Comparison of Bitbuy vs Simpleswap [ 2024 ]

The crypto exchanges compared by their commissions, cryptos, security and much more. Here is the Bitbuy vs Simpleswap comparison!

Your expert: Alejandro Borja

bitbuy

Bitbuy

  • Threenvest valuation: 3,9/5
  • US legal: No
  • Security: High 4,6/5
  • Mobile App: Yes
Go exchange

Investing risks losing your money

Your expert: Xavier Tarrasó

simpleswap

Simpleswap

  • Threenvest valuation: 3,5/5
  • US legal: No
  • Security: High 4,5/5
  • Mobile App: No
Go exchange

Investing risks losing your money

Main points

Fees

0.20%

Earns

Yes

Customer service

4/5
≈ 1,20%/2%

Fees

No

Earns

3/5

Customer service


Recommended for

Beginners

Yes

Trading

No

Passive income

Yes

Buy and hold

Yes
Yes

Beginners

No

Trading

No

Passive income

Yes

Buy and hold


Comparison of fees

Rating

3.7 – Reasonable fees but slightly higher for fiat transactions.
4.0 – Competitive fees with a focus on instant crypto swaps.

Level

0.20%
≈ 1,20%/2%

Brief explanation

Bitbuy’s commission structure is designed to be transparent and competitive within the Canadian market. The exchange typically charges a 0.1% fee for makers, who add liquidity to the market, and a slightly higher fee for takers, who remove liquidity. This fee structure is beneficial for both high-volume traders and occasional users, ensuring that costs are kept reasonable without compromising the quality of service. Additional charges include withdrawal fees, which vary depending on the cryptocurrency, and minimal to no deposit fees, emphasizing Bitbuy’s commitment to providing a cost-effective trading environment for its users.
SimpleSwap’s commission structure is streamlined to cater primarily to crypto-to-crypto transactions. It charges a variable fee for each transaction, which typically ranges from 0.1% to 0.5% depending on the specific cryptocurrencies involved and market conditions. This fee is integrated into the exchange rate displayed at the time of the transaction, ensuring transparency. The platform does not impose additional fees for deposits or withdrawals in cryptocurrencies, which is a significant advantage for users looking to minimize costs. However, users should be aware of network fees determined by the blockchain of the cryptocurrency being used, which are not controlled by SimpleSwap but are necessary for processing the transactions on the respective networks.

Bitbuy

bitbuy
Read bitbuy review
  • Security Methods: Bitbuy prioritizes the security of its users with robust measures including SSL encryption, two-factor authentication (2FA), and compliance with PCI DSS standards. This commitment to security ensures that users' funds and personal information are well protected against unauthorized access and cyber threats.
  • Possible Regulation: Bitbuy operates with full compliance with Canadian financial regulations. Being a registered Money Service Business (MSB) under FINTRAC, it adheres to the legal requirements set forth for financial platforms, enhancing its reliability and trustworthiness.
  • Reputation and Reviews: Bitbuy has built a strong reputation within the Canadian crypto community and beyond. It consistently receives positive reviews from users, particularly praising its user-friendly interface and responsive customer service, underscoring its standing as a trusted platform in the market.
  • Transparency: The exchange is known for its transparent operations, providing clear information about its fees, processes, and operations. This transparency builds trust among users, ensuring they feel informed and confident in their trading decisions on the platform.
  • Customer Service: Bitbuy offers excellent customer service, with a dedicated support team available to address and resolve users’ issues promptly. This focus on customer satisfaction is crucial for building long-term trust and ensuring that users have a reliable resource for any inquiries or problems they might encounter.
  • Pros
  • Strong regulatory compliance in Canada.
  • User-friendly interface for beginners.
  • Robust, effective security measures.
  • Cons
  • Relatively high trading fees.
  • Limited selection of cryptocurrencies.

