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.
Bitbuy is one of the safest crypto exchanges for Canadians. The Blockchain Intelligence Group has completed its third annual proof of reserves and due diligence report confirming that Bitbuy exceeds its mandate requiring 95% of customer funds to be held in cold storage. Bitbuy keeps 98% of Bitcoin, Litecoin, and Ethereum funds in cold storage, which is one of the highest percentages we’ve seen.
In the volatile world of crypto, security is paramount. Bitget comes fortified with two-factor authentication and boasts a $300 million emergency insurance coverage, acting as a safety net for its users. Bitbuy, on the other hand, goes the extra mile by keeping a staggering 97% of its assets in cold storage. Additionally, Bitbuy's transparency is noteworthy, often surpassing its own security benchmarks.
Regulatory Compliance
Not regulated by Canadian financial institutions.
Bitbuy is an industry leader in Canadian regulatory adherence and compliance. In addition to being a Virtual Asset Service Provider and registered Money Service Business with FINTRAC, Bitbuy’s leadership team is a member of the IIROC Crypto-Asset Working Group, which helps to set high-quality regulatory standards and strengthen Canadian markets.
Compliance remains a focal point for Canadian exchanges, ensuring they align with federal mandates. Both Bitget and Bitbuy adhere to Canadian regulations. Bitbuy, in particular, is fully regulated as a Money Service Business (MSB) by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). However, Bitget's positioning as a strong alternative to other major exchanges exiting the Canadian market gives it an edge. Both are undoubtedly scrutinized by federal entities to ensure they uphold Canadian crypto standards.
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 has FAQs and a knowledge centre on their website. They make it easy to submit a support ticket but the reply might take a while.
Customer support is the backbone of any successful exchange. Bitget's support reputation is a mixed bag, with some Trustpilot reviews pointing towards dissatisfaction, especially around the copy trading feature. Bitbuy, however, garners a more favorable reception, known for its swift and helpful responses, even if some of them seem automated.
Conclusion
Navigating the Bitget and Bitbuy conundrum isn't straightforward. Both exchanges cater to the Canadian audience diligently, offering robust features and impeccable security measures. However, when pinned against each other, Bitget emerges as the winner. Its extensive altcoin offerings, low fees, and position as a top alternative for Canadians make it the go-to choice, even if Bitbuy's regulation and homegrown roots provide tough competition.
Bitget has recently launched the Bitget Card, enabling users to spend cryptocurrency globally, enhancing accessibility and convenience. Furthermore, the platform now features zero transaction fees for USDC/USDT spot trading, positioning itself as a cost-effective option for Canadian users aiming to optimize their trading strategies. These updates further distinguish Bitget from Bitbuy, offering both advanced features and financial advantages that are especially beneficial for traders focused on minimizing costs while maximizing efficiency.
When comparing Bitbuy to other exchanges, it stands out with new staking options, allowing users to earn rewards, which not all exchanges offer. Bitbuy maintains its strong focus on security by keeping 90% of assets in cold storage, which is an improvement over the older claim of 95%. Moreover, the platform has revamped its fee structure to be more transparent and competitive, addressing past concerns about high fees. These updates solidify Bitbuy’s position as a reliable, feature-rich exchange, especially appealing to Canadian users seeking both security and earning potential.
We recommend choosing Bitget over Bitbuy 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 Bitbuy 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.
