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.
It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.
Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.
Safety in the crypto world is paramount. Bitcoin Well makes this clear with its multi-tiered security measures, including multi-factor authentication, cold storage solutions, and persistent monitoring. Bitvo, on the other hand, safeguards 95% to 100% of its assets in cold storage, further fortifying its defenses with multi-layered firewalls. Additionally, Bitvo's rigorous vetting process for listing new cryptocurrencies showcases its commitment to user safety.
Regulatory Compliance
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
Navigating the Canadian regulatory terrain, both platforms have taken compliance seriously. Bitcoin Well is diligent in adhering to Canadian legal standards, underscoring its commitment to legitimate trading. Similarly, Bitvo registers as a Money Service Business in the country, aligning with FINTRAC regulations, ensuring that users operate within the bounds of Canadian laws.
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.
Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.
Support stands as a pillar for both exchanges. Bitcoin Well, understanding the essence of timely assistance, has fostered a responsive support team to address queries and technical issues. Bitvo's claim to fame in the support domain is its 24/7 service, encompassing live chat, email, and the rarity of phone support in the crypto world.
Conclusion
While both Bitcoin Well and Bitvo have their merits, making a choice boils down to user preference and specific needs. Bitvo impresses with its customer-centric approach and unique offerings, like its cash card. However, Bitcoin Well edges out as the winner, owing to its comprehensive platform, stringent security measures, and unwavering commitment to Canadian compliance. For those seeking a harmonious blend of user experience, security, and adherence to regulations, Bitcoin Well might just be the go-to choice in Canada.
We recommend choosing Bitcoin Well over Bitvo 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 Bitvo 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.
