In the ultimate face-off between crypto platforms,
We all know crypto is volatile. Before you start investing and trading digital tokens, it’s essential that you make some important choices about how and what you are going to trade. The first step is choosing a cryptocurrency platform you will use as the hub for all your transactions.
Your best bet as a Canadian is to choose a Canadian-based exchange. That’s because a Canadian crypto exchange can give you access to features and trading options that most international exchanges can’t. Among the heavyweights in Canada, two contenders emerge.
In this article, we compare cryptocurrency exchanges
Bitbuy is a Canadian cryptocurrency exchange based in Toronto and one of the most popular platforms for Canadians. Why? Because it’s one of the few platforms that allows Canadians to buy and sell cryptocurrency by linking their Canadian bank account. You can both deposit and withdraw Canadian Dollars.
BitBuy was founded in 2013 under the name InstaBT but rebranded as
Read More: Bitbuy Technologies Inc. Brings “The Heat” to Crypto
What is CoinSmart?
CoinSmart is another Canadian cryptocurrency exchange based in Toronto and frequently tops the list of best cryptocurrency platforms in Canada. It was founded in 2018, but although it hasn’t been around long, the platform has grown very quickly. At the end of 2021, CoinSmart went public and was listed on public markets.
CoinSmart did this to increase transparency, reliability, and to bridge the gap between crypto and traditional finance. Going public means they have access to financial backing so they can grow even faster. CoinSmart was designed for beginners yet built for experts, meaning that the platform is straightforward to use but also has various in-depth features for more advanced traders.
Read More: The CoinSmart Canada Story: The Other Side of Fear
Trading options on
BitBuy vs CoinSmart
Good news – since both
Bitbuy was built for Canadians and offers many different methods to buy and sell cryptocurrency. Once you’ve set up your
The minimum amount you can deposit using e-Transfer is $50, and the maximum is $10000. For amounts over $10000, you’ll need to use a Wire Transfer.
Bitbuy currently supports 25 digital currencies, but they are continuing to add more. Some of the cryptocurrencies available include:
– BTC (Bitcoin)
– XLM (Stellar)
– LTC (Litecoin)
– SUSHI (Sushi Swap)
– MANA (Decentraland)
– APE (Apecoin)
– AXIS (Axie Infinity)
– And more!
Another perk of
One last thing to consider about trading on
Read More: BitBuy Review 2022: Is This Canadian Crypto Platform Worth It?
It’s incredibly easy to get set up and ready to trade on CoinSmart. Most accounts are approved almost instantly, as long as you have the correct documents for verification. These include a piece of personal ID, proof of address and a photo you’ll have to take of your face using your mobile phone.
There are multiple options for depositing and withdrawing Canadian Dollars to your CoinSmart account. The easiest option is via e-Transfer, but there is a $100 minimum and $3000 maximum. You can also fund your account using a credit or debit card, with a $100 minimum but a $5000 maximum. You can use a bank wire or bank draft for more significant deposits.
Additionally, CoinSmart allows you to fund your account using USD or EURs, which sets them apart from many other Canadian exchanges.
CoinSmart currently supports 16 digital currencies, including:
– Bitcoin (BTC)
– Bitcoin Cash (BCH)
– Polkadot (DOT)
– Chainlink (LINK)
– Dogecoin (DOGE)
– Shiba Inu (SHIB)
– Ethereum (ETH)
– And more!
You can sell your digital tokens for Canadian Dollars, which will return to your fiat wallet on CoinSmart. You can then withdraw to your bank account using electronic funds transfer or bank wire. CoinSmart does not allow you to withdraw using e-Transfer.
Read More: CoinSmart Review: a Great Crypto Exchange for Beginners in Canada
Trading Fees on
Bitbuy vs. CoinSmart
Next, let’s look at the fees involved with trading on each platform. If you plan to trade actively or make frequent transactions in or out of your account, fees are critical to consider in the battle between
Bitbuy has two primary interfaces that users can use, Express Trade and Pro Trade. The fees will vary based on which you choose to use. Express Trade is easiest to use but comes with higher fees to trade. Whereas the Pro Trade interface can confuse new traders, but the fees are lower.
Deposits and withdrawals are the same across the whole
To buy and sell cryptocurrency, you’ll pay a flat fee of 0.50% on the Express Trade interface. On Pro Trade, the maker fee is 0.10%, and the taker fee is 0.20%.
There is no fee for depositing digital currencies from external wallets or exchanges, and the fee to withdraw crypto from
The fees for trading on CoinSmart are fairly reasonable, with some incentives for you to fund your account with a higher volume of fiat currency. First, let’s look at the fees to fund your CoinSmart account with Canadian Dollars and how much you’ll pay to withdraw.
