Bitbuy vs SimpleSwap: Regulated Exchange vs Non-Custodial Swaps
Bitbuy is a regulated Canadian cryptocurrency exchange owned by Robinhood that provides spot trading, staking rewards up to 12.77%, and an over-the-counter desk for Canadian dollar balances. SimpleSwap is an instant swap aggregator that routes wallet-to-wallet trades across more than 20 exchange venues without requiring account registration.
Custody and access define the fundamental split between these services. Bitbuy operates as a custodial broker under Canadian Investment Regulatory Organization oversight, requiring mandatory identity verification and holding digital assets in cold storage, with Canadian cash protected up to $1M CAD by the Canadian Investment Protection Fund. SimpleSwap never holds user funds, settling trades directly between private wallets. Asset selection also diverges sharply: Bitbuy lists 45 cryptocurrencies geared toward Canadian retail and institutional traders, while SimpleSwap covers more than 2,800 assets across 3.2 million trading pairs.
Quick verdict
The choice between Bitbuy and SimpleSwap comes down to jurisdiction and account custody. Bitbuy delivers a regulated Canadian environment with direct Interac e-Transfer funding and custodial protections, whereas SimpleSwap provides cross-chain liquidity across thousands of altcoins without account creation or custodian counterparty risk.
Choose Bitbuy if you live in Canada, want to deposit Canadian dollars using Interac e-Transfer or bank wire, and prefer regulated spot trading with CIPF protection on cash balances and built-in staking rewards on proof-of-stake assets.
Choose SimpleSwap if you want non-custodial trades directly between external wallets, live outside Canada, or need access to rare altcoins selected from a catalog of more than 2,800 supported cryptocurrencies.
| Feature | ||
|---|---|---|
| Ratings | ||
| Our score | 4.0/5 | 4.1/5 |
| User rating | No reviews yet | No reviews yet |
| Fees | 3.5 | 3.0 |
| Security & trust | 4.5 | 4.0 |
| Asset selection | 3.5 | 5.0 |
| Ease of use | 4.0 | 4.5 |
| Support | 4.0 | 4.0 |
| Specs | ||
| Markets | Spot, OTC | Spot |
| Coins listed | 45 | 2,800 |
| Fiat deposit methods | Bank transfer | Card |
| KYC required | Yes | No |
| Accepts US customers | No | Not disclosed |
| Staking / earn | Yes | Not disclosed |
| Mobile app | Yes | Yes |
| Licenses & registrations | OSC Marketplace & Restricted Dealer, CSA Marketplace & Restricted Dealer, CIRO Member Dealer, FINTRAC MSB | Not disclosed |
| Security features | Cold Storage, Custodial Insurance, CIPF Protection | Non-custodial architecture, Direct wallet settlements |
| Futures & perpetuals | No | No |
| Copy trading | No | No |
| P2P market | No | No |
| Earn / savings products | Yes | Not disclosed |
| User protection fund | Yes | Not disclosed |
| Referral program | Yes | Yes |
| Company | ||
| Founded | 2016 | 2018 |
| Headquarters | Canada | — |
| Investors | Not disclosed | Not disclosed |
| Strengths and weaknesses | ||
| Pros |
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| Cons |
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| Best for | Canadian retail crypto buyers, Canadian high-net-worth OTC traders, Businesses holding crypto balance sheets | Registration-free crypto-to-crypto swaps, Non-custodial cross-chain transfers, Trading rare altcoins without CEX balances |
Highlighted cells show the stronger value in each row. Data comes from each provider's site and public sources; check details before you sign up.
FAQ
Do Bitbuy and SimpleSwap require identity verification?
Bitbuy requires mandatory identity verification for all customers before depositing funds or trading. SimpleSwap processes standard crypto-to-crypto swaps without account registration, though transactions flagged by risk screening may undergo verification.
Which platform supports more cryptocurrencies?
SimpleSwap supports significantly more assets, listing over 2,800 cryptocurrencies across 3.2 million pairs. Bitbuy focuses on 45 major cryptocurrencies paired against the Canadian dollar.
Can US residents use Bitbuy or SimpleSwap?
Bitbuy does not accept customers from the United States, restricting its platform to Canadian residents. SimpleSwap offers wallet-to-wallet trades without regional account lockouts.
How do fiat deposits work on each platform?
Bitbuy accepts direct Canadian dollar deposits through Interac e-Transfer and bank wire starting at $10 CAD. SimpleSwap does not maintain fiat accounts, handling card purchases through external third-party payment gateways instead.