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.
ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage.
For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account.
This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario.
Security stands paramount for any exchange. Bitget showcases its commitment to safeguarding user assets by providing a substantial emergency insurance coverage of $300 million. Additionally, two-factor authentication and anti-phishing codes ensure enhanced protection against unauthorized access. On the ByBit side, while it uses cold storage for assets, the transparency regarding the percentage of funds held in cold storage remains vague. However, like Bitget, ByBit also facilitates two-factor authentication.
Regulatory Compliance
Not regulated by Canadian financial institutions.
In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.
Canada maintains a stringent regulatory framework for cryptocurrency exchanges. Ontario's Securities Commission (OSC), in particular, plays a pivotal role. ByBit recently came under the OSC's radar and faced accusations of selling unlicensed securities to Ontario residents. The fallout from this led to a $2.5M fine and subsequent restrictions on new account sign-ups from the region. Bitget, conversely, has been widely regarded as a top alternative, especially after ByBit’s announcements of exiting from Canada.
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.
ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.
Support services are critical for any trading platform. Bitget seems to be struggling in this domain, with a low 2.2-star rating on Trustpilot. The reviews largely term the support as 'unhelpful'. Conversely, ByBit appears to fare better, equipped with a comprehensive support center on its website, and reviewers have noted prompt responses to their queries.
Conclusion
While both Bitget and ByBit cater to unique trader needs, it's crucial to consider the comprehensive package. Despite the slightly overwhelming interface for beginners, Bitget provides enhanced security, a broader altcoin spectrum, and a better reputation in the Canadian market. Therefore, while both exchanges are commendable, Bitget steals the limelight as the preferable choice for Canadians in 2024.
We recommend choosing Bitget over ByBit 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 ByBit 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.