The fee for depositing Canadian Dollars using Interac e-Transfer is 1.5% for up to $1999 and free for over $2000. This is a great way to incentivize users to deposit larger sums at once because even with a $2000 deposit, you’ll save $30. Funding via bank wire is also free but has a $10,000 minimum. Lastly, funding your account with a credit or debit card will incur a fee of up to 6%. There are only two ways to withdraw Canadian Dollars from your CoinSmart account: via Electronic Funds Transfer or bank wire, both with a 1% fee.
To buy and sell cryptocurrency on CoinSmart, you’ll pay a flat fee of 0.20% for a single trade, which means purchasing digital tokens using Canadian Dollars or trading Bitcoin for another cryptocurrency. You can also make a double trade on CoinSmart, which means trading crypto for crypto (not including Bitcoin), which will cost you a fee of 0.40% per transaction.
If you want to withdraw your crypto tokens to an external wallet, the fees will vary based on the token. You can find a complete list of the fees here.
Read More: 20 Ways to Buy Bitcoin in Canada
Bitbuy vs. CoinSmart
Each cryptocurrency exchange offers unique features that set them apart from the competition. Here are some of the features you’ll find from
Bitbuy is a simple cryptocurrency exchange that focuses on being just that. You won’t find a lot of bells and whistles on the platform. But most cryptocurrency traders don’t want anything fancy anyway, just an easy way to trade.
One unique feature of
Another feature of
CoinSmart is also very simple to use for cryptocurrency traders, no matter how much experience you have. There is also a mobile app to make trades from your phone regardless of where you are. What sets CoinSmart apart from other Canadian cryptocurrency platforms is that you can fund your account with EUR and USD. For USD, the only funding method is via wire transfer, which means there is a $10,000 minimum. But you can fund your account with as little as €50 using SEPA transfer.
Another feature of CoinSmart is the ability to make what they call ‘Smart Trades.” Smart Trades are when you can trade directly from one cryptocurrency to another without going through Bitcoin or Ethereum first. While many platforms may offer trading pairs involving the two primary coins, with CoinSmart, you can trade between altcoins.
CoinSmart also has an advanced trading interface that includes stop-loss, limit orders and real-time charting functionalities, so more experienced traders have these options. Or, you may want to learn more about crypto yourself, and you can do so via their GetSmart Hub, which has tons of resources like how-to guides and articles to help you level up!
Coinsmart offers a referral program, offering you and the person you refer $15.
Security Features on
Bitbuy vs CoinSmart
Before choosing a cryptocurrency exchange you want to make sure your funds will be secure. Each platform has different security features in place to protect your assets.
Bitbuy takes security very seriously, providing some of the most comprehensive security features of any cryptocurrency platform available to Canadians. They have monthly third-party security audits and financial audits four times a year to ensure the platform’s security is optimized.
They are also registered with FINTRAC as a Money Services Business and federally approved as a Restricted Dealer. A minimum of 95% of assets are stored offline in cold storage at any given time, so they are entirely safe, and you will need to set up two-factor authentication when you make your account.
CoinSmart has some great security features so you can ensure your assets are protected within the platform. They are registered as a Money Services Business with FINTRAC, and to retain that status, they must comply with regulations. The platform also requires that all users set up two-factor authentication for extra protection. Users must connect their Google Authenticator app and enter a 6-digit code every time they want to log in. Like most cryptocurrency exchange platforms, Coinbase offers cold storage for your assets, meaning they are stored offline, so they are entirely protected from cybercriminals.
Pros and cons of
Bitbuy for Canadians
- 95% of assets stored offline in cold storage
- Pro Trade mode for in-depth technical analysis
- Easy-to-use user interface in Express Trade mode
- High level of security
- Users can deposit and withdraw Canadian Dollars from and to their bank account
- Quick verification process
- Good referral program
- Cannot fund your account or purchase cryptocurrency with a credit or debit card
- Limited digital currencies supported
- Minimum deposit is $50
- The fees for trading on Express Trade mode are quite high
- Can only use the platform in Canada
Pros and cons of CoinSmart for Canadians
- Can fund your CoinSmart account using a credit or debit card
- Can fund your account with CAD, USD or EUR
- SmartHub learning centre with tons of valuable crypto resources
- SmartTrade for trading altcoin to altcoin
- 0% fees for deposits when you deposit over $2000
- Advanced trading features for more experienced cryptocurrency traders
- High deposit fee of 1.5% for under $2000
- Limited digital currencies to choose from
- Can’t withdraw via Interac e-Transfer
Bitbuy vs. CoinSmart: which one should Canadians pick?
Bitbuy vs. CoinSmart, which one is better? Tough call. They both have a lot to offer Canadian traders, with many similarities in how the platforms work. Both have user-friendly interfaces and provide advanced options for those who want them.
When looking at the fee structure, CoinSmart comes out on top with lower deposit, withdrawal and trading fees. But
Bitbuy also offers a better referral program and has a wider variety of cryptocurrencies to choose from. If you plan to use more advanced functionalities and want more token options, then
Compare dozens of Canadian crypto exchange platforms and find the one that best suits your needs.
About The Author: Arthur Dubois
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.
More posts by Arthur Dubois