac e-Transfer withdrawal costs CAD 10, and Canadians cannot trade margin or derivatives. Most clients face a CAD 30,000 rolling 12-month net purchase limit on assets other than BTC, ETH, LTC and BCH.
What Changed For Bitbuy And BitMEX In October 2026?
: Bitbuy accounts moved to Coinsquare Capital Markets Ltd..
: CSA Restricted Dealer decision for Payward Canada Inc. (Kraken), with free Interac e-Transfer deposits announced.
: Robinhood closed its WonderFi purchase, and the Bitbuy site now says it is part of Robinhood.
: Robinhood crypto trading launched in Canada with 50+ coins.
: BitMEX shut down its exchange; only withdrawals remain.
: Robinhood's zero-fee promotion for Canada ended.
Frequently Asked Questions
Is Bitbuy Still Open In 2026?
Bitbuy accounts were moved to Coinsquare Capital Markets Ltd. in May 2024, and since Robinhood closed its WonderFi purchase on June 1, 2026 the Bitbuy site tells users it is now part of Robinhood and customers are being invited to move to the Robinhood app.
Should I Open A New Bitbuy Account?
I would not. Bitbuy accounts sit with Coinsquare Capital Markets Ltd., and the Bitbuy site now tells users it is part of Robinhood and invites customers to move to the Robinhood app. A registered platform that is still taking new customers is the safer starting point.
What Happened To BitMEX?
BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain.
What Should I Use Instead Of BitMEX?
Kraken is the registry pick: Registered in Canada and still trading; BitMEX had already listed Canada as restricted before closing.
Bitbuy: Express prices included a spread, which was the cost. BitMEX: No longer applicable.
Does CIPF Cover My Crypto On Bitbuy Or BitMEX?
Bitbuy: CIPF never covers crypto, and this platform no longer serves Canadians. BitMEX: CIPF never covers crypto, and this platform no longer serves Canadians.
Are Bitbuy And BitMEX Available In Every Province?
Bitbuy: Bitbuy's CSA entry expired; accounts now sit with Coinsquare Capital Markets Ltd. BitMEX: No longer available in any province.
Do Interac Deposits Work On Weekends On Bitbuy And BitMEX?
Bitbuy: No longer applicable. BitMEX: No longer applicable.
What Is The Minimum Buy On Bitbuy And BitMEX?
Bitbuy: Not published BitMEX: No longer applicable.
Can A Business Use Bitbuy Or BitMEX?
Bitbuy: Private Wealth and OTC desks existed. BitMEX: No longer applicable.
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.
