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.
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
Bull Bitcoin ensures security by allowing immediate self-custody of bitcoin, minimizing risk of exchange hacks. It's compliant with Canadian regulations, registered with FINTRAC, and emphasizes user privacy and security.
Wealthsimple Crypto secures funds with $200 million in insurance through Gemini Trust Company LLC™ and is part of a regulated and established Canadian financial services provider. While offering robust security features, it currently lacks two-factor authentication for added account 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.
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.
Both platforms are compliant with Canadian regulations. Bull Bitcoin is registered with FINTRAC as a Money Services Business, adhering to Canadian financial regulatory standards.
Wealthsimple Crypto is also fully regulated in Canada, part of Wealthsimple, which has been a reputable brokerage since 2016. It provides additional reassurance by being part of an established financial services company.
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.
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
Bull Bitcoin offers direct email support and has a high customer satisfaction rate, evident from its Trustpilot reviews. Being a smaller company, response times might be slower during off-peak hours.
Wealthsimple Crypto provides a comprehensive help center, live chat, email, and phone support available 24/7. It has received positive feedback for its customer service across various platforms.
Conclusion
Both exchanges offer unique advantages tailored to different user needs. However, Bull Bitcoin is the winner for those prioritizing bitcoin trading and utilization, thanks to its focus on immediate self-custody, lower fees, and the innovative feature of paying bills with bitcoin. Its commitment to privacy and security, coupled with its specialized service, makes it particularly appealing for bitcoin enthusiasts in Canada.
Wealthsimple Crypto has recently enhanced its platform to better compete with Bull Bitcoin. The introduction of crypto swaps allows users to exchange one cryptocurrency for another directly, reducing trading fees and streamlining the process. With support now extended to over 60 different coins, investors have a broader selection to choose from. Additionally, Wealthsimple offers staking options with potential annual yields of up to 11%, providing an opportunity for passive income that may surpass offerings from other exchanges. The platform has also addressed past limitations by enabling users to send and receive cryptocurrencies to and from external wallets, significantly improving flexibility and aligning with features commonly found on other leading platforms.
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).
