Bitbuy vs. CoinSmart: Canada’s 2 Best Crypto Exchanges

April 11, 2023

Both Bitbuy and CoinSmart have low fees, offer plenty of popular cryptocurrencies, and have high security. Whether we talk about advanced trading tools or insurance, both have what it takes to be Canada's best crypto exchange. Bitbuy offers free deposits on all payment methods, while CoinSmart allows you to trade a cryptocurrency directly with other cryptos. They are both insured and store more than 95% of their digital assets in cold storage. However, we recommend CoinSmart over Bitbuy for its much lower trading fees and better signup bonus.

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Most crypto traders, whether beginners or serious ones, have difficulty choosing between Bitbuy and CoinSmart because of their popularity and positive feedback.

Bitbuy, founded in 2016, has a huge customer base of over 400,000 Canadian investors and is fully insured by Knox in case of any emergency attack. On the other hand, CoinSmart has $100M insurance and has Chainalysis to detect fraud. You can buy and sell 25 different cryptocurrencies, including all the major ones, on Bitbuy. CoinSmart has 16 digital currencies, but they keep adding new cryptocurrencies frequently.

Both crypto exchanges are transparent about their fee structure so their users can set up their trading strategies accordingly. Bitbuy and CoinSmart are well-known for their advanced trading tools, including live charting, which can be highly beneficial for serious traders. Choosing between these two great platforms is a close call and will ultimately depend on your particular preferences. I recommend either Bitbuy or CoinSmart, as they're both a great fit for new and advanced traders with their user-friendly interface, live chat support, low fees, and OTC desk.

CoinSmart Vs. Bitbuy: Pros and Cons

Pros of Bitbuy

  • Live charting available.
  • 1:1 insurance with Knox.
  • User-friendly interface.
  • 25 supported cryptocurrencies.
  • Free deposits.
  • Express Trade and Pro Trade for beginners and advanced traders.
  • OTC Desk available.

Pros of CoinSmart

  • Low trading fees.
  • Trade crypto directly with other cryptos.
  • 2FA available.
  • Quick signup process.
  • Chainalysis to prevent fraud.
  • Supports CAD, EUR, and USD deposits.

Cons of Bitbuy

  • 0%-1.50% trading fees (depending on the tier level).
  • 1.5% withdrawal fees.
  • Deposits are a bit slow.
  • Advanced trading tools can confuse a beginner.
  • The android app is less user-friendly.

Cons of CoinSmart

  • 1%-1.5% deposit and withdrawal fees.
  • 6% fees on credit/debit card payments.
  • Digital assets are stored with a third party.
  • Fewer cryptocurrencies are available compared to Bitbuy.
  • No advanced tools are available.

Bitbuy vs. CoinSmart: Pricing

When it comes to fees, both CoinSmart and Bitbuy are highly transparent. You can see the fee structure on their platform making it unlikely to be hit by an unpleasant surprise later on.

Bitbuy has a trading fee of 0%-1.50%. The higher the tier you're in, the less trading commission you'll have to pay. On the other hand, CoinSmart charges a small fee of 0.20% for a single trade and 0.30% for double trades. For instance, if you buy $100 worth of Bitcoin, you'll only have to pay $0.20 on CoinSmart, which is extremely low.

The pricing table below will show you how these exchanges profit.

Trading Fees0%-1.5% (depending on tier level)Single trade: 0.20%Double trade: 0.30%
Interac e-Transfer Fees0%-1.5%0%-1.5%
Wire Transfer0%-1.5%0%-1%
Credit/Debit CardsNot availableUp to 6%

Bitbuy Vs. CoinSmart: Detailed Breakdown


Bitbuy and CoinSmart have taken strict security measures to protect their users' investments. Neither of these crypto exchanges has ever been hacked in the four years since their foundation.

Bitbuy vs Coinsmart

Bitbuy security information

In both these exchanges, you'll get 2FA security to protect your account, and the new users must go through the KYC (Know Your Customer) process to avoid fraudulent activities. Bitbuy is backed with a Knox insurance policy and stores 95% of its digital assets in cold wallets. CoinSmart is insured by Lloyd's of London for $100 million and uses BitGo's offline wallet service to back up its digital assets.

