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
It is standard practice to hold most digital assets in third-party cold storage and Bitvo is no exception. It holds 95% of assets in cold storage and 5% in hot storage.
Customers’ fiat funds are held in segregated bank accounts and they also have multi-layered firewall infrastructure to protect the exchange. They also have a third-party that screens any cryptocurrencies looking to be listed on Bitvo. They analyze the coin’s history as well as other factors and don’t list anything that doesn’t align with their policies. This scrutiny helps to protect their customers from investing in scam coins.
Both Crypto.com and Bitvo prioritize the security of their platforms. Crypto.com holds 100% of customer funds in cold storage and employs multi-factor authentication for all transactions. The platform also runs a bug bounty program to identify and rectify vulnerabilities. On the other hand, Bitvo holds between 95% to 100% of assets in cold storage, operates a multi-layered firewall infrastructure, and screens cryptocurrencies listed on its platform. It is apparent that both exchanges offer robust security measures. However, Crypto.com's extra initiative with the bug bounty program gives it a slight edge.
Regulatory Compliance
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
Crypto.com upholds Canadian regulations, marking its prominence as the first international crypto exchange to ink a pre-registration commitment with the Ontario Securities Commission (OSC). This underscores their dedication to delivering safe and lawful services to Canadian customers. Conversely, Bitvo is recognized as a registered Money Service Business in Canada, thoroughly adhering to the rules and regulations of FINTRAC.
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.
Bitvo has 24/7 support including live chat, email, and phone support. Bitvo is the first cryptocurrency exchange we’ve reviewed that has a phone support option, so this is a big plus when you need urgent help.
Crypto.com's customer service, while a little slow, manages to resolve issues within 24 hours. Unfortunately, they lack an educational resource or knowledge center. In contrast, Bitvo guarantees 24/7 customer support, including live chat, email, and phone support options. They also offer a customer satisfaction guarantee that promises to credit users if there are delays in registration, deposits, or withdrawals.
Conclusion
While both Crypto.com and Bitvo offer valuable features for their users, Crypto.com edges out as the winner due to its broad spectrum of services, robust security, and commitment to regulatory compliance. It offers a comprehensive crypto experience including staking, lending, and a broad variety of cryptocurrencies. Improvements could be made in the realm of customer service, but overall, Crypto.com is a versatile platform for Canadians interested in crypto trading.
We recommend choosing Crypto.com over Bitvo 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 Bitvo 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.
