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

Oleg Galeev

Last updated March 11, 2024

Comparing Bull Bitcoin and KuCoin reveals a study in contrasts tailored to Canadian crypto users. Bull Bitcoin, a platform dedicated to Bitcoin transactions and services within Canada, offers simplicity and legal compliance. On the other hand, KuCoin, a global exchange boasting a vast array of altcoins and complex trading options, navigates a broader but more complicated path, especially with its regulatory challenges in Ontario.

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.

Kucoin is a sort of Canadian-friendly cryptocurrency exchange that offers peer-to-peer crypto trades, lending, and futures trading. Kucoin is suitable for more advanced traders looking for advanced charting and order types. Kucoin has 8 million

Coins

BTC only

500+ coins

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.

Low maker/taker trading fees ( 0.005%/0.025% to 0.1%/0.1% for class A coins)
Free deposits
Variable withdrawal fees
KCS holders get 20% discount on trading fees

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 fees
Wide range of altcoins available
Advanced order types
Crypto lending
Futures trading
Fast crypto purchases
Peer to peer exchange
Anonymous trading

Cons

Only bitcoin available

Platform is confusing for beginners
No fiat to crypto pairs
Must buy USDT to trade
Previously hacked
Not compliant in Ontario (but you can still use it though)

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)

Low

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 card
Third party Bank transfer

Security

Full custody of your bitcoin.

$275 million stolen in 2020 hack
2FA available

Mobile and Desktop Trading

Bull Bitcoin maintains a user-friendly web interface designed for straightforward Bitcoin transactions. While it lacks a dedicated mobile app, its desktop platform is accessible and caters well to users focusing on Bitcoin trading and payments within Canada.

KuCoin offers both desktop and mobile apps that are rich in features for a comprehensive trading experience. The apps are highly rated on iOS and Google Play, showcasing a strong preference for KuCoin’s mobile platform among users worldwide for trading a wide variety of cryptocurrencies.

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

Kucoin

Kucoin is slightly different than your average crypto exchange. You won’t be able to deposit Canadian dollars directly. You’ll have to go through a third-party such as Banxa to deposit fiat. Kucoin does, however, accept credit and debit card payments, but you’ll need to check if your Canadian bank allows crypto transactions.

There are no fiat to crypto pairs, so you cannot buy bitcoin or other crypto directly with your dollars. You’ll need to first purchase Tether USDT on Kucoin and then trade that for the crypto you want.

The Kucoin exchange can be quite confusing for beginners.

There are advanced charting and order types available, plus you can trade on margin and trade futures contracts if you wish.

To buy USDT quickly, go up to the top menu and select the “Fast Buy” option. Here, you can purchase USDT using your credit or debit card or via the P2P exchange, or via a third party transfer. Once you have your USDT, then you can trade it on the Kucoin exchange under “spot trading”. Select the trading pair e.g. USDT/BTC and then choose your order type e.g. market order.

The Kucoin app has a 3.7-star rating from over 2,000 reviews on the Apple App Store and a 2.7-star rating from over 12,000 reviews on Google Play. Many people complain that the app crashes or that there are certain features lacking such as the ability to filter order history by trading pair.

Kucoin’s app is a bit more simple than its desktop exchange but it’s still confusing for beginners. There are lots of features, tabs, and menus. Buying USDT is easy since you do not need to verify your account. Simply sign up with an email and you can buy crypto in seconds using your credit or debit card under the Fast trade option. From there though, you will need to navigate to the spot trading page and select the trading pair you want.

Kucoin desktop interface

Kucoin desktop app (Fast Trade)

Kucoin app interface

Kucoin 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.

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet.

Bull Bitcoin prioritizes security through immediate self-custody of Bitcoin, minimizing risk by reducing reliance on the platform for asset storage. It is transparent about its security measures, fostering trust within the Canadian crypto community.

KuCoin, while offering robust security features such as two-factor authentication and cold storage for assets, suffered a significant security breach in 2020. The details on the percentage of assets held in cold storage are less clear, raising concerns about overall safety.

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 June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

Bull Bitcoin is fully compliant with Canadian regulations, registered with FINTRAC, and adheres strictly to KYC procedures, positioning itself as a trustworthy platform for Canadians.

KuCoin has faced regulatory challenges in Ontario, with the Ontario Securities Commission (OSC) banning it from operating in the province due to non-compliance issues. This highlights the potential risks for Canadian users regarding regulatory acceptance.

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.

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

Bull Bitcoin offers dedicated support through direct email contact, with high customer satisfaction ratings indicating effective and relevant assistance for Canadian users.

KuCoin provides global customer support via email and a ticketing system on its website. However, user feedback indicates that responses can sometimes be slow or perceived as automated, potentially detracting from the support experience.

Conclusion

For Canadian cryptocurrency users, especially those focused on Bitcoin, Bull Bitcoin stands out as the preferable choice. Its commitment to providing a straightforward platform exclusively for Bitcoin transactions, combined with full compliance with Canadian financial regulations and a high level of personalized customer support, makes it particularly suited to the needs of Canadian users. While KuCoin offers a broader range of cryptocurrencies and advanced trading features, its regulatory challenges in Ontario and security concerns make Bull Bitcoin a safer and more reliable option for Canadians looking to engage in cryptocurrency transactions in 2024.

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.