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ByBit vs Kucoin: What Works Better For Canadians in 2024

Oleg Galeev

Last updated March 12, 2024

In this comparison, we will assess two prominent cryptocurrency exchanges in Canada: ByBit and KuCoin. While both platforms offer a wide range of altcoins and have a good reputation, there are notable differences to consider. ByBit focuses on user-friendly trading experiences, while KuCoin stands out for its extensive altcoin offerings and low fees.

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 KuCoin.

Description

ByBit is a global cryptocurrency exchange with headquarters in Dubai with over 100 cryptocurrencies to trade. Unfortunately, ByBit has announced its decision to exit the Canadian market by October 2023. As an excellent alternative, we highly recommend considering Bitget.

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

1000+ crypto coins

500+ coins

Fees

Low trading fees
Approx 5% third party fees for e-Transfer
Approx 3% card payment fees
No P2P fees

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

100+ cryptocurrencies
Staking and lending
Yield farming
OTC Desk
NFT Marketplace
Copy trading
Low trading fees
Verification not necessary

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

Cons

Won't be available in Canada in October 2023
Advanced trading platform can be confusing for beginners
Only card payments or third-party transfers
No CAD deposits

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

A peer-to-peer trading limit of $1000 per day and a withdrawal limit of 2 BTC per day

Low

App

Methods to buy

CAD deposits are not available
You can deposit by card payment, a third-party such as Banxa (3% commission)
Peer-to-peer marketplace

Credit/debit card
Third party Bank transfer

Security

ByBit uses cold storage for assets
2FA

$275 million stolen in 2020 hack
2FA available

Mobile and Desktop Trading

ByBit provides a user-friendly mobile app with high ratings on both the App Store (4.2 stars) and Google Play (4.7 stars). It offers seamless trading experiences on mobile devices. The desktop platform of ByBit is highly regarded, offering advanced trading features and intuitive navigation.

KuCoin, on the other hand, offers a mobile app with a 4.6-star rating on the App Store and a 4.3-star rating on Google Play. While it provides similar features to the desktop version, some users have reported issues such as app crashes and missing features. The KuCoin desktop platform offers advanced charting, order book data, and various order types, but it may be confusing for beginners.

ByBiy

ByBit has a mobile app for both iPhone and Android users. On iOS, the ByBit app has a 3.9-star rating from 689 reviews. On Google Play it has a 4.3-star rating from 76,000 reviews.

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit App

ByBiy app main screen

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

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.

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.

Both ByBit and KuCoin prioritize the security of user funds. ByBit implements robust security measures including two-factor authentication, secure cold storage for funds, and advanced encryption protocols. KuCoin also emphasizes security, utilizing measures like cold storage, multisignature wallets, and two-factor authentication. While both exchanges have experienced security incidents in the past, they have taken steps to enhance their security infrastructure.

Regulatory Compliance

In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.

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.

ByBit, known for its wide selection of over 100 cryptocurrencies for trading, shares similarities with Binance, including offerings of futures and margin trading. However, ByBit faced issues with the Ontario Securities Commission (OSC) due to these features and consequently does not operate in Ontario. On the other hand, KuCoin was also mentioned by the OSC in June 2021 for allegedly providing illegal securities and derivatives trading to Ontario residents, but no response was received from KuCoin regarding this matter.

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.

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

ByBit provides customer support through live chat, email, and a comprehensive help center that addresses frequently asked questions. The available information does not specify the level of responsiveness and customer satisfaction. On the other hand, KuCoin offers 24/7 customer support via email and their website ticketing service. However, the speed and effectiveness of KuCoin's customer service have received mixed reviews.

Conclusion

Both ByBit and KuCoin are reputable cryptocurrency exchanges with their own strengths. ByBit excels in providing user-friendly trading experiences and a highly regarded desktop platform. On the other hand, KuCoin stands out for its extensive altcoin offerings and low trading fees. However, considering the overall features, security measures, and user satisfaction, ByBit emerges as the winner in this comparison. Its emphasis on user-friendly experiences and robust security measures makes it a preferred choice for Canadian traders.

Initially, we recommended choosing ByBit over KuCoin 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 KuCoin.

If you find that neither ByBit nor KuCoin 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.

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.