Bitbuy vs Coinbase

Bitbuy vs Coinbase

Daniel Chan

November 16, 2021

Cryptocurrency

Bitbuy is an extremely popular choice for Canadian cryptocurrency investors and Coinbase is one of the top US crypto exchanges but which is better to use in Canada? We're going to take a close look at these two exchanges, comparing various aspects, so you can decide for yourself which is best for your needs. For the majority of Canadian users, I would suggest Bitbuy over Coinbase, due to lower fees, ease of use, FINTRAC registration, and it's the most secure and trusted exchange in Canada.

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Fiat Currencies

CAD

CAD, USD, EUR, GBP, AUD, MXN, HRK, CZK & 10+ more

Number of Coins

9

70+

Buy/Sell Fees

0.2%

Deposit Methods

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Interac e-Transfer

Bank Transfer (ACH)

Wire Transfer

PayPal

Credit Card

Debit Card

Bank Draft

Cryptocurrency

Features

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User-friendly

Mobile app

Live Chat

Security

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2FA

Biometric security

FINTRAC registered

Offline cold storage

Website

Cell

Fiat Currencies

CAD

CAD, USD, EUR, GBP, AUD, MXN, HRK, CZK & 10+ more

Number of Coins

9

70+

Buy/Sell Fees

0.2%

Deposit Methods

Cell
Cell

Interac e-Transfer

Bank Transfer (ACH)

Wire Transfer

PayPal

Credit Card

Debit Card

Bank Draft

Cryptocurrency

Features

Cell
Cell

User-friendly

Mobile app

Live Chat

Security

Cell
Cell

2FA

Biometric security

FINTRAC registered

Offline cold storage

Website

Pros
  • User-friendly Express Trade feature
  • Pro Trade gives access to advanced charts and tools
  • Extremely secure crypto exchange with BTC insurance
  • Low trading fees of only 0.2% for Express Trade and 0.1%/0.2% Maker/Taker fees for Pro Trade
  • Interac e-Transfer and Wire Transfer deposits supported
Cons
  • Only available to Canadians
  • Only offers 9 different cryptocurrencies
Pros
  • Coinbase privately insures their own platform so your funds are safe in the event there is a hack
  • Simple and user-friendly interface
  • Only takes a few minutes to register and start trading
  • Over 70+ cryptocurrencies available
  • Extremely secure and trusted platform
Cons
  • Complicated fee structure that is higher than competitors
  • Only debit card deposits accepted

Bitbuy vs Coinbase Fees

Let's take a look at the various fees charged by Bitbuy and Coinbase, to start our comparison.

Deposit Fees

Depositing CAD into Bitbuy will incur a 1.50% fee with Interac e-Transfer, and 0.5% fee using Wire transfer.

On Coinbase, you do not pre-fund your account with Canadian Dollars, instead you pay using your debit card at the time of purchase. There is a fee of 3.99% when you pay with your card.

Trading Fees

On Bitbuy if you use Express Trade (the easiest way to buy and sell cryptocurrency), the fee is 0.2%.

If you use Pro Trade (trading on the market), the maker fee is 0.1% and the taker fee is 0.2%.

Coinbase's trading fee structure is complicated and consists of two components. There is a 0.50% spread fee, with an additional 'Coinbase fee' on top, which is the larger of the 'flat fee' or the 'variable fee', shown below.  

Flat fee

Transaction value

Fee

$10 or less

$0.99

$10 to $25

$1.49

$25 to $50

$1.99

$50 to $200

$2.99

Variable fee

Payment Method/Payout Method

Effective Rate of Conversion Fee

Debit Card or PayPal

3.99%

Withdrawal Fees

Withdrawing CAD from your Bitbuy account will incur a 1.50% fee with Interac e-Transfer, and 1.0% fee using Wire transfer.

Coinbase's withdrawal fees for Canadians is $1.

Winner - Bitbuy

Bitbuy has low trading fees of just 0.2% (and even 0.1% if you trade on the market), and reasonable deposit and withdrawal fees. Coinbase is known for its complicated and expensive fee structure, with 3.99% fee to use debit card on top of the 0.5% transaction fee.

Bitbuy vs Coinbase Deposit Methods

Bitbuy accepts deposits via Interac e-Transfer, Wire Transfer and Cryptocurrency.

Coinbase accepts Debit card payments and Cryptocurrency only. 

Winner - Bitbuy

Bitbuy accepts Interac e-Transfer and Wire Transfer, while Coinbase supports Debit cards. Bitbuy wins as it has more deposit options, and with lower fees, but this is a personal preference. If you want to deposit with Debit card, then you can use Coinbase.

Bitbuy vs Coinbase Features 

Bitbuy and Coinbase are two well-established cryptocurrency exchanges with plenty of features to offer. I'm not going to describe all the features on these two platforms, but if you are interested to read more, here is my Bitbuy review and Coinbase review. In this comparison article I will highlight a few points that make Bitbuy and Coinbase stand out from their competition.

