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- Bitbuy vs. Wealthsimple: Key...
Bitbuy vs. Wealthsimple: Key Differences Explained
Swen Keller
- Headquarter: Toronto, CA
- Year Founded: 2016
- No. of Cryptos: 40+
- Fiats Available: CAD
- Fees: Up to 3%
- 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: Toronto, CA
- Year Founded: 2014
- No. of Cryptos: 60+
- Fiats Available: CAD
- Fees: Up to 2% in crypto trading fees
- NFTs Available: No
- Native Coin: No
- Beginner Friendly: No (intermediate)
- Platform App: Desktop, Mobile
- Security Features: 256-bit SSL/TLS certificate, two-factor authentication, CIRO Dealer Member, CIPF participant, crypto-insurance, FINTRAC Regulation
In this Bitbuy vs. Wealthsimple article, we compare both cryptocurrency exchanges by looking at their pros and cons, unique features, security measures, regulatory compliance, and more.
To reach our conclusions about both Canadian exchanges we used each cryptocurrency exchange, analyzed user reviews, and considered expert opinion in the crypto space.
Bitbuy vs. Wealthsimple: Verdict
That said, our pick is Bitbuy for its larger selection of crypto products and its beginner friendly interface.
Pros
- Beginner-friendly
- Secure cryptocurrency exchange
- Supports staking
- Supports local Canadian payment methods
Cons
- Limited advanced features
- Limited crypto selection
Pros
- Zero commissions
- No account minimums
- Supports staking of crypto assets
Cons
- Poor customer support
Bitbuy vs.Wealthsimple: Unique Features
Unique Features of Bitbuy
Bitbuy Pro Trade is the platform’s advanced trading platform designed for experienced users looking for advanced trading features for the Bitbuy marketplace.
Despite being available to all users, Pro Trade has an advanced trading interface which may not be suitable for beginners or crypto newbies.
Unlike the regular Bitbuy trading platform, Pro Trade offers traders lower trading fees and several professional tools and features. This includes TradingView Charts, Live Order books, live trading and market statistics, Market Depth Charts, Order Status and History, Limit and Market Order, Breakout Screens, etc.
Advanced traders can also trade different trading pairs on Bitbuy Pro Trade. Available Trading pairs include ETH/BTC, EOS/BTC, BCH/BTC, XLM/BTC, BTC/CAD, ETH/CAD, AAVE/CAD, LINK/CAD, LTC/CAD, XRP/BTC, LTC/BTC, BCH/CAD, XRP/CAD, XLM/CAD, and EOS/CAD.
Just like Bitbuy Express Trade, crypto deposits and withdrawals from Pro Trade are easy and fast.
Wealthsimple Crypto Unique Features
The Wealthsimple mobile app enables traders and investors to trade crypto and stocks on the go.
The mobile app has a friendly user interface and is suitable for both beginners and advanced traders. The mobile app is available on both iOS and Android devices.
The mobile app gives users access to their Wealthsimple-hosted wallets which gives users control and autonomy of their crypto assets.
This eliminates the need to manage their crypto assets through a centralized intermediary. It also enables users to send and receive cryptocurrencies from non-Wealthsimple wallets.
The mobile app has a price alert setting that notifies users when the price of a cryptocurrency increases or decreases.
There is also a recurring investment feature that enables users to make automated purchases of their preferred coin at set intervals.
The interval is chosen based on the investor’s preference and can be daily, weekly, or monthly.
The mobile app incorporates Wealthsimple Crypto with other Wealthsimple products.
This enables users to not just invest in crypto but also in ETFs and stocks. Users can also access Wealthsimple Invest, Wealthsimple Cash Account, and Cash Card.
Another outstanding feature of the Wealthsimple mobile app is its support for the transfer of funds between accounts. This enables users to easily transfer funds from their Wealthsimple Trade accounts to their crypto accounts when the need arises.
Winner in Unique Features
Bitbuy wins as it offers more crypto-related features than Wealthsimple.
Bitbuy vs. Wealthsimple: Cryptocurrencies Available
Bitbuy currently supports over 40 cryptocurrencies.
Supported cryptocurrencies include Bitcoin, Ethereum, Lido DAO, Arbitrum, Bonk, Pepe Coin, Injective, USD Coin, XRP, Cardano, Solana, Dogecoin, Uniswap, The Graph, Fantom, Aave, Chilz, Avalanche, Curve DAO, Basic Attention Token, Yearn Finance, Polkadot, Polygon, Litecoin, Chainlink, Cosmos, Stellar Lumens, SushiSwap, Compound, Shiba Inu, Tezos, NEAR, Algorand, Bitcoin Cash, ApeCoin, Axie Infinity, Decentraland, Ethereum Classic, 1Inch, Enjin Coin, EOS, Loopring, Maker, etc.
