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Bitbuy vs. Coinbase: Which crypto exchange is better?

One big and one small, but here’s what you need to know about Bitbuy and Coinbase.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Coinbase is one of the most recognizable names in the crypto market, with over 98 million verified users and is known for its beginner-friendly platform. Bitbuy, meanwhile, is a smaller operation with only 400,000 Canadian customers. Its focus on catering only to Canadians makes it a good option for funding your account with Canadian dollars. But with both having relatively complex fee structures, who wins out when it’s BitBuy vs Coinbase?

Round 1: Bitbuy vs. Coinbase on vital statistics

Looking at vital statistics, Coinbase stands out purely for its size and maturity. While it’s not regulated, it is one of the most popular platforms on the market and has been operating since 2012. However, it is not currently available to residents of Ontario. Although smaller in size when compared to Coinbase, BitBuy takes a compliance-focused approach to regulators. It’s not regulated, but it is FINTRAC-registered as a money services business and is federally approved as a restricted dealer for digital assets in Canada.

Both exchanges are beginner-friendly, but also have Pro versions for more experienced traders. However, Coinbase goes one step further and gives users the opportunity to earn free crypto when they complete learning modules on its platform.

Bitbuy Digital Currency ExchangeCoinbase Digital Currency Exchange
Overall rating★★★★★★★★★★
Costs rating★★★★★★★★★★
Registered
Exchange locationCanadaUSA
Offers a debit card
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Winner: Coinbase


Round 2: Supported coins

Coinbase dominates when it comes to the number of supported coins. Not only do users have access to BTC and ETH, but they can also trade in a large variety of altcoins. Bitbuy is more limited in the number of coins it supports. But if you are purely looking to trade with the most popular cryptocurrencies, then Bitbuy has you covered.

Bitbuy Digital Currency ExchangeCoinbase Digital Currency Exchange
Number of tradeable crypto assets39257
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Winner: Coinbase


Round 3: Supported fiat currencies

If you are a Canadian user who is not particularly interested in using other fiat currencies, then Bitbuy keeps things streamlined by only supporting the Canadian dollar. However, if you think there is a scenario where you may want access to more than just the Canadian dollar, Coinbase has a good range of supported fiat currencies.

Bitbuy Digital Currency ExchangeCoinbase Digital Currency Exchange
Number of supported fiat currencies123
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Winner: Coinbase


Round 4: Fees

Bitbuy has fees for fiat withdrawals, as well as trading fees and crypto withdrawal fees. With Coinbase, depending on what method you use, you will be charged fees for deposits and withdrawals. Trading fees are also hard to pin down as they can vary. However, Coinbase has an advanced trading platform, Coinbase Pro, which offers lower fees and is free once you sign up.

Bitbuy Digital Currency ExchangeCoinbase Digital Currency Exchange
Deposit FeesCryptocurrency: free; blockchain network fees apply
Interac e-transfer: free
Wire transfer: free
Wire transfer: US$10
Cryptocurrency: Free
ACH: Free
Trading FeeMaker (Spread fee): 0.00-2%
Taker (Spread fee): 0.10-2%
Maker fee: 0.00-0.4%
Taker fee: 0.05-0.6%
Withdrawal FeesCryptocurrency: varies depending on digital asset; blockchain network fees apply
Interac e-transfer: 1.5%
Wire transfer: 1.5%
Wire transfer: US$25
Cryptocurrency: Price varies depending on the asset
ACH: Free
Deposit methodsCryptocurrency, Interac e-Transfer, Wire transferDebit card, PayPal
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Winner: Bitbuy


Round 5: Wallets

Coinbase has a versatile self-hosted wallet that supports hundreds of thousands of tokens and gives you complete control over your crypto. It allows you to store crypto and NFTs, as well as dApps. In contrast, Bitbuy’s wallet seems relatively basic. It is fairly limited in terms of features and the number of cryptocurrencies you can withdraw. But it does have insurance in place through BitGo to cover up to the full price of your assets.

Winner: Coinbase


Round 6: Security

Although smaller in size than Coinbase, Bitbuy has a serious approach when it comes to the security of client assets. It is a federally approved restricted dealer for digital assets in Canada. It also holds 95% of all its digital assets in cold storage and has a comprehensive insurance policy with BitGo. Coinbases’ size and scale mean that it regularly undertakes security audits and also has insurance in place. It has experienced hacks in the past but all affected customers were reimbursed.

Winner: Bitbuy


Round 7: Ease of Use

Coinbase is known for its beginner-friendly platform You can buy, sell or convert a large range of cryptocurrency instantly with the easy-to-use options available through the main platform. Bitbuy also has an approachable UI that is easy to navigate for both new and experienced traders.

Winner: Draw


Bitbuy vs. Coinbase Winner: Coinbase

While Bitbuy has some good features and advantages by being solely focused on Canadians, Coinbase’s size and experience win out overall. The whole investor journey on Coinbase is slick and easy to navigate, plus you get the added bonus of earning free crypto for completing educational courses. Its fees can be confusing, but overall, Coinbase is a versatile and well-established crypto exchange which is suited to most crypto investors.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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