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- Bitbuy vs. Coinbase: Exchanges...
Bitbuy vs. Coinbase: Exchanges Compared for Canadians
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- Headquarter: Toronto, CA
- Year Founded: 2016
- No. of Cryptos: 23+
- Fiats Available: CAD
- Fees: 0% to 1.50%
- NFTs Available: No
- Native Coin: No
- Beginner Friendly: Yes
- Platform App: Desktop, Mobile
- Security Features: Approval by Ontario Securities Commission, Cold storage, FINTRAC Regulation
- Headquarter: San Francisco, USA
- Year Founded: 2012
- No. of Cryptos: 150+
- Fiats Available: EUR, USD, GBP
- Fees: Up to 0.6%
- NFTs Available: Yes
- Native Coin: USDC
- Beginner Friendly: Yes
- Platform App: Desktop, Mobile
- Security Features: Cold storage, 2 Factor-Authentication, multi-approval withdrawals, insurance
Bitbuy vs. Coinbase: Verdict
Our pick as the overall winner is Coinbase because of its low fees in comparison to Bitbuy and its many unique features.
Pros
- Regulated by the Ontario Securities Commission
- User-friendly interface
- Low trading fees
- Real human customer service
- Free fiat deposits
Cons
- Limited number of cryptocurrencies
- Limited Features
- Less liquidity than most big exchanges
Pros
- Supports more than 150 cryptocurrencies
- Requires low minimum to fund account
- Beginner-Friendly interface
- Provides educational tools
- Users can earn free cryptocurrencies
- Supports instant debit card purchases
Cons
- High transaction fees
- Users do not have control of their private keys
- Poor customer service
Bitbuy vs. Coinbase: Unique Features
Unique Features of Bitbuy
1 – Bitbuy Private Wealth
Bitbuy Private Wealth is a Crypto Over-the-counter trading desk offered by Bitbuy to individuals and Canadian crypto investors who are willing to invest a minimum of $50,000.
Private Wealth investors can purchase and liquidate the most widely traded coins at excellent rates. They can buy, sell and trade crypto on schedule and also have early access to newly approved coins on the Bitbuy platform.
Bitbuy offers Private Wealth investors daily access to OTC traders for instant quotes. Each account has its dedicated account manager. Bitbuy Private Wealth accounts can be funded in USD or CAD.
2 – Bitbuy Corporate Solutions
Bitbuy Corporate Solutions is designed to serve small businesses and large co-operations that wish to add or manage cryptocurrencies in their corporate treasuries. Bitbuy helps these businesses to execute orders with proven and tested methodical trading, understand the implications of their balance sheet, and secure the best pricing during trades.
Services rendered by Bitbuy Corporate Solutions include access to OTC trading desk liquidity, personalized reposting, account control, onboarding, funding, custody, and trade execution. The businesses also have access to white glove support from a dedicated account manager, and connection with leading crypto trading accounts and tax advisory professionals in the crypto industry.
Corporate accounts eligible for Bitbuy Corporate Solutions include law firms, family offices, commercial accounts, accounting firms, professional medical corporations, and professional real estate corporations.
3 – Bitbuy Pro Trade
This Bitbuy feature gives users access to a best-in-class advanced crypto trading interface which allows them to trade with any professional tool of their choice.
Users can see live bids and asks, set their prices for selling and buying, and view their order status and history.
Pro Trade also gives users access to the market depth chart, live trading and market statistics, trading view charts, and break-out screens.
Pro-trade offers about 15 trading pairs including BTC/CAD, ETH/CAD, LTC/CAD, etc.
4 – Express Trade
Express Trade is a Bitbuy cryptocurrency exchange feature that allows Bitbuy users to quickly set up their Bitbuy account and use certain features on the trading platform. With Express trade users can buy and sell cryptocurrency on Bitbuy using Canadian dollars.
This feature is specifically designed for beginners who wish to trade but do not know how to do so on an advanced trading platform. It is best for market orders.
Unique Features of Coinbase
1 – Coinbase Mobile App
The Coinbase mobile app is the mobile app of the Coinbase cryptocurrency exchange designed for both iOS and Android and it has the same functions and features as the desktop site.
Coinbase users can create and access their Coinbase Wallet from the Coinbase mobile app.
2 – Coinbase Borrow
Coinbase users can borrow up to $1,000,000 from Coinbase using Bitcoin as collateral. Loans taken from Coinbase have a low APR of 8.7%. There are no fees or credit checks required.
