Bitbuy vs Coinbase
Crypto Exchange Comparison

Bitbuy vs Coinbase – How It All Started?

Bitbuy

Bitbuy, which serves over 400,000 people in Canada and boasts a trading volume of more than 4 billion dollars, is the most popular crypto destination for cryptocurrency investors in Canada.

Founded in 2016, Bitbuy is considered to be Canada’s safest and most reliable cryptocurrency exchange for Bitcoin (BTC), Ethereum (ETH), and other digital assets.

This cryptocurrency exchange is located in Toronto and offers its customers a user-friendly and safe cryptocurrency trading platform.

Using this platform, customers can quickly and easily acquire some of the most popular cryptocurrencies (including bitcoins) by exchanging them for Canadian dollars (CAD).

Coinbase

Coinbase is a globally accessible and popular US-based exchange that can give you a leg up to build and grow your cryptocurrency portfolio in a straightforward way.

This popular crypto exchange was initiated as a cryptocurrency startup in 2012 with the revolutionary notion that anybody, regardless of their location on the globe, should be able to send and receive Bitcoin in an uncomplicated and risk-free manner.

Today, Coinbase provides a reliable and highly user-friendly platform, making it possible for every trader to gain access to the larger cryptocurrency market regardless of their trading skills and level of expertise.

Bitbuy vs Coinbase: The Comparison

Opening an Account

You will be required to go through an automatic verification procedure before registering a trading account on Bitbuy.com. To establish your account, you’ll first need to fill out the form with your personal information and then verify both your email address and phone number.

Additionally, you may be asked to provide extra proof of your identity, such as a government-issued picture ID, bank statement, utility bill, or other identity supporting papers if your Bitbuy registration does not pass through the automated identification or Express Verification protocols.

If you wish to trade on Coinbase, register a verified account first. You must be at least 18 to open an investment portfolio on this exchange.

Next, you’ll need to confirm your identity by completing the KYC procedure (Know Your Customer) and providing several documents, like a government-issued photo ID with your image, complete name, surname, and date of birth, a validated phone number and an email. In addition, you’ll have to confirm your residency and address.

It’s also necessary to supply data regarding your salary, employment, and workplace as a component of the user verification process. When you finish with this registration process, you’re advised to activate the two-factor authentication protocol (2FA) for added safety and choose your payment option.

Main Features

Bitbuy is a trading platform designed for all crypto investors, regardless of their experience in crypto trading. In fact, there are two distinct trading platforms under the Bitbuy exchange – a basic one, suitable for novices in crypto trading, and the Bitbuy Pro platform with a live order book designed with advanced traders in mind.

The basic Bitbuy platform offers simplified trading instruments that let you exchange, buy or sell any of the supported coins through this exchange. When it comes to seasoned traders, they would certainly be glad to find out Bitbuy offers an OTC (Over-the-Counter) trading desk and a Pro Trade market.

This Canadian exchange also provides an Express Trading feature through which you can place buy/sell orders in just one click.

Coinbase, as the name suggests, is an excellent starting point for new traders since it provides basic and intuitive trading tools. In a manner analogous to that of Bitbuy, Coinbase provides a beginner-friendly platform on which users can access the basic trading functionalities.

In addition, there is a second marketplace known as Coinbase Pro that provides experienced traders access to more complex trading instruments. On this platform, seasoned traders can invest their coins using some of the most popular advanced tools like margin trading and spot trading.

Last but not least, there’s the Coinbase Earn option, which allows you to earn passive income in a fun and educational way just by viewing a video on a specific currency and answering a few short quiz questions.

Supported Cryptocurrencies

Through the Bitbuy trading platform, you can buy or sell a number of the most traded cryptos, such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Eos (EOS), Litecoin (LTC), Aave (AAVE), Stellar Lumens (XLM), Cardano (ADA), Polkadot (DOT), Polygon (MATIC), Solana (SOL), Dogecoin (DOGE), Ripple (XRP), and Chainlink (LINK).

