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.
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
Safety is paramount in the digital currency world. Bitcoin Well prioritizes user security with features like multi-factor authentication, cold storage solutions, and persistent monitoring. Crypto.com showcases an impeccable security record. With 100% of customers’ funds in cold storage and mandatory 2FA for withdrawals, it places a high emphasis on user safety.
Regulatory Compliance
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
In terms of regulatory compliance within Canada, both platforms are commendable. Bitcoin Well operates within the Canadian regulatory framework, emphasizing transparency and adherence to the nation's legal standards. Meanwhile, Crypto.com has made a significant stride by becoming the first global crypto exchange to pre-register with the Ontario Securities Commission (OSC), reinforcing its commitment to Canadian users.
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.
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
The essence of an efficient trading platform isn't just in its tech prowess but also its user support. Bitcoin Well understands this sentiment, providing stellar customer support ready to assist with a multitude of concerns. In contrast, Crypto.com faces some criticism regarding its customer service, with reviews pointing towards a somewhat slow response and lack of educational resources.
Conclusion
Both Bitcoin Well and Crypto.com have carved niches for themselves in the Canadian cryptocurrency domain. However, while Crypto.com offers an expansive range of services, Bitcoin Well's emphasis on user experience, dedicated customer support, and strict compliance with Canadian regulations makes it a preferable choice for many. If one had to choose based on an all-rounded experience, Bitcoin Well would emerge as the winner.
Bitcoin Well stands out from Crypto.com with its Recurring Buy feature, allowing users to automate Bitcoin purchases at set intervals. This is especially helpful for those wanting to invest gradually over time without manually handling each transaction. In addition, Bitcoin Well has expanded its services to cater not only to Canadian customers but also to the USA, broadening its reach across North America. These developments set it apart, especially for users focused solely on Bitcoin and long-term investment strategies.
When comparing Crypto.com to other exchanges, it's essential to note that Crypto.com stands out by offering over 350 cryptocurrencies, making it one of the most comprehensive platforms available. It also provides a Visa card with customizable cashback rates and different card types to suit user preferences. Additionally, Crypto.com’s robust DeFi services and competitive staking options, with regularly updated APY rates, make it a versatile choice for investors. Furthermore, its security certifications, such as SOC2 and ISO standards, further enhance its appeal by ensuring a high level of safety and trustworthiness.
We recommend choosing Bitcoin Well over Crypto.com 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 Crypto.com 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.