Coinbase users can borrow as much as 40% of the value of the Bitcoin in their account. Once the loan is approved, the user’s PayPal or bank account is credited. The Bitcoin used as collateral is not used or lent out. It remains in Coinbase’s custody.
Every month, the user is only required to pay the interest due. The minimum amount required monthly is $10. The additional balance can be paid off when the user is ready. There is also an option of extending the term of the loan.
3 – Coinbase Card
The Coinbase Card is a Visa card that enables Coinbase users to earn free cryptocurrency back on every purchase they make with the card. Cardholders can spend directly from their Coinbase account balance using the Coinbase Card.
The card is accepted anywhere Visa cards are accepted worldwide.
Winner in Unique Features
Coinbase wins in unique features as it has more features that cater to the needs of crypto users than Bitbuy.
Bitbuy vs. Coinbase: Cryptocurrencies Available
Bitbuy supports over 23 cryptocurrencies. Cryptocurrencies available on Bitbuy include BTC, ETH, USDC, ADA, SOL, DOGE, DOT, MATIC, UNI, LTC, LINK, XLM, BCH, MANA, SAND, APE, AXS, MKR, AAVE, EOS, FTM, BAT, CRV, COMP, and SUSHI.
Coinbase supports over 150 cryptocurrencies. This includes BTC, ETH, USDT, USDC, BNB, SOL, DOGE, MATIC, BUSD, XRP, ADA, etc.
Winner in Crypto Availability
Coinbase is the winner as it offers more cryptocurrencies than Bitbuy.
Bitbuy vs. Coinbase: Can You Buy and Sell NFTs?
Yes, you can buy and sell NFTs on the Coinbase NFT marketplace. The platform also features a Drops section that enables NFT shoppers to purchase NFTs on their launch day. Big-name collectors like the Mutant Ape Yacht Club, CryptoPunks, and Azuki all have their collections listed on the marketplace. If you intend to sell your NFTs, you can easily list your collections for sale for the thousands of buyers surfing the platform.
Winner in NFTs Availability
Coinbase wins in NFT availability as the platform not only offers NFTs for sale but has some of the top creators selling their projects on the marketplace. Bitbuy, on the other hand, does not support NFTs.
Bitbuy vs. Coinbase: Fees
Bitbuy Fees
Bitbuy doesn’t charge crypto investors any form of deposit fee (0%). However, Bitbuy utilizes Simplex for credit card buys and sells, and the provider charges a standard 6.25% fee for such transactions.
Withdrawals on Bitbuy attract a 1.5% fee for both Interac e-transfer and Wire transfer payment methods. Cryptocurrency withdrawal fees are dependent on the coin withdrawn.
Concerning its trading fees, Bitbuy utilizes a tiered maker and taker fee model dependent on user trading volume over the last 90 days and applies to the current month:
These tiered trading fees apply to both Express trade and Pro trade.
Coinbase Fees
Just like Bitbuy, Coinbase uses the taker and maker fee model that’s based on trading volume.
Fiat Deposit and Withdrawal Fees
Winner in Fees
Coinbase is the winner in fees particularly with trading fees as while both cryptocurrency exchanges use a tiered structure based on trading volume, Coinbase's fee cost drops with increased volume on Coinbase Pro. Bitbuy, on the other hand, increases its fee with increased trading volume.
Bitbuy vs. Coinbase: Payment Methods
The Bitbuy cryptocurrency exchange offers 3 payment methods for Canadian dollars: Interac e-transfer, Bank wire transfer, and credit card. The credit card option is processed by Simplex and charges 6.25% in deposit fees. Interac e-transfer is near instant and bank wire transfer takes 3-5 days.
The maximum limit for Interac e-transfer is $10,000 daily, while bank wire transfer has an unlimited maximum for deposits. Bitbuy also supports cryptocurrency deposits, which have a network-dependent processing time and unlimited maximum deposits.
Coinbase offers several payment methods for customers in the United States like PayPal, wire transfer, ACH bank transfers, Apple Pay, and Google Pay. However, Canadian customers only have 2 payment options: PayPal and debit card. Both the debit card and PayPal options offer instant deposits. So depending on your location, you may have more or fewer payment options with Coinbase. Bank transfers are not permitted for Canadian users.
Winner in Payment Methods
Though Coinbase offers fast payment options like debit card and PayPal, Bitbuy offers more options for Canadian users. Therefore, the winner here is Bitbuy.