Though the number of supported coins on this exchange might not be too vast, Bitbuy constantly updates the exchange’s portfolio, so check their site regularly for any new additions to the list.

Coinbase, on the other hand, is an altcoin wonderland for traders who enjoy having a lot of options. With over 300 supported digital assets, you can be confident that you’ll discover your preferred currency on this US-based platform, whether you’re seeking the most liquid ones like BTC or ETH, a stablecoin, or some more low-profiled token to get you into the market with a lower investment.

Payment Methods

Bitbuy allows its customers to fund their accounts with cryptocurrencies, bank wire transfers, or Interac e-Transfers. Also, remember that the only possibilities to fund your account are with Canadian dollars (CAD) or crypto.

Coinbase allows its clients to pay using various methods, including direct deposits, instant cash withdrawals to their bank accounts, wire transfers or electronic bank transfers, Apple Pay, PayPal, Google Pay, and 3D secure credit/debit cards.

Coinbase also allows you to fund your account with digital currency directly. However, do remember that the ways you can pay and the financial services you can use through Coinbase depend on where you currently reside.

Trading Fees and Limits

The trading fees charged by Bitbuy are comparable to those set by other trading platforms available in Canada. More specifically, it will cost you 0.2% of the deal to perform a basic cryptocurrency swap using Bitbuy.

On the other hand, advanced traders pay their trading fees according to the maker/taker model, which imposes a 0.1% fee for makers and 0.2% for takers.

Despite the relatively modest costs for trading, Bitbuy applies a fee for both making a deposit and withdrawing money through Interac e-Transfers. Since deposits made through Interac take only a few hours on average, traders frequently choose this payment option.

Using Interac e-Transfer to make deposits will cost you an additional charge equal to 1.5% of the total amount of each deposit.

When it comes to Coinbase fees, this exchange’s transaction fees are calculated as a proportion of the total value of the trade and fluctuate with its magnitude. When computed with this method, the trading costs associated with using Coinbase might vary anywhere from $0.99 to $2.99 for each deal you make on this platform.

In addition to these set trading costs, there is also a spread cost that you need to consider when using Coinbase, as well as the deposit ($10) and withdrawal fees ($25) that can considerably add up to the final sum of trading costs.

On the other hand, the Coinbase Pro users have levied a maker/taker fee which helps them pay less than the traders on the Coinbase primary platform. Namely, makers incur a fee of 15% per trade, while takers have to pay 25% per trade.

How Safe Are Bitbuy and Coinbase?

Bitbuy is the first cryptocurrency exchange in Canada to receive regulatory approval to provide crypto trading services. In addition to holding a government license as a Restricted Dealer, Bitbuy is a money services business (MSB) that is registered with FINTRAC.

In addition, the Proof-of-Solvency mechanism implemented by this platform guarantees that every digital asset on the network is registered in an open and transparent fashion.

Also, the Bitbuy crypto exchange is routinely subjected to external audits, monthly vulnerability assessments, and transactional accounting audits for proof of reserves. All of these audits take place in order to ensure the exchange’s compliance with the respective regulations and laws.

For the safety of your currencies, Coinbase uses a variety of security measures and protocols. To begin with, the vast majority (99%) of customers’ cryptocurrency stored on Coinbase is kept safe at the exchange’s cold storage system, which is also protected by an all-encompassing insurance policy.

It is also important to note that the FDIC insures Coinbase clients’ holdings up to $250,000 per customer for a total of $500,000 in insurance coverage. Along with their typical login ID and password protection, Coinbase clients are prompted to enter the passcode sent to their phone as part of the two-factor authentication (2FA) feature. This step guarantees user accounts are kept secure from unauthorized access.

Customer Support

Bitbuy’s customer service is nothing short of excellent. For any questions you may have, the exchange’s support center or a member of their staff would be pleased to provide an answer to your issue 24/7, all year round.

