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.
To secure your Uphold account, you can enable two-factor authentication.
Uphold trading platform utilizes cold storage for your safety.
Bitbuy: Prioritizes security, utilizing features like two-factor authentication (2FA), 95% cold storage of cryptocurrencies, and transparent insurance policies. They also conduct frequent security audits, providing users with confidence in the safety of their investments.
Uphold: While Uphold is a registered money services business in the United States, the specifics about their security measures, such as cold storage policies or insurance coverage, are not explicitly outlined. They do, however, provide 2FA for securing user accounts.
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.
Uphold is fully regulated in the USA. They are compliant with the Office of Foreign Assets Control (OFAC) and record keeping regulations with the Bank Secrecy Act (BSA). It's Canadian-friendly as well.
Bitbuy: Bitbuy is registered with FINTRAC in Canada, an indication of its adherence to Canadian federal laws and regulations for money services businesses.
Uphold: Uphold demonstrates compliance with U.S. regulations (OFAC and BSA), and is registered with FINTRAC.
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.
Uphold has good reviews about their customer service teams. They offer help centres on their website and within the app.
You can contact Uphold’s customer support via their online ticketing system on their website.
Bitbuy: Delivers comprehensive customer support through live chat, email, and phone, along with a detailed FAQ section and educational resources. This multichannel support system significantly contributes to a positive user experience.
Uphold: Provides customer support via an online ticketing system, coupled with an informative FAQ section and educational resources. The support team has generally positive reviews, appreciated for its responsiveness and helpfulness.
Conclusion
Both Bitbuy and Uphold have their unique merits, catering to diverse trading needs. However, Bitbuy emerges as the winner in this comparison due to its superior security measures, clear compliance with Canadian regulatory authorities, and outstanding customer support. While Uphold's broader asset offering is attractive, Bitbuy's commitment to ensuring a secure and user-friendly trading experience makes it a more reliable choice for Canadian users.
Uphold sets itself apart by offering an international debit card with cashback rewards and no foreign transaction fees, which is a big advantage for global traders. However, for Canadians, it's important to note that direct bank deposits and withdrawals aren't currently supported. Instead, Canadians can use credit or debit cards for trading, though credit card transactions come with a 3.99% fee. This limitation may make other exchanges more appealing for users who prefer traditional banking methods.
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 Uphold 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 Uphold 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.
