BitBuy Review 2023: Is This Canadian Crypto Platform Worth It?

To sell, enter the amount you wish to sell and click “sell”. For limit orders you will need to enter your preferred price. Trading pairs available are mostly CAD to crypto, but you can trade Bitcoin against Ethereum, Stellar, Bitcoin Cash, EOS, and Litecoin. Make sure bitbuy canada review to enter all of the information including the security question and answer. If you answer that you have zero risk tolerance and not much income, it’s possible Bitbuy will not let you open an account. If you’re interested in privacy, you won’t get it with Bitbuy.

Designed chiefly for beginner traders and crypto enthusiasts that just need to get a quick transaction over with, it’s the fastest way to buy and sell crypto at Bitbuy. Bitbuy was launched in 2016 and quickly became one of the most prominent Canadian platforms for buying and selling crypto. Knox is valuable as offering insurance to all their existing users Bitcoins with no additional costs charges can definitely be considered a pro. The deposit fee for bank transfer (0.5%) is cheaper compared to the Interac e-transfer (1.5%). In comparison, the Interac e-Transfer method is a way to make faster deposits, even if the fees are slightly higher. Cold Storage Functionality – This is mandatory for any exchange which claims to be genuine and secure.

bitbuy canada review

Cold storage is the process of storing the funds in an offline wallet which is nowhere connected to the internet. Bitbuy claims that 95% of its client funds are stored in a cold wallet and is separated from the core network. Therefore, it is impossible for anyone to steal the funds from Bitbuy network. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice.

Bitbuy Review

Although its services are still limited to the Canadian market, it is likely to scale the business to foreign markets in the future. CoinSmart’s fees are just 0.2% and they offer the ability to trade any crypto to crypto without having to sell to Bitcoin or Ethereum first. These questions ask you about your net worth, income, and projected income for the next year.

Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. How and where the offers appear on the site can vary according to the partnership terms. Affiliate partnerships may affect where a particular product is listed within a review, but they don’t affect the review’s content in any way.

The move was made by Bitbuy as part of their commitment to best practices in the cryptocurrency exchange industry while awaiting greater regulatory clarity in Canada. While exchange security is a priority, the user is often the weakest link when it comes to crypto theft. Therefore, Bitbuy has instituted the best practices in user protection on their systems. One of the biggest threats to exchanges and their users are hackers. We know all too well about the damages that can be caused when a hacker is able to penetrate an exchange’s system. If you were going to be withdrawing your funds in CAD then the following fees would apply.

  • However, when choosing a platform, there are multiple factors that come into play.
  • One of the best-known Bitbuy’s strengths is its excellent customer support service.
  • Anyone with a Bitbuy account gets to access both Express and Pro trading options.
  • The page has three sections- Orders, Transaction and Crypto Transaction.

Guides Our blockchain guides will help you find your way through exchanges, tools, and other crypto apps. E-Transfers have a maximum of $10,000 per day, for anything higher it is wise to use a wire transfer with a cheaper fee and $500,000 maximum. Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin XLM and EOS make up the cryptocurrencies available to trade at the time of writing, with plans to add AAVE and LINK to the portfolio. “Bitbuy was extremely forthcoming in the information they provided, and this information was provided in a timely and complete matter. This commitment to transparency is something that should be both a consumer expectation and self-regulatory best practice. Fees are extremely reasonable compared to the competition and customer support seems to be doing a very good job.

If you are sending / receiving funds in CAD then you can use one of the payment methods that we listed in the fees section. It is however important to point out that those processing times are mere indications and will vary greatly depending on your banking provider. Bitbuy requires all of their users to enable two factor authentication by default.

Horrible customer service & fraudulent business

If the elite trader you copy has a profitable strategy, you’ll make money. The Bitget Academy is a crypto learning platform offering many educational resources that enable you to quickly learn, prepare, and accelerate your crypto trading journey. When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website.

bitbuy canada review

Bitbuy was the very first Canadian exchange to offer such cold storage and insurance to their clients, marking a significant positive development for the Canadian cryptocurrency industry. When it comes to exchange transaction fees, Bitbuy operates a simple flat scheme. They have two different rates for sell and buy orders on ‘Express Trade’. When you are using this type of trade you will be charged 0.5%.

