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Kucoin vs. Bitcoin Well: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

In the fast-evolving world of cryptocurrency, KuCoin and Bitcoin Well emerge as prominent exchanges with their distinct features and compliance regulations. As Canadians evaluate their options, this comparison sheds light on these platforms, highlighting key differences in their operations and user experiences.

Description

Kucoin is a sort of Canadian-friendly cryptocurrency exchange that offers peer-to-peer crypto trades, lending, and futures trading. Kucoin is suitable for more advanced traders looking for advanced charting and order types. Kucoin has 8 million

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

Coins

500+ coins

Bitcoin only

Fees

  • Low maker/taker trading fees ( 0.005%/0.025% to 0.1%/0.1% for class A coins)
  • Free deposits
  • Variable withdrawal fees
  • KCS holders get 20% discount on trading fees

Usually, it's 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 

Pros

  • Low fees
  • Wide range of altcoins available
  • Advanced order types
  • Crypto lending
  • Futures trading
  • Fast crypto purchases
  • Peer to peer exchange
  • Anonymous trading
  • Immediate self-custody of assets
  • Option to buy bitcoin privately with cash
  • Buy online with Visa debit, e-Transfer or wire
  • No withdrawal fees or wait times
  • Public Company which offers transparency

Cons

  • Platform is confusing for beginners
  • No fiat to crypto pairs
  • Must buy USDT to trade
  • Previously hacked
  • Not compliant in Ontario (but you can still use it though)
  • Only Bitcoin available 
  • Not the cheapest fees
  • No advanced order types

Account Limits

Low

  • minimum of $100 payment
  • $50,000 transaction limit.
 
 

App

Methods to buy

  • Credit/debit card 
  • Third party Bank transfer

Security

  • $275 million stolen in 2020 hack
  • 2FA available

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Mobile and Desktop Trading

KuCoin: Boasts a mobile app with a 4,6-star rating on the Apple App Store and a slightly lower 4,2 rating on Google Play. Users have voiced concerns over app crashes and limited features. However, its desktop platform mirrors its mobile counterpart, offering advanced charting and a plethora of trading features.

Bitcoin Well: Its desktop interface is appreciated for its user-centric design, catering to both novice and experienced traders.

Kucoin

Kucoin is slightly different than your average crypto exchange. You won’t be able to deposit Canadian dollars directly. You’ll have to go through a third-party such as Banxa to deposit fiat. Kucoin does, however, accept credit and debit card payments, but you’ll need to check if your Canadian bank allows crypto transactions.

There are no fiat to crypto pairs, so you cannot buy bitcoin or other crypto directly with your dollars. You’ll need to first purchase Tether USDT on Kucoin and then trade that for the crypto you want.

The Kucoin exchange can be quite confusing for beginners.

There are advanced charting and order types available, plus you can trade on margin and trade futures contracts if you wish.

To buy USDT quickly, go up to the top menu and select the “Fast Buy” option. Here, you can purchase USDT using your credit or debit card or via the P2P exchange, or via a third party transfer. Once you have your USDT, then you can trade it on the Kucoin exchange under “spot trading”. Select the trading pair e.g. USDT/BTC and then choose your order type e.g. market order.

The Kucoin app has a 3.7-star rating from over 2,000 reviews on the Apple App Store and a 2.7-star rating from over 12,000 reviews on Google Play. Many people complain that the app crashes or that there are certain features lacking such as the ability to filter order history by trading pair.

Kucoin’s app is a bit more simple than its desktop exchange but it’s still confusing for beginners. There are lots of features, tabs, and menus. Buying USDT is easy since you do not need to verify your account. Simply sign up with an email and you can buy crypto in seconds using your credit or debit card under the Fast trade option. From there though, you will need to navigate to the spot trading page and select the trading pair you want.

Kucoin crypto exchange desktop interface

Kucoin desktop interface

Kucoin desktop app (Fast Trade)

Kucoin desktop app (Fast Trade)

Kucoin app screenshot

Kucoin app interface

Kucoin app while trading

Kucoin app interface while trading

Bitcoin Well

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. Once your account is verified, you’ll have full access to your online dashboard.

Transaction limits on Bitcoin Well

Setting up the account with Bitcoin Well

Security Compliance

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

KuCoin: It's known to have robust security protocols, but the 2020 hack that led to a significant crypto loss, albeit most of it was recovered, raises eyebrows. Users are advised to move large sums to private wallets as an extra security measure.

Bitcoin Well: This exchange invests heavily in cutting-edge security, featuring multi-factor authentication, cold storage solutions, and regular monitoring to safeguard users' assets and data.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

Bitcoin Well is registered with FINTRAC and fully legal in Canada.

KuCoin: The Ontario Securities Commission (OSC) has flagged KuCoin for not adhering to its regulations, leading to its ban in Ontario. While it operates in other Canadian provinces, its complete compliance remains a gray area.

Bitcoin Well: Stands out for its full compliance with Canadian legal standards. Canadian federal organizations, like the OSC, actively monitor and ensure that cryptocurrency exchanges operate within the legal framework, making Bitcoin Well a more transparent and trusted choice in the region.

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good.  If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

KuCoin: Provides 24/7 support but has received mixed reviews regarding response quality and speed, with some users feeling like they're interacting with bots rather than humans.

Bitcoin Well: Their customer support shines with quick response times and a dedicated team ready to assist users, marking a more personalized touch.

Conclusion

Both KuCoin and Bitcoin Well are formidable contenders in the crypto exchange arena, each with its strengths. However, despite KuCoin's vast array of altcoins and low fees, its regulatory challenges in Ontario and mixed customer support reviews tilt the scales. Therefore, KuCoin emerges as the winner for its broader altcoin range, advanced features, and competitive fees, though users should remain aware of its compliance nuances.

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

If you find that neither KuCoin nor Bitcoin Well 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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