Bitbuy is a better choice than Coinsquare for most crypto traders for several reasons. Regarding regulatory compliance and security, Bitbuy gets the lead over Coinsquare as it's regulated under FINTRAC and performs regular financial and security audits to prevent fraudulent activities. Bitbuy is also covered by a 1:1 Knox insurance policy, whereas Coinsquare doesn't have any information about its insurance policies.
Coinsquare users have reported a lack of customer support as they take a few hours to reply, while Bitbuy offers live chat support and gets you connected instantly. Coinsquare has a 2% withdrawal fee and doesn't support credit/debit cards. Bitbuy offers all international payment methods, including credit/debit cards, Interac e-Transfer, and wire transfers.
Coinsquare and Bitbuy are both direct competitors in the Canadian crypto scene. They're both Canadian-based companies with years of experience and offer similar solutions to their Canadian users. However, the differences are more than enough to make choosing one or the other easy.
Coinsquare offers 40+ cryptocurrencies but is not beginner-friendly and has a 2% CAD withdrawal fee. In contrast, Bitbuy has a highly user-friendly interface and has tons of features for both beginners and experienced traders. After testing these crypto exchanges for months, I can easily recommend Bitbuy to newbies and serious traders because of their low trading fees, 95% cold storage policy, and high security measures. Coinsquare is a good option for newbies looking to start their cryptocurrency investment journey, but for advanced traders, not so much.
Unlike Coinsquare, Bitbuy has a high account limit and allows you to withdraw your cryptocurrencies to a private wallet in large amounts. Although Coinsquare has Quick Trade and Coinsquare Advanced Trade to avoid confusion, their interfaces are not quite beginner-friendly compared to Bitbuy's Express Trade and Pro Trade. On Coinsquare, you can't make deposits using your credit/debit cards, while Bitbuy supports all credit/debit cards. Both these crypto exchanges have email support and live chat, but Bitbuy's customer support is much quicker, helpful, and available 24/7.
Coinsquare Vs. Bitbuy: Pros And Cons
Pros Of Bitbuy
- High account limit
- Supports a wide range of payment methods, including credit/debit cards
- User-friendly interface
- Backed by a Knox insurance policy
- Approved by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA) and registered under FINTRAC
- Free deposits
- Keeps more than 95% of its digital assets in cold storage
Pros Of Coinsquare
- Offer 40+ cryptocurrencies
- OTC desk available
- SSL technology
- $20 minimum deposit
- Quick Trade and Advanced Trade
- Helpful educational resources and FAQs are available
Cons Of Bitbuy
- 1.5% withdrawal fees
- Deposits can take a few minutes to process
- $50 minimum deposit
- Fewer cryptocurrencies available
- Pro Trade can confuse new traders (although they can use Express Trade)
Cons Of Coinsquare
- No credit/debit card deposits
- Desktop platform and mobile app are less user-friendly
- 2% withdrawal fee
- Can only withdraw a few cryptocurrencies
- Low account limit
- Insurance policy not stated
- Complicated fee structure
Bitbuy Vs. Coinsquare: Pricing
Bitbuy and Coinsquare have different fee structures. On Bitbuy, you'll get free deposits, and if you have a big investment, you don't have to pay any trading fees. However, on Coinsquare, the deposit fee is variable, and you'll have to pay a 0.5% fee on each trade, no matter how much you invest.
You'll also pay a 2% withdrawal fee on Coinsquare, and it doesn't support credit/debit cards. Both crypto exchanges only support Canadian dollars, so you'll have to pay a conversion fee if you make deposits from another currency account.
Bitbuy is transparent about its fee structure, but Coinsquare's pricing is a bit more complicated.
| Pricing | Bitbuy | Coinsquare |
| Trading Fees | 0%-1.5% (depending on your tier level) | 0.5% |
| Deposit Fee | Free | Free |
| Withdrawal Fee | 1.5% | 2% |
| Credit/Debit Card | Yes | No |
| Interac e-Transfer | Yes | Yes |
| Wire Transfer | Yes | Yes |
| Supports CAD | Yes | Yes |
All things considered, Coinsquare is slightly more expensive than Bitbuy, especially for high-volume trades which can get you to the higher-tier, lower-fee range on Bitbuy. However, it's not as expensive as other Canadian exchanges like Newton or Shakepay, even though they pose as no-commission crypto exchanges.
That said, there are other even better crypto exchange options for Canadians like VirgoCX (Canada's #1 best-rated exchange) and CoinSmart.
