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:
Where It Falls Short:
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
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
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 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.
Requirements
Application Time | 2 minutes |
KYC | Mandatory |
Instant Verification? | Yes |
Who Is Eligible | Canadian residents including Ontario |
Sign Up Requirements |
|
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
- $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
User Security Features
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(#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 [banned] | N/A | 1000+ | No | 2.92% | 0.00% | 0.20% |
Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.
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
Get $25 Free when you deposit $100
FAQ
Yes, Bitvo is a registered money services business (MSB) that is regulated by FINTRAC. This makes them legally compliant in Canada.
Yes, Bitvo is a legally compliant Canadian cryptocurrency exchange that allows you to buy and sell 11 coins.
