Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    7. Bitbuy vs Coinsmart:...

    Bitbuy vs Coinsmart: Fees, Pros & Cons

    Bitbuy Review
    3.4
    3.4/5

    Read Disclaimer

    Coinsmart Review Canada
    3.4
    3.4/5

    Bitbuy and Coinsmart are among the emerging crypto exchanges in Canada. Both crypto exchanges support Canadian Dollars (CAD) and offer simple and advanced trading platforms and features to Canadian investors and traders.

    The cryptocurrency exchanges also list popular cryptocurrencies and digital assets for investors to choose from. Both are FINTRAC-regulated and have what it takes to be the best crypto exchanges in Canada.

    With security, low fees, a wide range of cryptocurrencies, and trading platforms for both beginner and expert traders, choosing the better online platform may be challenging for investors. This Bitbuy vs Coinsmart review compares both to help investors make easier and more informed decisions.

    Bitbuy vs. Coinsmart: Verdict

    Our pick in this comparison is Bitbuy due to the number of crypto and lower fees.

    Bitbuy Logo

    Pros

    Cons

    Coinsmart Logo

    Pros

    Cons

    Unique Features of Bitbuy and Coinsmart

    BitBuy Private Wealth

    Choosing an exchange requires careful consideration of its features and benefits. Bitbuy and Coinsmart have various unique features that make them stand out among Canadian cryptocurrency exchanges. We compare the unique features Bitbuy and Coinsmart offer below:

    Trading Options

    Coinsmart Sign up

    Bitbuy and Coinsmart offer Canadians an easy way to buy crypto, sell, and trade. From both exchanges’ websites and trading platforms, it’s safe to say they are developed to attract both beginner and more experienced traders. 

    Both crypto exchanges offer users a basic interface to instantly buy Bitcoin and other cryptocurrencies in Canada via the Bitbuy Express Trade Mode and Coinsmart Smart Trade. They also offer a pro trade mode for advanced traders to take advantage of pro features and tools. For example, Bitbuy Pro Trade Mode comes with a live order book, live charting, limit and market orders, live trading and market statistic, etc.

    Similarly, Coinsmart supports advanced traders on its platform. The crypto platform offers advanced trading options like limit orders, stop loss, real-time charting, customized orders, etc.

    High-volume traders on both Bitbuy and Coinsmart also enjoy over-the-counter (OTC) trading. Bitbuy Private Wealth customers and Coinsmart Premium clients can leverage the OTC desk to complete transactions faster and enjoy low trading fees.

    Bitbuy and Coinsmart offer very similar trading options. The platforms are designed for beginners and expert trades who want instant trading and advanced trading options.

    Rewards and Promotions

    One of the major selling points for crypto exchanges is the benefits they offer their customers. Typically, different exchanges have loyalty and reward programs that existing and new account holders can enjoy. Bitbuy and Coinsmart also meet up to this industry standard.

    The common reward program on both platforms is the referral program. Customers get referral codes they share with other people to join the platforms. After the referred person signs up, Bitbuy and Coinsmart reward them and the original account owner.

    With the Bitbuy referral program, users earn C$20 for every new signup using their referral codes. The new account owner also receives a C$20 bonus for creating a Bitbuy account. Bitbuy has a condition that states that the new user must have deposited a total amount of C$250 or more for both parties to be legible for the reward. The deposit must also be at once, as multiple CAD deposits in one month by a singular user up to $250 will not count for the promotion

    Coinsmart also offers a referral program where existing customers get a C$15 reward for every new sign-up using their referral codes or links. As on Bitbuy, both the referrer and referred accounts are eligible for the reward. But the new user must deposit C$100 or more for both parties to qualify for the individual C$15 reward.

    Traders interested in earning extra income can also take advantage of the affiliate marketing program on both platforms. Affiliate marketers on Coinsmart can earn up to C$50 per referred user, while Bitbuy’s affiliate marketers can get as high as C$200 per new user.

    Again, Bitbuy and Coinsmart have similar reward programs and benefits. Coinsmart has a lower funding condition for its referral program and a more-friendly affiliate program. So, Coinsmart wins in this category.

    Crypto Services

    Bitbuy and Coinsmart are suitable for traders looking for basic and advanced trading platforms for both beginner and advanced traders to buy crypto, sell, and invest. But what makes crypto exchanges stand out are the other services besides crypto trading.

    Bitbuy and Coinsmart do not own native crypto tokens or offer non-fungible token (NFT)-related services.

     Coinsmart offers an additional service through the Coinsmart SmartPay feature. This feature allows Coinsmart users to send and receive crypto tokens and donations using their Coinsmart wallet. Business accounts can also use the SmartPay feature to receive crypto payments with no chargebacks.

    Winner in Unique Features

    With the additional payment service it offers, Coinsmart wins this category.

