Bitbuy vs Kraken: What Works Better For Canadians in 2024

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.

Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards. 

To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.

Both Bitbuy and Kraken take security very seriously. Bitbuy boasts of a 95% cold storage policy, ensuring most of the assets are offline and safe from hacking attempts. They have also partnered with Knox, an industry-leading Canadian Bitcoin custody provider, to offer insurance on Bitcoin holdings.

Kraken also keeps over 95% of digital assets in cold storage. Besides, they have armed guards and encrypted server information. Additional features like two-factor authentication, email notifications, account timeout, and time lock further enhance the security. In terms of safety, it's hard to pick a clear winner. Both exchanges demonstrate a strong commitment to ensuring users' assets and information are safeguarded.

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. 

Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.

Both Bitbuy and Kraken comply with Canadian regulations. Bitbuy is fully registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB), and it's also registered in Québec with the Autorité des Marchés Financiers (AMF).

Kraken is also compliant with regulations, but certain services are not available in Ontario due to the Ontario Securities Commission regulations. Users from other Canadian provinces have full access.

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.

Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.

Bitbuy prides itself on excellent customer service. They provide a detailed FAQ section and also offer support via email. Their response time is relatively quick, contributing to a seamless user experience.

Kraken provides 24/7 live chat and email support. They also have a well-equipped help centre on their website. In addition, they offer phone support for users in the USA, UK, and the European Union.

Conclusion

While both Bitbuy and Kraken are great platforms for cryptocurrency trading, Bitbuy takes the crown here. Its focus on the Canadian market, compliance with Canadian authorities, robust security measures, and stellar customer support give it an edge. Additionally, Bitbuy's straightforward and user-friendly platform makes it a top choice for both beginners and experienced traders.

When comparing Bitbuy to other exchanges, 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.

Kraken stands out with its variety of flexible funding methods, including wire transfers and crypto funding options, giving users more convenience when moving their assets. Furthermore, Kraken’s 24/7 customer service is a significant advantage, ensuring that users can get support anytime, which is crucial for traders working across multiple time zones. This level of accessibility can be a key differentiator when compared to Bitbuy, some of which may not offer round-the-clock support.

We recommend choosing Bitbuy over Kraken 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 Kraken 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.