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Crypto.com vs. BitMEX: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

Crypto.com and BitMEX are both reputable platforms in the world of cryptocurrency trading, yet each offers its unique strengths. From a comprehensive array of features such as staking, NFTs, and crypto cards in Crypto.com, to BitMEX’s specialization in advanced financial operations like margin trading and futures, each platform is designed for different needs and strategies.

Description

Crypto.com is a crypto exchange that is gaining popularity in Canada. It offers its own coin (CRO), staking, lending, NFTs, and pre-paid Visa crypto cards offering cashback. Crypto.com offers everything in one place and is suitable for Canadians looking for an easy way to buy crypto.

BitMEX is a crypto derivatives exchange that offers futures trading, and perpetual contracts. BitMEX aims to become the world’s largest regulated derivatives exchange. You cannot deposit fiat on BitMEX, only BTC and USDT. The exchange is aimed at experienced traders.

Coins

150+

Bitcoin, Ethereum, Terra, Solana, XRP, EOS, Stellar, Tron, Litecoin, Chainlink, Polkadot, Dogecoin, Binance Coin, Bitcoin Cash, Axie Infinity, Avalanche, Cardano

Fees

  • Free deposits
  • Variable Withdrawal fees
  • Send crypto to other crypto.com users for free
  • 0.04 to 0.4% maker/taker fees
  • Free USDT or BTC deposits
  • Free BTC withdrawals
  • Variable USDT withdrawal fees
  • 0.01%/0.05% maker/taker fees

Pros

  • Wide range of coins available
  • Suitable for beginners and pro traders
  • Interac e-Transfer available
  • Deposits take up to one day to process
  • Visa cards
  • Staking
  • NFT marketplace
  • 20+ fiat currencies supported
  • Free deposits
  • Low trading fees
  • Advanced order types
  • No BTC deposit/withdrawal fees
  • Futures/perpetual trading

Cons

  • No crypto education articles
  • Poor customer service
  • Not suitable for buying crypto
  • USDT withdrawal fees
  • Only suitable for traders who understand contracts trading
  • No fiat deposits

Account Limits

Low

Low

App

Methods to buy

  • Interac e-Transfer

Security

  • 100% coins held in cold storage
  • Ledger Vault partnership
  • Multi-factor authentication
  • Mandatory whitelisting of withdrawal addresses
  • All BTC held in cold storage
  • Two employees audit all BTC withdrawals
  • BTC deposit addresses externally verified
  • Multisignature wallets

Mobile and Desktop Trading

Both Crypto.com and BitMEX are available on mobile and desktop, enabling traders to manage their digital assets on the go or from the comfort of their homes. Crypto.com’s mobile app is a comprehensive all-in-one platform that’s easy to use and boasts an impressive 4.5-star rating from 153,000 reviews on the Apple App Store and a 4.5-star rating from 474,000 reviews on Google Play. BitMEX also provides a solid mobile experience, but its application has no ratings are slightly lower on iOS and on Android.

Crypto.com

In the crypto.com app, users can buy and sell crypto easily. You can also directly stake or lend your crypto, apply for a crypto.com card, track favourite coins, withdraw to external wallets and more. The app is an all-in-one trading platform that’s user-friendly and suitable for beginners.

The app has a 4.3-star rating from 56,000 reviews on the Apple App Store and a 3.9-star rating from 200,000 reviews on Google Play.

If you’re looking for more advanced tools, you can use crypto.com’s desktop exchange. The exchange offers more charting and order types but the interface can be confusing for beginners. The crypto.com app has everything you need, so you’d only use the Exchange for slightly lower fees or advanced order types. 

Crypto.com advanced trading view

Advanced Desktop Trade

List of coins available for trading on Crypto.com desktop app

List of coins

Crypto.com app interface

Crypto.com app interface

Crypto com app while trading

Crypto.com app interface while trading

BitMEX

BitMEX’s exchange is confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.

There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.

To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.

Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.

BitMEX is only available as a desktop platform.

Bitmex desktop app

Bitmex desktop app

Security Compliance

Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more. 

Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft. 

Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication  - such as FaceID - to

BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading. 

Security Crypto.com and BitMEX take the security of their users' assets seriously. Crypto.com stores 100% of users' funds in cold storage, significantly minimizing the risk of theft. It also offers multi-factor authentication, including Face-ID and Touch-ID, and requires confirmation for all withdrawals. BitMEX, on the other hand, also implements robust security measures such as multi-signature deposits and withdrawals and keeps all funds in offline, multi-signature wallets. While both platforms have commendable security protocols, Crypto.com's extensive use of cold storage gives it an edge in this category.

Regulatory Compliance

Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.

BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally. 

While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations. 

Crypto.com recently became the first global crypto exchange to sign a pre-registration undertaking with the Ontario Securities Commission (OSC), meaning it complies with OSC’s regulations. BitMEX has faced regulatory issues in Ontario and Quebec and may not be available in certain parts of Canada due to local regulations.

Customer support

The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down. 

BitMEX offers support via a contact form on their website and has a detailed FAQ section as well. 

Crypto.com provides customer service, albeit it's reported to be a bit slow and lacks an informative knowledge center on its website. BitMEX, on the other hand, offers support via email and its FAQ section, although its response times can also be slow due to high demand.

Conclusion

Both Crypto.com and BitMEX offer unique features that cater to different user needs. However, Crypto.com emerges as the winner when considering its comprehensive range of services, robust security measures, and compliance with Canadian regulations. This makes it a more favorable choice for Canadian crypto traders, despite the room for improvement in its customer service.

We recommend choosing Crypto.com over BitMEX for your cryptocurrency trading needs. By opting for Crypto.com through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Crypto.com nor BitMEX 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 Galeev

Cryptocurrency Specialist

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. 

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