Bittrex vs Poloniex: What Works Better For Canadians?

Security Compliance

Bittrex claims to prioritize security, but there is nothing we could find on the website outlining their security measures. However, Bittrex does support whitelisting withdrawal and IP addresses and two-factor authentication. 

Poloniex is also not transparent with security measures, however they offer two-factor authentication and whitelisting of withdrawal addresses. There is also a handy feature called self-freezing. If Poloniex detects a new IP address login on your account, they will email you with a link to freeze your account and stop all activity.

Regulatory Compliance

Bittrex is regulated in Bermuda and to deposit or withdraw fiat you must go through a verification process which includes uploading a government-issued ID and a selfie, plus you must provide proof that the bank account is your own. 

Poloniex was a US-based exchange but after the US tightened crypto regulations in 2019, Poloniex moved to the Seychelles and removed its KYC procedure for credit/debit card purchases. Simplex bank transfers will require verification. Poloniex is therefore unavailable to anyone in the US, but is available to Canadians. 

It is not clear whether Bittrex and Poloniex are compliant with Canadian regulations, so keep this in mind if you choose to use these exchanges. 

Customer support

Bittrex has several complaints about its lack of customer service. Additionally, there have been many people who have complained of Bittrex freezing their account. If you trade on Bittrex, use it with caution and move your funds to a private crypto wallet. If you need technical support, you can fill out a support ticket on their website. 

Poloniex offers 24/7 multilingual support should you need it. They have a knowledge centre on their website and you can submit a support ticket on their website. Generally Poloniex has mixed reviews with many people say the customer support is slow. 

Conclusion

Both Bittrex and Poloniex offer good trading platforms for anyone who has experience and is looking for advanced tools. The downside to these platforms is that Canadian dollars aren’t supported. With Bittrex you can pay using credit or debit card but Canadian banks don’t usually allow crypto purchases. It means you must deposit funds using wire transfers. Poloniex does not allow Canadians to buy crypto with cards and instead requires you to have a Simplex bank account. Of course, you can always purchase crypto on another exchange and transfer them to Bittrex or Poloniex to trade for other coins. 

Both exchanges offer hundreds of trading pairs. Choosing between the two is difficult but we think Poloniex takes the winning spot simply because it offers a decentralized exchange, margin trading, and crypto lending. While Bittrex offers tokenized stocks, it is purely a trading platform without any other features. Poloniex also has slightly lower trading fees, which can make a big difference when you trade frequently.