Bitbuy vs. Wealthsimple Crypto: What Works Better For Canadians?

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.

Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication. 

In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available. 

Wealthsimple and Bitbuy are secure and reliable exchanges. They both require new customers to go through the KYC process in order to trade and offer two-factor authentication. 

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 the highest percentage we’ve seen. 

In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available. 

Since Wealthsinple does not allow you to withdraw crypto assets, there is no option to whitelist addresses. 

In our opinion, Bitbuy is a safer exchange when it comes to cryptocurrency trading. 

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. 

Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.

Both Bitbuy and Wealthsimple are secure and compliant cryptocurrency trading platforms.

BitBuy is a Canadian-based crypto exchange that follows local regulations. Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA) have recently announced that Bitbuy is the first Registered Marketplace and Investment Dealer where Canadians can invest in crypto assets.

Wealthsimple is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016.

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.

Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly. 

Both BitBuy and Wealthsimple offer helpful FAQs and online ticketing service for their customers. Wealthsimple has live chat support, email support and phone support, all available 24/7, while BitBuy's customers can message the support teams either online via their support pages or through email.

Neither exchange offers a phone support service.

Conclusion

Both BitBuy and Wealthsimple are great choices for cryptocurrency trading. There are higher transaction fees at Wealthsimple, they range between 1.5-2%. 

BitBuy and Wealthsimple are both compliant, secure and reputable trading platforms, so there’s not much need to worry about security when using either one.  

Wealthsimple Crypto has recently enhanced its platform to better compete with BitBuy. The introduction of crypto swaps allows users to exchange one cryptocurrency for another directly, reducing trading fees and streamlining the process. With support now extended to over 60 different coins, investors have a broader selection to choose from. Additionally, Wealthsimple offers staking options with potential annual yields of up to 11%, providing an opportunity for passive income that may surpass offerings from other exchanges. The platform has also addressed past limitations by enabling users to send and receive cryptocurrencies to and from external wallets, significantly improving flexibility and aligning with features commonly found on other leading platforms.

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.

Due to its highly regarded reputation, its transparency on security, its commitment to regulatory compliance, deposit methods, and its overall lower fees, we think Bitbuy (visit site) is the clear winner over Wealthsimple when it comes to choosing a crypto exchange in Canada. 

On top of these two, we would recommend Coinsmart for a number of reasons. Why? Check on our Coinsmart review.