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Bull Bitcoin vs Coinbase: What Works Better For Canadians in 2024?

Oleg Galeev

Last updated March 13, 2024

Comparing Bull Bitcoin and Coinbase showcases a contrast between a specialized, Canada-focused Bitcoin buying service and a global cryptocurrency exchange powerhouse. Bull Bitcoin offers direct Bitcoin purchases and bills payment with Bitcoin for Canadian users, while Coinbase provides a broad spectrum of cryptocurrencies, educational resources, and additional features like a card and crypto gifts, catering to a global audience.

Description

Bull Bitcoin is a unique Canadian Bitcoin trading platform with ability to pay bills with bitcoin (cellphone, electricity even taxes to CRA) and that allows you to take self-custody immediately.

Founded in 2012, Coinbase Canada is a cryptocurrency exchange with a simple interface making it a popular choice for Canadians looking to start their crypto journey. However, more Canadians are starting using local exchanges e.g. Bitbuy. Coinbase has 56 million users and became the first cryptocurrency exchange to have an Initial Public Offering.

Coins

BTC only

50+ including BTC, ETH, XRP, LTC

Fees

Bull Bitcoin sends the BTC directly to your wallet so you avoid typical withdrawal and network fees that exchanges often have which is a money saver. Bull Bitcoin does not charge fees for buying bitcoin either. Instead, you’ll get exactly what their “We sell” price is. When paying via debit or cash at Canada Post, you’ll pay a 2% fee.

Extremely High
3.99% buy fee
0.50% fee per trade

Pros

Immediate self-custody of assets
Send funds via e-Transfer or wire
Pay anonymously with cash
No withdrawal fees or wait times
Recurring buys directly from your bank account
Pay bills with bitcoin

Simple and easy interface
Good for beginners
Secure exchange with cold storage
The most popular coins offered
Users can set up automatic recurring buys
Learn to earn crypto program

Cons

Only bitcoin available

High fees
Fewer coins than Binance
Complaints of bad customer support
No Interac e-Transfer

Account Limits

$10,000,000.00 CAD deposit / day via wire trasnfer
$10,000.00 CAD deposit / day via Interac E-transfer
$1,000.00 CAD deposit / day via Cash or Debit at Canada Post
Buy & Sell transfer are almost unlimited ( $1,000,000.00 CAD a day)

High limit. Purchase limit depends on account age and other factors

App

Methods to buy

When buying cryptocurrency with Bull Bitcoin, you can deposit Canadian dollars via an Interac e-Transfer, wire transfer or cash or debit at Canada Post. With the first two options, you will have to KYC and verify your Bull Bitcoin account.

Debit card

Security

Full custody of your bitcoin.

2FA, coins held in cold storage with multi-signature wallets, KYC verification process

Mobile and Desktop Trading

Bull Bitcoin lacks a dedicated mobile app, focusing instead on a simple, web-based platform that facilitates direct Bitcoin purchases and payments. It's designed for straightforward transactions without the need for complex trading features.

Coinbase, on the other hand, boasts highly-rated mobile apps with a 4.7-star rating on the Apple App Store from over 1.7 million ratings and a 4.3-star rating on Google Play from over 800,000 ratings. Its desktop and mobile platforms are user-friendly, making it easy for beginners to buy, sell, and trade cryptocurrencies, with additional features like learning resources and a pro version for advanced traders.

Bull Bitcoin

Bull Bitcoin has a simple website since all of the transactions happen via your bank. There aren’t many features to get you confused, however, we think their website could be designed a little better.

Major Screen

Buying Bitcoin via Bull Bitcoin

Transaction screen on the mobile app

Bull Bitcoin app screenshot

Coinbase

Coinbase app offers a clean white background with simple text. It's user-friendly and easy to navigate.

Coinbases’s app is almost identical to its desktop platform making it easy to trade crypto wherever you are. Safely store your debit card information and you can buy and sell top cryptocurrencies such as Bitcoin and Ether in just a few clicks. On the Apple App Store, Coinbase has a 4.7-star rating with 1.3 million ratings. On Google Play it has a 4.3-star rating with 453,000 ratings.

Coinbase desktop interface

Coinbase portfolio

Coinbase app interface

Coinbase app interface while trading

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.

Coinbase uses its own digital wallet for storing your cryptocurrency.

Coinbase keeps 98% of its cryptocurrency in cold storage. This makes it hard for thieves to steal crypto assets if the exchange is hacked. Cold storage is the most secure way to store cryptocurrency, so the fact that Coinbase does this is a huge plus.

Bull Bitcoin emphasizes user control over assets, allowing Canadians to immediately take self-custody of their Bitcoin, thus minimizing risk associated with exchange storage. However, details on its overall security measures are less publicly detailed.

Coinbase is known for its high security, with 98% of assets in cold storage, encrypted wallets, and keys. It's a publicly traded company in the U.S., which adds layers of regulatory compliance and transparency about its security practices.

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.

Coinbase is a US-based cryptocurrency exchange, however, no restrictions for Canadians. Canadian residents can use Coinbase to their full capacity.

Bull Bitcoin is registered with FINTRAC as a Money Services Business, adhering to Canadian regulations, specifically targeting Canadian users with compliance to local laws.

Coinbase, although a global entity, has made efforts to comply with international regulations. However, its focus on a broader market might not cater to specific Canadian regulatory nuances as directly as Bull Bitcoin does.

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.

Coinbase customer support is very slow. It took them 4 days to address our request to a real person. Even though they offer 24/7 support and a live chat option, the quality of the support is bad due to a very high volume.

Bull Bitcoin offers targeted customer support through email, with positive feedback from Canadian users highlighted by a high Trustpilot rating. However, its smaller scale might impact the breadth of support services.

Coinbase, despite offering a variety of support channels including 24/7 phone support, has faced criticism over customer service responsiveness and efficiency, as reflected in its lower Trustpilot score.

Conclusion

While both platforms offer valuable services, Bull Bitcoin emerges as the recommended choice for Canadians focused on Bitcoin transactions, given its tailored services, emphasis on direct ownership, and commitment to Canadian regulatory compliance. Its simplicity and specialized focus make it particularly appealing for those primarily interested in Bitcoin, despite Coinbase's broader array of features and educational resources.

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).

Author

Oleg Galeev

Cryptocurrency Specialist

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.