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.
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.
Wealthsimple Crypto assures user safety by insuring coins for $200 million via the Gemini Trust Company LLC™ and offering security measures like Touch ID or Face ID. However, two-factor authentication is currently unavailable. Bitvo also ensures security by storing 95%-100% of assets in cold storage, maintaining a layered firewall infrastructure, and holding fiat funds in segregated bank 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.
Bitvo is registered with FINTRAC and is compliant with Canadian regulations.
Wealthsimple Crypto is fully regulated in all Canadian provinces and has been a trustworthy brokerage dealing in securities since 2016. It is compliant with all relevant Canadian laws. Bitvo is a registered Money Service Business in Canada and is compliant with FINTRAC regulations.
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.
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.
Wealthsimple Crypto offers comprehensive customer service with a well-documented help centre, live chat support, email support, and phone support available 24/7.
Similarly, Bitvo provides 24/7 support including live chat, email, and phone support, making it one of the few exchanges with a phone support option.
Conclusion
While both platforms offer commendable services, Wealthsimple Crypto stands out for its expansive cryptocurrency selection, high ratings on mobile platforms, and robust security measures. Even though its trading fees are relatively higher, the convenience, security, and comprehensive service make it a preferable choice for Canadian users in 2024.
We recommend choosing Wealthsimple Crypto over Bitvo 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 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.