Bitbuy vs Coinsmart

CoinSmart security information

Unlike some other crypto exchanges, the best part about CoinSmart and Bitbuy is that you don't have to spend money on buying a separate crypto wallet to store your cryptocurrencies. Both Bitbuy and CoinSmart provide offline storage as an easy-to-use crypto wallet. Also, these two have secure servers and are well-known for their regular audits.

InsuranceBacked by Knox insurance policyBacked by Lloyd’s of London for $100 million
Cold StorageYesYes
RegulationRegistered with FINTRACRegistered with FINTRAC
Secure ServersYesYes
Codebase PlatformYesYes
ChainalysisNo, but do monthly security and transaction reporting checksYes

As you can see from the table above, both exchanges share a similar strength in terms of security, but CoinSmart is slightly better, on par with VirgoCX, one of the best crypto exchanges in the country.

Regulatory Compliance

Some new Canadian exchanges operate illegally and don't register themselves with the authorities to avoid audits and checks. But, Bitbuy and CoinSmart are registered with FINTRAC as Money Service Businesses, and to retain that status, both these crypto exchanges have to comply with regulations.

They also have regular third-party security and financial audits to protect the platform from cybercriminals.

Customer Support

Since Bitbuy and CoinSmart were founded, they have offered excellent customer support to resolve their users' problems. They not only have a very helpful FAQ page but also live chat support as well. You can contact them via email or social media if you have any additional queries. Both of their customer support teams are available 24/7, and both resolve most issues within 24 hours. For most issues, you can look at their FAQ page, which contains answers to many of the most common problems users encounter when using the platform. This helps you solve these issues immediately.

These two crypto exchanges are known for their 98% customer satisfaction rate, which is backed by their fantastic customer reviews. This is a deal maker for many users, unlike other crypto exchanges (Wealthsimple Crypto in particular), which are known for bad customer service.

Desktop And Mobile Interface

Bitbuy and CoinSmart have a beginner-friendly and easy-to-use interface, making these crypto exchanges perfect for beginners and advanced traders.

Bitbuy offers an Express Trade mode which is made for newbies to quickly buy and sell digital currencies with just a few clicks. It has a simple interface and is loved by all Bitbuy users. You just have to deposit some funds, choose the cryptocurrency you want to invest in, and buy it.

Bitbuy or Coinsmart

Express Trade mode

If you're a serious investor who needs advanced trading tools like live charting, Bitbuy has got your back. It offers a Pro Trade mode that is geared more toward experienced traders who wish to design and analyze trading strategies before placing an order.

Coinsmart vs Bitbuy

Pro Trade mode

If we talk about the usability of the Bitbuy mobile app, I would say it's better than most exchanges' mobile apps because of its beginner-friendly interface and high functionalities. It also offers two modes, one for beginners and the other for experienced traders. You'll also get advanced trading tools on their mobile app, which is convenient for traders on the go.

Coinsmart or Bitbuy

Bitbuy mobile app interface

In terms of design, CoinSmart gets the upper hand because of its sleek look and bold colours. Both its desktop and mobile interfaces are engaging and enjoyable to use. It also offers a simple and advanced mode to serve users of all categories. From the beginning, you'll be able to know how to buy and sell cryptocurrencies and how to set up your crypto wallet to store your digital assets.

You'll also get access to advanced features, including limit orders and live charting. You can get simple market information from the dashboard to make trading strategies.

Coinsmart vs Bitbuy

CoinSmart desktop interface

Coinsmart or Bitbuy

CoinSmart mobile interface

Similarities Between CoinSmart and Bitbuy

Being two of the most popular crypto exchanges in Canada, they both are trusted by their users and have many things in common. Let's take a look at how similar these two exchanges are:

