Note: Neither platform is available to Canadians. CoinSmart merged into the WonderFi group in July 2023 and its client accounts were migrated to Bitbuy in September 2023. Bitbuy is now owned by Robinhood following the June 2026 WonderFi acquisition. BitMEX restricted all Canadian accounts in late 2023, paid a $100 million US fine in January 2025, and has no plans to return to Canada. This comparison is preserved for historical reference only.
In this comparison, we look at CoinSmart and BitMEX, two popular crypto exchanges that once served different corners of the Canadian market. CoinSmart was a Canadian-based exchange offering a wide range of cryptocurrencies and a user-friendly platform. BitMEX is a specialized derivatives exchange focused on futures and perpetual contracts with high leverage. Neither is available to Canadians in 2026.
CoinSmart Vs BitMEX: Which Is Better For Canadians?
Neither is an option for Canadians today. CoinSmart stopped operating separately after WonderFi moved all its client accounts to Bitbuy, announced in September 2023. BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
How Do CoinSmart And BitMEX Compare, Fact By Fact?
Every row below comes from each company’s own pages and the Canadian registries, checked October 2026. Where a row has no fair winner, it says so.
CoinSmart Vs BitMEX: Master Spec Table
CoinSmart
BitMEX
Winner
Company
Simply Digital Technologies Inc. (carrying on business as CoinSmart), Toronto, launched 2018. Accounts moved to Bitbuy; WonderFi announced the transaction 2023-09-08. Founders: Not published.
Operator: HDR Global Trading Limited (Seychelles). Founded, founders, funding: Not published. Ceased all exchange operations 2026-09-23.
Depends
Regulation
FINTRAC MSB M18755033 Ceased 2024-09-10. CSA Expired Decisions: original 2021-10-21, amended 2021-12-21. Not on the banned list.
Not registered in Canada. No FINTRAC, CSA or CIRO entry found as of 2026-10-02.
Tie
Assets
Modest list: BTC, ETH, LTC, ADA, DOGE, SOL, SHIB.
Perpetual and futures contracts only; no spot. Not available to Canadians.
Depends
Price
0.20% single-trade fee.
Tiered maker/taker fees on derivatives, rates Not published. Closed.
Depends
CAD In
Free over $2,000; 1% fee on smaller Interac deposits. CAD, USD and EUR (SEPA) accepted.
No longer available to Canadians
Depends
CAD Out
1% fiat withdrawal fee.
No longer available to Canadians
Depends
Crypto In And Out
No longer available to Canadians
Crypto-only funding; website withdrawals stay open, API withdrawals ended 2026-09-28, monthly fee on balances, per CoinDesk.
Depends
Custody
BitGo custody, legacy arrangement.
All BTC in cold storage with multi-signature wallets, per BitMEX's old claims. Operator wound down trading; withdrawals only.
Depends
Verification (KYC)
No longer available to Canadians
No longer available to Canadians
Depends
Account Types
No longer available to Canadians
No longer available to Canadians
Depends
Provinces
No longer available to Canadians
No longer available to Canadians
Depends
Extra Products
No longer available to Canadians
No longer available to Canadians
Depends
Tax Tools
No longer available to Canadians
No longer available to Canadians
Depends
App
Apps no longer maintained; addresses redirect to Bitbuy.
What Are The Key Differences Between CoinSmart And BitMEX?
CoinSmart Vs BitMEX: Side By Side
CoinSmart
BitMEX
Description
CoinSmart was a Toronto-based crypto exchange, launched in 2018, known for same-day CAD, USD and EUR deposits and a beginner-friendly design with advanced trading built in. It joined the WonderFi group in 2023 and its client accounts were moved to sister platform Bitbuy; coinsmart.com now shows the Bitbuy site, which says it is part of Robinhood.
BitMEX was a veteran crypto derivatives exchange offering futures and perpetual contracts with up to 100x leverage. You could not deposit fiat, only crypto, and it was aimed at experienced traders. Canada was a restricted jurisdiction in BitMEX's terms before closing, and the exchange ceased all operations on 2026-09-23.
