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.
It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.
Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.
Bitbuy boasts that it stores 97% of its digital assets in cold storage, which surpasses the industry average. They have a 1:1 Bitcoin insurance policy and conduct regular financial audits. Moreover, Bitbuy has never been hacked, which contributes to its strong reputation in terms of security.
Bitvo keeps between 95% to 100% of its digital assets in third-party cold storage, which is standard in the industry. It also has multi-layered firewall infrastructure for added security and screens any cryptocurrencies for potential risks before listing them.
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.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
Both Bitbuy and Bitvo are registered Money Service Businesses in Canada and comply with FINTRAC regulations, a Canadian federal regulatory body that ensures financial entities are adhering to Canadian law. This demonstrates both platforms' commitment to complying with local laws and regulations and offering a legitimate service to Canadian residents.
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.
Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.
Bitbuy provides a comprehensive support page on its website, an online request form, and an email support option. User feedback generally praises their customer support.
Bitvo distinguishes itself with 24/7 customer support, including live chat, email, and phone support. The addition of phone support is a unique offering in the crypto exchange space.
Conclusion
While both Bitbuy and Bitvo have their strengths and offer solid platforms for trading cryptocurrencies in Canada, Bitbuy emerges as the winner in this comparison. Bitbuy's wider variety of cryptocurrencies, higher cold storage percentage, insurance policy, and great customer reviews give it a slight edge over Bitvo.
We recommend choosing Bitbuy over Bitvo 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 Bitvo 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.
