Bitbuy is a secure and user-friendly cryptocurrency exchange that Canadians use to buy and sell cryptocurrencies easily.
As one of the top-rated Canadian crypto exchanges, Bitbuy supports 17 cryptocurrencies, instantly verifies most accounts, and provides extra security through optimum cold storage.
Many Canadians enjoy using Bitbuy because of its competitively low trading fees, excellent customer support, and slick mobile app.
If you want to trade popular crypto coins like Bitcoins and Ethereum, we highly recommend the Bitbuy crypto exchange.
This Bitbuy review talks about what Bitbuy is, its pros and cons, fees, available crypto coins, and its notable features. Find out all of this in our detailed review to better understand what they offer.
What is BitBuy and How Does It Work?
Bitbuy is a Canadian-operated exchange founded in Toronto. It stands out from other cryptocurrency exchanges with its low fees, excellent customer support, and easy-to-use interface.
Bitbuy has invested heavily in its system’s security to ensure that your crypto assets are always stored safely, and you get to trade with the lowest possible spreads.
Bitbuy has a friendly platform for first-time traders and a more advanced platform (Bitbuy Pro) for experienced crypto investors.
Its top features include trading 17 crypto coins directly in the Canadian dollar and BTC-based pairs and its advanced trading platform.
Bitbuy Pros and Cons
- Easy to get set up with quick account verification.
- Robust advanced trading platform for serious traders
- Customer support services are available 24/7 via phone, live chat, and email
- Supports 16 cryptocurrencies
- Same day Coinsmart deposits when funding your account.
- 95% of crypto assets are held in cold storage
- Available for residents of dozens of countries, including Canada
- Accepts credit & debit card deposits
- Registered Money Services Business with FINTRAC
- It is available for only Canadian citizens and their permanent residents.
- It accepts only one fiat – CAD, no USD or EUR
- A limited number of cryptocurrencies.
Regulated Canadian Crypto Marketplace: Bitbuy is registered as a Money Service Busines (MSB) with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). Bitbuy is a regulatory compliant platform.
Excellent Customer Support: Bitbuy has been great with customer responses. They are quick and helpful. Although they do not offer telephone support, you can reach Bitbuy’s customer service support via email, support page, and social media like Twitter and Reddit.
Bitbuy Pro: The Bitbuy Advanced trading platform has a sleek and futuristic look, specially designed for experienced traders.
With the Bitbuy Pro trading platform, you can place and stop orders, trade with extremely low fees (0.1% and 0.2% for makers and takers fees), watch live order book updates, and trade dozens of unique trading pairs.
Strong Security Measures: 95% of the cryptocurrencies on Bitbuy are held offline. With this 095% cold storage policy, Bitbuy protects your crypto assets from hackers and money launderers.
Considering all its security measures, Bitbuy is highly secure. It offers a 2-Factor Authentication (2FA) via Google Authenticator and Authy to accommodate individual preferences. Plus, it follows all Canadian regulations because it is registered with FINTRAC.
Well-Rated: From the App Store, Bitbuy has received a rating of 4.6/5 rating on its mobile app. Like the desktop version, the mobile app has all the core features of Bitbuy and supports biometric security for optimum safety.
Insurance: All cryptocurrencies held in Bitbuy’s cold storage is transferred to BitGo Trust Company. And all the cryptocurrencies in BitGo are covered by a comprehensive insurance policy.
Bitbuy Express: Bitbuy Express enables you to purchase crypto assets easily in just a couple of clicks. Each sale on Express has a fee of 0.2% per trade. It is an excellent option for novice traders new to cryptocurrencies.
Bitbuy Fees, Funding Options, and Withdrawal Methods
Bitbuy’s trading fee for instant cryptocurrency trades using CAD is 0.2%.
When you use Bitbuy Pro, you pay less because of its competitively low fees (0.1% for maker & 0.2% for taker fees).
For traders who are in a hurry, Bitbuy Express brings this up to 0.2%.
In terms of deposit fees, for Interac e-Transfer, Bitbuy charges 1.5% and 0.5% for bank wire transfers. Bitbuy’s withdrawal fee is 1.5%.
Bitbuy supports the deposit and withdrawals of crypto coins and Canadian Dollars. You can make a deposit or withdrawals by using either Wire Transfer or Interac E-transfers.
Bank Wire Transfers
1 or 2 business days
Is Bitbuy Safe for Trading
Yes. Bitbuy is one of Canada’s safest crypto exchange platforms, where you can buy and sell digital currencies.
Bitbuy is licensed as a Money Service Business under the Financial Transactions and Report Analysis Centre of Canada (FINTRAC) regulations.
