Bitbuy vs Kucoin: 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.

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

Bitbuy highlights its security with 97% of its digital assets held in cold storage, a 1:1 Bitcoin insurance policy, and two-factor authentication. KuCoin also has two-factor authentication but lacks transparency regarding its security measures. Additionally, KuCoin suffered a major hack in 2020, which does cast a shadow on its security infrastructure.

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. 

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

Bitbuy is fully compliant with Canadian regulations, being a Money Service Business regulated by FINTRAC.

On the other hand, KuCoin has been banned from operating in Ontario due to non-compliance with Ontario Securities Commission's regulations. This implies that Bitbuy is more reliable from a regulatory standpoint in Canada.

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.

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

Bitbuy provides comprehensive support with instant response to emails and an in-depth support page on its website. KuCoin offers 24/7 customer support via email or ticketing, but its service has mixed reviews, with some users finding the responses slow or not helpful enough.

Conclusion

While both exchanges provide a good platform for cryptocurrency trading, Bitbuy comes out ahead due to its Canadian compliance, superior security measures, and user-friendly interface. Its strong focus on customer support also enhances its appeal, making it a better choice, especially for Canadian traders.

When comparing Kucoin to Bitbuy, KuCoin stands out for its enhanced transparency through the Proof of Reserves (PoR) system, which verifies that the platform can fully cover all user assets, reinforcing trust in its financial stability. Additionally, KuCoin has stepped up its game in customer service by offering 24/7 support, making it easier for users to get timely assistance compared to many other exchanges. This level of transparency and customer care makes KuCoin a strong contender among its competitors.

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.

We recommend choosing Bitbuy over KuCoin 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 KuCoin 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.