Kucoin vs Bitvo: What Works Better For Canadians in 2024

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. 

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.

Kucoin takes its users' security seriously with an operational strategy that comprises multiple security levels to safeguard user information and funds. They use micro-withdrawal wallets, industry-level multilayer encryption, dynamic multifactor authentication, and dedicated internal risk control departments to ensure a secure trading environment.

Bitvo employs stringent security measures, with 95-100% of digital assets stored in cold storage. Additionally, they have a multilayered firewall infrastructure and segregated bank accounts for fiat funds. Bitvo is a registered Money Service Business and compliant with FINTRAC regulations in Canada, which speaks to their commitment to security.

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.

Bitvo is registered with FINTRAC and is compliant with Canadian regulations.

As a Canadian cryptocurrency exchange, Bitvo is subject to and compliant with the local regulatory framework. It's a registered Money Service Business and is compliant with FINTRAC regulations.

Kucoin, on the other hand, is an international exchange and isn't registered with a Canadian regulatory body. While Kucoin users from Canada can use the platform, it does not offer the same degree of regulatory compliance specific to Canada as Bitvo does.

Customer support

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

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.

Kucoin offers 24/7 customer support via its online chat feature. Moreover, the platform provides comprehensive self-help resources including guides, FAQs, and an online support center.

Customer support is a key selling point for Bitvo. It offers 24/7 customer support including live chat, email, and uniquely, phone support - something that sets it apart from many of its competitors.

Conclusion

While both Kucoin and Bitvo present a compelling case for Canadian crypto traders, Kucoin emerges as the winner due to its wider range of supported cryptocurrencies, global recognition, and highly-rated user interface across mobile and desktop platforms. Bitvo's customer service and lack of trading fees are commendable, but the overall feature set of Kucoin provides a more comprehensive trading experience.

We recommend choosing Kucoin over Bitvo 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 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.