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.
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
Crypto.com ensures commendable security measures, safeguarding all of its customers' funds in a Ledger Vault with cold storage. The funds of the company itself are the only ones kept in hot wallets. They utilize multi-factor authentication, along with 2FA and email confirmations for each withdrawal.
While ByBit also uses cold storage for its assets, it isn't explicit about the percentage of funds held this way. To enhance account security, ByBit employs two-factor authentication through Google Authenticator.
Regulatory Compliance
In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
Crypto.com has recently marked its presence as the foremost global crypto exchange to enter into a pre-registration undertaking with the OSC. This signifies its compliance with the regulatory standards set by the OSC in Canada.
In contrast, ByBit faced allegations from the OSC for peddling unlicensed securities to Ontario residents. After settling a $2.5M fine, ByBit has imposed restrictions on creating new accounts for Ontario residents.
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.
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
ByBit boasts a comprehensive support center on its website, equipped with various crypto-related guides and instructions on using the exchange. Their chat support is noted for its efficiency, often providing assistance within an hour.
Crypto.com: While they offer several features, customer service has been reported as slow and lacking. However, they are typically able to handle issues within 24 hours.
Conclusion
While both exchanges provide a wide array of features and robust security measures, if we have to choose a winner, it would be ByBit. Although ByBit faced a regulatory issue with the OSC, they resolved it by paying the fine and have since taken measures to ensure compliance. ByBit's strength lies in its competitive trading fees, wide range of coins, and an efficient customer service system. However, it's important to note that this conclusion is more suited for users focused on futures and margin trading. For a broader array of services including staking, crypto Visa cards, and NFTs, Crypto.com is an excellent choice. Always remember that no exchange can guarantee absolute security, and users should follow best practices like enabling two-factor authentication and not leaving a significant amount of assets on any exchange for an extended period.
Initially, we recommended choosing ByBit over Crypto.com 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 Crypto.com.
If you find that neither ByBit nor Crypto.com 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.