    Coinsmart vs Bitbuy: Available Cryptocurrencies

    Bitbuy supports 25 cryptocurrencies and digital assets that investors can trade individually or in pairs. In contrast, Coinsmart supports just 16 crypto assets and digital currencies, which is lower than Bitbuy.

    Cryptocurrencies available on Bitbuy include:

    • Bitcoin
    • Ethereum
    • USD Coin (USDC)
    • Litecoin
    • Bitcoin Cash
    • Cardano
    • Solana
    • Dogecoin
    • Decentraland
    • Sandbox 
    • Ape Coin, etc.

    On the other hand, Coinsmart lists the following digital currencies:

    • Bitcoin
    • Dogecoin 
    • Polkadot
    • Ethereum
    • USD Coin (USDC)
    • Litecoin, etc.

    Winner in Crypto Availability

    Traders looking for more coin options and trading pairs to invest in will tilt towards Bitbuy because of its multiple digital currencies, including blockchain gaming coins.

    Coinsmart vs Bitbuy: Fees

    According to the Bitbuy website, the Canadian crypto exchange has a no deposit fee structure across all payment platforms. It also has no minimum deposit for crypto transcations. However, Bitbuy charges withdrawal fees. The cryptocurrency exchange has a 1.5% fee structure on Interac e-Transfer and wire withdrawal. It also charges 0.00035 BTC for Bitcoin withdrawal, 0.007 ETH for Ethereum withdrawal, 0.03 LTC for Litecoin withdrawal, and other coin fees vary from coin to coin.

    Besides withdrawal fees, Bitbuy also charges trading fees using a tiered structure. On Bitbuy, buy and sell orders attract maker-taker fees from 0% to 1.5% for Canadian traders. Similar to alternative crypto exchanges, high-volume investors can benefit from the reduced Bitbuy trading fees across tiers. For example, customers in Tier 4 pay no maker fees and low fees of 0.10% as takers. But they must have a trading volume of up to C$5 million to enjoy this trading fee.

    Meanwhile, Coinsmart charges both deposit and withdrawal fees. For deposits via Interac e Transfer, Coinsmart charges a 1.5% fee on amounts less than C$2,000. Transactions from C$ 2,000 to C$10,000 attract 0% fees. Bank wire deposits are free on Coinsmart, and credit/debit card deposits attract up to a 6% deposit fee.

    Coinsmart has a flat withdrawal fee structure of 1% across all platforms, including wire, Interac e-Transfer, and electronic funds transfer.

    Coinsmart also charges a fee when users withdraw crypto. Crypto withdrawal fees include 0.00025 BTC for Bitcoin, 0.003 ETH for Ethereum, 0.001 LTC for Litecoin, and other coin fees vary, depending on the coin.

    Trading fees on Coinsmart are 0.20% for single trades and 0.30% for double trades.

    Winner in NFTs Availability

    In terms of fees, Bitbuy charges low trading fees, making it the winner for this section.

    Coinsmart vs Bitbuy: Payment Methods

    Both Bitbuy and Coinsmart support payments via

    • Bank wire transfers ( using CAD)
    • Interac e Transfer 
    • Cryptocurrencies.

    These Canadian-friendly payment options make it easy for users to fund and withdraw funds from their wallets.

     Coinsmart goes the extra mile with its credit and debit card payment feature, which is not very typical of Canadian crypto exchanges. The Coinsmart SmartPay feature also allows Coinsmart users to send and receive funds in one place.

    Winner in Fees

    Both Bitbuy and Coinsmart offer Canadian users similar payment methods, including fiat currency, crypto, and Interac e-Transfer. But Coinsmart has additional payment methods that edge Bitbuy in this section.

    Coinsmart vs Bitbuy: Security

    Bitbuy Security

    Bitbuy and Coinsmart are renowned for their stern security measures to safeguard users’ funds and data. Both platforms adopt industry-standard offline cold storage security to protect against hacks and thefts.

    They also adhere to the Canadian government’s Know-Your-Customer (KYC) and anti-money laundering (AML) regulations. The KYC/AML measure is a mandatory regulatory compliance check that requires users to undergo an identity verification process.

    Both platforms offer their users personal security options like two-factor authentication (2FA), biometric login, mobile notifications, one-time passwords (OTPs), etc., to safeguard their accounts. They are also both regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

    Bitbuy offers additional asset custodial through a comprehensive insurance policy provided by BitGo – one of the world’s largest and most regulated digital asset custodians. As a publicly traded company, Bitbuy also conducts routine financial, monthly security, and transaction reporting audits using third-party auditors to secure the exchange further and make it the best crypto exchange.

    Winner in Payment Methods

    With the additional security features available on Bitbuy, the crypto exchange is a more secure option for crypto trading and investing.

    Earn/Staking Rewards

    Bitbuy and Coinsmart do not support crypto staking on their platforms, which is especially disappointing for users looking for more personal finance inclusion. But they list proof-of-stake digital assets like Cardano and Ethereum 2.0 that investors can buy and stake on their individual blockchains.

