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Bitbuy vs Crypto.com: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In this comparison, we will dive into the specifics of two significant cryptocurrency exchanges in Canada, Bitbuy and Crypto.com, analyzing their strengths and weaknesses. Both exchanges offer a unique set of features, with Bitbuy providing a more Canada-centric service while Crypto.com positions itself as a one-stop shop for a broad range of cryptocurrency needs.

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.

Crypto.com is a crypto exchange that is gaining popularity in Canada. It offers its own coin (CRO), staking, lending, NFTs, and pre-paid Visa crypto cards offering cashback. Crypto.com offers everything in one place and is suitable for Canadians looking for an easy way to buy crypto.

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

150+

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 deposits
Variable Withdrawal fees
Send crypto to other crypto.com users for free
0.04 to 0.4% 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

Wide range of coins available
Suitable for beginners and pro traders
Interac e-Transfer available
Deposits take up to one day to process
Visa cards
Staking
NFT marketplace
20+ fiat currencies supported
Free deposits

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

No crypto education articles
Poor customer service

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

Interac e-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

100% coins held in cold storage
Ledger Vault partnership
Multi-factor authentication
Mandatory whitelisting of withdrawal addresses

Mobile and Desktop Trading

Bitbuy and Crypto.com both provide solid mobile and desktop platforms for their users. The Bitbuy mobile application garners a commendable 4.6-star rating from 6.500 reviews on the App Store. In comparison, Crypto.com's mobile application holds its own with a 4.5-star rating from 146.000 reviews on the App Store, and a 4.5-star rating from a whopping 461,000 reviews on Google Play. These high ratings reflect a positive consensus from the user community, implying that both applications are reliable, user-friendly, and efficient. Furthermore, both Bitbuy and Crypto.com offer feature-rich desktop platforms, making them ideal for deeper trading analysis and more complex trading tasks.

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

Pro trade view

Bitbuy app interface

Bitbuy app interface while trading

Crypto.com

In the crypto.com app, users can buy and sell crypto easily. You can also directly stake or lend your crypto, apply for a crypto.com card, track favourite coins, withdraw to external wallets and more. The app is an all-in-one trading platform that’s user-friendly and suitable for beginners.

The app has a 4.3-star rating from 56,000 reviews on the Apple App Store and a 3.9-star rating from 200,000 reviews on Google Play.

If you’re looking for more advanced tools, you can use crypto.com’s desktop exchange. The exchange offers more charting and order types but the interface can be confusing for beginners. The crypto.com app has everything you need, so you’d only use the Exchange for slightly lower fees or advanced order types.

Advanced Desktop Trade

List of coins

Crypto.com app interface

Crypto.com app interface while trading

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.

Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.

Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.

Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to

In terms of security, both exchanges take this aspect very seriously. Bitbuy operates under a proof of reserves audit, ensuring that it can cover all customer deposits, and utilizes two-factor authentication for additional account security. Crypto.com also boasts a high level of security with 100% of customer funds stored in cold storage, two-factor authentication, and email confirmations for withdrawals. The exchanges consult with leading cybersecurity firms to maintain their robust security systems.

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.

Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.

Both Bitbuy and Crypto.com have taken considerable steps to ensure they operate in accordance with Canadian regulations. Bitbuy is a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), and diligently follows the guidelines set by the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).

Conversely, Crypto.com has taken notable steps forward by entering into a pre-registration agreement with the Ontario Securities Commission (OSC). This marks them as the inaugural international crypto exchange to comply with the OSC's rules, thereby setting a benchmark in the industry. This provides assurance to residents of Ontario and other provinces across Canada, who can confidently engage with Crypto.com's comprehensive product offerings knowing the exchange adheres to Canadian regulations.

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.

The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.

Bitbuy's customer service is highly rated, with phone support, which is relatively rare in the cryptocurrency exchange space, and responsive email support. Conversely, Crypto.com's customer service appears to be a weak point, with some customers noting slow response times and lack of adequate educational resources. However, it's worth noting that Crypto.com support typically resolves issues within a 24-hour window.

Conclusion

Both Bitbuy and Crypto.com are impressive platforms, each offering unique features and benefits to Canadian users. However, Bitbuy comes out slightly ahead in this comparison. It offers a well-rounded experience, catering more specifically to the Canadian market, with superb customer service and robust security features. Its compliance with Canadian regulations is also well established, and its favorable user reviews reinforce its position as a reliable and trustworthy exchange.

We recommend choosing Bitbuy over Crypto.com 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 Crypto.com 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.