Bitbuy Trading Options

Bitbuy’s Express platform is perfect for beginners or anyone looking for a quick purchase at market price. Both its mobile app and its desktop platform make it easy to deposit and purchase cryptocurrency. Bitbuy’s fees used to be some of the cheapest of any crypto exchange at 0.2%.

That’s slightly higher than an industry standard, however, way lower than many other platforms can offer. When depositing or withdrawing Canada dollars, you will pay from 0.50% to 1.50% depending on the type of deposits and withdrawals – Bank Wire or Interac e-Transfer. However, this issue only appears when depositing fiat money. Bitbuy is easy to use for beginners, but there are also valuable features like Pro Trade for seasoned traders. With a variety of pairings and a solid local presence, Bitbuy can be your go-to crypto exchange. But they charge high fees for depositing and withdrawing fiat money.

bitbuy canada review

Bitbuy charges lower trading fees compared to rival platforms. There is a 0.10% maker fee and 0.20% taker fee on the Pro Trade platform. Coinbase, on the other hand, charges maker fees between 0.04% to 0.50% and taker fees between 0.00% to 0.50% based on a pricing tier structure. An active dividend and growth investor, Dan has been involved with the website since its inception. He has become an authority figure in the Canadian finance niche, primarily due to his attention to detail and overall dedication to achieving the highest returns on his investments. They’ve created new “Gold Account” status, allowing for faster and higher wire deposits and withdrawals.

Bitbuy mobile platform review

It is a simple and effective way for you to convert your CAD into crypto. If you can meet those requirements you could get a nice stream of income since the commissions are paid on all fees for the life of the user’s account. If you have been using Bitbuy and you found the experience great then you can easily refer your friends and acquaintances and earn a referral commission. This could also be a great solution for those users who command a strong following online. The instant verification uses a third party data collection provider .

It’s quite impressive to watch this company grow, and is one of the number one crypto trading platforms we recommend to Stocktrades Premium members. Bitbuy is one of the most popular cryptocurrency trading platforms here in Canada. This is why we decided to publish this in depth Bitbuy review, so you can decide if the platform is worth getting started with cryptocurrency. In our opinion, this is one of the best crypto trading platforms in the country.

The Bitbuy API feature is, however, not readily available. Users looking to take advantage of its benefits need to contact Bitbuy’s customer support to request access. Bitbuy’s Private Wealth feature facilitates high-volume trades for retail and institutional investors. The platform is used to broker direct trades between the buyers and sellers without listing them on its order book. Previously referred to as the OTC desk, this feature helps prevent price slippage since large orders can affect the market price of an asset if listed on the open marketplace. If the bitbuy support team reads this review , please correct my balance and respond.

The platform has partnered with a global identity verification startup called Trulioo to streamline the onboarding process. Mobile app – Bitbuy users are able to access their accounts on the move using the exchange’s intuitive mobile app available on the Apple Appstore and Android’s PlayStore. In one case, when one of my withdrawals took longer than expected, I e-mailed bitbuy, bitbuy account manager assured me I need not to worry and made effort to speed up the process. The exchange has balanced offerings for both beginners as well as advanced cryptocurrency traders in Canada. Bitget is a centralized crypto exchange offering 500+ cryptocurrencies that you can buy with 15+ fiat currencies, including USD, EUR, GBP, JPY, TRY, HKD, and others. Yes, Bitbuy features its own internal platform wallet, which allows you to safely store your funds, as well as monitor all your cryptocurrencies and current holdings.

In comparison, a flat fee of 0.5% is charged for using the Express trade option to either buy or sell the available cryptocurrencies. Amazing UI – If you are a novice crypto user and live in Canada, Bitbuy is for you. The user interface of this exchange is fascinating as it is comprehensive, yet very easy to use, understand and navigate. Once again, people who are interested in buying the most mainstream coins should find Bitbuy more than enough. However, if you’re looking for a platform that gives you more possibilities, then there are other options that you should take into account.

The Pro Trade platform also has your standard market depth charts. These are helpful as they give you an overview of the bullish / bearish sentiment in the market. This order flow can also complement the technical analysis that you are doing on the charts.

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