{"id":625790,"date":"2023-06-12T13:08:46","date_gmt":"2023-06-12T13:08:46","guid":{"rendered":"https:\/\/info.cashtocode.com\/?post_type=product&p=625790"},"modified":"2024-01-16T14:27:34","modified_gmt":"2024-01-16T14:27:34","slug":"bitvo-exchange","status":"publish","type":"product","link":"https:\/\/info.cashtocode.com\/en-ca\/reviews\/bitvo-exchange\/","title":{"rendered":"Bitvo exchange review"},"content":{"rendered":"\n
6.4<\/span>Expert Score<\/span><\/div>
Editor's comment<\/div>Bitvo is a crypto exchange launched by an ex-investment banker with the goal of enabling Canadians to buy, sell and exchange crypto. Despite Bitvo\u2019s great offerings, there are a low number of cryptos available to trade, no staking program, limited security measures, high transaction and conversion fees for the Bitvo card and only two payment method options that don\u2019t include credit or debit cards. The advantages are a Bitvo card that allows you to spend crypto like cash anywhere where VISA is accepted, digital asset insurance, as well as an advanced trading feature where you can find charting tools, live market prices and multiple order types.<\/div><\/div><\/div>
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Coin coverage<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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5.5<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Fees<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6.1<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Security<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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10<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Features<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6.6<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Payment methods<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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4<\/div>\r\n\t\t\t\t\t\t\t<\/div><\/div>
PROS<\/div>
  • Bitvo card \r<\/li>
  • Advanced trading feature\r<\/li>
  • Mobile app available\r<\/li>
  • Digital asset insurance \r<\/li>
  • 24\/7 live chat and phone support\r<\/li>
  • Regulated in Canada<\/li><\/ul><\/div><\/div>
    CONS<\/div>
    • Low number of cryptos available to trade\r<\/li>
    • No staking program\r<\/li>
    • Credit or debit cards not accepted\r<\/li>
    • Limited security measures \r<\/li>
    • High transaction and conversion fees for the Bitvo card<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n

      Cryptocurrencies<\/h2>\n\n\n\n

      Bitvo <\/strong>offers only nine cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Cardano. <\/p>\n\n\n\n

      Bitcoin (BTC)<\/td>Available<\/td><\/tr>
      Bitcoin Cash (BCH)<\/td>Available <\/td><\/tr>
      Ethereum (ETH)<\/td>Available<\/td><\/tr>
      Ripple (XRP)<\/td>Available<\/td><\/tr>
      Solana (SOL)<\/td>Unavailable<\/td><\/tr>
      Dogecoin (DOGE)<\/td>Available<\/td><\/tr>
      Polkadot (DOT)<\/td>Unavailable<\/td><\/tr>
      Polygon (MATIC)<\/td>Unavailable<\/td><\/tr>
      Cardano (ADA)<\/td>Available<\/td><\/tr>
      Litecoin (LTC)<\/td>Available<\/td><\/tr>
      Tether (USDT)<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, NDAX has over 30 cryptos on its platform, while Wirex lists more than 250. However, compared to its competitors, Bitvo offers <\/strong>an advanced trading feature <\/strong>with charting tools, live market prices and multiple order types like market, limit, stop limit and auction modes.<\/p>\n\n\n\n

      Payment methods<\/h2>\n\n\n\n

      You can deposit and withdraw in CAD. <\/strong>The Interac payment method has a $10,000 daily withdrawal limit and no deposit limit, while wire transfer has no limits. The Bitvo card has a daily withdrawal limit of $500 per day and $3,500 per week, with no purchase limits.<\/p>\n\n\n\n

      Deposit limits<\/h3>\n\n\n\n
      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      Interac daily limit (buying in FIAT)<\/td>No limits <\/td><\/tr>
      Wire transfer daily limit (buying in FIAT)<\/td>No limits<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Withdrawal limits<\/h3>\n\n\n\n
      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      Interac daily withdrawal limit<\/td>$10,000 requires KYC verification, ID check and a selfie<\/td><\/tr>
      Wire transfer daily withdrawal limit<\/td>No limits<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      On the other hand, Bitbuy requires KYC verification to buy, sell and trade cryptos and the company asks you for a selfie<\/strong>, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.<\/p>\n\n\n\n

      Gemini requires KYC checks to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport and proof of residential address, which can be a utility bill, correspondence from a government department or bank account statement. In addition, Canadians need to provide a social insurance number.<\/strong><\/p>\n\n\n\n

      CashtoCode eVoucher<\/h2>\n\n\n\n

      You can\u2019t fund your account with a CashtoCode eVoucher as this isn\u2019t offered at Bitvo. <\/p>\n\n\n\n

      Trading fees<\/h2>\n\n\n\n

      There are no trading fees but you need to pay a flat $1 transaction fee<\/strong>, $1 ATM withdrawal fee and a 3% conversion fee when using the Bitvo card. <\/p>\n\n\n\n

      Staking<\/h2>\n\n\n\n

      Bitvo doesn\u2019t offer a staking program. <\/p>\n\n\n\n

      Is Bitvo exchange safe?<\/h2>\n\n\n\n

      As a regulated Over-the-Counter (OTC) exchange, Bitvo has been in operation since 2018 but hasn\u2019t disclosed the amount of users it has. The company has limited security measures in place that offer a relatively low level of security for users<\/strong>, from securing servers with firewall technology to holding 95% of customers' assets offline in a proprietary cold storage system.<\/p>\n\n\n\n

