Swen Keller
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
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    7. Bitbuy vs. Coinbase:...

    Bitbuy vs. Coinbase: Exchanges Compared for Canadians

    Bitbuy Review
    3.5
    3.5/5

    Read Disclaimer

    4.0
    4/5

    In this article, we compare Bitbuy vs. Coinbase considering their payment methods, fees, security features, NFT availability, and much more. To come up with our verdict we performed exhaustive research via user reviews and had first-hand experience with both platforms. 

    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

    Cons

    Pros

    Cons

    Bitbuy vs. Coinbase: Unique Features

    Unique Features of Bitbuy

    BitBuy Private Wealth

    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 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.

    Coinbase Visa Debit Card

    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?

    Coinbase NFTs Marketplace

    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:

    Trading volume Maker Fee Taker Fee
    Tier 1 < $250K 1.50% 1.50%
    Tier 2 $250k - $1m 0.50% 0.75%
    Tier 3 $1m - $5m 0.15% 0.25%
    Tier 4 $5m+ 0% 0.10%

    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. 

    Trading Volume Taker Fee Maker Fee
    Stable Pairs 0.001% 0.00%
    Tier 1 $0 - $10K 0.60% 0.40%
    Tier 2 $10K - $50K 0.40% 0.25%
    Tier 3 $50K - $100K 0.25% 0.15%
    Tier 4 $100K - $1M 0.20% 0.10%
    Tier 5 $1M - $15M 0.18% 0.08%
    Tier 6 $15M - $75M 0.16% 0.06%
    Tier 7 $75M - $250M 0.12% 0.03%
    Tier 8 $250M - $400M 0.08% 0.00%
    Tier 9 $400M+ 0.05% 0.00%

    Fiat Deposit and Withdrawal Fees

    Deposit Fee Withdrawal Fee
    ACH Free Free
    Wire (USD) USD 10 USD 25
    SEPA (EUR) EUR 0.15 EUR 0.15
    Swift (GBP) Free £1

    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.

    Coinbase staking rewards

    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 Support

    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.

    3.5
    3.5/5