Coins
A modest selection including Bitcoin, Ethereum, Litecoin, Cardano, Dogecoin, Solana and Shiba Inu.
Perpetual and futures contracts on major cryptocurrencies including Bitcoin, Ethereum, Solana, XRP, Dogecoin, Cardano and Avalanche. None were accessible from Canada.
Fees
0.20% single-trade fees, free deposits over $2,000, a 1% fee on smaller Interac deposits, and 1% fiat withdrawal fees.
Free crypto deposits and free BTC withdrawals (network fees could apply on other assets). Low, tiered maker/taker fees on derivatives. Balances now face a monthly fee, per CoinDesk.
Pros
Low trading fees
Same-day verification
Multi-currency deposits (CAD, USD, EUR via SEPA)
Crypto-to-crypto trading without intermediate pairs
Deep derivatives liquidity and one of the longest track records in crypto futures
Low, tiered maker/taker fees
Advanced order types
Handy leverage slider for adjusting risk per trade
Cons
Ceased operating independently in 2023, with all accounts migrated to Bitbuy
The 1% fiat withdrawal fee was always a sore point
Smaller coin selection than rivals
Closed on 2026-09-23
Canada was a restricted jurisdiction before closure
Not suitable for simply buying crypto, no fiat deposits
Only suitable for traders who understood contract trading
Checkered regulatory history in the US
Security
The wind-down was orderly and regulator-supervised, with no reported loss of customer funds. Its legacy custody arrangement with BitGo and its OSC registration made the handover possible.
All BTC held in cold storage, multi-signature wallets, withdrawals audited by hand by BitMEX employees, 2FA. Never hacked in over a decade of operation, per our old row.
Methods To Buy
There is no way to buy crypto through CoinSmart. Former users can log into Bitbuy with their old CoinSmart email, reset the password on first login and use existing Google Authenticator codes. Deposit wallet addresses changed in the migration, so never send crypto to an old CoinSmart address; if you did, contact Bitbuy support with the transaction hash.
Canadians could not use BitMEX. Funding was crypto only (BTC, USDT and other supported assets), with no fiat rails.
App
The platform is gone; its web addresses redirect to Bitbuy and its mobile apps are no longer maintained.
BitMEX had iOS and Android apps, inaccessible to Canadians and now closed.
Account Limits
No longer applicable.
Not applicable. Full KYC was required before trading elsewhere.
How Do You Fund And Cash Out CoinSmart And BitMEX In Canada?
CoinSmart: CAD Deposits (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer
Free over CAD 2,000; 1% below
Not published
Not published
Not published
CoinSmart: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Fiat withdrawal
1%
Not published
Not published
Not published
BitMEX: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Crypto withdrawal via website
Not published
Not published
Not published
Not published
All funding ended. Accounts moved to Bitbuy. BitMEX never accepted fiat.
What Do CoinSmart And BitMEX Offer Beyond Buying And Selling?
BitMEX Only
Futures and perpetual contracts (closed): Up to 100x leverage on crypto derivatives. Trading ceased 2026-09-23.
What Happens To Your Money If CoinSmart Or BitMEX Fails?
CoinSmart: This was a merger, not a collapse. CoinSmart's accounts went to Bitbuy, which has since moved to Coinsquare Capital Markets Ltd. and then Robinhood. Log in through Bitbuy with your old CoinSmart email, and never send crypto to an old CoinSmart deposit address, because the addresses changed. If you prefer not to follow the move to Robinhood, withdraw to your own wallet.
BitMEX: BitMEX says it closed by owner decision after a business review and that it is unrelated to legal or regulatory issues, per CoinDesk. If you still have a balance, withdraw through the website, since API withdrawals ended on 2026-09-28 and balances face a monthly fee. No Canadian regulator covers BitMEX, so there is no compensation scheme for crypto left behind.
How Are CoinSmart And BitMEX Treated For Tax In Canada?
