Note: Neither platform is available to Canadians, and both ended up at the same place. CoinSmart merged into the WonderFi group in July 2023 and its client accounts were migrated to Bitbuy in September 2023. Bitvo wound down in November 2023 with its client accounts also migrated to Bitbuy. Bitbuy is now owned by Robinhood following the June 2026 WonderFi acquisition. This comparison is preserved for historical reference only.
Today we take a closer look at two cryptocurrency exchanges in Canada, CoinSmart and Bitvo. Both exchanges offered free trading but differed in supported coins, fees, and features. Neither is available to Canadians in 2026, both ultimately migrated their users to the same platform: Bitbuy, now owned by Robinhood.
CoinSmart Vs Bitvo: 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. Bitvo stopped operating on its own in November 2023 when Bitbuy bought all of its client accounts and the Bitvo.com domain. I recommend Coinbase instead (9.8/10, #1 on my list): open a Coinbase account.
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 Bitvo: Master Spec Table
CoinSmart
Bitvo
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.
Bitvo Inc., Calgary, founded 2018. Bitbuy bought all client accounts (17,000+ per WonderFi) and the domain in November 2023. Founders and funding: Not published.
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.
FINTRAC MSB M20580992 Ceased 2024-10-08. Bitvo Inc. is under CSA Expired Decisions.
Tie
Assets
Modest list: BTC, ETH, LTC, ADA, DOGE, SOL, SHIB.
Small list: BTC, ETH, XRP, LTC, ADA, QCAD.
Depends
Price
0.20% single-trade fee.
Zero trading commission, revenue from the spread (rate Not published). 1% withdrawal fee, $15 minimum.
Depends
CAD In
Free over $2,000; 1% fee on smaller Interac deposits. CAD, USD and EUR (SEPA) accepted.
Free deposits; Interac e-Transfer about 30 minutes, no minimum deposit.
Depends
CAD Out
1% fiat withdrawal fee.
1% withdrawal fee with a $15 minimum.
Depends
Crypto In And Out
No longer available to Canadians
No longer available to Canadians
Depends
Custody
BitGo custody, legacy arrangement.
Full reserve, never lent customer funds. BitGo custody, over 80% in cold storage.
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
Bitvo Cash Card and the Same Day Guarantee.
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 Bitvo?
CoinSmart Vs Bitvo: Side By Side
CoinSmart
Bitvo
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.
Bitvo was a Calgary-based cryptocurrency exchange, founded in 2018, known for its Same Day Guarantee, zero trading fees and 24/7 phone support. In November 2023 its client accounts were acquired by Bitbuy and the Bitvo platform was wound down. It is also remembered as the exchange FTX almost bought, a deal terminated days after FTX's collapse in November 2022.
Coins
A modest selection including Bitcoin, Ethereum, Litecoin, Cardano, Dogecoin, Solana and Shiba Inu.
A small selection including Bitcoin, Ethereum, XRP, Litecoin, Cardano and QCAD, Canada's first mass-market stablecoin.
Fees
0.20% single-trade fees, free deposits over $2,000, a 1% fee on smaller Interac deposits, and 1% fiat withdrawal fees.
Free deposits, zero trading fees (revenue came from the spread), and a 1% withdrawal fee with a $15 minimum.
Pros
Low trading fees
Same-day verification
Multi-currency deposits (CAD, USD, EUR via SEPA)
Crypto-to-crypto trading without intermediate pairs
No trading fees
The Same Day Guarantee
The Bitvo Cash Card
Rare 24/7 phone support
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
Platform wound down in November 2023 with client accounts sold to Bitbuy
High spreads masked the "zero fee" pitch
The 1% withdrawal fee was a sore point
Small coin selection even at its peak
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.
Bitvo operated on a full reserve basis, meaning it never lent customer funds, and held client assets with third-party custodian BitGo, with over 80% in cold storage. No customer funds were reported lost in the wind-down.
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.
There was no way to buy through Bitvo after the migration. Former clients were moved to Bitbuy. A site claiming to be Bitvo and taking deposits is an impostor.
App
The platform is gone; its web addresses redirect to Bitbuy and its mobile apps are no longer maintained.
Not published. The website and apps are no longer operational.
Account Limits
No longer applicable.
No minimum deposit. Free 30-minute Interac e-Transfer deposits.
