Summary: Following an in-depth analysis of Coinsquare and Bitbuy, two leading cryptocurrency exchanges in Canada, we've concluded that Bitbuy has a slight advantage for Canadian investors. Although Coinsquare provides an intuitive interface and transparent fees, it excels in offering enhanced security features and a wide range of trading possibilities.

Bitbuy Review
Table of Contents

Bitbuy vs Coinsquare Overview

Established in 2014 by Virgile Rostand, Coinsquare is a prominent cryptocurrency exchange based in Toronto, Canada. The platform is known for its robust security measures, including cold storage for digital assets, and its commitment to regulatory compliance. It offers a user-friendly experience with a quick and efficient account verification process, making it accessible to both newcomers and seasoned investors.

Bitbuy, founded in 2016 by Adam Goldman and Ademar Gonzalez, shares the same hometown of Toronto. It holds the title of Canada's largest exchange and is distinguished by its competitive trading fees and rapid account approval. Bitbuy offers specialized features through its two main services: Bitbuy Pro, tailored for traders seeking more advanced functionalities, and Bitbuy Express, which simplifies the buying process for those new to cryptocurrency trading.

Coinsquare: Security.
Coinsquare: Security.

Products and Services

Coinsquare offers a carefully selected assortment of approximately 30 cryptocurrencies, prioritizing a well-rounded investment approach over an exhaustive list. For savvy investors and institutions, Coinsquare has a specialized OTC (Over-The-Counter) trading desk to handle large-volume trades. The platform has unique features like 'Coinsquare QuickTrade,' designed for experienced traders seeking advanced trading options.

Bitbuy, on the other hand, offers a curated selection of around 20 essential cryptocurrencies, emphasizing high-quality assets. It also caters to high-net-worth individuals and institutional investors with its dedicated OTC trading desk. Special features like 'Bitbuy ExpressTrade' for swift and straightforward transactions, along with a cold storage security measure, add extra value to the platform.

Winner: While Coinsquare provides a broader range of cryptocurrencies, Bitbuy focuses on a select, quality-oriented assortment and includes additional features.

Supported Countries

Coinsquare and Bitbuy are services tailored specifically for Canadian investors. By concentrating on this market, they are better equipped to navigate the unique financial rules and compliance requirements mandated by regulators in the country. This specialization results in a smoother and safer investing journey for those residing in Canada.

Bitbuy: Home Page.
Bitbuy: Home Page.

CAD Payment Methods

Coinsquare offers the ability to deposit Canadian dollars using Interac e-Transfer and bank wire transfers, similar to Bitbuy. Coinsquare also allows you to transfer cryptocurrencies from a select list of digital assets that they support. 

Bitbuy offers comparable options for depositing CAD and also has a handpicked list of cryptocurrencies that can be transferred into your account.

Winner: In terms of CAD payment methods, both Coinsquare and Bitbuy provide almost the same set of options. 

Bitbuy vs Coinsquare Fees

Coinsquare provides free deposits in Canadian dollars but charges a nominal fee for withdrawals. Regarding trading, the platform has a fixed fee structure, usually around 0.1% to 0.2%, depending on the asset. The spread, or the gap between the buying and selling price, typically hovers around 1.5% to 2.5%.

Bitbuy also offers free deposits in Canadian dollars and has a similar fee structure for withdrawals. The trading fees on Bitbuy can range from 0.1% to 0.2%, based on your trading volume. The spread cost is generally lower, falling between 1% and 2%, and can vary depending on the specific cryptocurrency you're trading.

Winner: Bitbuy takes the lead with its more favorable spread costs, even though both platforms have comparable trading fees. 

Security and Regulation

Coinsquare is a recognized Money Services Business (MSB) registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), with registration number #C98765432. 

Bitbuy also maintains a FINTRAC registration, identified by the number #M18755033, and complies with Ontario Securities Commission (OSC) guidelines.

Winner: Both exchanges place a high emphasis on robust security protocols and are fully compliant with Canadian financial regulations. Bitbuy, however, is subject to oversight from additional governmental agencies within Canada.

Bitbuy: Security.
Bitbuy: Security.

Final Thoughts

To sum up, both Coinsquare and Bitbuy offer strong platforms for cryptocurrency trading, specifically tailored for the Canadian market. Although both exchanges are closely matched in many aspects, such as CAD payment methods and regulatory compliance, Bitbuy gains a slight edge due to its lower spread costs and additional oversight from Canadian governmental agencies. For Canadian investors looking for a secure, efficient, and cost-effective trading experience, it is the more favorable option.