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.
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
Bitget emphasizes security through features like two-factor authentication, anti-phishing codes, and an impressive $300 million emergency insurance coverage. Wealthsimple Crypto, being more localized, guarantees coin insurance up to $200 million via the Gemini Trust Company LLC™. While both exchanges prioritize safety, Wealthsimple adds a touch of convenience by integrating Touch ID and Face ID for quicker, safer access.
Regulatory Compliance
Not regulated by Canadian financial institutions.
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.
Bitget, though widely accepted, doesn't have a clear regulatory standing in Canada. On the flip side, Wealthsimple Crypto complies with Canadian federal regulations, being closely monitored by Canadian regulatory bodies. Canada's regulatory framework for cryptocurrencies is still in evolution, but institutions like the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) play a pivotal role in ensuring exchanges adhere to the federal mandate.
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.
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
Bitget's support is somewhat polarizing. While the platform offers extensive support tools, some users have voiced concerns, particularly surrounding the copy trading feature. Wealthsimple, conversely, garners appreciation for its 24/7 customer support spanning live chat, email, and phone. Their holistic support structure reinforces their commitment to user satisfaction.
Conclusion
Both Bitget and Wealthsimple Crypto bring distinct offerings to the table, each with its merits. However, considering the broader spectrum of user-friendliness, security, compliance, and support, Bitget emerges as the victor. Its advanced trading tools combined with competitive fees and expansive crypto options give it an edge, making it a top choice for Canadians in 2024.
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 Wealthsimple Crypto, offering both advanced features and financial advantages that are especially beneficial for traders focused on minimizing costs while maximizing efficiency.
Wealthsimple Crypto has recently enhanced its platform to better compete with other exchanges. The introduction of crypto swaps allows users to exchange one cryptocurrency for another directly, reducing trading fees and streamlining the process. With support now extended to over 60 different coins, investors have a broader selection to choose from. Additionally, Wealthsimple offers staking options with potential annual yields of up to 11%, providing an opportunity for passive income that may surpass offerings from other exchanges. The platform has also addressed past limitations by enabling users to send and receive cryptocurrencies to and from external wallets, significantly improving flexibility and aligning with features commonly found on other leading platforms.
We recommend choosing Bitget over Wealthsimple Crypto 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 Wealthsimple Crypto 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.
