Bitbuy is a regulated Canadian cryptocurrency exchange, providing a cost-effective, secure, and user-friendly platform for buying, selling, and trading digital assets like Bitcoin, Ethereum, Litecoin, and more. It’s a popular choice among Canadians seeking to purchase Bitcoin.
Bitbuy exclusively serves Canadian customers, accepting only Canadian Citizens or Permanent Residents, and exclusively uses Canadian dollars for funding, withdrawals, and trading pairs. It offers robust customer support, ensuring the process of acquiring top cryptocurrencies is simple, swift, and convenient.
With an extensive selection of cryptocurrencies available for purchase and sale, competitive fees, stringent security measures, and responsive customer support, Bitbuy caters to both novice and seasoned traders alike.
In this Bitbuy review, we’ll delve into its features, covering aspects such as fees, pros and cons, security, customer support, and user interface. Join us as we provide an in-depth exploration of Bitbuy’s offerings, helping you gain a comprehensive understanding of what they bring to the table.
Features of Bitbuy Exchange
Founded in 2013 as Instabit and rebranded to Bitbuy in 2016, the crypto exchange platform has provided Canadians with a secure and reliable platform to buy and sell digital assets. Here are some of the remarkable features you enjoy when you use Bitbuy:
1. Regulated Canadian Crypto Marketplace
Bitbuy is registered as a Money Service Business (MSB) with Canada’s Financial Transactions and Reports Analysis Centre (FINTRAC). Bitbuy is a regulatory-compliant platform.
It is the first Canadian registered marketplace for crypto assets, approved as a Restricted Dealer federally.
Bitbuy does not outsource trades to a third party. Bitbuy fulfils your trades as Bitbuy is a marketplace and investment dealer. Insurance is carried through BitGo.
2. 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.
3. 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.
4. Bitbuy Express
Bitbuy Express lets you purchase crypto assets easily in just a few 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
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). Bitbuy Express brings this up to 0.2% for traders in a hurry.
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 using Wire Transfer or Interac E-transfers.
Funding Options Minimum Maximum Fee Speed Interac E-Transfer $50 $10,000/24 Hrs 1.5% Near Instant Bank Wire Transfers $20,000 $500,000 0.5% 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 Canada’s Financial Transactions and Report Analysis Centre (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, 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 several cryptocurrencies in the market. It has 17 coins available that you can buy and sell on the exchange.
Litecoin (LTC) Solana (SOL) Uniswap (UNI) Polkadot (DOT) AAVE EOS Eos (EOS) Bitcoin Cash (BCH) Stellar (XLM) Solana (SOL) Chainlink (LINK) Sushiswap (SUSHI) Uniswap (UNI)
How To Signup on Bitbuy
The fees vary for different coins if you want to withdraw cryptocurrency from Bitbuy.
Coin Minimum Withdrawal Fee Bitcoin (BTC) 0.001 BTC 0.00025 BTC Dogecoin (DOGE) 25 DOGE 3 DOGE Bitcoin Cash (BCH) 0.01 BCH 0.001 BCH Ethereum (ETH) 0.05 ETH 0.005 ETH Stellar Lumens (XLM) 26 XLM 0.02 XLM Litecoin (LTC) 0.05 LTC 0.02 LTC Cardano (ADA) 10 ADA 1 ADA EOS (EOS) 1 EOS 0.02 EOS USD Coin (USDC) 35 USDC 15 USDC SushiSwap (SUSHI) 5 SUSHI 2 SUSHI Uniswap (UNI) 2 UNI 0.75 UNI Polkadot (DOT) 1 DOT 0.1 DOT Aave (AAVE) 0.75 AAVE 0.03 AAVE Polygon (MATIC) 13 MATIC 10 MATIC Decentraland (MANA) 20 MANA 10 MANA Solana (SOL) 0.1 SOL 0.005 SOL Chainlink (LINK) 8 LINK 0.3 LINK
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 Does BitBuy Compare 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.
BitBuy vs Coinsmart vs Newton
Features Bitbuy Coinsmart Newton Coins supported 17 coins 16 coins 71 coins Security 2FA Cold storage 2FA Cold storage 2FA Cold storage Fees 0.1% - 0.2% Trading fees 0.2% Trading fees Spread of 0.5% - 0.7% Apps Andriod/iOS Andriod/iOS Andriod/iOS Regulator FINTRAC FINTRAC FINTRAC CDIC Coverage No No No Funding Options Interac e-Transfer, Bank Transfer Interac e-Transfer, Credit & Debit card, Bank Transfer, Bank draft Interac e-Transfer, Wire transfers, Pre-authorized bank transfers through Plaid, transfers from external wallets Promotions $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 Coinsmart
Bitbuy and Coinsmart are two of the top Canadian cryptocurrency exchanges, and they both offer a range of features that cater to the needs of Canadian traders.
Bitbuy has a reputation for being a secure and reliable platform. It supports 17 cryptocurrencies, making it a great choice for traders who want access to diverse digital assets.
Bitbuy’s fees are competitive, and it offers excellent customer support, a user-friendly interface, and a mobile app for trading on the go. Bitbuy also has an advanced trading platform, Bitbuy Pro, for more experienced traders.
Coinsmart, on the other hand, offers a wider range of cryptocurrencies than Bitbuy, supporting over 30 digital assets. Coinsmart also offers a mobile app, an advanced trading platform, and a user-friendly interface. Coinsmart has competitive fees and offers 24/7 customer support.
In terms of security, both exchanges take security seriously and offer advanced security features such as cold storage and two-factor authentication.
RELATED: A Detailed Coinsmart Review in 2024: Fees, Pros and Downside
Bitbuy vs Newton
Bitbuy and Newton are both popular Canadian cryptocurrency exchanges that offer a range of features to cater to the needs of Canadian traders.
While Bitbuy has a reputation for being a secure and reliable platform, and it supports 17 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. On the other hand, Newton offers a simplified user interface and supports seven cryptocurrencies, including Bitcoin, Ethereum, and Bitcoin Cash.
Newton offers low fees and a fast and easy account setup process, making it a great choice for novice traders. Both Bitbuy and Newton take security seriously and offer advanced features such as two-factor authentication and cold storage.
RELATED: Newton Crypto Review 2024: Fees, Features, Pros, Cons and More
Final Thoughts on the Bitbuy Review
If you’re ready to plunge into the exciting world of cryptocurrency, sign up for Bitbuy today and experience the convenience and security that only this exchange can offer!
Bitbuy is a safe and reliable cryptocurrency exchange with a user-friendly interface, competitive fees, and excellent customer support.
With its advanced trading platform, Bitbuy Pro, and its easy-to-use Bitbuy Express, traders of all levels can easily buy and sell a wide range of digital assets. The platform’s security measures are top-notch, and the fact that it is registered with FINTRAC, OSC, and CSA ensures transparency and more security.
Compared to other Canadian exchanges such as Coinsmart and Newton, Bitbuy is a great choice for Canadian traders who value digital assets’ security, reliability, and variety.
FAQs on Bitbuy Review
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 hackers have never compromised. Whether you are a beginner or a very experienced trader, BitBuy is always a safe platform.
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. Bitbuy 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 slim.
