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Bitvo Review

Last Updated: Sep 20, 2022  |  Published: Jun 8, 2022


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Update: Bitvo to be Acquired by FTX. Read more.

If you're a Canadian crypto investor, you may be wondering if Bitvo is a good crypto exchange to use. We'll give you our honest Bitvo review and tell you why we don't recommend it for Canadian investors.

We took a deep look at Bitvo and collected over 60 variables on fees, security, features, and more. We also tested over 20 crypto exchanges to find the best places to trade Bitcoin and altcoins in Canada. Keep reading to learn more.

Overall Review 

Bitvo has some good things going for it like fast registration and 24/7 support. However, the best Canadian platforms have 40+ coins instead of just 11, and free withdrawals instead of a 1% fee. While Bitvo is decent, there are better choices in Canada with lower fees and more features.

The best crypto exchanges in Canada are Newton, NDAX, and VirgoCX.

Where It Shines:

  • Open an account in minutes with guaranteed same-day registration
  • Support is available 24/7, but we haven't put it to the test
  • Beginner and advanced trading

Where It Falls Short:

  • Only 11 coins
  • 1% fee on all fiat and crypto withdrawals
  • The Cash Card charges a $1 fee per transaction and does not offer rewards
  • No advanced trading on the mobile app
  • The mobile app UX could be improved
Bitvo

Bitvo Overview

Coins Offered

11

Total BTC Purchase Fee

?

Total BTC Selling Fee

?

BTC Spread

?

Trading Fee

Free

Funding Methods

E-transfer, wire, direct bank transfer, crypto

CAD Deposits

Free

CAD Withdrawals

1% Fee (min. $15)

BTC Withdrawal Fee

1% fee for all cryptocurrency withdrawals

Notable Features

Fast registration, 24/7 support

About Bitvo

Founded in 2018, Bitvo is a Canadian crypto exchange that lets you trade 11 digital assets. Their mission is to provide users with 24/7 customer service while maintaining the highest level of security and transparency.

  • Founded in 2018
  • Based in Calgary, Alberta
  • 10-50 employees according to LinkedIn
  • 11 cryptocurrencies available
  • Beginner and advanced trading features

On June 17, 2022, it was announced that FTX will be acquiring Bitvo. FTX is a global cryptocurrency exchange that recently surpassed Coinbase in total trading volume. The acquisition is planned to go through in Q3 2022.

User Interface

  • Web app

  • Mobile App

Platform & Features

Traders of all levels can benefit from Bitvo's beginner and advanced trading options. It doesn't have tons of features or coins like other platforms, but opening an account only takes a couple minutes. Here is an overview of each feature:

The Bitvo Same-Day Guarantee

Bitvo guarantees same-day processing on account registration, funding and withdrawal transactions, and access to live customer support 24/7. If they cannot fulfill this promise, they will refund your withdrawal fees.

Mobile App & Web App

Bitvo is a mobile app for both iOS and Android that allows you to trade online or on the move. It's accessible on all platforms, so you can trade from anywhere with ease. However, the mobile app does not provide advanced trading.

Trade 11 Coins

The number of cryptocurrencies available on Bitvo is low. Many platforms have over 40 coins while Bitvo has 11. So, if you're interested in a variety of altcoins, you might want to choose a different crypto exchange.

Coins Offered: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), QCAD (QCAD), Cardano (ADA), Dogecoin (DOGE), Uniswap (UNI), USDC (USDC).

Advanced Trading

Pro Trading Terminal

Experienced traders can access a live order book, technical analysis tools, and the ability to place limit and stop-loss orders. Advanced trading is only available on the website.

Bitvo Cash Card

The Cash Card

The Bitvo Cash Card is a prepaid card that can be used to make purchases and withdraw cash from ATMs around the world. The card, however, has numerous fees, including $1 every time you spend and 3% on foreign transactions. There are no rewards or cash back either. In Canada, there are several crypto credit cards that are free and offer cash back rewards. We recommend that you check those out instead.

24/7 Customer Support

Bitvo offers customer support via phone, chat, and email. They also have a help desk with articles and FAQs. Although we have not tested their customer support, they claim it's available 24/7.

  • Email (suppot@bitvo.com)
  • Phone (1-833-86BITVO) (1-833-862-4886)
  • Support Page

Institutional Trading

The Bitvo OTC desk is a personalized service that helps investors execute large trades. If you have $25,000 or more you would qualify for this service.

