Bitbuy Review 2023: Is it Legit & Safe?
The popular Canadian cryptocurrency exchange Bitbuy was developed in Toronto. All crypto enthusiasts in Canada can access multiple digital currency exchange platforms, both local and international exchanges ones. Nevertheless, several factors must be considered while choosing the most suitable and user-friendly platform. Let’s hope that this Bitbuy review gives you a big picture of its various aspects, such as Bitbuy’s fees, supported top cryptocurrencies, pros and cons, security, functionality, FAQs, and many more.
|Supported Fiat Currencies||CAD or Canadian Dollar|
|Supported Countries||Accepts Canadian citizens and residents only|
|Deposit Fees||1% to 1.50%|
|Transaction Fees||Maker – 0.10%
Taker – 0.20%
|Withdrawal Fees||0.5% to 1.50%|
|Customer Support||Search Query Support, Submit Request Support|
To start the Bitbuy review, Bitbuy is one of the most reliable and leading Canadian cryptocurrency exchange platforms in Toronto, Canada. There is easy access to crypto-assets like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, EOS, Ripple, and AAVE cryptocurrencies. This Canadian cryptocurrency exchange platform is beginner-friendly and suitable for advanced traders.
What is Bitbuy?
Bitbuy, a Canadian advanced trading platform, was developed by Ademar Gonzalez and Adam Goldman in 2013. The company is First Ledger Corporation’s subsidiary unit, whose primary operation offers exchange solutions to investors. It is most suitable for Canadians and was initially named InstaBT. Soon after it started to expand, it was rebranded to Bitbuy.
The company’s main objective is to offer safe and secure access to the most popular cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens, Ripple, and EOS. According to a Bitbuy review, this platform has added 20+ other popular cryptocurrencies.
How Does Bitbuy Work?
Bitbuy has straightforward functionality for both newbies and professional investors. The Express Trade feature on this user-friendly trading platform offers a super-easy process for trading. So, let’s get started on how this company works.
It requires you to register and sign up on its official website. For the process, enter your email ID and password and approve the confirmation link you receive in your email. You will be eligible for a $20 promotional discount once you fulfill the eligibility requirements. However, a Bitbuy referral program is available that pays you $40 for every person who signs up using your unique referral link code.
To finally activate and set up the account, enter your phone number. You will receive an OTP on their phone to verify a phone number. This acts as a 2-factor authentication security measure, and the Bitbuy platform also asks you to provide additional personal information for automatic verification.
If you fail to pass this instant verification process, provide the documents mentioned below:–
- Utility bill (utility bill such as a phone, electric, or internet bill), Notice of Assessment, T4, etc.
- Financial Statement (loan, bank statement, credit card, or debit card statement).
- Copy of any government-authorized ID (Passport, driver’s license, etc.).
- Selfie with any ID, the face should be visible and should have the caption “For Bitbuy Use Only.” This should also be dated.
After the account has been set up, you can start funding your account by bank wire, by depositing crypto, or through an e-transfer.
Key Features of Bitbuy
Bitbuy is a trustworthy one-stop shop for multiple cryptocurrency traders. Here are a few features you would like to know if you want to begin trading cryptocurrency on this platform.
It is available only to Canadian citizens and residents and cannot be used if you are located in any other part of the world.
Suitable For a Wide Range of Traders
Being extremely comprehensible, the platform provides two options- Express and Pro, depending on the trader’s experience level. Pro will be a suitable choice if you are an advanced cryptocurrency trader. With the Pro Trade platform, buyers can buy and sell crypto assets through the market or limit orders.
However, if you are just a beginner, go for Express. It makes buying cryptocurrencies hassle-free and the advanced trading easy to use interface.
Selection of Cryptocurrencies
Based on the Bitbuy reviews, several most popular cryptocurrencies are available on this platform for traders to buy and sell, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens, and Ripple.
Complies with Regulations
It can be a trustworthy choice if you are looking for a crypto exchanges platform. It complies with the Financial Transactions and Reports Analysis Centre of Canada or FINTRAC.
24*7 Customer Service
The platform provides a direct customer support line and promises to respond to emails within 12 hrs. The customer support service team offers quick responses and an approachable attitude, solving customer queries in a few hours.
Product and Services offered by Bitbuy
Centralized cryptocurrency exchanges are simple to use. But they generally lack additional features. Bitbuy, on the other hand, offers an easy-to-use platform and a clear design with additional functionality. Various types of Bitbuy products and services are available for all Canadian traders:-
The platform provides a special product for beginners called the Express Trade platform. This is easy to use with straightforward navigation, and there are no additional and unnecessary tools to confuse the new traders.
