Security Compliance
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading.
Diving deep into the realm of security, both platforms have their robust protocols. Bitcoin Well prioritizes user safety with multi-factor authentication, cold storage solutions, and incessant monitoring. BitMEX counters with its multi-signature schemes for withdrawals and deposits, ensuring all BitMEX addresses are multisignature and stored offline. The track record speaks for itself with BitMEX not facing any significant breaches since its inception in 2014. In essence, both exchanges offer commendable security; however, Bitcoin Well’s security seems a bit more holistic and user-centric.
Regulatory Compliance
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally.
While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations.
As for the crucial aspect of regulatory compliance in Canada, Bitcoin Well shines with its commitment to function within Canadian legalities. It ensures users remain compliant while trading, reinforcing trust and reliability. On the other side, BitMEX has hit regulatory roadblocks in specific Canadian provinces like Ontario and Quebec. Although Canadian federal organizations oversee cryptocurrency compliance, traders should be wary of the regional nuances.
Customer support
Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.
BitMEX offers support via a contact form on their website and has a detailed FAQ section as well.
Customer support remains the backbone of any service platform. Bitcoin Well, acknowledging this, extends top-notch support, whether it be transactional issues or general crypto queries. On the flip side, BitMEX operates primarily through an email ticketing system. While their FAQ and "References" sections are informative, direct user interactions are somewhat limited compared to Bitcoin Well.
Conclusion
Both Bitcoin Well and BitMEX have carved a niche for themselves in the crypto trading domain. BitMEX, with its advanced trading derivatives, caters to a segment of experienced traders, but Bitcoin Well, with its balanced blend of user experience, security, and compliance, especially in the Canadian context, nudges ahead. Therefore, in the contest between these two for the Canadian audience, Bitcoin Well emerges as the winner.
We recommend choosing Bitcoin Well over BitMEX for your cryptocurrency trading needs. By opting for Bitcoin Well through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitcoin Well nor BitMEX 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.
