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.
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.
Bull Bitcoin prioritizes security by enabling users to take immediate custody of their Bitcoin, reducing the reliance on the platform for holding assets. Details on specific security measures are not extensively detailed, but the platform's focus on direct Bitcoin transactions inherently supports user security.
Bitvo claims to secure digital assets primarily through third-party cold storage, with 95% to 100% of assets held offline, and the remainder in hot storage for liquidity purposes. Customer fiat funds are kept in segregated bank accounts, and the platform employs a multi-layered firewall infrastructure for additional security.
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.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
Both Bull Bitcoin and Bitvo are registered as Money Service Businesses with FINTRAC, adhering to Canadian regulatory standards. This registration ensures both platforms operate within the compliance framework established by Canadian federal organizations, offering users a level of trust and security.
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.
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.
Bull Bitcoin offers support primarily via email, and the platform boasts a high Trustpilot rating, indicating strong customer satisfaction with the support received. The focus is on direct and efficient communication.
Bitvo differentiates itself with 24/7 customer support, including live chat, email, and even phone support—a rarity among crypto exchanges. This comprehensive support system demonstrates Bitvo's commitment to customer satisfaction and accessibility.
Conclusion
While both Bull Bitcoin and Bitvo present compelling services for Canadian cryptocurrency users, Bull Bitcoin stands out for its streamlined approach to Bitcoin transactions. Its focus on enabling users to directly buy Bitcoin and use it for everyday financial tasks, combined with the platform's emphasis on security through self-custody, makes it particularly appealing for those prioritizing Bitcoin in their digital finance activities. Although Bitvo offers a broader range of cryptocurrencies and unique features like the Bitvo Cash Card, Bull Bitcoin's dedication to simplicity and user empowerment in the Bitcoin ecosystem gives it an edge.
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).
