Security Compliance
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.
CoinSmart employs cold storage for its assets and mandates two-factor authentication. While it doesn't divulge details about the exact percentage of assets in cold storage, its commitment to safety is evident in its transaction processes.
With a comprehensive security protocol that includes multi-factor authentication and cold storage solutions, Bitcoin Well ensures that user assets and information remain safeguarded against threats.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Fully compliant in Canada, CoinSmart is not only registered with FINTRAC but also has been granted status by the Ontario Securities Commission (OSC). This latter distinction is significant, considering OSC had previously banned prominent exchanges like Binance.
Bitcoin Well is also known to operate within the purview of Canadian laws, ensuring full compliance with the country's regulatory standards.
Both exchanges function under the oversight of Canadian federal organizations like FINTRAC and the OSC, ensuring they meet Canada's rigorous standards for crypto trading platforms.
Customer support
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
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 24/7 customer support, including a live chat function on their website, CoinSmart offers impressive response times. They claim a 97% customer satisfaction rate, backed by prompt problem resolution.
Bitcoin Well doesn't lag behind in this department. Its dedication to user concerns is evident with their top-tier support team that's readily available for all queries.
Conclusion
While both CoinSmart and Bitcoin Well provide reliable crypto trading platforms tailored for Canadians, CoinSmart emerges as the winner in this comparison. Its impressive suite of features for beginners, commitment to security, compliance with top Canadian regulatory bodies, and high customer satisfaction rate make it the preferable choice for Canadians in 2024.
We recommend choosing CoinSmart over Bitcoin Well for your cryptocurrency trading needs. By opting for CoinSmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither CoinSmart 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.