This is specially developed for advanced traders. It offers additional features like in-depth market and technical analysis and Bitbuy charges using the TradingView technology.
OTC or Over-the-counter is another product developed for vast trades of over $50,000 in CAD, ETH, or BTC equivalent. It offers you to operate directly with experienced traders in Bitbuy. Moreover, you also get live price quotes to avoid slippage.
The API service is suitable for experienced traders. It was developed for reliable partners to connect with 10+ markets, offering a range of crypto-to-crypto and CAD-to-crypto pairs. This service is used mainly by crypto businesses that wish to automate the trading processes, such as algorithmic developers, traders, institutions, and many more.
How to Use Bitbuy?
If you decide to start trading on the platform after going through this Bitbuy review, you first need to create a Bitbuy account and then add funds to start trading. Most users like Bitbuy for its low trading fees.
Once the verification process is complete, you can start depositing funds into your account. The process is straightforward, and you must go to the Wallet section, which will show you all the deposit addresses where you could send the cryptocurrency. Bitbuy’s mobile app and desktop platform make purchasing and depositing cryptocurrency very easy.
Withdrawing crypto from the exchange is as easy as depositing, and this requires sending a withdrawal request, pasting the receiving address, and confirming the two-factor authentication process. Bitbuy sends the funds as public transactions, which usually take some time to propagate through the network.
For receiving or sending funds in CAD, use any of the payment methods listed below. All users must note that the processing times are just indications and may vary depending on the bank provider.
Bitbuy Review: Pros and Cons
|1:1 Bitcoin insurance with Knox Custody.||Offers limited cryptos.|
|Quick verification for all Canadian users.||Accepts the only CAD.|
|24*7 excellent customer support.||Available to Canadian users only.|
|95 percent cold storage.|
|Pre-transaction price calculator.|
|High limit on the wire transfer.|
Creating an Account with Bitbuy
Creating an account on Bitbuy does not take much time; you must follow the easy steps mentioned below:
Step 1: – Open the official website and click on Sign-up to Get Started. Opening this link would give you a $20 bonus.
Step 2: – Fill in the required details, such as your email ID, and password, and if you have a referral link or code, enter that too. Once you have filled in the details, click Create account.
Step 3: – To confirm your email ID, open the email sent by Bitbuy and click on Verify my Email. Once you confirm the email address, you will be forced to set a 2-factor authentication for security reasons. Your account will be ready in no time, and you can start trading immediately after the verification is complete.
Bitbuy Trading Fees
The best thing about Bitbuy is the fees they charge. Typically, cryptocurrency exchanges charge deposits or/and withdrawal fees or trading fees. The crypto transaction fees follow a simple flat scheme, and Bitbuy’s Express cryptocurrency sale and purchase have two different rates.
When a trader uses this platform, both maker fees and taker fees are 0.5%. Bitbuy is planning to reduce this fee to 0.2% after launching the new user interface. The trading fees are slightly above the global industry average, but this is compensated with the lower fees for CAD deposits and withdrawals. If a user trades on Pro Trade, the taker fees are 0.20%, while the maker fees are 0.10%. Apart from Bitbuy’s trading fees, there are deposit and withdrawal fees. On this platform, there are lower trading fees for all transactions. So, for beginners, Bitbuy’s fees are not high.
Bitbuy Deposit Fees
There are no deposit fees charged on funds deposited in cryptocurrency, but if you deposit Canadian dollars, then users will incur the following fees:–
|CAD Deposit Type||Minimum||Maximum||Fee||Processing|
|Interac e-Transfer||$100||$10,000/ 24 Hrs.||1.50%||Near Instant*|
|Bank Wire||$20,000||$500,000||0.50%||2-3 Business Days|
The old wire/bank account transfer is the cheapest method to fund an account is the old wire/bank account transfer. On the other hand, if you choose Interac e transfers (electronic funds transfer) or Express Interac e-transfer, the fees charged are not very impressive. It only needs you to plan the deposits in such a way so that you do not lose much on the fees. So, users can deposit Canadian dollars through a wire transfer or Interac.
Bitbuy Withdrawal Fees
Withdrawal bitbuy fees are free but only on the cryptocurrency exchange side. It should be noted that they charge a miner or network fee on the transactions. A certain fee will apply if funds are withdrawn in Canadian dollars. However, the low fees are below the average industry rates.
|CAD Withdrawal Type||Minimum||Maximum||Fee||Processing|
|Interac e-Transfer||$50||$10,000/ 24 Hrs.||1.50%||Within 24 Hours|
|Bank Wire||$20,000||$500,000||0.50%||2-3 Business Days|
If you wish to withdraw cryptocurrency, withdrawal fee often vary depending on the crypto coin and method you are using.
