Security Compliance
Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication.
In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available.
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.
Wealthsimple Crypto is insured for $200 million by Gemini Trust Company LLC™, and its platform is highly secure. However, it lacks two-factor authentication, which can be a security concern for some users. BitMEX utilizes multisignature deposits and withdrawal schemes, and all BitMEX addresses are multisignature for added security. Furthermore, BitMEX also offers two-factor authentication which adds an extra layer of security to user accounts.
Regulatory Compliance
Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.
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.
Wealthsimple Crypto is fully regulated in all Canadian provinces, making it a safe and reliable choice for Canadian investors. BitMEX, on the other hand, is not available in Ontario and Quebec due to regulatory restrictions.
Customer support
Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly.
BitMEX offers support via a contact form on their website and has a detailed FAQ section as well.
Wealthsimple Crypto offers a comprehensive support system with a help center full of informative articles, along with 24/7 live chat, email, and phone support. BitMEX offers support through email and has an extensive FAQ section on its website. However, it lacks phone and live chat support, which might be an issue for users seeking immediate assistance.
Conclusion
Both BitMEX and Wealthsimple Crypto have their distinct advantages. BitMEX stands out for its advanced features and high security but is not available for use in Canada. Wealthsimple Crypto, while having higher trading fees, is appreciated for its user-friendly platform, comprehensive customer service, and is fully regulated in Canada. Considering these factors, Wealthsimple Crypto is the winner for Canadian users seeking a secure, user-friendly, and compliant platform to trade cryptocurrency.
Wealthsimple Crypto has recently enhanced its platform to better compete with BitMEX. The introduction of crypto swaps allows users to exchange one cryptocurrency for another directly, reducing trading fees and streamlining the process. With support now extended to over 60 different coins, investors have a broader selection to choose from. Additionally, Wealthsimple offers staking options with potential annual yields of up to 11%, providing an opportunity for passive income that may surpass offerings from other exchanges. The platform has also addressed past limitations by enabling users to send and receive cryptocurrencies to and from external wallets, significantly improving flexibility and aligning with features commonly found on other leading platforms.
We recommend choosing Wealthsimple Crypto over BitMEX for your cryptocurrency trading needs. By opting for Wealthsimple Crypto through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Wealthsimple Crypto 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.
