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.
Netcoins utilizes the services of Bitrank and QLUE to stay compliant by monitoring wallet addresses and transactions for fraud and connections to criminal enterprises.
Two-factor authentication is available to help keep your account secure.
While ByBit does employ cold storage for assets, details about the proportion of funds in cold storage remain undisclosed. It offers two-factor authentication via Google Authenticator. However, it has faced legal action by the Ontario Securities commission over unlicensed securities.
As a publicly traded company, Netcoins provides a regulated platform, registered as a Money Services Business with FINTRAC. Despite the positive implications, it's unclear how customer funds are stored. Two-factor authentication is also available.
Regulatory Compliance
In a recent update, ByBit has announced its decision to exit the Canadian market by October 2023 due to Canadain regualtions.
Netcoins is fully regulated in Canada. It is registered as a Money Services Business (MSB) with FINTRAC. Since Netcoins is also owned by Bigg Digital Assets, a publicly traded company, you can be sure that Netcoins is a safe exchange.
Following a conflict with the Ontario Securities Commission, ByBit is not compliant in Ontario and has restricted new account sign-ups from residents of this province.
Fully regulated and compliant in Canada, Netcoins is registered with FINTRAC. It uses the services of Bitrank and QLUE to monitor wallet addresses and transactions for fraud and potential links to criminal enterprises.
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.
Netcoins has excellent customer support with an impressive 85% excellent customer service reviews on Trustpilot with a 4.5-star rating. Netcoins offers email support, live chat and phone support, which is rare for crypto exchanges.
ByBit has an extensive support center on its website, and users can contact support by creating a ticket. However, some users reported issues with withdrawals.
Known for its excellent customer service, Netcoins offers 24/7 live chat support, along with email and phone support, a rarity in the crypto exchange industry. Its prompt and efficient support team is highly rated by users.
Conclusion
Both ByBit and Netcoins provide solid platforms for cryptocurrency trading, each with its strengths. However, due to its advanced trading features, global reach, and lower trading fees, ByBit stands out as the winner, especially for experienced traders. But remember, its non-compliance in Ontario and lack of clarity on security measures warrant caution for Canadian users.
Initially, we recommended choosing ByBit over Netcoins 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 Netcoins.
If you find that neither ByBit nor Netcoins 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.
