Security Compliance
Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet.
Binance offers world-class security meaning your coins are in relatively safe hands. It offers two-factor authentication, so you can prevent unauthorized access to your account.
Keep in mind, Binance has been hacked before. Back in 2019, hackers stole 7,000 Bitcoin along with customers’ 2FA codes and API tokens. The hackers used phishing and viruses to gain access to the exchange. However, because Binance holds most of its digital assets in cold storage, the hackers only got away with what was in the hot wallet – about 2% of Binance’s Bitcoin holdings at the time.
As long as you take precautions, and transfer your crypto off the exchange to an external cryptocurrency wallet, you should be safe.
Bull Bitcoin prioritizes user security through immediate self-custody of Bitcoin, significantly reducing the risk of exchange hacks. It's compliant with Canadian financial regulations, adding an extra layer of security and trust for Canadian users.
Binance has implemented robust security measures, including two-factor authentication and cold storage for assets. However, it has been a target for hackers, experiencing a significant breach in 2019. Despite this, Binance has taken steps to enhance its security, including the use of an emergency insurance fund to cover potential losses.
Regulatory Compliance
Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations.
Binance has no restrictions for Canadians, except for Ontario residents. You can use it at full capacity whether it’s a simple buy order at market price or a more advanced order type.
Bull Bitcoin is fully compliant with Canadian regulations, registered with FINTRAC, and adheres strictly to KYC procedures, making it a reliable choice for Canadians seeking a platform that aligns with local laws.
Binance operated in Canada until its recent decision to withdraw from the market, complicating its compliance status. While it did serve Canadian users, its global operations and eventual exit reflect challenges in aligning with specific Canadian regulatory requirements.
Customer support
Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service.
Binance offers 24/7 support and a live chat option. In addition, Binance also has helpful FAQs and online ticketing service for their customers. Binance replied to our concern within a day.
Bull Bitcoin offers personalized customer support with high satisfaction ratings, providing direct email contacts for assistance, reflecting its commitment to user-friendly service for Canadians.
Binance provided 24/7 online support but often relied on automated bots and self-help articles, which could be less satisfying for users seeking direct human assistance.
Conclusion
Considering the needs of Canadian cryptocurrency users, Bull Bitcoin is the winner. Its dedication to providing a secure, straightforward platform for Bitcoin transactions, coupled with compliance with Canadian regulations and personalized customer support, makes it especially appealing for Canadians. While Binance offers a broader range of services and cryptocurrencies, its decision to exit the Canadian market and the complexities associated with its global operations highlight the advantages of choosing a platform like Bull Bitcoin, focused on serving the specific needs of the Canadian market.
Bull Bitcoin is the most cost-effective platform for trading Bitcoin in Canada, offering a unique feature that allows users to pay bills, including phone, electricity, and even taxes to the Canada Revenue Agency (CRA).
