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. ByBit exited the Canadian market on September 30, 2023, paid a roughly $2.5 million OSC penalty, and Canada remains on its restricted jurisdictions list. This comparison is preserved for historical reference only.
In this comparison, we explore the differences between CoinSmart and ByBit, two cryptocurrency exchanges that once catered to Canadian traders. CoinSmart was a Canadian-based exchange with a focus on simplicity; ByBit was a global exchange primarily targeting experienced traders. Neither is available to Canadians in 2026.
CoinSmart Vs Bybit: 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. Bybit left Canada in 2023: it stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. 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 Bybit: Master Spec Table
CoinSmart
Bybit
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.
Bybit, HQ Dubai. Canadian FINTRAC entity: Bybit Fintech (Canada) Limited. OSC settled with Bybit Fintech Limited on 2022-06-22. Founder 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 M20624645 (Bybit Fintech (Canada) Limited) Expired 2025-03-08. Not on the CSA authorized or banned list. OSC settlement 2022-06-22, USD 2,468,910 disgorged.
Tie
Assets
Modest list: BTC, ETH, LTC, ADA, DOGE, SOL, SHIB.
1,800+ coins globally, not for new Canadian accounts.
Depends
Price
0.20% single-trade fee.
Low fees on derivatives, roughly 3% on third-party card payments; schedule Not published. Not applicable.
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
No longer available to Canadians
Depends
Custody
BitGo custody, legacy arrangement.
Cold storage and 2FA; proof of reserves published after the 2025 hack. No Canadian entity holds assets.
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 Bybit?
CoinSmart Vs Bybit: Side By Side
CoinSmart
Bybit
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.
Bybit is a global exchange headquartered in Dubai, with over 1,800 cryptocurrencies. It exited the Canadian market in 2023 and has stayed unavailable to Canadians, with Canada on its restricted jurisdictions list. Its own Canada notice said it acted in light of recent regulatory development.
Coins
A modest selection including Bitcoin, Ethereum, Litecoin, Cardano, Dogecoin, Solana and Shiba Inu.
1,800+ crypto coins globally, none open to new Canadian accounts.
Fees
0.20% single-trade fees, free deposits over $2,000, a 1% fee on smaller Interac deposits, and 1% fiat withdrawal fees.
Low trading fees, especially on derivatives; roughly 3% card payment fees via third-party providers; no P2P fees; crypto withdrawal fees varied by coin. Not applicable to Canadians.
Pros
Low trading fees
Same-day verification
Multi-currency deposits (CAD, USD, EUR via SEPA)
Crypto-to-crypto trading without intermediate pairs
Huge coin selection
Staking, lending and Earn products
OTC desk
Copy trading and trading bots
Low trading fees
Covered 100% of user losses after its 2025 hack, restoring reserves within 72 hours
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
Not available in Canada since 2023, with no return in sight
Suffered the largest crypto hack in history in February 2025 (about $1.5 billion in ETH stolen)
Mandatory KYC since 2023, so the old no-verification signup no longer exists
Advanced platform can be confusing for beginners
No CAD support, only card payments or third-party on-ramps for fiat
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.
Cold storage for assets and 2FA. Proof of Reserves published after the 2025 incident.
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 cannot buy crypto on Bybit. Account creation requires full identity verification tied to your ID country, so VPN workarounds do not work and risk frozen funds. Elsewhere funding was via third-party card providers such as Banxa or MoonPay, crypto deposits and a P2P marketplace.
App
The platform is gone; its web addresses redirect to Bitbuy and its mobile apps are no longer maintained.
A well-rated app exists in supported countries but is inaccessible to Canadians.
Account Limits
No longer applicable.
Not applicable. Legacy Canadian accounts were set to withdrawal-only; elsewhere withdrawal limits depend on KYC level, starting around 20,000 USDT per day for basic accounts.
How Do You Fund And Cash Out CoinSmart And Bybit 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
All funding ended. Accounts moved to Bitbuy. Legacy Canadian accounts are withdrawal-only. No current funding methods.
What Do CoinSmart And Bybit Offer Beyond Buying And Selling?