  • Offer Cryptocurrencies: Bitbuy and CoinSmart offer a wide range of digital currencies, including Bitcoin and Ethereum.
  • Security: You'll get 2FA and KYC processes in these crypto exchanges. They also have regular audits and security checks to prevent cyber-attacks.
  • Regulations: These two exchanges are regulated under FINTRAC as Money Service Businesses.
  • Advanced Trading Tools: Both Bitbuy and CoinSmart offer live charting and other advanced trading tools.
  • Cold Storage: These two crypto exchanges keep most of their digital assets in offline wallets to protect their users' investments.
  • Crypto wallets: Bitbuy and CoinSmart provide a digital wallet in which their users can store their digital currencies, there is no need to buy a separate crypto wallet anymore.
  • Insurance: Bitbuy is backed by a 1:1 Knox insurance policy, and CoinSmart is covered by the Lloyd's of London for $100 million.
  • Easy-To-Use: They both offer an easy-to-use interface so their users can easily make trades on their platforms.
  • Transparent: They are completely transparent about their fee structure.
  • Availability of Popular Payment Methods: From Interac e-transfer to credit/debit cards, you'll get all popular payment methods in these two crypto exchanges.
  • Customer Support: They both provide 24/7 live chat and email support.

Differences Between Bitbuy and CoinSmart

Besides all the similarities, these two crypto exchanges do have some differences. Let's take a look at them:

  • Spread: Bitbuy has a spread of 0.46% while CoinSmart has a spread of 2%.
  • Number of Offered Cryptocurrencies: Bitbuy offers 25 cryptocurrencies and CoinSmart offers 16.
  • Mobile App: Bitbuy mobile app has advanced trading tools, but CoinSmart doesn't.
  • Trading Fees: Bitbuy trading fees range from 0%-1.5%, and CoinSmart charges 0.20%-0.30%.
  • Deposit Fees: Bitbuy has no deposit fees while CoinSmart's deposit fee is between 1%-1.5%.

Who Wins: CoinSmart Or Bitbuy?

Top FeatureLive charting and Bitbuy APIChainalysis for fraud prevention
ProEasy-to-use interfaceLow trading fees
ConSlightly high trading fees for low-tier usersHigh spread
Signup Bonus$20$15
Regulatory ComplianceRegulated with FINTRACRegulated with FINTRAC
Customer SupportFAQs, Live chat, and email supportFAQs, Live chat, and email support
Year Established20162018
Secure ServersYesYes
Mobile AppYesYes
Interac e-TransferYesYes
Wire TransferYesYes
Best ForAll CategoriesAll Categories

To put both these exchanges' fees into perspective, other options like Newton and Shakepay market themselves as commission-free brokers, but they integrate fees into their spreads, reaching values of 2%-3% and more per trade. Under that light, Bitbuy's and CoinSmart's trading fees don't seem that far-fetched.

Why Both Bitbuy And CoinSmart Are Great Options

These two crypto exchanges have everything a trader needs. From high security to transparency, and from a user-friendly interface to low trading fees, both Bitbuy and CoinSmart are perfect for beginners looking to dive into cryptocurrency investing. And for experienced traders, they also offer advanced trading tools like live charting to make profitable trades.

CoinSmart's desktop and mobile interface are highly engaging while Bitbuy offers a large number of cryptocurrencies. They both have a lot of fun features, including the ability to send cryptocurrencies to private wallets, a referral program, trade crypto with other cryptos, a free digital wallet, learn and earn program, and low trading fees.

While both Bitbuy and CoinSmart are excellent crypto exchanges, they have some differences as discussed above, so it's up to you to choose one (or both, if you ask me). Their pricing models are slightly different, albeit transparent. While Bitbuy has a slight upper hand in terms of the number of tradable cryptos, they both offer the most important pairs you’re likely to want to trade anyway. And while CoinSmart offers lower trading commissions, Bitbuy offsets those by charging lower spreads, so the differences mostly cancel out.

After testing these crypto exchanges for months, I can equally recommend both platforms to all Canadian investors looking for a reliable and insured platform where they can invest their money with peace of mind.

In Summary

CoinSmart and Bitbuy are amazing options for Canadians who want to buy and sell digital currencies. By signing up on either one of these platforms, you'll get to enjoy low trading fees, high security, a private digital wallet, advanced trading tools, and much more. They both have signup bonuses and referral programs through which you and your referred friends can earn, making both platforms excellent ways to start your cryptocurrency trading journey.

Unlike other Canadian exchanges, you won't be charged shady fees and will experience many fun features in both Bitbuy and CoinSmart. Whether you're a beginner or an experienced trader, I highly recommend CoinSmart and Bitbuy if you want low trading fees and high security for your hard-earned money.

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