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.
ByBit is lacking in information about its security. ByBit uses cold storage for assets but it’s not clear what percentage of funds are held in cold storage.
For users that want to secure their account, they can set up two-factor authentication using Google Authenticator. Users will need to open this app and enter the code whenever they wish to withdraw from their ByBit account.
This year the Ontario Securities commission (OSC) accused ByBit of selling unlicensed securities to residents of Ontario. ByBit paid a $2.5M fine and has since restricted new account sign-ups from residents of Ontario.
Bull Bitcoin ensures the security of its users through immediate self-custody of Bitcoin, reducing the risk associated with exchange hacks. Its adherence to Canadian financial regulations adds an extra layer of trust and security for Canadian users.
ByBit implements security measures such as cold storage for assets and two-factor authentication. However, the platform's security details are less transparent, and it has faced regulatory challenges in Ontario, raising concerns about its overall safety for Canadian users.
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.
In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.
Bull Bitcoin is fully compliant with Canadian regulations, registered with FINTRAC, and adheres strictly to KYC procedures, making it a reliable and trustworthy option for Canadians.
ByBit encountered regulatory issues with the Ontario Securities Commission, leading to a fine and restrictions on new account sign-ups from Ontario. Its decision to exit the Canadian market further complicates its compliance status within Canada.
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.
ByBit has a helpful support centre on its website with numerous guides about crypto and how to use the exchange. You can also create a ticket on the website if you need to contact support. The chat support helped me within an hour and I had an issue with the withdrawal of TONCOIN.
Bull Bitcoin offers personalized support through direct email contact, boasting high customer satisfaction and a strong focus on serving the Canadian market effectively.
ByBit provides a support center and chat support, though feedback on customer service effectiveness varies. Its global scale may impact the specificity and promptness of support for Canadian users.
Conclusion
Considering the specific needs and regulatory environment for Canadian cryptocurrency users, Bull Bitcoin is the clear winner. Its commitment to Bitcoin, emphasis on security through self-custody, and compliance with Canadian regulations make it exceptionally suited for Canadians seeking a reliable and focused Bitcoin trading platform. While ByBit offers a broader range of services and cryptocurrencies, its regulatory challenges in Ontario and decision to exit the Canadian market highlight the advantages of a dedicated, locally compliant platform like Bull Bitcoin.
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).
