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Bitvo vs. BitMEX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

WonderFi and Bitbuy, its parent company, took over all Bitvo client accounts in 2023. This means Bitvo is now part of Bitbuy and isn't taking new sign-ups. If you're interested, sign up at Bitbuy instead. By using our referral link to sign up and depositing $250 in your account, you can receive a bonus of $50. Please note that the comparison provided below is now outdated and is preserved solely for educational and historical reference.

In this comparison, we dive into the features and offerings of two prominent cryptocurrency exchanges, Bitvo and BitMEX. While both platforms offer robust services for cryptocurrency trading, they have notable differences in their target audiences, trading features, security measures, and compliance with Canadian regulations.

Description

Bitvo is a cryptocurrency exchange that offers simple trading for Canadians. It's fully compliant in Canada and also has a crypto cash card that can be used for everyday purchases.

BitMEX is a crypto derivatives exchange that offers futures trading, and perpetual contracts. BitMEX aims to become the world’s largest regulated derivatives exchange. You cannot deposit fiat on BitMEX, only BTC and USDT. The exchange is aimed at experienced traders.

Coins

You can purchase Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin and more.

Bitcoin, Ethereum, Terra, Solana, XRP, EOS, Stellar, Tron, Litecoin, Chainlink, Polkadot, Dogecoin, Binance Coin, Bitcoin Cash, Axie Infinity, Avalanche, Cardano

Fees

The only fee you will pay is a 1% withdrawal fee

  • Free USDT or BTC deposits
  • Free BTC withdrawals
  • Variable USDT withdrawal fees
  • 0.01%/0.05% maker/taker fees

Pros

  • No deposit fees
  • No trading fees
  • Low withdrawal fee
  • Beginner and advanced trading available
  • Bitvo Cash Card available
  • 24/7 customer support (including phone support)
  • Low trading fees
  • Advanced order types
  • No BTC deposit/withdrawal fees
  • Futures/perpetual trading

Cons

  • 1% CAD withdrawal fee
  • Limited number of coins available
  • Only for Canadians
  • High spreads
  • Not suitable for buying crypto
  • USDT withdrawal fees
  • Only suitable for traders who understand contracts trading
  • No fiat deposits

Account Limits

A few withdrawal limits & deposit limit that could be found here

Low

Methods to buy

  • Interac® e-Transfer
  • Wire
  • Canada Post Load

Security

  •  It holds 95% of assets in cold storage
  • 5% in hot storage
  • A multi-layered firewall infrastructure to protect the exchange
  • All BTC held in cold storage
  • Two employees audit all BTC withdrawals
  • BTC deposit addresses externally verified
  • Multisignature wallets

Mobile and Desktop Trading

Bitvo and BitMEX provide robust desktop and mobile experiences for their users. Bitvo offers a clean and simple user interface suitable for beginners, with basic charting and purchase options. Its mobile application is well-organized and user-friendly. BitMEX, on the other hand, offers a detailed and advanced user interface ideal for professional traders, with numerous tools, charts, and indicators. Its mobile application is also feature-rich, mirroring the comprehensive desktop experience. However, BitMEX's mobile app ratings are slightly lower on iOS and Android platforms compared to Bitvo's, indicating a better user experience on Bitvo's mobile app.

Bitvo

Bitvo’s mobile app does not have many ratings. Its iOS app has a three-star rating with 21 reviews and its Android app has a 3.1-star rating with 19 reviews. Some of the reviewers claim the apps are buggy and that the experience on their desktop exchange is better.

Bitvo desktop app main screen

Bitvo desktop app main screen

Bitvo desktop (trading view)

Bitvo desktop (trading view)

Bitvo mobile app

Bitvo mobile app

Bitvo app main screen

Bitvo app (main screen)

BitMEX

BitMEX’s exchange is confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.

There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.

To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.

Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.

BitMEX is only available as a desktop platform.

Bitmex desktop app

Bitmex desktop app

Security Compliance

It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.

Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.

BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading. 

Both Bitvo and BitMEX prioritize user security. Bitvo holds 95% to 100% of its assets in cold storage, with customer fiat funds kept in segregated bank accounts. They also use multi-layered firewall infrastructure and screen any cryptocurrencies looking to be listed on their platform. On the other hand, BitMEX employs a multilevel security system with multi-signature deposits and withdrawal schemes. All BitMEX addresses are multisignature by default, and all storage is kept offline. While both exchanges have robust security measures in place, Bitvo's practice of thoroughly vetting coins before listing adds an extra layer of security for its users.

Regulatory Compliance

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally. 

While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations. 

Bitvo is a registered Money Service Business in Canada, fully compliant with FINTRAC regulations. BitMEX has faced regulatory issues, with services unavailable to residents of Ontario and Quebec, Canada. Therefore, Bitvo is a clear winner in terms of regulatory compliance in Canada, as it operates in full compliance with local laws and regulations, while BitMEX has limitations in certain provinces.

Customer support

Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.

BitMEX offers support via a contact form on their website and has a detailed FAQ section as well. 

Bitvo offers round-the-clock support via live chat, email, and phone support, the last of which is quite rare among cryptocurrency exchanges. BitMEX, on the other hand, offers customer support via email and has a comprehensive FAQ and References section on their website. Here, Bitvo clearly has an advantage with its 24/7 customer service and multiple support channels.

Conclusion

While both Bitvo and BitMEX offer excellent platforms for cryptocurrency trading, Bitvo takes the crown for a few reasons. It provides a simpler and user-friendly platform ideal for beginners, adheres strictly to Canadian regulations, offers better customer support options, and has a stronger focus on user security. Thus, for these reasons, Bitvo is a preferable choice, especially for Canadian users in 2024.

We recommend choosing Bitvo over BitMEX for your cryptocurrency trading needs. By opting for Bitvo through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Bitvo nor BitMEX 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.

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.