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.
Coinbase uses its own digital wallet for storing your cryptocurrency.
Coinbase keeps 98% of its cryptocurrency in cold storage. This makes it hard for thieves to steal crypto assets if the exchange is hacked. Cold storage is the most secure way to store cryptocurrency, so the fact that Coinbase does this is a huge plus.
Bitget's stance on security integrates features like two-factor authentication, email notifications for account activity, and a hefty $300 million emergency insurance coverage to safeguard user assets. On the other hand, Coinbase, as a dominant global player, stores 98% of its digital assets in cold storage. As an added security layer, Coinbase offers two-factor authentication, and being publicly listed on NASDAQ speaks to its transparency and regulatory adherence.
Regulatory Compliance
Not regulated by Canadian financial institutions.
Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians. Canadian residents can use Coinbase to their full capacity.
In Canada, cryptocurrency exchanges must register as a money services business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). While Bitget is onboarding a growing Canadian clientele, especially with other exchanges retreating from the Canadian market, its regulatory alignment remains to be more clearly defined. Coinbase, being a recognized global entity, is more transparent regarding compliance. Although it's based in the US, it respects international regulatory norms and works closely with Canadian financial oversight bodies.
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.
Coinbase customer support is very slow. It took them 4 days to address our request to a real person. Even though they offer 24/7 support and a live chat option, the quality of the support is bad due to a very high volume.
Bitget seems to have a mixed reputation in terms of customer support, garnering a 2.8-star rating on Trustpilot. Some users find its features like copy trading confusing and feel unsupported in navigating them. Coinbase, despite its global presence, hasn't escaped criticism in the customer support realm. It possesses a 1.5-star rating on Trustpilot, with users frequently pointing out delayed responses and prolonged verification processes.
Conclusion
Both Bitget and Coinbase bring value to the table. While Coinbase offers unparalleled simplicity and is a global brand, Bitget's diverse offerings, low trading fees, and robust trading tools offer an attractive proposition, especially for advanced traders. Given its appeal as an alternative to departing exchanges and a platform tailored for in-depth trading, Bitget nudges ahead in this comparative analysis.
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 Coinbase, offering both advanced features and financial advantages that are especially beneficial for traders focused on minimizing costs while maximizing efficiency.
When comparing Coinbase to other exchanges, it's worth noting that Coinbase One introduces several new features that make it more competitive. These include zero trading fees, boosted rewards, and priority customer support. Additionally, the platform has increased its focus on staking, allowing users to earn rewards, such as 5.10% APY on USDC. While Coinbase’s fees remain high outside of Coinbase One, these added benefits can make the platform more attractive for users looking to maximize earnings while minimizing transaction costs, especially compared to exchanges with lower fees but fewer reward opportunities.
We recommend choosing Bitget over Coinbase 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 Coinbase 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.