Bybit Only
Derivatives, copy trading, Earn (historic): Bybit offered derivatives, copy trading bots, staking, lending and an OTC desk globally. Canadian retail access ended in 2023.
What Happens To Your Money If CoinSmart Or Bybit 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.
Bybit: Bybit has no Canadian registration or recognition, so no Canadian regulator stands behind a balance there. If you still hold funds, withdraw them to a wallet you control; Canadian accounts were set to withdrawal-only. Bybit's February 2025 hack, which it covered in full, shows the platform risk even outside Canada. VPN use breaks its terms and can freeze funds.
How Are CoinSmart And Bybit 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.
Bybit: Trades on Bybit were dispositions for CRA purposes. Export your history while withdrawal access lasts. 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 Bybit?
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 Bybit 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 Bybit?
Bybit left Canada in 2023. It stopped opening new Canadian accounts on May 31, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated. A common mistake is to read that last date as the exit date, but the pause started on May 31.
There is also a regulatory footnote. In June 2022 the Ontario Securities Commission settled with Bybit Fintech Limited, which disgorged USD 2,468,910. Bybit is on neither the CSA authorized nor banned list. Its current restricted-countries wording could not be re-read for this page, so I am not quoting it.
Bybit Status Record
Status
Left Canada in 2023
No new Canadian accounts
May 31, 2023
No new deposits or contracts
July 31, 2023
Remaining positions liquidated
September 30, 2023
OSC settlement
June 22, 2022, USD 2,468,910 disgorged
For more detail, see my Bybit page. I do not link to Bybit for sign-ups, because it is not an option for Canadians.
What Should CoinSmart And Bybit 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 Bybit, my notes point to Kraken: registered Canadian dealer with a wide altcoin list; Bybit-style derivatives are not available to Canadian retail anywhere.
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 Bybit?
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.
Bybit: Bybit's Canadian wind-down finished in 2023, so there is nothing to wait for. If anything still sits on an old Bybit account, check Bybit's own notices for withdrawal options, and use a platform that is registered here for new money.
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 Bybit 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.
Bybit's date for liquidating remaining Canadian positions.
WonderFi announced that Bitbuy would acquire all CoinSmart client accounts.
Bybit ended new deposits and contracts for Canadian users.
Bybit stopped opening new Canadian 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 Bybit Still An Option For Canadians?
No. Bybit left Canada in 2023: it stopped opening Canadian accounts on May 31, 2023, ended new deposits and contracts on July 31, and set September 30, 2023 as the date remaining positions would be liquidated.
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 Bybit Users Use Instead?
My notes point to Kraken. Registered Canadian dealer with a wide altcoin list; Bybit-style derivatives are not available to Canadian retail anywhere. 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 Bybit?
Neither. CoinSmart no longer operates separately, and bybit left Canada in 2023. Use a registered platform such as NDAX, Kraken instead.
Do CoinSmart And Bybit Have Limit Orders?
CoinSmart: Not published Bybit: Yes globally, not for Canadians.
Which Coins Can You Buy On CoinSmart And Bybit?
CoinSmart: Modest list, closed Bybit: 1,800+ globally, none for new Canadians
Is The Spread The Fee On CoinSmart And Bybit?
CoinSmart: No longer applicable. Bybit: No longer applicable.
Does CIPF Cover My Crypto On CoinSmart Or Bybit?
CoinSmart: CIPF never covers crypto, and this platform no longer serves Canadians. Bybit: CIPF never covers crypto, and this platform no longer serves Canadians.
Are CoinSmart And Bybit Available In Every Province?
CoinSmart: No longer available in any province. Bybit: No longer available in any province.
Do Interac Deposits Work On Weekends On CoinSmart And Bybit?
CoinSmart: No longer applicable. Bybit: No longer applicable.
What Is The Minimum Buy On CoinSmart And Bybit?
CoinSmart: No longer applicable. Bybit: No longer applicable.
Can A Business Use CoinSmart Or Bybit?
CoinSmart: No longer applicable. Bybit: 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.
