Bitbuy or Coinbase? As a Canadian, it can be hard to know what exchange is best for you.
We take a look at each exchange’s features, fees, security and other factors to help you decide what crypto exchange is best for you.
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|About||Bitbuy is one of Canada’s biggest cryptocurrency exchanges. Even though it is exclusive to Canada, Bitbuy still has a growing user base of more than 250,000 investors.||Coinbase is the most popular cryptocurrency exchange both globally and locally.|
|Currencies Accepted||CAD, etc||US, EU, UK, CA/SG etc.|
Bitbuy is one of Canada’s biggest cryptocurrency exchanges. Even though it is exclusive to Canada, Bitbuy still has a growing user base of more than 250,000 investors. It has a simple user interface and is very beginner-friendly.
Launched in 2016, just before the first major bubble, Bitbuy is one of the most trusted crypto exchange platforms in Canada. Even though access to Bitbuy is limited to permanent residents of Canada, it seems to be making great strides towards expanding its user base.
- Bitbuy has very strict compliance rules.
- User-friendly and is super easy to navigate.
- Bitbuy has great insurance and is the only exchange in Canada to offer 1:1 insurance on Bitcoin.
- Bitbuy is that there are only a few listed cryptocurrencies. Moreover, the platform is only exclusive in Canada.
Coinbase is the most popular cryptocurrency exchange both globally and locally. Founded in 2012, before the crypto boom, Coinbase has the largest user base in the entire crypto space. The user base is so wide that when a new coin is listed on Coinbase, its value increases several times.
New users prefer Coinbase to other cryptocurrency exchanges for the ease of use it offers. Anyone can deposit their money on Coinbase and get started with crypto trading in a jiffy. Being one of the first crypto exchanges to receive approvals across the globe, Coinbase is easily the first crypto platform that comes to mind when you’re looking to trade.
- Coinbase has the biggest user base in the world of crypto and most people trust it.
- Major advantage is the security features offered by Coinbase.
- No other crypto exchange platform goes to such lengths to protect user assets.
- Coinbase is expensive in fees compared to other global exchanges.
Bitbuy vs Coinbase: A Comparison
Accepted Fiat Currencies:
Since Coinbase is a global exchange, it accepts a wide variety of fiat currencies- from USD to JPY.
Bitbuy is a Canada-exclusive exchange and accepts Canadian dollars.
Coinbase is cautious regarding the coins listed on its platform. The coins must be legitimate and have huge support to be listed in Coinbase. This makes Coinbase an ideal choice for newbies since it doesn’t list as many spam coins as other platforms.
While Coinbase is considered a pretty safe platform for these very reasons, Bitbuy takes it a step further. You only have around 7-8 very commonly listed cryptocurrencies on Bitbuy.
🏆 Winner: CoinbaseCoinbase is cautious regarding the coins listed on its platform and an ideal choice for newbies since it doesn’t list as many spam coins as other platforms.
Funds Deposit Options
Even though Coinbase is global, it does not offer as many deposit methods as the other exchanges. You can add money to your Coinbase account using PayPal or a debit card. They also offer other options, depending on the region.
Bitbuy offers two deposit methods to its users. The first method is the Interac e-Transfer and the second one is local wire transfer. You can easily transfer funds from your Canadian bank account to your Bitbuy account.
👔 Winner: TieBoth platforms offer many options in terms of payment methods.
Crypto Trading Fee
Even though Coinbase is used globally, many users feel that the trading fee on Coinbase is too high. If you’re a new investor with a low budget, Coinbase may drain a lot of that budget in trading fees. The more you trade, the more you have to pay.
The high fee is one of the reasons many users shift from Coinbase to other exchanges such as Binance or Kraken after a while.
Bitbuy has a relatively low trading fee when compared to Coinbase. If you live in Canada and are not willing to pay a lot of gas money, Bitbuy may be the best choice for you.
🏆 Winner: BitbuyBitbuy has the advantage because it has lower trading fees compared to Coinbase.
Security and Compliance Features:
Coinbase holds approval as a crypto exchange platform in more than 40 states. It is recognized globally for its security features.
One other feature we find impressive is cold storage. Everyone in the crypto space knows that the exchange wallets are not as secure as the dedicated ones. However, the Coinbase wallet may be just as secure as many dedicated wallets. Almost 99% of the user assets are stored in cold storage, away from prying eyes. This makes them invulnerable to a lot of web attacks.
Bitbuy is also a recognized trading platform. It follows all the compliance regulations and is known to be thorough in the process. Bitbuy also has a very strong cold storage policy of 95%+. A recent audit found an average of 97.38% held in cold storage. You can see the full Proof-of-Reserves audit here.
Bitbuy also has great insurance through their partnership with Knox. Bitbuy is the only exchange in Canada to offer 1:1 insurance for Bitcoin.
The many compliance rules of Bitbuy make it a close-knit community with a very safe network.
🏆 Winner: BitbuyBitbuy also has great insurance through their partnership with Knox. Bitbuy is the only exchange in Canada to offer 1:1 insurance for Bitcoin.
Android and IOS Applications
Coinbase has both IOS and Android applications. The applications have a smooth interface, perfect for any user. You can navigate easily and find all the features clearly outlined in the app.
If you’re often on the move, you can download the mobile applications to trade from anywhere. All the web features are available on the application, too, so there is no difference.
Bitbuy also has great applications for both Android and IOS. However, these applications are only accessible in Canadian app stores. If you’re outside Canada or on vacation, you won’t be able to trade without a good VPN.
👔 Winner: TieBoth Applications are both available in IOS and Android.
Pros and Cons of Bitbuy
The major advantage of using Bitbuy is that it has very strict compliance rules. The verification process is very thorough and can’t be fooled that easily. The website is also pretty user-friendly and is super easy to navigate, even for a first-time user. It’s a simple to use platform that has Express Trade for beginners or Pro Trade for more experienced users.
On top of this, Bitbuy has great insurance and is the only exchange in Canada to offer 1:1 insurance on Bitcoin.’
It also offers personalized OTC services for users looking to trade $50K+
One of the major cons of using Bitbuy is that there are only a few listed cryptocurrencies. Moreover, the platform is only available in Canada.
Pros and Cons of Coinbase
Coinbase has the biggest user base in the world of crypto, which means that most people trust it. Another major advantage is the security features offered by Coinbase. No other crypto exchange platform goes to such lengths to protect user assets.
So far, a high trading fee is the only disadvantage of Coinbase.