Bitbuy is approved by the Ontario Securities (OSC), and the Canadian Securities Administrators (CSA) and is Canada’s first registered marketplace and crypto brokerage. This means more security, scrutiny, and transparency of their operations.
Bitbuy offers top-of-the-line security for you, with advanced 2FA and a 95% cold storage security policy. The most recent audit revealed that Bitbuy surpassed its cold storage policy by attaining an average of 98.12%.
Cryptocurrencies on Bitbuy
Bitbuy offers quite a several cryptocurrencies in the market. It has 17 coins available for you to buy and sell on the exchange.
How To Withdraw Money From Bitbuy
If you want to withdraw cryptocurrency from Bitbuy, the fees vary for different coins.
Bitcoin Cash (BCH)
Stellar Lumens (XLM)
USD Coin (USDC)
To make a Canadian Dollar withdrawal on Bitbuy, follow these guidelines.
- Go to the “Wallets” page.
- Click the “Withdraw” icon on the right-hand side.
- Choose your withdrawal method and enter the amount you want to withdraw (You cannot withdraw less than $50 Cad)
- Enter the name of the bank
- Carefully double-check and click “Next” when you are ready.
- Enter your 2FA code to complete your request.
Note: Transfer time varies depending on your chosen payment method (Interac E-Transfer takes 48 hours, Wire Transfer takes 3-5 days)
How BitBuy Compares to Other Crypto Exchanges
We compared Bitbuy side-by-side against some other Canadian and global crypto exchanges. Let’s take a look at how they compare to Bitbuy.
0.1% - 0.2% Trading fees
0.2% Trading fees
Spread of 0.5% - 0.7%
Credit & Debit card,
Wire transfers, Pre-authorized bank transfers through Plaid, transfers from external wallets
$40 bonus when you make a minimum initial deposit of $250
$30 bonus when you make a minimum initial deposit of $100
$25 bonus when you make a minimum initial deposit of $100
BitBuy vs. Coinbase
While Coinbase accepts Debit card payments and cryptocurrencies, Bitbuy accepts Interac E-Transfer and Wire transfers.
Bitbuy has more deposit options and lower fees and wins over Coinbase. But if you want to deposit with your debit card, you should use Coinbase. Bitbuy is also more secure.
BitBuy vs. Wealthsimple Crypto
Bitbuy and Wealthsimple are both secure and reputable trading platforms. There’s no need to worry about security when using either.
Wealthsimple has higher trading fees. They range from 1.5% to 2%. And like Bitbuy, it is an excellent choice for crypto trading.
BitBuy vs. Kucoin
While KuCoin has over 500 different cryptocurrencies, Bitbuy offers only 17 coins.
KuCoin is available in over 200+ countries. But Bitbuy can only be used by Canadian citizens and permanent residents.
Both platforms are secured, but only Bitbuy is regulated and licensed by FINTRAC, as KuCoin is not licensed or regulated.
BitBuy vs. Crypto.com
Crypto.com is a very affordable trading platform which is one of its plus points because money can be easily converted. But its trading fees seem expensive when compared to Bitbuy.
Crypto.com has a base fee of 0.4% and goes up to 2.99%.
Final Thoughts on the Bitbuy Review
Specially designed for Canadians, regulated and insured, Bitbuy offers you peace of mind.
Excellent with its competitively low fees compared with some of the exchange platforms in the market.
Bitbuy offers limited cryptocurrencies, but their selections include all popular coins and would suffice for average crypto traders.
Bitbuy Review FAQs
Is BitBuy Legit?
Yes, it is. Bitbuy is a legal cryptocurrency exchange founded in Toronto. It is registered with FINTRAC and fully regulated.
It also has a very secure platform that has never been compromised by hackers. Whether you are a beginner or a very experienced trader, BitBuy is always a safe platform for you.
Is Bitbuy Good and Worth it?
Yes. Bitbuy is one of the few Canadian crypto exchange platforms that allows you to buy, sell and deposit cryptocurrencies. It is safe, secure, and easy to use.
Is there a demo account for paper trading?
No. Bitbuy does not offer a demo account for paper trading.
Is Bitbuy Regulated?
FINTRAC regulates Bitbuy as a Money Service Business in Canada. It is also registered as a marketplace with OSC approval.
Is BitBuy a wallet?
Bitbuy offers wallet services to help store your cryptocurrency coins.
Can Bitbuy be hacked?
Bitbuy has never been hacked. It is the most secure crypto exchange in Canada. Bitbuy stores 99% of its crypto assets in cold storage offline with a comprehensive insurance policy provided by BitGo, so the chances of a hack are very slim.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.