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CoinSmart vs Bitbuy 2024: Compare Best Crypto Exchanges in Canada

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Both CoinSmart and Bitbuy stand among the best crypto exchanges in Canada that offer basic and advanced web interfaces and mobile crypto trading apps to cater to both newbies and pro traders.

Both are FINTRAC-registered money service businesses in Canada. They allow Canadians to trade several cryptocurrencies with a simple, transparent, flat-fee structure.

In this CoinSmart vs. Bitbuy comparison, I discuss their top features, supported cryptocurrencies, trading fees, pros and cons, and more.

Bitbuy Overview

Bitbuy is one of the best crypto exchanges in Canada. It allows Canadians to buy about 40 cryptocurrencies easily and quickly, with transparent and competitive trading fees.

The Toronto-based exchange was launched in 2016 and offers basic and advanced trading interfaces for both beginners and experienced traders.

Bitbuy Crypto Exchange

bitbuylogo

Get a $50 bonus if your initial deposit exceeds $250

Trade approx. 40 coins

Great for new & advanced traders

0% to 2% trading fee

Bitbuy Top Features

  • Supports multiple cryptocurrencies
  • Supports crypto staking
  • Instant account verification and faster deposits via Interac e-Transfer
  • Bitbuy Express, where beginners can trade with a single click
  • Bitbuy Pro with advanced charting tools and order types for seasoned traders
  • Up to 1.50% trading fee; crypto withdrawal fees vary; free deposits
  • Over-The-Counter desk to execute high-volume trades
  • Bitbuy app for iOS and Android to trade on the go
  • A FINTRAC-registered MSB that’s approved by the Ontario Securities Commission (OSC)
  • Top security with 2FA and 99% cold storage of digital assets

Bitbuy Pros & Cons

Pros: The Bitbuy platform offers an easy-to-use basic and advanced interface and is great for beginners and experienced traders. It also offers instant account verification and a simple, transparent fee structure.

Cons: The downside is that Bitbuy is only available in Canada.

Is Bitbuy Safe?

Yes, Bitbuy is a safe and legitimate crypto exchange. It’s a FINTRAC-registered MSB approved by the OSC as the first crypto marketplace in Canada.

Bitbuy login uses 2FA, and 99% of digital assets are held offline in cold storage.

What is CoinSmart

CoinSmart is one of the best crypto exchanges in Canada that allows crypto investors in Canada and beyond to trade 16+ cryptocurrencies. It is now a part of Bitbuy.

The Toronto-based exchange, founded in 2018, is reputed for instant account verification, its same-day deposit guarantee, and its simple, transparent fee structure.

CoinSmart offers a basic interface where beginners can buy crypto with a single click and advanced crypto trading tools and OTC services to cater to experienced, high-volume traders.

It only takes a few minutes to create a CoinSmart account and get verified, with faster funding options so that you can start trading immediately.

CoinSmart Crypto Exchange (now Bitbuy)

coinsmart logo

Top crypto exchange in Canada (now Bitbuy)

Great for new & advanced traders

Competitive trading fees

Get a $50 bonus when you deposit $250

CoinSmart Top Features

  • Supports several cryptocurrencies
  • Instant account verification and faster funding methods
  • Multiple ways to fund your CoinSmart wallet and buy crypto, including Interac e-Transfer, wire transfers, debit/credit cards, E-Transfer, SEPA, and crypto deposits
  • Same-day deposit guarantee on all transfer methods
  • OTC crypto services to fill high-volume trades via CoinSmart Premium
  • CoinSmart app to trade and monitor your wallet on the go
  • Top security with 2FA and 95% cold storage of digital assets
  • Basic and advanced trading interfaces and tools to accommodate all traders
  • 24/7 customer service via live chat, phone, and email

CoinSmart Pros & Cons

Pros: CoinSmart offers instant account verification, faster funding methods, and a simple, transparent, and competitive flat fee structure.

Cons: Credit card purchases incur a fee of up to 6%, and fiat withdrawals may take up to 5 business days. You may also incur deposit/withdrawal fees of 1%-1.5% based on the transfer method.

Is CoinSmart Safe?

Yes, CoinSmart is a safe and legit crypto exchange and a FINTRAC-registered Money Service Business based in Toronto.

CoinSmart login uses 2FA, and your coins are held offline with Bitgo and Fireblocks, top custodians of digital assets.

CoinSmart vs Bitbuy: Supported Cryptocurrencies

CoinSmart supports 16 cryptocurrencies. Below is the CoinSmart crypto list:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash
  • Stellar
  • EOS
  • USD Coin
  • Cardano
  • Dogecoin
  • Polkadot
  • Shiba Inu
  • Chainlink
  • Uniswap
  • Solana
  • Polygon
  • Avalanche

Bitbuy supports ~ 40 cryptocurrencies, including:

  • BTC
  • BCH
  • ETH
  • LTC
  • XLM
  • EOS
  • AAVE
  • LINK
  • DOGE
  • DOT
  • ADA
  • UNI
  • SUSHI
  • MATIC
  • SOL

CoinSmart vs Bitbuy: Trading Fees

Both CoinSmart and Bitbuy offer simple, transparent fee structures.

CoinSmart fees stand at 0.2%. You’ll also incur CoinSmart deposit/withdrawal fees of 0%-1.5% based on the transfer method used and the amount.

Bitbuy trading fees are up to 1.5%, depending on your trading volume.

Crypto deposits are free on both platforms, but you’ll incur crypto withdrawal fees that vary by coin.

CoinSmart vs Bitbuy: Best For

CoinSmart and Bitbuy offer basic and advanced crypto trading features and work well for both beginners and pros.

CoinSmart is available in about 15 countries, making it a great choice for crypto investors in Canada and beyond.

Bitbuy is only available in Canada.

CoinSmart vs Bitbuy: Table Breakdown

FeatureCoinSmartBitbuy
Supported coin/fiat16 coins (now part of Bitbuy)40 coins; Only CAD as fiat
Funding methodsInterac e-Transfer, Bank Wire, credit/debit cards, E-Transfer, crypto depositsInterac e-Transfer, Bank Wire, crypto deposits.
Trading fees0.2%Up to 1.5%
Deposit/withdrawal fees0%-1.5%Variable
Instant account verificationYesYes
AvailabilityCanada and beyondOnly in Canada
Trading platforms and toolsBasic and advanced Web and mobile crypto trading appsBasic and advanced web and mobile crypto trading apps
Sign up bonusBitbuy $50 bonus with $250 initial deposit

Related:

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Top registered and regulated crypto trading platform for Canadians.

$50 instant reward when your initial deposit is at least $250 or more.

Access over 40 popular coins and altcoins and staking to earn interest.

Competitive low trading fees for crypto and free deposits.

Get access to advanced trading tools.

Access nearly 70 crypto assets with one-click trading + $25 bonus

Instant deposit with e-Transfer and supports CAD and USD.

$25 bonus when you verify your account and deposit $150.

Offers almost 70 crypto assets.

0.50% to 2% trading fees; free fiat deposits and withdrawals.

Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

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