Bitbuy and Crypto.Com are two of the best crypto exchanges available in Canada. In today’s post, we’ve compared the two so you can make the right choice.
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| Currencies Accepted | CAD | USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR & 9+ more |
Bitbuy
Pros
- Low fees
- High security
- Great customer support
- Desktop and mobile app
Cons
- Only 15 cryptocurrencies offered
- Only accepts CAD
- Not available to users outside of Canada
- No staking
Bitbuy is an exchange that is solely available to Canadians. It got its start in 2019 and has become one of the most popular Canadian exchanges with over 389,000 users. Bitbuy offers their users super low transaction fees and high levels of security. The only downside is that they support a limited variety of 15 different cryptocurrencies.
Crypto.Com
Pros
- Available across 90 different countries
- Provides digital asset insurance
- Quality mobile app
- CRO staking rewards
- Can insure digital assets
- 150+ coins available
Cons
- No desktop or web app
- Poor customer service
Crypto.com is based out of Hong Kong but is a worldwide exchange that services more than a hundred countries. While they are available in plenty of countries, their licensing situation in the United States is a bit complicated. Some Americans are unable to access Crypto.com because they live in unsupported jurisdictions. For most other users, Crypto.com is great for competitive trading fees and a quick account setup. Crypto.com got its start in 2016 and has accrued an impressive 10 million customers around the globe.
Bitbuy vs Crypto.com: Exchange Comparison
Fiat currencies accepted
Bitbuy is only available to Canadians, and as such, they only support CAD.
Crypto.com supports 20+ fiat currencies, including USD, EUR, AUD, and others.
Cryptocurrencies accepted
Bitbuy has a limited selection of 15 of the most popular cryptocurrencies. These include BTC, ETH, LTC, and 12 more.
Crypto.com supports a huge portfolio of over 150 different cryptocurrencies, such as BTC, ADA, DOT, and many more.
Bitbuy vs Crypto.com Fees
Bitbuy’s trading fee structure is super easy to understand with a flat .2% fee on all buys and sells. Their deposit and withdrawal fees are a bit harder to understand as they differ depending on what method you use. For example, if you deposit with Interac e-Transfer, the fee is 1.5%. If you instead fund your account via bank wire, you’ll only have a .5% fee.
Crypto.com’s trading fees can seem expensive when compared to Bitbuy. Crypto purchases have a base fee of .4% and can go all the way up to 2.99% if you are making an instant purchase with a debit or credit card. Crypto.com allows you to lower these fees if you stake their native coin, CRO. But, many users have noted that navigating the rewards and discounts you get from staking CRO is difficult to understand.
🏆 Winner: Bitbuy
Bitbuy has a simple and inexpensive fee structure.
Deposit Methods
Bitbuy lets their users fund their account via Bank Wire, Interac e-Transfer, or with cryptocurrency. Also, remember you can only fund your account with CAD or with crypto.
Crypto.com lets their users deposit various fiat currencies via a bunch of different methods. On Crypto.com you can fund your account with PaPal, Crypto.com Pay, credit card, debit card, or bank transfer.
🏆 Winner: Crypto.com
Crypto.com has a lot more options when it comes to deposit methods, which makes sense since they are an international exchange.
Staking on Bitbuy vs Crypto.com
For those that are new to cryptocurrency, staking is when you lock away your digital assets for a period of time and earn rewards and interest in return. Unfortunately, Bitbuy does not currently support staking.
Crypto.com is a great exchange if you are into staking because they offer so many different coins. While there are tons of different coins to stake, Crypto.com heavily incentivizes its users to stake their native coin, CRO. You’ll receive lower trading fees, higher interest rates, and credit card rewards when you stake CRO.
🏆 Winner: Crypto.com
Crypto.com wins this category easily, considering Bitbuy doesn’t even offer staking on their exchange.
Notable Features
Bitbuy is a simple and secure exchange without too many unique features. But, all the features they do have are extremely polished. Users can take advantage of either Express Trade or Pro Trade. Express Trade is the simple route, letting you buy and sell cryptos easily. With Pro Trade, you’ll be able to do crypto-crypto trades and Canadian Dollar-crypto pairings. Pro Trade also allows experienced traders to set market orders and limit orders.
Crypto.com has plenty of notable features, such as the rewards users get for staking the exchange’s native coin. However, Crypto.com’s most notable aspect is that they are only available on iOS and Android mobile apps. This is highly unusual, as crypto exchanges usually offer web and desktop apps and only sometimes offer mobile apps. Crypto.com does have a fantastically well-designed mobile app, but apps are limited and cannot provide the same amount of information to their users as a desktop app would.
🏆 Winner: Bitbuy
Bitbuy wins this category as they provide a great trading experience that is similar to traditional stock brokerages.
Security Features
Crypto.com has the normal security features that come with most cryptocurrency exchanges, like two-factor authentication. What makes Crypto.com different is that they offer insurance on digital assets, something few other exchanges provide. Crypto.com does this through a partnership with U.S. banks. Users that opt into the insurance program can receive $250,000 in FDIC insurance. Note that this insurance only applies to U.S. deposits.
Bitbuy may not support many cryptos or fiat currencies, but they absolutely excel at security. For starters, they hold 95% of their user funds offline in cold storage, making their exchange impenetrable to hackers. Also, you can rest assured that the crypto you purchase on Bitbuy is legitimate as they are 1:1 backed by Knox Custody. This means that every Bitcoin or other crypto has been verified as a legitimate coin.
🏆 Winner: Bitbuy
Bitbuy may not have all the alt-coins or fancy features other exchanges possess, but they excel at the simple things, like security.
Regulation Compliance
Crypto.com was able to expand into over 90 different countries because they are skilled at complying to the different regulations and tax codes found worldwide. The founders of Crypto.com have always prioritized regulation compliance as they see it as a means to accelerate the global transition from fiat currency to crypto. Plus, Crypto.com was the first digital asset to obtain a Class 3 Virtual Asset license from the Malta Financial Authority.
Bitbuy became Canada’s most popular cryptocurrency exchange by being the first to comply with all Canadian governmental regulations and tax codes. They’ve continually updated their Know-Your-Customer (KYC) policy and obtained a Money Service Business license in 2017.
🏆 Winner: Crypto.com
Crypto.com wins this category because their founders decided early on that their exchange would focus on regulatory compliance to help expand globally.
Customer Service
Crypto.com does plenty of things great, except for customer service. Customer satisfaction for Crypto.com is pretty low, which is primarily due to bad interactions users have had with customer service agents. Crypto.com’s support team simply can’t service all of their users across so many different countries.
Bitbuy has a highly responsive customer support team that users love. If you submit a support ticket, it will be responded to within 12 hours every time. Also, they have a live support line you can call at any time if you have an urgent need or don’t like emailing back and forth with a support team.
🏆 Winner: Bitbuy’s
Bitbuy’s customer support staff is known to be super helpful and easy to talk to.
Mobile functionality/mobile app
Bitbuy has a mobile app for both iOS and Android devices. Their mobile app is excellent for beginners who want to simply buy cryptocurrency and check their digital assets on the go. The only drawback is that their mobile charts are not that detailed, so don’t expect to be making any big trades or in-depth market analysis on the Bitbuy mobile app.
Crypto.com is one of the few cryptocurrency exchanges that only has a mobile app. As such, they have one of the best mobile apps in the cryptocurrency field. In the App Store, Crypto.com has a 4.3-star rating. This rating may seem a bit low, but most of the reviews are complaints about the poor customer service, not the quality of the application.
🏆 Winner: Crypto.com
Crypto.com is specialized for mobile app use and outcompetes almost all other exchanges in this field.