Read bitbuy review

Simpleswap

simpleswap
Read bitbuy review
  • Security Methods: SimpleSwap ensures security by utilizing standard encryption protocols and security measures, safeguarding user transactions and data from unauthorized access.
  • Number of Cryptocurrencies: Supporting over 300 cryptocurrencies, SimpleSwap provides a diverse and extensive range of trading options, which speaks to its robustness and adaptability in the dynamic crypto market.
  • Trading Volume and Liquidity: Although specific numbers on trading volume aren't disclosed, the variety of cryptocurrencies supported and the platform's ability to fulfill swap requests promptly suggest a healthy level of liquidity.
  • Customer Service: SimpleSwap offers reliable customer support, which is crucial for user trust. Their support is accessible and designed to assist users with any issues or questions they may encounter.
  • Reputation and Reviews: The platform has gained positive reviews from users for its ease of use and efficiency. These testimonials build credibility and trust among potential and existing users, highlighting SimpleSwap's commitment to user satisfaction.
  • Pros
  • User-friendly interface
  • Supports many cryptocurrencies
  • No registration required
  • Cons
  • No fiat currency support
  • Limited trading features

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Product selection

Native token

No
No

Earns

Yes
No

NFT marketplace

No
No

Cripto/debit card

No
No

Company information

Full name

First Ledger Corporation
SimpleSwap Ltd

Regulation

Regulated by FINTRAC en Canadá
Not regulated

Year founded

2016
2018

Founder

Adam Goldman
Unknown

Payment methods

Transfers

Yes
No

Mastercard

Yes
No

Wire transfer

Yes
No

Card

Yes
No

Comparative table

Bitbuy FEATURES Simpleswap
The minimum trade amount is reasonably low, making it accessible for beginners.
Minimum Trade
SimpleSwap supports flexible trading with no minimum deposit, making it accessible for casual users and beginners to start trading with any amount.
Fees are relatively high compared to competitors, which could deter frequent traders.
Trading and Transaction Fees
The platform operates with a straightforward fee structure but lacks the transparency of detailed fee breakdowns that might benefit users looking for cost efficiency.
Bitbuy offers a selection of the most popular cryptocurrencies but lacks a wide variety of altcoins.
Number of Cryptocurrencies
Offers a wide variety of over 300 cryptocurrencies, providing users with extensive options for trading different digital assets.
Limited to major cryptocurrencies, lacking diversity in trading pairs.
Crypto-to-Crypto Trading Pairs
Supports numerous trading pairs, allowing for versatile crypto-to-crypto exchanges, though it could expand into more niche or emerging cryptocurrencies.
The website provides clear, easily accessible information on fees, policies, and trading options.
Website Transparency
While the website is user-friendly, it could improve by providing more detailed information about the company’s background and operational logistics.
Bitbuy lacks an exchange card, limiting its utility for in-store purchases and additional benefits.
Credit/Debit Card
SimpleSwap focuses solely on cryptocurrency exchanges and does not provide additional financial tools like an exchange card, limiting its utility for everyday transactions.
Provides secure cold storage options, ensuring safety for digital assets.
Storage Offering
Provides secure storage options, though detailed information on security measures and storage capabilities could be more transparent.
Offers some staking options and rewards, though not as extensive as some other platforms.
Staking and Rewards
Limited staking options and rewards are available, which could be enhanced to attract long-term investors.
Both mobile and desktop platforms are user-friendly and well-designed.
Mobile App and Desktop
Offers a functional mobile app that is efficient and convenient for trading on the go, although further enhancements could improve user experience and features.
Excellent customer service with quick response times and helpful support staff.
Customer Service
Generally receives positive feedback for customer service, but could benefit from extended support hours and faster response times.
Efficient deposit and withdrawal processes, though some limitations apply to methods and currencies.
Deposit and Withdraw
Crypto deposits and withdrawals are supported, but the addition of fiat options and reduction of withdrawal fees would improve this feature.