Bitbuy is extremely user-friendly, and is perfect for beginners with their Express Trade feature. Even someone with no knowledge of crypto will be able to use this feature to buy or sell one of 9 popular coins.

Bitbuy also has a Pro Trade market for those that are more experienced with cryptocurrencies. It displays advanced charts by TradingView as well as giving access to limit and market orders.

Bitbuy has partnered with  BitGo Trust Company to store their cryptocurrency offline. BitGo Trust Company is the world’s first qualified custodian, purpose-built for storing digital assets. All cryptocurrency assets held in custody with BitGo are covered by a comprehensive insurance policy, meaning that all cryptocurrency held in your Bitbuy account would be covered under the same policy.

Coinbase has a unique feature where you can earn free cryptocurrency just by watching a short video! All you need to do is watch a short 3 minute video teaching you about crypto, and you receive crypto rewards afterwards. For example, if you watch one video about COMP crypto, you can earn $3 of COMP. By watching all 3 videos, you receive $9 of COMP.

Coinbase has a Wallet app that is available for iOS and Android mobile devices. According to Google Play store, there are over 1 million downloads, with a 4.3-star rating from 24K reviews. With your Coinbase Wallet you can do more than just store crypto safely. Users also gain access to a wide range of decentralised innovation. They can participate in airdrops and ICOs, collect NFTs, browse decentralised apps (DApps), and send crypto to anyone in the world.

Winner - Coinbase

Coinbase is the winner in this section, with interesting features such as Coinbase Earn where you can receive free cryptocurrency just from watching a 3 minute video. 

Bitbuy vs Coinbase Security

Bitbuy is the most secure and trusted cryptocurrency exchange in Canada. Their servers are secured across multiple world class cloud providers and disaster recovery locations. All providers are ISO, SOC, and FIPS 140-2 compliant. Bitbuy’s privately maintained codebase keeps core components closed source, so your intellectual property is safe from prying eyes. Bitbuy has 2FA and biometric login security features for their users, and store their cryptocurrency offline with BitGo Trust Company, who provides comprehensive insurance.

Coinbase uses multi-layered security such as 2FA (2-factor authentication), biometric logins (fingerprint & face ID), and data encryption, with USB drives and paper backups distributed geographically in safes and vaults around the world. All Coinbase employees are required to pass a criminal background check, and their hard drives are encrypted. Coinbase stores 98% of its digital assets offline in cold storage, and even has crime insurance cover to protect digital assets in the event of a cybersecurity breach. For more information about Coinbase's insurance cover, click here

Winner - Bitbuy

Bitbuy and Coinbase are two very secure crypto trading platforms, but Bitbuy is the winner, as the most trusted and secure exchange in Canada. 

Verdict - Bitbuy

Although Coinbase is very popular in the USA, Bitbuy is my recommendation for Canadians due to much lower fees, ease of use for beginners and experienced traders, and extremely high security. The biggest downside of Bitbuy is that they only support 9 different cryptocurrencies. If you are after a wider selection of coins, then Coinbase may be the choice for you, with over 70+ different cryptocurrencies. 

If you wanted to compare more options of crypto exchanges, check out our article on the best exchanges in Canada here.

Overall Winner - Bitbuy

Much lower fees, user-friendly for beginners and pros, and extremely high security with BTC insurance makes Bitbuy the winner in this comparison.

Still Researching?

If you want to do some more research before choosing one of these exchanges, you can read my detailed reviews on Bitbuy (here) and Coinbase (here). You might also find my article on the best Canadian crypto exchanges helpful. I have also included a quick comparison table of the top 5 exchanges in Canada here.

Comparison Table of the Best Crypto Exchanges in Canada

Bitbuy
Binance
VirgoCX
Coinberry
NDAX
Crypto Exchange
Crypto Exchange
Bitbuy
Binance
VirgoCX
Coinberry
NDAX
Fiat Currencies
Fiat Currencies
CAD
CAD, USD, GBP, EUR, AUD, HKD, JPY & 35 more
CAD, USD
CAD
CAD, USD
Cryptocurrencies
Cryptocurrencies
BTC, BCH, ETH, LTC, XRP, XLM, EOS, AAVE, LINK
BTC, ETH, XRP, LTC, BCH, EOS, XMR, TRX, XLM, NEO & 300+ more
BTC, ETH, LTC, EOS, DOT, ADA & 17 more
BTC, ETH, BCH, LTC, XLM, ADA, DOGE, DOT & 10 more
BTC, ETH, LTC, XRP, EOS, DOGE, ADA & 12 more
Deposit Methods
Deposit Methods
Interac e-Transfer, Wire transfer, Cryptocurrency
Credit card, Debit card, Cryptocurrency
Interac e-Transfer, Wire Transfer, Cryptocurrency
Interac e-Transfer, Wire transfer, Credit card, Debit card, Cryptocurrency
Interac e-Transfer, Wire Transfer, Bank Draft, Cryptocurrency
Trading Fees
Trading Fees
Express Trade: 0.2%, Pro Trade: 0.1/0.2% Maker/Taker
0.1%
0%
Included in spread
0.2%

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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