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

Oleg Galeev

Last updated March 11, 2024

Bull Bitcoin and CoinSmart represent two distinct approaches to cryptocurrency trading and services in Canada. While Bull Bitcoin focuses on simplifying Bitcoin transactions and offering unique features like bill payments with Bitcoin and self-custody, CoinSmart broadens the horizon by providing a platform for trading a variety of cryptocurrencies, educational resources, and additional services like invoicing in crypto and an OTC desk.

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.

CoinSmart is a Toronto-based Canadian crypto exchange that offers same-day deposits in CAD, EUR and USD. CoinSmart offers crypto trading for both beginners and advanced users.

Coins

BTC only

Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, Cardano, Dogecoin, Polkadot, Shiba Inu, Chainlink, Uniswap, Solana and more

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.

Interac deposit fee of 1% for deposits between $100 - $1999
Free Interac deposits for deposits of $2000+
Free wire and bank draft deposits
Withdrawal fees are 1%
Various crypto withdrawal fees
Trading fees are 0.20% for a single trade or 0.30% for a double trade
Up to 6% fee for credit/debit card purchases

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

Low trading fees
Free deposits over $2000
Suitable for beginners
Advanced trading options
Interac e-Transfer available
$50 bonus
Trade crypto to crypto (no trading pairs needed)
Same-day verification
CAD, USD, EUR deposits

Cons

Only bitcoin available

There is a 1% fee for Interac deposits less than $2000
1% withdrawal fee

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)

$100 min to $10,000 max for Interac deposits
$100 min to $5,000 max for credit/debit card buys
$10,000 bank wire min to $5M max

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.

Credit/debit cards
Interac e-Transfer
Bank wire
SEPA (for EUR)

Security

Full custody of your bitcoin.

CoinSmart is partnered with BitGo to keep customers’ crypto safe in cold storage. BitGo is insured by Lloyds of London for $100 million, so if something were to happen to CoinSmart, your funds might be insured.

CoinSmart offers two-factor authentication to help protect your account.

Mobile and Desktop Trading

Bull Bitcoin prioritizes simplicity and direct transactions, facilitating Bitcoin purchases without the need for a comprehensive mobile app. Its desktop platform is designed to be straightforward, catering primarily to users interested in Bitcoin.

CoinSmart, before it ceased accepting new signups, offered a user-friendly experience on both web and mobile platforms, including an iOS app that received improvements over time. The platform was designed for both beginners and experts, with a modern interface and a wide range of functionalities.

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

Coinsmart

CoinSmart has a fun look with bright colours and cartoons. It is enjoyable to use. The dashboard shows everything you need to trade including options to buy, sell, and trade. You can also view your wallets, activity and simple market information.

To use CoinSmart’s advanced features such as limit orders, you can use their advanced trading platform, which is accessible within your user dashboard.

CoinSmart’s iOS app has a 3.4-star rating with 309 reviews. Its Android app has a 2.6-star rating from 94 reviews. Users of the app say the app crashes, is slow, and often freezes. This is why we would recommend using their desktop version.

Coinsmart App

Coinsmart App trading screen

Coinsmart mobile app interface

Coinsmart mobile 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.

Bull Bitcoin ensures safety through immediate self-custody of Bitcoin, minimizing the risk of exchange hacks. Compliance with Canadian laws and a strong emphasis on user privacy and security underscore its commitment to safeguarding user assets.

CoinSmart used cold storage for the majority of its digital assets and enforced two-factor authentication, alongside compliance with Canadian regulatory standards, to protect its users and their investments.

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.

Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).

Bull Bitcoin is registered with FINTRAC as a Money Services Business, adhering to Canadian financial regulations and KYC procedures to prevent fraud and money laundering.

CoinSmart was fully compliant in Canada, registered with FINTRAC, and recognized by the Ontario Securities Commission (OSC), ensuring a secure and regulated trading environment for its users.

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.

CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.

Bull Bitcoin offers personalized support through email, with high customer satisfaction reflected in its Trustpilot ratings. The platform's focus on the Canadian market enables targeted and effective customer service.

CoinSmart provided 24/7 customer support with a live chat function, phone support, and a high reported customer satisfaction rate. Their comprehensive support system was designed to quickly resolve user issues and inquiries.

Conclusion

Both Bull Bitcoin and CoinSmart offer compelling services for Canadian cryptocurrency users, each with its unique strengths and focus areas. CoinSmart catered to a broader audience with its wide range of cryptocurrencies, educational resources, and additional services such as SmartPay and an OTC desk, making it a versatile platform designed for both beginners and seasoned traders. Its commitment to security, compliance, and customer support made it a strong contender in the Canadian crypto market.

However, with CoinSmart no longer accepting new signups and directing potential users towards Bitbuy, the comparison takes an interesting turn. For Canadians specifically focused on Bitcoin and looking for a straightforward, secure, and direct way to manage their Bitcoin transactions, Bull Bitcoin emerges as the clear winner. It excels in offering a specialized, Bitcoin-focused service that simplifies buying, selling, and paying bills with Bitcoin, emphasizing the importance of self-custody and reducing reliance on the exchange for holding assets.

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.