CoinSmart: Trades on CoinSmart were dispositions for CRA purposes. Pull your CoinSmart history from your migrated Bitbuy account. Export formats: Not published.
BitMEX: Derivative gains and losses on BitMEX were taxable for CRA purposes. Export your trade and wallet history now. Export formats: Not published.
Selling, swapping or spending crypto is a disposition for the CRA on any platform. This is not tax advice: see my guide to crypto taxes in Canada.
Which Should You Choose, CoinSmart Or BitMEX?
Choose CoinSmart If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
Choose BitMEX If
You want a registered platform that serves Canadians today: Coinbase is our number one replacement, with free Interac e-Transfer funding and a Canadian restricted dealer registration.
What Happened To CoinSmart?
CoinSmart, run by Simply Digital Technologies Inc., stopped operating as a separate exchange after WonderFi moved its client accounts to Bitbuy. WonderFi announced the deal on September 8, 2023, and I could not verify the exact completion date. Its two CSA decisions, the original of October 21, 2021 and an amended one of December 21, 2021, now sit under the CSA's expired decisions.
FINTRAC lists the CoinSmart registration as ceased on September 10, 2024. Today coinsmart.com serves the Bitbuy site with a banner saying Bitbuy is now part of Robinhood. That chain matters: CoinSmart accounts went to Bitbuy, Bitbuy later moved under Coinsquare Capital Markets Ltd., and Robinhood closed its WonderFi purchase on June 1, 2026.
So CoinSmart did not collapse. It was folded into a larger group, and the group is now being folded into Robinhood. Bitbuy has a help article for migrated CoinSmart accounts if you ever need to trace one.
CoinSmart Status Record
Status
Merged, accounts moved to Bitbuy (announced September 8, 2023)
Operator
Simply Digital Technologies Inc.
CSA record
Original decision October 21, 2021 and amended decision December 21, 2021, both expired
FINTRAC
Registration ceased September 10, 2024
Where it points today
coinsmart.com shows the Bitbuy site, now part of Robinhood
For more detail, see my CoinSmart page. I do not link to CoinSmart for sign-ups, because it is not an option for Canadians.
What Happened To BitMEX?
BitMEX shut down its exchange on September 23, 2026. BitMEX's own legal page says it ceased trading on that date. The operator was HDR Global Trading Limited, based in the Seychelles. Per CoinDesk, withdrawals through the website stay open, API withdrawals end on September 28, and balances face a monthly fee.
Canada was already a restricted jurisdiction in BitMEX's terms before the closure, according to a search summary of the terms that I could not re-fetch from a live page. So Canadians could not legitimately trade there in the first place, and now nobody can.
BitMEX Status Record
Status
Closed, trading ceased September 23, 2026
Operator
HDR Global Trading Limited (Seychelles)
Withdrawals
Open through the website; API withdrawals end September 28 (per CoinDesk)
Balances
Face a monthly fee (per CoinDesk)
I do not link to BitMEX for sign-ups, because it is not an option for Canadians.
What Should CoinSmart And BitMEX Users Use Instead?
Neither platform here is an option, so this match-up comes down to what to use instead. For CoinSmart, my notes point to NDAX: registered Canadian platform with CAD funding and a broad coin list. For BitMEX, my notes point to Kraken: registered in Canada and still trading; BitMEX had already listed Canada as restricted before closing.
3
Kraken: Best For Lower Fees As You Grow
9.2/10
Best for: Beginners who want to learn, then cheaper trading on Kraken Pro
CSA-registered
Fees Kraken Pro starts at 0.40% maker and 0.80% taker, falling to 0.30% and 0.60% from USD 2,500 of 30-day volume. Instant Buy carries a 1% fee plus a spread.
CAD Funding Free Interac e-Transfer deposits, minimum CAD 5, up to CAD 10,000 per transaction. An Interac e-Transfer withdrawal costs CAD 10.
Coins About 490 (derived from the public API, after removing coins Kraken's Canada list bars)
Safety Payward Canada Inc. is a Restricted Dealer registered with the OSC and every provincial regulator. Its CSA decision is dated April 1, 2025, and it holds a FINTRAC registration. It is not a CIRO member.