Bitbuy vs. Coinbase: Security
Bitbuy Security Features
Bitbuy is a registered Money Service Business that operates under the guidance of the Financial Transactions and Reports Analysis Centre of Canada. It is also registered with the Ontario Securities Commission.
All Bitbuy servers are secured across various disaster recovery locations and cloud providers. The providers are SOC IDO and FIPS 140-2 compliant. 95% of Bitbuy’s cryptocurrency assets are stored in cold storage offline. Bitbuy conducts monthly security audits, routine financial audits, and transaction reporting audits.
Every Bitbuy account is secured with two-factor authentication.
Coinbase Security Features
Coinbase stores 97% of its crypto assets in encrypted, geographically separated offline storage. All the crypto assets stored online are insured. The crypto exchange also has crime insurance that protects its digital assets from cybersecurity breaches. This does not cover users who lose their digital assets as a result of a third-party accessing their account through the loss of their credentials or a security breach.
At registration, users are required to provide a government-issued ID. Each customer’s wallet, wallet address, and private keys are encrypted. Customers are also mandated to secure their accounts with two-factor authentication.
Winner in Security
Bitbuy wins in security because it has never been hacked.
Bitbuy vs. Coinbase: Earn/Staking Rewards
You can stake your cryptocurrency on Coinbase via the Coinbase Earn platform that offers up to 5.75% APY on over 6 crypto assets. Also, Coinbase Earn supports DeFi yield as well on particular tokens for users outside the United States.
Winner in Earn/Staking Rewards
Coinbase wins in staking rewards as it offers up to 5.75% APY on held assets. Bitbuy, unfortunately, does not support staking.
Bitbuy vs. Coinbase: Usability
The Bitbuy crypto exchange enables users to access its platform via their mobile device or desktop. That said, the crypto exchange is more tailored towards the advanced user, especially its pro-trade tab. Platform navigation on both the mobile and PC interface is simple and basic.
The Coinbase crypto exchange is beginner-friendly and focuses on making simple buy and sell transactions seamless and fast. They also have a mobile and PC version and both have the same straightforward design that makes it easy to find what you’re looking for.
Winner in Usability
Coinbase wins in usability as its design focuses on quick buy and sells even for complete beginners.
Bitbuy vs. Coinbase: Customer Service
Bitbuy Customer service can be reached through email and the support icon on the support page. They can also be reached through their various social media handles.
There is also a help center that is equipped with answers and guides to different questions regarding the platform.
Coinbase has 24/7 live phone support. Customers can also contact the customer service team via chat.
The platform has a library containing educational content, as well as, a support center with answers to frequently asked questions about using the platform.
Winner in Customer Service
Bitbuy wins in customer service. Many of their customers testify of prompt response to and resolution of their complaints.
Conclusion: Final Verdict
Bitbuy falls short when compared to Coinbase in fees, NFT availability, cryptocurrency availability, staking, and much more. However, Bitbuy has never been hacked, unlike Coinbase which has had security breaches a couple of times. That said, Coinbase has remained one of the fastest crypto exchanges per trading volume.
Overall Winner
Coinbase is the overall winner with a score of 4/5.
FAQ
Most frequent questions and answers
Crypto exchanges like Kraken, Binance, and Crypto.com are platforms that surpass Coinbase in various areas.
Yes, however, you cannot transfer to your Canadian bank account from the Coinbase crypto exchange.
Binance is currently the biggest competitor of Coinbase.
Yes, Bitbuy is a good Canadian crypto exchange for advanced users.
You can buy crypto in Canada through an exchange like Bitbuy that supports the purchase of digital assets using Canadian Dollars.
Coinbase does not support bank transfers for its Canadian customers. It however supports debit card deposits.
Yes, Canadians can cash out on Coinbase using PayPal.
Crypto exchanges like Gemini, Coinsquare, and Shakepay have lower fees than Coinbase.
Coinbase is one of the most popular cryptocurrency exchanges because it offers over 150 cryptocurrencies and a beginner-friendly way to buy and sell cryptocurrency.
Yes, in comparison to most other cryptocurrency exchanges.
Storing your crypto in a hardware wallet is safer than Coinbase.
Kraken has never been hacked and tops Coinbase in fees. It also offers more coins for staking rewards at a higher rate.
Bitbuy offers really fast Interac e-transfer.
Currently, Bitbuy does not support Shiba Inu.
Coinbase complies with FINTRAC.
Yes, you can withdraw crypto from Coinbase to an external wallet.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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