Bitget vs. Kucoin: What Works Better For Canadians in 2024

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.

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

Security remains a paramount concern for any cryptocurrency trader. Bitget enhances its security framework with two-factor authentication, email notifications for logins or withdrawals, and a protective anti-phishing code for its communications. Additionally, Bitget offers an emergency insurance coverage of $300 million for its users. Kucoin, on the other hand, also emphasizes two-factor authentication and email notifications. However, they suffered a significant security breach in 2020, with a substantial amount of crypto being stolen, although a majority was recovered.

Regulatory Compliance

Not regulated by Canadian financial institutions. 

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

While the realm of cryptocurrency often grapples with regulatory gray areas, Canada has its regulatory bodies, like the Ontario Securities Commission (OSC), monitoring compliance. Kucoin faced scrutiny from the OSC and was eventually banned from operating in Ontario, resulting in a hefty fine. On the other hand, there isn't any specific mention of Bitget facing any compliance issues in 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. 

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

User reviews play a significant role in gauging the efficiency of customer support. Bitget seems to have a mixed reputation on Trustpilot with a 2.2-star rating, with some users pointing out concerns with its copy trading feature. On the other hand, Kucoin provides 24/7 customer support but has garnered criticism for its slow or automated bot-like responses.

Conclusion

While both Bitget and Kucoin have carved their niches in the cryptocurrency world, when it comes to overall user experience, security, and compliance in the Canadian context, Bitget emerges as the winner. Its robust security measures, combined with positive mobile app reviews and apparent regulatory compliance in Canada, make it a more attractive option for Canadian traders.

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 Kucoin, offering both advanced features and financial advantages that are especially beneficial for traders focused on minimizing costs while maximizing efficiency.

When comparing Kucoin to other exchanges, KuCoin stands out for its enhanced transparency through the Proof of Reserves (PoR) system, which verifies that the platform can fully cover all user assets, reinforcing trust in its financial stability. Additionally, KuCoin has stepped up its game in customer service by offering 24/7 support, making it easier for users to get timely assistance compared to many other exchanges. This level of transparency and customer care makes KuCoin a strong contender among its competitors.

We recommend choosing Bitget over Kucoin 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 Kucoin 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.