Best for: Low flat fees and cheap cash-outs to your bank
CSA-registered
Fees A flat 0.20% on every buy and sell, with no volume tiers and no maker or taker split.
CAD Funding Free Interac e-Transfer and wire deposits. Withdrawals cost CAD 1.50 by Interac e-Transfer (up to CAD 10,000 per transaction) or CAD 4.99 by EFT.
Coins 77 base assets (public API)
Safety Ndax Canada Inc. is an investment dealer with CIRO membership terms imposed on December 19, 2024, the same day as its CSA decision. It also holds a FINTRAC registration.
What Should You Do If You Still Have Something With CoinSmart Or BitMEX?
CoinSmart: If you held a CoinSmart account, it was migrated to Bitbuy, and Bitbuy's help centre has an article on what to do with a migrated account. Bitbuy itself is now part of Robinhood and is inviting customers to the Robinhood app, so check what you hold there and decide whether you want to stay. Whatever you decide, do not send crypto to an old CoinSmart deposit address.
BitMEX: If you still have a balance at BitMEX, withdraw it. Withdrawals stay open through the website, and the CoinDesk report says unclaimed balances will face a monthly fee.
A simple rule applies after any platform change: keep your own records of every purchase, because the CRA treats crypto as a commodity and you need the history for your tax return.
What Changed For CoinSmart And BitMEX In October 2026?
BitMEX's API withdrawals end, per CoinDesk's report on the closure.
BitMEX ceased trading and shut down its exchange after 11 years.
Robinhood closed its purchase of WonderFi, the parent of Bitbuy, where CoinSmart's client accounts had been moved.
FINTRAC shows CoinSmart's registration (Simply Digital Technologies Inc.) as ceased.
WonderFi announced that Bitbuy would acquire all CoinSmart client accounts.
Frequently Asked Questions
Is CoinSmart Still An Option For Canadians?
No. CoinSmart stopped operating separately after WonderFi moved all its client accounts to Bitbuy, announced in September 2023.
Is BitMEX Still An Option For Canadians?
No. BitMEX shut down its exchange on September 23, 2026, so no one, including Canadians, can trade there any more and only withdrawals remain.
What Should CoinSmart Users Use Instead?
My notes point to NDAX. Registered Canadian platform with CAD funding and a broad coin list. A flat 0.20% on every buy and sell, with no volume tiers and no maker or taker split.
What Should BitMEX Users Use Instead?
My notes point to Kraken. Registered in Canada and still trading; BitMEX had already listed Canada as restricted before closing. Kraken Pro starts at 0.40% maker and 0.80% taker, falling to 0.30% and 0.60% from USD 2,500 of 30-day volume. Instant Buy carries a 1% fee plus a spread.
Which Is Better For Canadians, CoinSmart Or BitMEX?
Neither. CoinSmart no longer operates separately, and bitMEX closed on September 23, 2026. Use a registered platform such as NDAX, Kraken instead.
Do CoinSmart And BitMEX Have Limit Orders?
CoinSmart: Not published BitMEX: Yes globally, closed.
CoinSmart: No longer applicable. BitMEX: No longer applicable.
Does CIPF Cover My Crypto On CoinSmart Or BitMEX?
CoinSmart: CIPF never covers crypto, and this platform no longer serves Canadians. BitMEX: CIPF never covers crypto, and this platform no longer serves Canadians.
Are CoinSmart And BitMEX Available In Every Province?
CoinSmart: No longer available in any province. BitMEX: No longer available in any province.
Do Interac Deposits Work On Weekends On CoinSmart And BitMEX?
CoinSmart: No longer applicable. BitMEX: No longer applicable.
What Is The Minimum Buy On CoinSmart And BitMEX?
CoinSmart: No longer applicable. BitMEX: No longer applicable.
Can A Business Use CoinSmart Or BitMEX?
CoinSmart: No longer applicable. BitMEX: No longer applicable.
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.