    As mentioned above, both exchanges only offer reward and earning programs through referrals. Investors should note that these programs come with terms and conditions.

    Overall, both Bitbuy and Coinsmart are not big on personal finance options or earning money besides trading and investing in crypto.

    Usability

    Based on personal use, Bitbuy and Coinsmart offer simple and easy-to-use trading platforms with improved accessibility to all the available features. The Bitbuy mobile app and Express Trade mode are intuitive and user-friendly, making it easy to start trading on the exchange. Coinsmart also offers an easy-to-use interface on its mobile and desktop platforms, making it easily accessible to beginners.

    Bitbuy and Coinsmart also offer advanced crypto trading platforms for experienced traders who prefer advanced markets and features. Investors who have used the Coinsmart trading platform state that the Android app and iOS platform have some bugs and issues related to slow speed, deposits and withdrawals, sending and receiving Bitcoin, etc. But it has an overall 3.5-star rating on the App Store.

    The Bitbuy app, on the other hand, has a 4.6-star rating on the App Store, with issues related to limitations around app personalization and logging in. But there are many reviews about the Express Trade feature’s efficiency and ease of use.

    Both money service businesses are a great fit for both advanced and new investors, but based on online user reviews, Bitbuy has a better rating and wins this category.

    Winner in Security

    Both money service businesses are a great fit for both advanced and new investors, but based on online user reviews, Bitbuy has a better rating and wins this category.

    Bitbuy vs Coinsmart: Customer Service

    Both Coinsmart and Bitbuy provide 24/7 customer support to their customers via phone, email, and live support channels. Both exchanges also have FAQ sections where users can find answers to common questions.

    Going by numerous online reviews and ratings, Bitbuy has a questionable service that needs improvement. The crypto exchange has a 3.4-star rating from a possible 5 on TrustPilot, with more than 44% negative feedback about the customer support team being unable to solve fund-related problems and being heavily unresponsive.

    Coinsmart also has a 3.4-star rating from a possible 5 on TrustPilot. The support team is praised for providing useful solutions to problems, but users’ funds are often inaccessible.

    Coinsmart Customer Support

    Winner in Earn/Staking Rewards

    Coinsmart wins this category because of its overall rating and quality customer service experience.

    Conclusion

    Bitbuy and Coinsmart are reputable cryptocurrency exchanges built for the Canadian market. Both exchanges offer basic and pro trading to cater to all investors, regardless of their experience or trading history. They also support Canadian-friendly payment methods to make deposits and withdrawals seamless. High-volume investors and experienced traders can also leverage OTC trading on both platforms to reduce trading costs.

    Bitbuy is a perfect option for crypto traders looking to invest in more cryptocurrency options and trading pairs. It also has low fees and more security features compared to Coinsmart.

    On the other hand, Coinsmart offers 16 crypto coins with a credit/debit card payment option unavailable on several Canadian exchanges. Bitbuy is a perfect option for crypto traders looking to invest in more cryptocurrency options and trading pairs. It also has low fees and more security features compared to Coinsmart. On the other hand, Coinsmart offers 16 crypto coins with a credit/debit card payment option unavailable on several Canadian exchanges.

    Overall Winner

    In this Bitbuy vs Coinsmart review, Bitbuy edges Coinsmart in various sections, including usability and crypto options. But customer experience on both platforms needs to be better for them to remain reputable over time.   

    FAQ

    Most frequent questions and answers

    Both CoinSmart and Bitbuy come with basic and advanced trading features for investors.  Bitbuy offers 25 crypto assets and is more affordable because it charges no deposit fees, and its cumulative trading and withdrawal fees stand at a maximum of 3.0%. Coinsmart lists 16 digital currencies and charges deposit, withdrawal, and its trading fee could sum up to 6.3%.

    Bitbuy charges a 1.5% fee on Interac e Transfer and wire withdrawals into a bank account. However, crypto withdrawal charges vary from coin to coin.

    Bitbuy is a Canadian-regulated digital assets platform. The Canadian cryptocurrency exchange is registered with FINTRAC and is also one of the exchanges regulated as a marketplace in Canada.

    CoinSmart users can fund their accounts from a bank account using bank wire transfers, Interac e Transfer, cryptocurrencies, and credit/debit cards. To do this, users need to navigate the CoinSmart website or mobile app, click on the “Fiat” icon and select “Deposit.” Choose the preferred payment method, enter the amount to be deposited, and follow the subsequent instructions to complete the process.

    Coinbase charges trading fees between 0.00% to 0.60%, while Bitbuy charges a 1.5% trading fee, about 1.0% higher than Coinbase’s fee.  Bitbuy supports fiat deposits and withdrawals via wire and Interac e Transfer, while Coinbase supports only crypto and debit card payments. Coinbase wins in fees, but Bitbuy wins with more deposit options.

    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

    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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