You can get in touch with the Coinbase customer service by completing a ticket inquiry and sending it to the support team by email or by using a chatbot. Alternatively, you can use Coinbase’s automated phone system to get a relevant answer to your issue from the customer service.

Mobile Trading

The Bitbuy app is the best cryptocurrency option for crypto traders to help them with their busy schedules. The transactions that take place using this crypto exchange software are completed in the blink of an eye and are protected by top-tier safety measures.

More specifically, the platform holds 95% of clients’ holdings in cold storage, and all transactions must go through the two-factor authentication phase for security.

Also, a third-party blockchain security organization performs periodic audits on the marketplace and the Bitbuy mobile app to ensure each has adequate proof of reserves and is secure. In addition, BitGo provides complete insurance coverage on user assets.

The Coinbase app is a great option to consider if you are interested in trading coins on the go. Coinbase seems an excellent choice for people just starting in the cryptocurrency trading domain because it offers a safe, uncomplicated, and speedy user experience without compromising on either platform’s performance or security.

You can easily use this Android and iOS-compatible application to purchase, sell, exchange, or safely hold your currencies transacted on the Coinbase marketplaces. Once you’ve mastered the basics, you could switch to Coinbase Pro to reap the benefits of the reduced trading fees and the more sophisticated trading features.

Bitbuy and Coinbase vs Other Canadian-Friendly Exchanges

If you’re still having second thoughts about any of these two exchanges, here are a couple more to consider:

Binance

Binance is widely recognized as the biggest and most popular crypto exchange in the world. As such, it provides users from all over the globe with an unusually extensive selection of trading possibilities.

In part, Binance’s wide range of cryptocurrencies, which counts over 600 digital assets, makes it the most attractive global crypto exchange for cryptocurrency traders.

According to industry benchmarks, Binance’s transaction fees are some of the lowest on the market. For example, spot trading costs 0.1%, while buying and selling cryptocurrencies costs 0.5%.

Crypto investors also have access to a wide selection of payment choices when purchasing Bitcoin and other cryptos through Binance.

On the downside, Binance is an unregulated exchange with some regulatory issues and a history of security breaches. Also, compared to Bitbuy and Coinbase, Binance offers less beginner-friendly platform, as the multitude of trading tools and features might overwhelm newbies.

Kraken

As one of the biggest, earliest, and most renowned Bitcoin exchanges, Kraken is known for its outstanding customer support to its users, low transaction fees, a wide range of financing options, and stringent security standards.

The best feature of this exchange is its excellent security framework, which allows you to implement your trading plan regardless of your level of trading expertise. As one of the best crypto exchanges, Kraken stands out from the competition by providing top-notch customer support.

Kraken is a good option for cryptocurrency traders looking for low trading expenses and great assistance from a platform.

Similar to the exchanges reviewed in this article, Kraken is a beginner-friendly platform that successfully separates the simple trading instruments and the advanced financial tools on separate platforms for an ultimate user experience.

Conclusion

If you’re looking for a safe and easy-to-use way to trade cryptocurrencies in Canada, Bitbuy is the platform for you. Although the exchange only supports a few digital currencies, most of them are among the top 10 most popular coins on the crypto market, and you can trade them on two platforms – a basic one and an advanced one.

Ultimately, it is simple to understand why Bitbuy is one of the finest cryptocurrency exchanges in Canada when you take into consideration the way this platform blends the streamlined framework for financial services with robust security, highly protected funds, affordable trading costs, and superb customer service to round this all up.

Coinbase, on the other hand, is among the industry’s largest cryptocurrency exchanges because it serves above 70 million authenticated and active traders. Because of Coinbase’s comprehensive security framework, it is exceedingly difficult to gain unauthorized access to its users’ accounts.

From the different platforms for rookie and skilled investors to the simplified trading tools for a greater trading convenience, it’s no surprise that Coinbase is one of the most popular exchanges in the crypto sphere.

Sign Up with Bitbuy

OR

Sign Up with Coinbase