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.
Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet.
In terms of security, Bitbuy takes a strong stance by storing 97% of its digital assets in cold storage and boasting a 1:1 Bitcoin insurance policy. This, combined with its regular financial audits and compliance with FINTRAC as a Money Service Business (MSB), places Bitbuy at a high level of security for its users.
Bull Bitcoin promotes security through immediate self-custody of Bitcoin, minimizing the risk associated with exchange custody. While it requires a level of trust in the platform to send BTC to your wallet, this model significantly reduces the risks of online hacking incidents. Compliance with Canadian regulations and registration as an MSB with FINTRAC further reinforces its security posture.
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.
Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations.
Both exchanges are registered as Money Services Businesses with FINTRAC, adhering to Canadian federal regulations aimed at preventing money laundering and terrorist financing. This registration necessitates rigorous compliance with identification and reporting standards, ensuring that both Bitbuy and Bull Bitcoin operate within the legal framework set by Canadian federal organizations. Their commitment to compliance is a testament to their reliability and safety as trading platforms.
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.
Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service.
Bitbuy offers comprehensive customer support through an online form and direct email contact, providing personalized responses even to general inquiries. Its extensive support page and responsiveness indicate a strong commitment to customer satisfaction.
Bull Bitcoin, while operating on a smaller scale, ensures quality support with its direct email contact. Its high rating on Trustpilot reflects a high level of customer satisfaction, attributed to its dedicated service and user-friendly approach to Bitcoin trading.
Conclusion
While both Bitbuy and Bull Bitcoin offer commendable services tailored to their specific user bases, Bitbuy emerges as the winner in this comparison. Its broad selection of cryptocurrencies, dual-platform catering to various trader experiences, and higher mobile app ratings for iOS make it a versatile choice for Canadian users. Additionally, Bitbuy's superior security features, including cold storage and insurance policies, alongside its strong compliance with Canadian federal regulations, ensure a secure and reliable trading environment. Though Bull Bitcoin has its strengths, especially for Bitcoin enthusiasts, Bitbuy's comprehensive offerings and robust platform support crown it as the preferred choice in 2024.
When comparing Bitbuy to Bull Bitcoin, 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.
However, if your goal is to trade Bitcoin in the most effective and affordable way in Canada, then Bull Bitcoin has no alternatives. In our opinion, every Canadian should sign up for an account with them because of this, not to mention the ability to pay for over 5,000 Canadian bills with Bitcoin, which you can do with Bull Bitcoin.