Bitbuy Vs. Coinsquare: Detailed Breakdown
Security
Hundreds of thousands of Canadian crypto investors rely on Bitbuy and Coinsquare for everyday crypto trading. You'll get two-factor authentication (2FA) on both these platforms, and all new traders are asked to go through the “know your customer” (KYC) protocol before they start buying/selling cryptocurrencies.
Bitbuy is a codebase platform and is insured 1:1 with a Knox insurance policy in case of thefts and hacks, while you won't find any insurance policies on the Coinsquare platform (if they had one, they would definitely mention it). Both these crypto exchanges keep most of their digital assets in cold storage. The Blockchain Intelligence Group confirmed Bitbuy's offline storage and stated in their third annual proof of reserves and due diligence report that Bitbuy holds 98% of its funds in cold storage, exceeding their stated 95%. Bitbuy performs regular financial and security audits to protect its users' investments.
Coinsquare also claims to store 97% of its coins in offline wallets, but its claim hasn't been confirmed by any well-known authority. However, Coinsquare crypto exchange uses SSL technology for private data encryption, and its system is DDoS tested to ensure that the platform can stay protected against cybercriminals.
Regulatory Compliance
Both these crypto exchanges are fully regulated and allowed to operate in every Canadian province. They are regulated under FINTRAC as Money Service Businesses, but Bitbuy is also approved by the OSC and the CSA. According to the website, Coinsquare has completed a Service Organization Control (SOC) 1 audit and is PIPEDA compliant.
A few months ago, the OSC and the CSA announced that the Bitbuy crypto exchange is the first Registered Marketplace and Investment Dealer Canadian crypto traders can rely on to invest in cryptocurrencies.
Desktop And Mobile Interface
Bitbuy has two trading modes: Express Trade and Pro Trade. Express Trade is made for beginners, allowing them to buy/sell digital currencies in just a few clicks without confusion. It's beginner-friendly, and you'll find an excellent tutorial on how to use it for the first time.
Pro Trade is explicitly made for experienced traders. It provides access to advanced trading tools like live charting to see volume and order data book. Both these modes are easy to navigate and help users from beginning to end.
Bitbuy's mobile app is one of the best in the Canadian crypto market. It allows you to make deposits and withdrawals and access advanced trading tools on the go. Everything you can do on the desktop platform, you can do on its mobile app, too, with an easy-to-use interface.
Coinsquare has a bad reputation for its poor interface, and users have reported bugs from time to time. The desktop platform is not suitable for experienced traders as it lacks usability. The crypto exchange has a 2.1-star rating where users specifically reported problems in the interface. Coinsquare's desktop platform looks pretty old and is complicated. However, it has a Quick Trade mode, allowing you to buy/sell digital currencies within a few clicks.
Coinsquare's mobile app is simple and to the point. You won't get advanced trading tools like Bitbuy, just a simple buy/sell feature. The mobile app's user interface is also inferior; that's why its Android app has a 2.2-star rating out of hundreds of reviews.
Customer Support
Bitbuy and Coinsquare both provide live chat and email support. You'll also find helpful educational resources and FAQs on their platform. However, Bitbuy's customer support team replies within a few minutes, while Coinsquare's team may take hours to days to respond, which can be frustrating (though not as frustrating as waiting months for a reply, as it sometimes happens with Wealthsimple Crypto).
Bitbuy also has an online ticketing system and is well-known for solving issues within 24 hours.
Similarities Between Coinsquare And Bitbuy
- Offer Cryptocurrencies: These crypto exchanges offer users a wide range of digital currencies, including Bitcoin, Ether and all the other popular coins.
- Free CAD Deposits: You don't have to pay any charges when depositing funds in Canadian dollars in these two crypto exchanges.
- OTC Desk Available: For experienced traders who plan to make large investments, both platforms offer an OTC Desk.
- Simple and Advanced Mode: Bitbuy and Coinsquare have two trading modes to avoid confusion for new traders. Bitbuy has Express Trade and Pro Trade, while Coinsquare has Quick Trade and Advanced Trade.
- Crypto Wallet: When you sign up on these crypto exchanges, you'll get a free crypto wallet where you can store your digital assets.
- Fully Regulated: Both these crypto exchanges are regulated under FINTRAC as Money Service Businesses and allowed to operate in every province of Canada.
- Well-Reputed: In the Canadian crypto market, Bitbuy and Coinsquare have excellent reputations, and hundreds of thousands of users are trading cryptocurrencies on both platforms daily.
