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 several 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, 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.
Read our full CoinSmart review, or sign-up with this link and deposit $200+ to get a $50 sign-up bonus.
CoinSmart Crypto Exchange
Top crypto exchange in Canada
Great for new & advanced traders
0.20% trading fee
Get a $50 bonus when you deposit $200
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 with its 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 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.
What is Bitbuy?
Bitbuy is 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 $20 sign-up bonus.
Trade 25+ coins
Great for new & advanced traders
Up to 1.50% trading fee
Get $20 bonus after initial deposit of $250+
Bitbuy Top Features
- Supports multiple 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.
- Up to 1.50% trading fee; crypto withdrawal fees vary
- 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, supports only CAD as fiat, and trading fees are up to 1.5%.
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 Cash
- USD Coin
- Shiba Inu
Bitbuy supports 20+ cryptocurrencies, including:
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
|Supported coin/fiat||16 coins; about 5 fiat currencies on CoinSmart Premium||20+ coins; Only CAD as fiat|
|Funding methods||Interac e-Transfer, Bank Wire, credit/debit cards, E-Transfer, crypto deposits||Interac e-Transfer, Bank Wire, crypto deposits.|
|Trading fees||0.2%||Up to 1.5%|
|Instant account verification||Yes||Yes|
|Availability||Canada and beyond||Only in Canada|
|Trading platforms and tools||Basic and advanced Web and mobile crypto trading apps||Basic and advanced web and mobile crypto trading apps|
|Sign up bonus||Deposit $200 to get a $50 cash bonus||Deposit $250 to get a $20 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.