In this article we’re going to compare two crypto companies you can use to buy and hold your crypto in Canada – Bitbuy and Coinbase. We’ll cover the pros and cons of each and by the end of the article you’ll be able to decide which you should use.
When comparing Bitbuy with Coinbase, you should keep in mind what you want to use the services for. Some possible considerations
- What methods can I use to fund my account at Bitbuy and Coinbase?
- What are my options for withdrawing crypto from each service?
- What are the fees for each type of transaction for each service?
- What types of crypto can I buy on Bitbuy and Coinbase?
Bitbuy is a Canadian company based in Toronto. On Bitbuy you can buy Bitcoin, Ethereum, and a long list of other currencies and tokens. What makes Bitbuy unique in Canada is that you can fund your account with Interac E-Transfer. It only takes a few minutes and your e-transfer will hit your Bitbuy account. Additionally, you can receive crypto to a wallet address as well as send crypto to another wallet address if you want to move your holdings out of Bitbuy at any point.
This makes Bitbuy our favourite crypto choice for Canadians. If you want to withdraw your crypto into CAD, you can also convert any cryptocurrency into Canadian dollars in Bitbuy and then receive an Interac e-transfer to your bank account.
Coinbase is a well known crypto company founded in the USA. It’s known to be very trustworthy and reliable. In Canada you can fund your Coinbase account using a debit card. In the past you could also buy bitcoin or any other cryptocurrency using a credit card, but in a past couple of years Canadian credit card companies block crypto purchases so you need to use a debit card now.
Overall, Coinbase is a solid choice to buy crypto with a Canadian debit card.
Both Bitbuy and Coinbase are reputable crypto companies and both are great options to use as a Canadian. Really the main difference is that Bitbuy allows Interac E-Transfer to fund your account, or to cash out / convert your crypto to Canadian dollars.
Coinbase currently only allows Canadians to fund their accounts with a debit card, and when you want to withdraw money you’d have to cash out to a PayPal account. This is more inconvenient than should be the case in our opinion, unfortunately. If you’re OK with this and just want to hold crypto, Coinbase could be a good option. They have a great learning library with videos and quizzes that teach you about different cryptocurrencies and also give you free rewards!
All things considered, while we love Coinbase for our friends across the border in the United States, our suggestion is to use Bitbuy as a Canadian.
Fun fact: Coinbase USA was an inspiration for Bitbuy’s smooth product experience!