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.
Coinbase uses its own digital wallet for storing your cryptocurrency.
Coinbase keeps 98% of its cryptocurrency in cold storage. This makes it hard for thieves to steal crypto assets if the exchange is hacked. Cold storage is the most secure way to store cryptocurrency, so the fact that Coinbase does this is a huge plus.
Both Bitcoin Well and Coinbase lay significant emphasis on security. Bitcoin Well protects its users with multi-factor authentication, cold storage solutions, and consistent monitoring. Coinbase, being a globally renowned platform, ensures 98% of its assets are held in cold storage. Additionally, its commitment to encryption and rigorous employee vetting assures users of its security protocols. Both platforms employ two-factor authentication, though Coinbase's initial SMS 2FA method has garnered some concerns.
Regulatory Compliance
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians. Canadian residents can use Coinbase to their full capacity.
Ensuring compliance with regulations is pivotal. Bitcoin Well positions itself as a strictly Canadian-compliant platform, emphasizing transparency and adherence to the country's legal standards. Coinbase, being a global entity, is heavily regulated in the U.S. and has registrations with significant U.S. financial bodies like FinCEN. This might bring about questions concerning its specific adherence to Canadian regulations.
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.
Coinbase customer support is very slow. It took them 4 days to address our request to a real person. Even though they offer 24/7 support and a live chat option, the quality of the support is bad due to a very high volume.
Support is where there's a stark difference between the two. Bitcoin Well shines with its emphasis on top-tier customer support, available for various user queries and issues. Coinbase, despite being a global leader, has often been criticized for its customer support. With a 1.4-star rating on Trustpilot and numerous complaints concerning response times and unresolved issues, Coinbase may need to up its game, especially when catering to the Canadian demographic.
Conclusion
While both platforms offer valuable services to the Canadian crypto-trading community, Bitcoin Well emerges as the preferable choice, specifically for Canadians. Its tailored approach to the Canadian market, combined with robust security measures and superior customer support, make it a natural choice. Coinbase, though globally acclaimed for its user interface and educational tools, falls short in areas crucial for Canadians, particularly in support and specific regional services. If a Canadian user is seeking a localized, secure, and supportive platform, Bitcoin Well might just be the answer.
We recommend choosing Bitcoin Well over Coinbase 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 Coinbase 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.
