Security Compliance
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.
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
While ByBit does employ cold storage for assets, they remain rather opaque regarding the exact percentage stored in this manner. However, for added personal security, users can activate two-factor authentication using Google Authenticator.
With a focus on premier digital security, Bitcoin Well integrates multi-factor authentication, cold storage solutions, and continuous surveillance measures. This holistic approach ensures a high level of protection for user assets and data.
Regulatory Compliance
In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Recently, ByBit faced compliance issues, particularly in Ontario where the Ontario Securities Commission (OSC) fined them $2.5M for selling unlicensed securities. As a result, they ceased operations in the region.
Prioritizing its Canadian clientele, Bitcoin Well operates fully within the boundaries of Canadian regulatory guidelines. Their transparency and dedication to local standards make them a reliable choice for Canadians.
Customer support
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.
Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.
With a blend of online guides and responsive chat support, ByBit ensures that users' queries are addressed promptly. Their chat support, in particular, stands out for swift resolutions, as evidenced by a TONCOIN withdrawal issue which was settled within an hour.
Emphasizing its commitment to users, Bitcoin Well offers stellar customer support, always ready to assist with any concerns or inquiries. Their proficiency and promptness enhance user experience manifold.
Conclusion
In the duel between ByBit and Bitcoin Well, both exchanges shine in their respective domains. ByBit, with its expansive global reach and robust trading platforms, certainly offers a diverse trading experience. However, for Canadians, Bitcoin Well's emphasis on compliance, security, and tailored support makes it an appealing choice. But when considering the broader picture, with a diverse range of coins and advanced trading tools, ByBit narrowly edges out as the winner.
Initially, we recommended choosing ByBit over Bitcoin Well for your cryptocurrency trading needs. However, Bybit has announced its exit from the Canadian market on 30 September 2023, citing regulatory uncertainties. As a result, we can't recommend Bybit over Bitcoin Well.
If you find that neither ByBit nor Bitcoin Well meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.