Opening An Account

The verification of Bitvo is among the fastest we have seen across 20+ platforms we have tested. The process takes minutes and lets you start trading in almost no time at all. KYC is mandatory but Bitvo has a guarantee of same-day registration.

Bitvo Verification

Requirements

Application Time

2 minutes

KYC

Mandatory

Instant Verification?

Yes

Who Is Eligible

Canadian residents including Ontario

Sign Up Requirements

  • Email address
  • Name
  • Phone number
  • Address
  • Occupation and some simple questions

Bitvo Fees

Bitvo Fees

Amount

Trading Fee

Free

CAD Deposits

Free

CAD Withdrawals

1% fee (min $15)

Crypto Withdrawals

1% fee on all coins

Bitvo Card Fees

Bitvo Cash Card
  • $10 activation fee (waived if you fund $25k in your Bitvo account)
  • $0 annual fees
  • $1 fee per transaction
  • 3% foreign transaction fee
  • $10 replacement card fee
  • $5 overdraft fee
  • $20 chargeback fee
  • $1 fee for domestic ATM withdrawal
  • $1 fee for every other transaction
  • $5/month inactivity fee after 12 months
  • Official cardholder agreement

Deposit & Withdrawals

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

0-24 hours

Max $10k

Wire Transfer

Free

0-1 days

Min $10k

Canada Post (in-person)

Free

Instant

$500/transaction

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

1.00% (min $15)

0-1 days

Max $10k

Wire Transfer

1.00% (min $15)

0-1 days

Min $10k

Direct Bank Transfer

1.00% (min $15)

0-1 days

Max $10k

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

1.00%

None

Ethereum

1.00%

None

USDC

1.00%

None

Security

Company Security Features

  • 80% of assets or more held in cold storage with BitGo (custodian)
  • BitGo has a $100 million insurance policy
  • Fiat funds arre stored at major Canadian banks
  • KYC mandatory
  • Never had any hacks or incidents
  • Transparent team
  • Registered as a Money Services Business (MSB) regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
  • Bitvo's security page and more info

User Security Features

  • 2 Factor Authentication
  • Face ID / Touch ID for login
  • Email notifications for logins and account activity
  • Crypto withdrawals allowed

Is Bitvo Safe?

Bitvo looks like a safe crypto exchange for Canadians. Approximately 80% of their assets are held in cold storage with the BitGo Trust Company which has $100 million of insurance. Users can also secure their accounts by using 2-factor authentication.

⚠️ Although Bitvo is safe, 44% of platforms we tested have had a hack or incident in the past. We strongly recommend storing and protecting your crypto on a hardware wallet or any wallet where you have control of the private keys.

Bitvo Compared

Here at RankFi, we're tracking Canada's top cryptocurrency exchanges. You can compare all of them below to find the best one for you:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

150+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

35+

Yes

1.24%

1.67%

0.50%

11/18

25+

Yes

1.99%

0.41%

1.50%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool

The Bottom Line

On Bitvo, you can trade 11 coins and they offer 24/7 customer support. However, withdrawal fees are high at 1%, the UX could be improved, and the cash card has high fees. While Bitvo is decent, there are Canadian exchanges with more coins, features, and lower fees that you should use instead.

The best exchanges in Canada are Newton, NDAX, and VirgoCX.

Reasons To Use Bitvo:

  • Register your account in minutes
  • 24/7 customer support 365 days a year
  • $25 free when you deposit your first $100

Reasons To Skip Bitvo:

  • Only 11 coins (several Canadian exchanges offer 40+)
  • Better platforms are available in Canada (more coins, lower fees, better UX, etc)
  • Bitvo Cash Card costs $1 per transaction. Find crypto credit cards here that pay you to use them
Bitvo

Get $25 Free when you deposit $100

FAQ

Is Bitvo Regulated?

Yes, Bitvo is a registered money services business (MSB) that is regulated by FINTRAC. This makes them legally compliant in Canada.

Is Bitvo An Exchange?

Yes, Bitvo is a legally compliant Canadian cryptocurrency exchange that allows you to buy and sell 11 coins.


Bitvo

Bitvo

Get $25 Free When You Deposit Your First $100

Best Canadian Exchanges

Newton.co

Top Overall

1. Newton

NDAX

Lowest Fees

2. NDAX

VirgoCX

Top Runner Up

3. VirgoCX

Alex Dabek

RankFi.com (Contributor)

Alex is the owner of RankFi.com, where he covers all things Web3 and cryptocurrency. He's been passionate about blockchain technology since 2017 and has reviewed more than 100 crypto exchanges, brokers, and DeFi applications.