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ByBit vs Wealthsimple Crypto: What Works Better For Canadians in 2024

Oleg Galeev

Last updated March 12, 2024

ByBit and Wealthsimple Crypto are both prominent platforms in the world of cryptocurrency trading, but they each have unique features and strengths. ByBit is renowned for its advanced trading options and has an international presence, whereas Wealthsimple Crypto, a Canadian platform, is known for its simplicity and appeal to beginners. Both platforms have expanded their offerings over time, with ByBit focusing more on leveraged trading and Wealthsimple incorporating a broader range of cryptocurrencies.

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 Wealthsimple Crypto.

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.

Wealthsimple is a Canadian trading platform that offers several popular cryptocurrencies. You can connect your bank account, move funds from different investment accounts, and buy crypto in CAD.

Coins

1000+ crypto coins

Over 30 coins, e.g. Bitcoin, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC), and a few stable coins.

 

Fees

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

Pros

  • 100+ cryptocurrencies
  • Staking and lending
  • Yield farming
  • OTC Desk
  • NFT Marketplace
  • Copy trading
  • Low trading fees
  • Verification not necessary
  • Offers 30 popular cryptocurrencies
  • Easy to use
  • Can transfer funds between investment accounts
  • Secure and trustworthy
  • You can set limit orders
  • $200M insurance
  • Free CAD bank transfers and withdrawals

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
  • High trading fees
  • Cannot move crypto to a private wallet yet

Account Limits

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

Low

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

CAD Bank transfer

Security

  • ByBit uses cold storage for assets
  • 2FA
  • Coins are insured for $200 million by Gemini Trust Company LLC™
  • Fully regulated in all Canadian provinces
  • Touch/Face ID

Mobile and Desktop Trading

ByBit offers a highly-rated mobile app on both iOS and Android platforms, with a user-friendly interface and advanced charting tools. On the desktop, the platform provides a robust and sophisticated trading experience. Similarly, Wealthsimple Crypto offers a user-friendly mobile app with high ratings on the Apple App Store and Google Play Store. The desktop trading platform mirrors the mobile app, allowing for seamless transfers between devices. It provides an easy-to-use interface, enabling users to deposit, withdraw, buy, and sell cryptocurrencies conveniently

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

Desktop view for ByBit app

ByBit's Desktop app main screen

One-click buy on ByBit

One-click buy on ByBit App

ByBit's mobile app screenshot from my account

ByBiy app main screen

Wealthsimple Crypto

Wealthsimple’s Trade app has a 4.7-star rating from 121,000 reviews on the Apple App Store, and a 4.6-star rating from 41,000 reviews on Google Play.

The app makes it easy to switch between all of your investment accounts, and see exactly how much you have in each one. The desktop trading platform is essentially the same and allows you to deposit and withdraw, buy and sell, and view charting for different cryptocurrencies. It has a simple interface making it easy for beginners. 

Wealthsimple desktop app screenshot

Wealthsimple desktop app

Wealthsimple crypto trading main screen

Wealthsimple crypto trading main screen

Wealthsimple mobile app screenshot

Wealthsimple Crypto Mobile app

Buying crypto with Wealthsimple Crypto

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. 

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. 

ByBit utilizes various security measures, including two-factor authentication, withdrawal whitelist, and cold storage for cryptocurrencies. On the other hand, Wealthsimple Crypto ensures its users' safety by providing insurance for coins worth $200 million through Gemini Trust Company LLC™. It also allows additional security features like Touch ID or Face ID for login, and support two-factor authentication.

Regulatory Compliance

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

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.

ByBit's operations are not officially regulated throughout Canada and have recently ceased providing services to Ontario residents due to regulatory concerns.

In contrast, Wealthsimple Crypto is fully regulated in all Canadian provinces, enhancing its trustworthiness and appeal to Canadian investors.

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.

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. 

ByBit has a comprehensive customer support system that offers 24/7 service via live chat and email. Wealthsimple Crypto also has robust customer support, available 24/7 through live chat, email, and phone, and it also features a comprehensive help center filled with informative articles.

Conclusion

While both ByBit and Wealthsimple Crypto offer reliable cryptocurrency trading experiences, the choice between them depends on the individual investor's needs and preferences. If you are looking for a simple and regulated platform with a wide variety of cryptocurrencies, Wealthsimple Crypto may be your choice. However, if you seek advanced trading options and don't mind dealing with international platforms, ByBit emerges as the winner.

Initially, we recommended choosing ByBit over Wealthsimple Crypto 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 Wealthsimple Crypto.

If you find that neither ByBit nor Wealthsimple Crypto 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 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.