Differences Between Bitbuy And Coinsquare
- Insurance: Bitbuy is backed by a Knox insurance policy, while Coinsquare's website doesn't state having any insurance policy.
- Credit/Debit Cards: Bitbuy supports nearly all international payment methods, including credit/debit cards. On the other hand, Coinsquare doesn't allow credit/debit card purchases.
- Trading Fees: Bitbuy charges a trading commission between 0%-1.50%. Coinsquare's trading fee is 0.5%.
- Cold Storage: The third annual proof of reserves and due diligence report by The Blockchain Intelligence Group confirmed that Bitbuy keeps over 95% of its digital assets in cold storage. Although Coinsquare has mentioned that they keep 95% of their digital assets in offline wallets, this hasn't been verified by a third party.
- Number of Supported Cryptocurrencies: Coinsquare offers 40+ cryptocurrencies, while Bitbuy has 25.
- Security: Bitbuy is well-known for its high security. Their platform runs on a privately maintained codebase, and they perform regular safety and financial audits to prevent fraudulent activities. That's not the case with Coinsquare.
- User Interface: Bitbuy's user interface is beginner-friendly and easy to navigate. On the other hand, Coinsquare's user interface is complicated and full of bugs.
- Cryptocurrency Withdrawal: On Bitbuy, you can withdraw all cryptocurrencies to your private wallet. But Coinsquare only allows you to withdraw a few digital currencies.
Who Wins: Coinsquare Or Bitbuy?
| Features | Bitbuy | Coinsquare |
| Top Feature | Express Trade and Pro Trade | Quick Trade and Advanced Trade |
| Pro | Fully Insured | 40+ cryptocurrencies |
| Con | 0%-1.50% trading fees | Poor interface and customer support |
| Security | High | Low |
| Signup Bonus | $20 | $10 |
| Regulatory Compliance | Regulated under FINTRAC and approved by OSC and CSA | Regulated under FINTRAC |
| Mobile App | Yes | Yes |
| Usability | Excellent | Poor |
| Best For | All Categories | New Traders |
| Credit/Debit Card | Yes | No |
| Insurance | Knox insurance policy | Not mentioned |
| Secure Servers | Yes | Not mentioned |
| Customer Support | Live chat, online ticketing support, and email support | Live chat and email support |
Why Bitbuy Is Better Than Coinsquare
Due to high security, publicly proved Knox insurance, and credit/debit card support, I recommend Bitbuy over Coinsquare to both new and experienced Canadian crypto traders.
Compared to Coinsquare, Bitbuy's desktop and mobile interface is beginner-friendly and has no lags. On Express Trade, you can buy/sell cryptocurrencies directly with your credit/debit card for a minor fee. According to The Blockchain Intelligence Group, Bitbuy keeps over 95% of its digital assets in cold storage. In comparison, there's no proof that Coinsquare does the same. It doesn't matter how small or big your investment is; Bitbuy is backed with the Knox insurance policy, while Coinsquare has no insurance policies on its platform to protect your investments. Bitbuy also allows you to withdraw all digital currencies to a private wallet, but on Coinsquare, you can only withdraw a few cryptos. For these and other reasons, I don't recommend Coinsquare to most Canadian investors.
Why You May Still Want To Choose Coinsquare Over Bitbuy
Coinsquare offers over 40+ cryptocurrencies, so if you want to explore more digital currencies, then Coinsquare can be a good choice for you. As it has a Quick Trade mode that allows you to buy/sell cryptocurrencies quickly, it can also cater to newbies who are just getting started to invest in cryptocurrencies. You can also find modern trading tools in the Coinsquare Advanced Trade desktop platform, but it has a poor interface and is filled with bugs, so I don't recommend it to experienced traders.
In Summary
After testing both crypto exchanges, I can say that Bitbuy is a better option for Canadian investors than Coinsquare because of its high security, credit/debit card support, Knox insurance policy, and excellent interface.
Bitbuy Vs. Coinsquare FAQs
Is Coinsquare allowed in Canada?
Yes, Coinsquare is allowed in Canada as it is regulated under FINTRAC as a Money Service Business and is PIPEDA compliant.
Is Coinsquare reputable?
Coinsquare has over half a million Canadian users but has a poor rating on the Android platform.
Where is Coinsquare based?
Coinsquare is based in Canada and can only be used by Canadian investors. As of now, they only support Canadian dollars.
