CoinSmart vs Bitbuy 2022: Compare Best Crypto Exchanges in Canada

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by Enoch Omololu, MSc (Econ)

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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 and allow Canadians to trade about 15 cryptocurrencies with a simple, transparent, flat fee structure.

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

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.

The Toronto-based exchange was founded in 2018 and is reputed for instant account verification, 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 right away.

Read our full CoinSmart review, or sign-up with this link and deposit $100+, to get a $30 sign-up bonus.

CoinSmart Crypto Exchange

coinsmart logo

Offers 13 popular coins

Great for new & advanced traders

0.20% trading fee

Get a $20 bonus when you deposit $100

CoinSmart Top Features

  • Supports 16 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 SmartPay to Send and receive crypto payments/donation
  • 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
  • Lots of learning resources on the GetSmart Hub
  • 24/7 customer service via live chat, phone, and email.

CoinSmart Pros & Cons

Pros: CoinSmart wins out with its instant account verification, faster-funding methods, and a simple, transparent, and competitive flat fee structure.

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

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

What is Bitbuy?

Bitbuy is a secure, reliable, and one of the best crypto exchanges in Canada that allows Canadians to easily and quickly buy about 15 cryptocurrencies with transparent and competitive trading fees.

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

When you sign up and deposit an initial $250, you get a $40 sign-up bonus.

Bitbuy

bitbuylogo

Trade 15 coins

Great for new & advanced traders

0.10% to 0.20% trading fee

Get $20 bonus after initial deposit of $250+

Bitbuy Top Features

  • Supports 15 cryptocurrencies
  • 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.
  • A simple and transparent fee structure of 0.1% maker and 0.2% taker fees
  • 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 both 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, supports only CAD as fiat, charges extra deposit/withdrawal fees of 0.5%-1.5%, and wire transfers may take 2-3 business days.

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.

CoinSmart vs Bitbuy: Supported Cryptocurrencies

Both Bitbuy and CoinSmart support almost the same number of 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 15 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% for single trades, and 0.3% for double trades. You’ll also incur CoinSmart deposit/withdrawal fees of 0%-1.5% based on the transfer method used and the amount.

Bitbuy fees come in at 0.1% for makers, and 0.2% for takers. Bitbuy Deposit/withdrawal fees range between 0.5% to 1.5% based on the transfer method used.

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

CoinSmart vs Bitbuy: Best For

Both CoinSmart and Bitbuy offer basic and advanced crypto trading features, and work well for both beginners and Pros.

Bitbuy is only available in Canada, hence great for Canada residents.

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

CoinSmart vs Bitbuy: Table Breakdown

FeatureCoinSmartBitbuy
Supported coin/fiat16 coins; about 5 fiat currencies on CoinSmart Premium15 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% and 0.3%0.1% and 0.2%
Deposit/withdrawal fees0%-1.5%0.5%-1.5%
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 bonusDeposit $100 to get a $30 cash bonusDeposit $250 to get a $40 cash bonus

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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.

CoinSmart vs Bitbuy 2022: Compare Best Crypto Exchanges in Canada

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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