Bitvo Review : A Trusted Canadian Crypto Exchange

January 21, 2024

Headquartered in Calgary, Bitvo supports 11 cryptocurrencies—including Cardano, Dash, and QCAD—and offers competitive spreads on all trades. They have a user-friendly interface with a powerful advanced trading platform, and process all deposits and withdrawals same-day.

Update: Bitvo has recently merged with Bitbuy, one of Canada's largest crypto exchanges, and all user accounts will be merged into Bitbuy accounts soon. If you're looking for a better crypto exchange to work with than Bitbuy, I recommend Kraken, my #1-rated crypto exchange in Canada.

What Is Bitvo?

Bitvo is a Canadian crypto exchange based in CalgaryAlberta. Traders can use the Bitvo website or mobile app to invest in cryptocurrencies after completing the necessary KYC procedure. The exchange is not limited to Canada, also serving as a global currency trading platform.

In this review, we'll break down Bitvo's top features, explain its fee structure, and answer some of the most commonly asked questions about the exchange.

Bitvo Features

1. Intuitive And Versatile Interface

The Bitvo platform is very user-friendly. It offers a simple, accessible trading frontend that makes it easy for newcomers to get started with trading crypto. When compared with other crypto platforms—which can be daunting for beginners—Bitvo makes it easy to buy and sell cryptocurrencies without having to learn complex commands or procedures.

Bitvo also has an advanced trading platform where users can submit more complex order types and get trading info from charts. Even for an advanced platform, though, it’s still easy to use, allowing traders with low experience levels to set more complex orders without difficulty.

2. Bitvo Same Day Guarantee

Most Bitvo accounts are activated immediately, and all deposits and withdrawals are made the same day they're received.

This offers a significant advantage over other exchanges, especially if you want to trade on short-term price movements (e.g. when the price of Bitcoin is skyrocketing).

3. Bitvo Cash Card

As a Bitvo customer, you’ll receive access to the Bitvo Cash Card. The card is accepted everywhere Visa is accepted, making it easy for users to spend the fiat sitting in their Bitvo account. If you don't have any fiat currency in your Bitvo account, you can simply convert crypto into fiat and then spend it with the card.

Users can also use the Bitvo Cash Card to withdraw cash from over 2 million ATMs in 200 countries around the world—again, at any ATMs where Visa or Plus is accepted. Using the Bitvo Cash Card costs $1 per transaction or $1 per withdrawal + 3.00% foreign currency conversion fee.

4. Bitvo Dashboard

Bitvo's AI-powered technical analysis dashboard is another noteworthy feature. The dashboard provides an overview of the technical “score” of each cryptocurrency that is traded on their books, based on artificial intelligence (AI) analysis.

Other exchanges may offer technical analysis tools and graphs, but Bitvo provides users with a simple rating chart to assist them in making better judgments. This is driven by several complex trading algorithms that are updated daily.

5. Bitvo Customer Support

Bitvo has an extensive FAQ section on its website, and it also provides customer support through a variety of channels. Users can receive support through the following methods:

  • Email ([email protected])
  • Phone (1-833-86-BITVO (1 833-862-4886))
  • Support Page (via the “Contact Us” page)
  • Help icon

Bitvo also has a social media presence, so you can connect with the company on Facebook, Telegram, Instagram, LinkedIn, and Twitter. Bitvo's customer service is a trait that sets it apart from some other Canadian crypto exchanges like Wealthsimple Crypto.

6. Seamless Bank Integrations

Aside from its AI-powered recommendations, the Bitvo dashboard allows you to connect your bank account with the exchange, allowing payments to be processed without the need for manual intervention. This makes deposits and withdrawals significantly more efficient and lowers the risk of payment errors.

Bitvo currently offers integrations with more than a dozen Canadian banks.

Cryptocurrencies on Bitvo

Bitvo currently supports these 11 cryptocurrencies:

Bitcoin (BTC)Bitcoin Cash (BCH)Dash (DASH)
Ethereum (ETH)Dogecoin (DOGE)USD Coin (USDC)
Ripple (XRP)Litecoin (LTC)QCAD (QCAD)
Cardano (ADA)Uniswap (UNI)

Bitvo Fees

Bitvo doesn't charge any trading fees, which means its fees are all baked into the spread. Spreads on Bitvo trades tend to range between 0.50% – 1.00%, depending on the asset you're trading

Bitvo does not charge any deposit fees. Deposits can be processed via Interac e-Transfer, wire transfer, Canada Post Load, and cryptocurrency.

Bitvo charges a 1% fee on all withdrawals, regardless of the currency or cryptocurrency you use. This includes both fiat and crypto withdrawals. Deposits can be processed via Interac e-Transfer, wire transfer, EFT, Bitvo Cash Card, and cryptocurrency.

The Bitvo Cash Card charges a $1 fee on all purchases plus $1 per ATM withdrawal. If you're withdrawing foreign currency from an ATM, you'll also pay a 3.00% foreign currency conversion fee. This is on top of Bitvo's general 1% withdrawal fee, for a total of 4% + $1 per foreign ATM withdrawal.

Here's a summary of Bitvo's fee structure:

  • Trading Fees: 0%
  • Trading Spreads: 0.50% – 1.00%
  • Deposits: Free
  • Withdrawals: 1.00%
  • Bitvo Cash Card (Purchases): $1 per purchase
  • Bitvo Cash Card (Withdrawals): $1 per withdrawal + 3.00% foreign currency conversion fee

Although not as cheap as VirgoCX and CoinSmart (two of our best-rated cripto exchanges), Bitvo is significantly cheaper than Newton and Shakepay.

In Summary

Headquartered in Calgary, Bitvo supports 11 cryptocurrencies—including Cardano, Dash, and QCAD—and offers competitive spreads on all trades. They have a user-friendly interface with a powerful advanced trading platform, and process all deposits and withdrawals same-day.

Bitvo has become known for the Bitvo Cash Card, which allows users to spend the fiat in their Bitvo account anywhere Visa is accepted, or withdraw it from more than 2 million ATMs in 200 countries around the world. With useful features and low fees, Bitvo is a reliable, easy-to-use Canadian crypto exchange.

Bitvo Review FAQs

How To Withdraw From Bitvo

To withdraw funds or cryptocurrency (other than via the Bitvo Cash Card), follow these steps:

  1. Log into your Bitvo account.
  2. Select “Withdraw From My Account”.
  3. Select the desired amount you want to withdraw.
  4. Send the funds to an account or card controlled by you.

Keep in mind that you won’t be able to withdraw any fiat currency or cryptocurrency until you’ve completed the ID verification process.

Is Bitvo Safe?

Yes, Bitvo is a secure cryptocurrency exchange. More than 95% of the platform's crypto assets are kept offline in cold storage, which means they're out of reach from attackers, viruses, and hackers. When users need to manage their coins, Bitvo moves them into the company's “hot wallets,” at which point they can be accessed.

Bitvo also has a multilayer firewall structure and performs regular security checks to guarantee that their backend systems are secure from penetration. They employ several basic safety precautions, such as limiting login attempts, two-factor authentication, and more.

Is Bitvo Legal In Canada?

Yes, Bitvo operates legally in Canada. Bitvo is a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and is compliant with all Canadian regulations.

Does Bitvo Report To The CRA?

No, Bitvo does not report to the CRA, nor has it been asked to do so.

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