Key features

Analysis tools

Basic charting tools
No trading tools, primarily a swap service

Mobile APP

No
No

Security

High 4,6/5
High 4,5/5

Additional features

OTC trading, express trade option, institutional services, cold storage solutions
Instant crypto swaps, SimpleSwap Earn, loyalty program

Anonymity

No
Yes

Key points

Available cryptocurrencies

15+
300+

User-friendliness

Bitbuy offers a clean and intuitive platform that is easy to navigate, making it suitable for beginners. The exchange provides helpful guides and customer support to assist new users in their trading journey.
SimpleSwap features an intuitive and user-friendly interface that is easy to navigate, making it suitable for beginners. The platform focuses on providing a seamless trading experience.

Value for money

Delivers decent value for money with competitive fees and strong security features, suitable for Canadian users looking for a reliable exchange.
Delivers good value for money with competitive fees and a straightforward swapping service, making it an easy option for quick trades.

Countries of operation

Canada
Global, including United States, Canada, United Kingdom, Australia, Germany

Best for

Best for Canadian investors seeking a reliable and secure exchange with competitive fees and strong customer support.
Best for traders looking for a straightforward and quick cryptocurrency swapping service with competitive fees.

Base currencies available

CAD, BTC
BTC, ETH (varies by transaction)

Account

Trading

Bitbuy is a Canadian exchange known for its high security and ease of use. It offers a decent selection of cryptocurrencies but has higher fees compared to some other global exchanges.
SimpleSwap is a non-custodial exchange known for its fast and anonymous transactions. It offers a wide range of cryptocurrencies but lacks advanced trading features and tools.

Deposit and withdrawal

Bitbuy provides easy fiat and cryptocurrency deposit methods. Withdrawals are processed within a day. Fees are slightly higher than some global exchanges but reasonable.
SimpleSwap is a non-custodial exchange known for its fast transactions. It supports various deposit methods, and withdrawals are processed quickly with low fees.

Account opening process

Bitbuy offers a simple and user-friendly account opening process. Users need to fill out personal information, verify their identity, and typically, the account is approved within a day. It’s secure and efficient.
SimpleSwap offers an easy and quick account registration process. Users need to submit personal details and verify their identity. The process is fully digital and typically takes less than a day to complete.

KYC required?

Yes
No

Customer Service

Bitbuy offers customer support via email and live chat. The support team is responsive and helpful, but the lack of 24/7 support may be a drawback for some users.
SimpleSwap offers customer support via email and live chat. The response time is quick, but the support team is not available 24/7, which may be a drawback for some users.

Security

Bitbuy offers robust security with 2FA, SSL encryption, and cold storage. It is regulated by Canadian authorities, ensuring high security for investors.
SimpleSwap offers strong security with 2FA and encryption. Despite its robust security measures, the platform is not regulated by top-tier financial authorities, which could be a concern for some investors.

Which of these exchanges is for you?

alejandro-borja-analista-de-brokers.webp

Alejandro Borja

As an expert on our website, I highly recommend Bitbuy for Canadian users looking for a secure and user-friendly platform to begin their cryptocurrency trading journey. While it does have higher trading fees and a somewhat limited range of cryptocurrencies, its strong regulatory compliance, excellent customer service, and transparent operations make it a trustworthy choice. For those prioritizing security and ease of use, Bitbuy is definitely worth considering.
Xavier-tarraso-mascarell.jpg

Xavier Tarrasó

As an expert on cryptocurrency exchanges, I find SimpleSwap to be a commendable platform for those just starting with cryptocurrencies. Its straightforward and intuitive interface removes much of the complexity typically associated with crypto trading. This accessibility makes it an excellent choice for newcomers who might be overwhelmed by more advanced trading platforms. However, it’s important to note that while SimpleSwap excels in simplicity and ease of use, it may not fully satisfy the needs of more seasoned traders looking for advanced trading tools and features. For those just entering the crypto space, SimpleSwap offers a gentle introduction without the intimidating barriers to entry seen in other exchanges.

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How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

 

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).


For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

More comparatives Bitbuy and Simpleswap