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.
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.
Bitget emphasizes security, offering two-factor authentication and email notifications for user activities. They also provide an emergency insurance coverage of $300 million, ensuring user assets are protected. Bitvo holds most of its digital assets in third-party cold storage, typically ranging between 95% to 100%. They also utilize a multi-layered firewall infrastructure and third-party scrutiny for any cryptocurrency listings, reducing the risk of scam coins.
Regulatory Compliance
Not regulated by Canadian financial institutions.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
Bitget's position on Canadian federal compliance isn't explicitly mentioned. In contrast, Bitvo stands as a registered Money Service Business in Canada, ensuring its alignment with FINTRAC regulations, a federal organization overseeing money services businesses and ensuring their compliance with Canadian law.
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.
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.
Bitget's customer support has mixed reviews, with a 2.8-star rating on Trustpilot, some users citing it as unhelpful. Bitvo takes pride in its customer support, offering 24/7 availability through live chat, email, and even phone—a rarity among crypto exchanges.
Conclusion
Both Bitget and Bitvo offer commendable services for Canadians in the crypto realm. However, if we had to pick a winner, Bitget takes the edge. Its expansive altcoin offerings, advanced trading features, and competitive fee structure make it a favored choice, especially for those delving deeper into the crypto trading world.
We recommend choosing Bitget over Bitvo 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 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.