      No users rate Bitvo with five stars on Trustpilot<\/strong>, <\/strong>which is a low indicator of safety. However, the company hasn\u2019t been involved in any known scandals <\/p>\n\n\n\n

      Trustpilot<\/td>2 star<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      The most common issues raised are related to account and deposit concerns. <\/p>\n\n\n\n

      Security<\/h3>\n\n\n\n

      Bitvo has a limited number of security measures in place such as holding 95% of customers' assets offline in a proprietary cold storage system, servers being secured by firewall technology, end-to-end data encryption<\/strong>, adherence to Canada\u2019s Personal Information Protection and Electronic Documents Act (PIPEDA) and registration with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). In addition, Bitvo maintains $100 million insurance coverage for the digital assets it holds on behalf of customers. <\/p>\n\n\n\n

      Safe coins storage<\/td>95% deposits are held in geographically distributed cold storage systems.<\/td><\/tr>
      Two-factor authentication<\/td>Two-factor authentication via SMS verification is required at Bitvo.<\/td><\/tr>
      Information security<\/td>End-to-end data encryption. <\/td><\/tr>
      Platform security<\/td>Unknown<\/td><\/tr>
      Network security<\/td>Servers are secured by firewall technology.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, Bitstamp has a range of advanced security measures in place such as all customer funds being backed 1:1 in custody, holding 95% of crypto in securely stored offline in bank-grade Class III vaults, over 180 of their staff members perform compliance, legal and security functions, custodians holding insurance for client assets in cold wallets, a Bitstamp Board Risk and Audit Committee and 50 licences globally<\/strong>, including a Money Service Business licence from FINTRAC, a BitLicense from the New York Department of Financial Services (NYDFS), a Virtual Asset Service Provider (VASP) licence from De Nederlandsche Bank (DNB) and a Money Service Business licence from the Financial Crimes Enforcement Network (FinCEN). <\/p>\n\n\n\n

      Wirex has a variety of security measures in place such as accounts being secured with state-of-the-art facial verification and biometric technology, <\/strong>as well as 256-bit AES data encryption. The majority of assets deposited onto the platform are held in multi-signature cold storage vaults and Wirex adheres to both Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines. The company is a licensed e-money issuer with the UK\u2019s Financial Conduct Authority (FCA) and is also regulated by the Croatian Financial Services Supervisory Agency.<\/p>\n\n\n\n

      How to start trading at Bitvo exchange?<\/h2>\n\n\n\n

      Registration<\/h3>\n\n\n\n

      You need to create an account in order to register with Bitvo this can be done by:<\/p>\n\n\n\n

        \n
      1. Visiting the homepage and inputting your email address and country of residence so you can create a password and start the process. <\/li>\n\n\n\n
      2. You then need to verify your email address.<\/li>\n\n\n\n
      3. After verifying your email address, you need to confirm that you\u2019ve read the Platform Risk Statement and Privacy Policy. <\/li>\n\n\n\n
      4. You then have to enter your phone number to receive an SMS verification text message.<\/li>\n\n\n\n
      5. After verifying your phone number, you have to complete KYC verification.<\/li>\n\n\n\n
      6. Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.<\/li>\n<\/ol>\n\n\n\n

        KYC<\/h3>\n\n\n\n

        After filling in your account details, you need to go through multi-step KYC verification<\/strong>. This process is required for anyone who wants to buy, sell or exchange cryptos on the platform. Passing KYC checks also unlocks functionalities such as more order types via the advanced trading feature or the ability to cash out your cryptos at ATMs in FIAT through the Bitvo card. <\/p>\n\n\n\n

        You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie. <\/strong><\/p>\n\n\n\n

        Customer support<\/h2>\n\n\n\n

        Bitvo <\/strong>offers a broad range of customer service options <\/strong>including phone support, 24\/7 live chat and an email address. <\/p>\n\n\n\n

        Live chat<\/td>Available<\/td><\/tr>
        Phone support<\/td>Available<\/td><\/tr>
        Email<\/td>support@bitvo.com<\/td><\/tr>
        FAQs<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        Unlike most other crypto exchanges, Bitvo doesn\u2019t use a ticketing system<\/strong> where users can fill in an online form with a subject, description and optional attachment in order to contact the company. For users who are dealing with emergency account issues, there\u2019s a direct way to speak with customer service on the phone or via live chat.<\/p>\n\n\n\n

        Conclusion<\/h2>\n\n\n\n

        Bitvo is recommended to users who are looking for a regulated exchange that provides a broad range of customer support options and also offers an advanced trading feature with charting tools, live market prices and multiple order types like market, limit, stop limit and auction modes. However, there are <\/strong>a low number of cryptos available to trade<\/strong>, no staking program, limited security measures, high transaction and conversion fees for the Bitvo card and only two payment method options that don\u2019t include credit or debit cards <\/p>\n\n\n\n

        But if you don\u2019t mind this, Bitvo can still be a great option if you\u2019re looking to integrate crypto into your spending<\/strong> with the Bitvo card, which is a major differentiating factor and unique selling point (USP) for the platform. The platform could improve its service by increasing the available range of payment methods and cryptos that can be traded. <\/p>\n\n\n\n

        Alternatives of Bitvo<\/h2>\n\n\n\n