Wealthsimple Crypto supports over 60 cryptocurrencies.
Supported cryptocurrencies include 0x, 1 inch, Aave, ApeCoin, Amp, Bitcoin, Ethereum, Ankr, Avalanche, Axie Infinity, Balancer, Bancor, Band, Basic Attention Token, Bitcoin Cash, Cardano, Cartesi, Celo, Chainlink, Chiliz, Chroma, Compound, Cosmos, COTI, Curve, Dai, Decentraland, Dogecoin, dYdX, Enjin, Fantom, Filecoin, Gala, The Graph, Hedera, Kyber Network, Litecoin, Loopring, Maker, NEAR Protocol, Pax Gold, Polkadot, Polygon, Quant, Ren, Sandbox, Shiba Inu, Skale, Solana, Stellar, Storj, SushiSwap, Synthetix, Tezos, Uma, Uniswap, USD Coin and Yearn Finance.
Winner in Crypto Availability
Wealthsimple wins as it offers more cryptocurrencies than Bitbuy.v
Bitbuy vs. Wealthsimple: Fees
Bitbuy Canadian Crypto Exchange Fees
For deposits, the Bitbuy crypto exchange charges users as follows:
- Debit card: 1.95%
- Credit card: 2.95%
- Apple Pay: 2.95%
- Interac e-transfer: 0%
- Wire transfer: 0%
- Cryptocurrencies: 0%
That said, the Bitbuy Pro cryptocurrency trading platform charges users based on their last 90-day trading volume using the maker-and-taker trading fees model.
Crypto investors on Bitbuy are placed in tiers based on the trading volume:
- Tier 4: Crypto traders in this tier have a 90-day trading volume of $5 million, and pay a maker fee of 0% and a taker fee of 0.10%.
- Tier 3: Crypto traders in this tier have a 90-day trading volume of $1 million to $5 million, and pay a maker fee of 0.15% and a taker fee of 0.25%.
- Tier 2: Users in this tier have a 90-day trading volume between $250k to $1 million, and pay a maker fee of 0.50% and a taker fee of 0.75%.
- Tier 1: Users on this tier have a 90-day trading volume that is less than $250k and pays a maker/taker fee of 2%.
For instant buy and sell transactions, Express Trade charges a flat 2% fee.
The Bitbuy crypto exchange in Canada also charges staking fees as listed below:
- Ethereum: 25%
- Solana: 25%
- Polygon: 25%
- Polkadot: 25%
- Cardano: 28%
- NEAR Protocol: 25%
- Cosmos: 28%
Wealthsimple Crypto Fees
Wealthsimple Crypto charges Canadian investors trading fees on each order based on the total value of the cryptocurrency trading transaction (crypto bought, sold, or swapped). This trading fee changes based on the tier of the client:
- Core Tier: Trading digital assets on this tier attracts a 2% fee.
- Premium: On this tier all transactions involving crypto assets are charged a 1% fee.
- Generation: On this tier, Wealthsimple Crypto charges 0.5% on all transactions.
- Staking Fee
Just like Bitbuy, Wealthsimple Crypto charges experienced traders a fee equal to a percentage of staking rewards attained:
- Core Tier: 30%
- Premium: 30%
- Generation: 15%
Note that third-party validators also charge fees which will be applied to the staking rewards.
Winner in Fees
Bitbuy wins in fees as it charges lower trading fees via its tiered program.
Bitbuy vs. Wealthsimple: Payment Methods
Bitbuy unlike most centralized exchanges supports only 1 fiat currency (CAD) and the following payment methods:
- Debit card
- Credit card
- Interac e-transfer
- Apple Pay
- Wire transfer
- Cryptocurrency wallet
Wealthsimple supports the following payment methods:
- Linked bank account
- Instant payment with INTERAC e-Transfer
- Visa or MasterCard debit card
- Direct deposit
- Transfer of investment from another institution
- Wiring funds to Wealthsimple
All payment methods are instant except institutional transfer (2 to 4 weeks), bank transfer (3 to 5 days), and wire transfer (10 business days).
Winner in Payment Methods
This round ends in a draw as Bitbuy and Wealthsimple offer similar payment methods.
Bitbuy vs. Wealthsimple: Security
Bitbuy Security Features
From our team’s direct experience with this crypto exchange, we can affirm that Bitbuy is one of the most secure crypto exchanges in Canada with robust security features. It is the first Canadian registered marketplace for crypto assets, federally approved as a Restricted Dealer, and FINTRAC registered as a money services business. Bitbuy is also approved by the Ontario Securities Commission and the Canadian Securities Administrators.