How Do You Fund And Cash Out CoinSmart And Bitvo 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
Bitvo: CAD Deposits (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Interac e-Transfer
Free
No minimum
Not published
about 30 minutes
Bitvo: CAD Withdrawals (When It Operated)
Method
Fee
Minimum
Maximum
Speed
Fiat withdrawal
1%
CAD 15 fee minimum
Not published
Not published
All funding ended. Accounts moved to Bitbuy. All funding now ended. Accounts moved to Bitbuy.
What Do CoinSmart And Bitvo Offer Beyond Buying And Selling?
Bitvo Only
Bitvo Cash Card: A prepaid card product listed among Bitvo's strengths.
Same Day Guarantee: A funding-speed promise Bitvo marketed.
What Happens To Your Money If CoinSmart Or Bitvo 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.
Bitvo: This was a merger, not a collapse: Bitvo's client accounts moved to Bitbuy, which has since moved to Coinsquare Capital Markets Ltd. and now Robinhood, per the registry. Check that you are logged into your account with the current owner and withdraw to a wallet if you prefer. Do not send crypto to an old Bitvo address or trust a site using the Bitvo name.
How Are CoinSmart And Bitvo 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.
Bitvo: Trades on Bitvo were dispositions for CRA purposes. Ask for or export your Bitvo history from your migrated Bitbuy account. 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 Bitvo?
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 Bitvo 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 Bitvo?
Bitvo did not leave Canada. In November 2023 Bitbuy bought all of its client accounts, more than 17,000 according to WonderFi, along with the Bitvo.com domain. Bitvo Inc. is listed under the CSA's expired decisions, and bitvo.com no longer resolves in DNS.
Since then the accounts have gone on the same journey as Bitbuy: to Coinsquare Capital Markets Ltd., and now into the Robinhood group. Bitvo started in Alberta, which is why NDAX, another Alberta-based registered platform, is the nearest like-for-like replacement.
Bitvo Status Record
Status
Merged into Bitbuy, November 2023
Accounts
17,000+ client accounts moved to Bitbuy (per WonderFi)
CSA record
Bitvo Inc. listed under expired decisions
Website
bitvo.com no longer resolves
For more detail, see my Bitvo page. I do not link to Bitvo for sign-ups, because it is not an option for Canadians.
What Should CoinSmart And Bitvo 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 Bitvo, my notes point to NDAX: alberta-based registered Canadian platform with CAD funding, the nearest like-for-like for an Alberta-origin exchange.
8
NDAX: Best For Low Flat Fees
7.8/10
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 Bitvo?
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.
Bitvo: Bitvo accounts were moved to Bitbuy, so that is where any old Bitvo history lives, and Bitbuy is itself now part of Robinhood. Start with Bitbuy's help article on migrated accounts.
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 Bitvo In October 2026?
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.
Bitbuy announced it had taken over Bitvo's client accounts and the Bitvo.com domain.
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 Bitvo Still An Option For Canadians?
No. Bitvo stopped operating on its own in November 2023 when Bitbuy bought all of its client accounts and the Bitvo.com domain.
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 Bitvo Users Use Instead?
My notes point to NDAX. Alberta-based registered Canadian platform with CAD funding, the nearest like-for-like for an Alberta-origin exchange. A flat 0.20% on every buy and sell, with no volume tiers and no maker or taker split.
Which Is Better For Canadians, CoinSmart Or Bitvo?
Neither. CoinSmart no longer operates separately, and bitvo merged into Bitbuy in 2023. Use a registered platform such as NDAX instead.
Do CoinSmart And Bitvo Have Limit Orders?
CoinSmart: Not published Bitvo: Not published
Which Coins Can You Buy On CoinSmart And Bitvo?
CoinSmart: Modest list, closed Bitvo: Small list, closed
Is The Spread The Fee On CoinSmart And Bitvo?
CoinSmart: No longer applicable. Bitvo: No longer applicable.
Does CIPF Cover My Crypto On CoinSmart Or Bitvo?
CoinSmart: CIPF never covers crypto, and this platform no longer serves Canadians. Bitvo: CIPF never covers crypto, and this platform no longer serves Canadians.
Are CoinSmart And Bitvo Available In Every Province?
CoinSmart: No longer available in any province. Bitvo: No longer available in any province.
Do Interac Deposits Work On Weekends On CoinSmart And Bitvo?
CoinSmart: No longer applicable. Bitvo: No longer applicable.
What Is The Minimum Buy On CoinSmart And Bitvo?
CoinSmart: No longer applicable. Bitvo: No longer applicable.
Can A Business Use CoinSmart Or Bitvo?
CoinSmart: No longer applicable. Bitvo: 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.
