Security Compliance
Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.
Binance offers world-class security meaning your coins are in relatively safe hands. It offers two-factor authentication, so you can prevent unauthorized access to your account.
Keep in mind, Binance has been hacked before. Back in 2019, hackers stole 7,000 Bitcoin along with customers’ 2FA codes and API tokens. The hackers used phishing and viruses to gain access to the exchange. However, because Binance holds most of its digital assets in cold storage, the hackers only got away with what was in the hot wallet – about 2% of Binance’s Bitcoin holdings at the time.
As long as you take precautions, and transfer your crypto off the exchange to an external cryptocurrency wallet, you should be safe.
Both exchanges prioritize user security. Bitget offers two-factor authentication, email notifications for account activity, and an anti-phishing code for email authenticity. They have an emergency insurance coverage of $300 million to safeguard against unexpected losses. Binance also provides two-factor authentication, withdrawal whitelist options, and has an emergency fund known as SAFU (Secure Asset Fund for Users). However, Binance has faced a security breach in the past where hackers stole a significant amount of Bitcoin, indicating potential vulnerabilities.
Regulatory Compliance
Not regulated by Canadian financial institutions.
Binance has no restrictions for Canadians, except for Ontario residents. You can use it at full capacity whether it’s a simple buy order at market price or a more advanced order type.
Post Binance's announcement of its exit from the Canadian market, many Canadians are migrating to alternatives like Bitget. Regarding regulatory compliance, exchanges operating in Canada must adhere to the regulations set forth by Canadian Securities Administrators (CSA) and are subject to federal laws. However, specific compliance details for Bitget and Binance in Canada might need more in-depth investigation, as crypto regulations can be complex and ever-evolving.
Customer support
Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out.
Binance offers 24/7 support and a live chat option. In addition, Binance also has helpful FAQs and online ticketing service for their customers. Binance replied to our concern within a day.
Customer support experiences vary between the two platforms. Bitget has garnered a 2.2-star rating on Trustpilot, with some users criticizing their support. Binance offers 24/7 online support, but users often interact with bots before reaching human assistance, leading to mixed reviews.
Conclusion
Both Bitget and Binance come with their strengths, offering a range of features to cater to different trader needs. However, considering the recent regulatory changes, market shifts, and the overall user experience for Canadians, Bitget edges out as the winner. It's positioned itself as a reliable alternative for Canadians seeking a platform with low fees and a variety of cryptocurrencies.
We recommend choosing Bitget over Binance for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Bitget nor Binance 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.