Bitbuy stores 90% of users’ crypto assets in cold storage wallets offline.
It also conducts regular financial audits, transaction reporting audits, and monthly security audits through trusted third parties.
All of Bitbuy’s providers are ISO, SOC, and FIPS 140-2 compliant. Also, users’ funds are covered by an insurance policy provided by BitGo.
Users’ accounts are protected using passwords and two-factor authentication. The accounts are also subject to daily and weekly suspicious activity reviews.
Wealthsimple Crypto Security
From our extensive testing of crypto exchanges, we found that Wealthsimple Crypto is one of the first regulated crypto exchanges in Canada.
Wealthsimple is a FINTRAC-registered money services business
Crypto assets on Wealthsimple are not protected by the Canadian Investor Protection Fund, the Canadian Deposit Insurance Corporation, or any other investor protection insurance scheme.
That said, Wealthsimple Crypto holds the majority of users’ crypto assets in cold storage offline with its custodial partners. All of Wealthsimple’s custodian banks are regulated and have over $75M in insurance coverage.
The remaining crypto assets held in hot wallets also have coverage. Wealthsimple partners with Coin Cover to ensure that if the platform is ever hacked, there are additional ways to recover users’ assets.
Wealthsimple Crypto offers several personal security measures to ensure the security of users’ accounts, funds, and personal information. Available security measures include two-factor authentication and state-of-the-art data encryption.
Winner in Security
It's a draw, both Bitbuy and Wealthsimple are secure exchanges in Canada and have robust security measures.
Bitbuy vs. Wealthsimple: Earn/Staking Rewards
Bitbuy Earn/Staking
Users can get up to 12.30% in staking rewards on the following digital assets:
Polkadot, Ethereum, Polygon, Solana, Cardano, NEAR Protocol, Cosmos, and Injective.
However, this crypto exchange charges staking fees on rewards received.
Wealthsimple Earn/Staking Rewards
The crypto exchange supports the following digital assets for staking:
Solana, Ethereum, Cardano, and Polkadot.
Concerning the staking yield, Wealthsimple uses third-party validators, and this results in dynamic APRs on all coins. However, it offers up to 12% APR.
Winner in Earn/Staking Rewards
Though both crypto exchanges support staking rewards, Bitbuy wins because it offers a more structured staking rewards system than Wealthsimple.
Bitbuy vs. Wealthsimple: Usability
Bitbuy Usability
Bitbuy has an easy-to-use user interface that caters to both beginners and intermediate traders.
It offers a simple instant buy/sell platform for beginners called Express Trade and a Pro platform for experienced traders.
However, the pro platform is quite limited and doesn’t offer margin or leverage.
Wealthsimple Crypto Usability
Wealthsimple offers a simple crypto trading interface that allows limit orders for buy/sell transactions via its mobile app and web trading platform. In general, Wealthsimple isn’t beginner-friendly and more targeted towards intermediate traders.
Winner in Usability
Bitbuy wins in usability, and Wealthsimple is confusing to navigate and use.
Bitbuy vs. Wealthsimple: Customer Service
Bitbuy Customer Service
Bitbuy offers customer support via email at support@bitbuy.ca.
Support is also available for OTC clients via phone.
Bitbuy has a Help Center where users can check for answers to common problems before contacting the support team.
That said, Bitbuy offers poor customer service.
Wealthsimple Customer Service
Wealthsimple offers customer support via live chat, phone and email. It also offers priority support via the mobile app.
Wealthsimple has a Help Center equipped with various support articles.
That said, customer reviews on third-party review platforms indicate that Wealthsimple offers poor customer service.
Winner in Customer Service
There is no winner as both crypto exchanges offer poor customer support.
Conclusion: Final Verdict
Both of these Canadian crypto exchanges offer a limited selection of crypto assets and stakable coins, however, Bitbuy supports more features for cryptocurrency trading and is more user-friendly.
Overall Winner
Bitbuy wins the comparison with a rating of 3.0/5
FAQ
Most frequent questions and answers
Bitbuy is owned by WonderFi Technology Inc., a publicly traded company on the Toronto Stock Exchange.
Yes, Bitbuy is regulated in Canada.
Bitbuy is not a non-custodial exchange, so it does not give you full ownership of the private keys of your coins.
Bitbuy charges dynamic withdrawal fees for cryptocurrency withdrawals and 1.5% in withdrawal fees for Interac e-Transfer and wire transfers.
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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