The table below shows the variable rates for each cryptocurrency:–
|Digital Currency Withdrawal Type||Minimum Withdrawal||Withdrawal Mining Fee|
|Bitcoin (BTC)||0.001 BTC||0.00025 BTC|
|Ethereum (ETH)||0.05 ETH||0.005 ETH|
|Litecoin (LTC)||0.05 LTC||0.02 LTC|
|Bitcoin Cash ABC (BCH)||0.01 BCH||0.001 BCH|
|Stellar Lumens (XLM)||26 XLM||0.02 XLM|
|XRP||10 XRP||0.02 XRP|
|EOS||1 EOS||0.02 EOS|
However, to check the complete fee structure of Bitbuy exchange by clicking here.
Payment Methods Accepted by Bitbuy
Users can deposit funds in both fiat currency and cryptocurrencies. To buy, users first have to make cryptocurrency deposits into their Bitbuy account.
Deposits in CAD can be made through the following payment methods, Bitbuy offers:-
- Bank wire transfer
- Interac e-transfer
- Express Interac e-transfer
Note that the crypto exchanges do not provide any payment method for a credit or debit card.
Supported Cryptocurrencies by Bitbuy
Bitbuy supports CAD or Canadian Dollar, which is the only fiat currency supported, along with seven supported crypto assets mentioned below:-
- BTC – Bitcoin
- ETH – Ethereum
- BCH – Bitcoin Cash
- EOS – EOS
- XRP – Ripple
- XLM – Stellar’s Lumen
- LTC – Litecoin and many more.
You can transfer cryptos easily between the Bitbuy wallet and your external wallet. There are two things that the traders or investors can do:-
- Hold the digital assets in their wallets outside the crypto exchange.
- Deposit cryptocurrencies are supported by Bitbuy for investing and trading purposes.
Note that Bitbuy takes security measures very seriously; hence, their in-built top crypto wallets are the most reliable and secure. It is the only one of the known best Canadian crypto exchange that ensure that Bitcoin is owned by its traders. It partnered with Knox, allowing users to store Bitcoin holdings in a vault, and this is an offline feature. Moreover, the insurance covers your crypto assets’ full price.
Now, to upgrade the security level, you can also get the hardware wallet. There are three options available in the cryptocurrency market that we recommend:-
- Trezor Model T
- Ledger Nano X
These wallets are not free, but it is important to protect your cryptocurrencies. If you do not want to pay for a wallet, simply open the Wallets page to access the wallets. This will show you a summary of your balances across the wallets. Note that for every wallet, this Canadian exchange provides a Canadian dollar over and above the total available balance and crypto balance.
Bitbuy Trading Platform
Bitbuy offers several interfaces to their investors that allow them to trade and invest cryptos simply and effectively. The trader can place orders in 4 ways:–
Investors can trade cryptos directly through the E.T. site. This Canadian crypto exchange is mostly for beginners. They must open the page and select the cryptocurrency they wish to trade from the options in the dropdown menu. Then, enter the quantity you want to buy in CAD or crypto and click the Buy/Sell icon.
The maximum and minimum limits in CAD for every transaction are provided. Bitbuy maintains this limit so that Bitbuy users can get the best price while buying and selling crypto. Every transaction you make is recorded in the live order book for the users.
Investors can also trade cryptocurrencies from their wallet pages. If you wish to buy and sell cryptocurrency, open your wallet page and press Buy/Sell. This will direct you to the Express Trade page and follow the instructions given in the previous method to complete the crypto trade.
In the Pro Trade platform, users trade crypto-CAD and crypto-crypto pairings. They can either place limit or market orders to pair on offer. After selecting the preferred pairing on the top left side of the Pro Trade page, enter the crypto amount you wish to buy and sell crypto, and Bitbuy will show you the expected value in terms of Canadian dollars.
Alternatively, you can place limited orders by specifying a buy and sell price. The expected value in CAD will be provided depending on your limited order price. You will also be provided with the options- Use Best Bid or Use Best Ask before placing the trade. You can find your order history in the My Orders section after you have placed your trade.
Bitbuy offers another option for trading, OTC trading. This form of trading is for transactions of more than $50,000.
There are many advantages of OTC trading:-
- The OTC desk offers real-time competitive rates set by the global markets.
- It offers live price quotes on large amounts of cryptocurrencies and removes slippage.
- Settles outbound wire transfer or bank transfer to other banks on the same day.
- Licensed MSB (Money Services Business) operates under FINTRAC.
Bitbuy Security Measures
Coming to the most important question – Is Bitbuy a safe exchange compared to other exchanges?
Well, Bitbuy is popular for its multi-tiered security exchange. The following are the Bitbuy security measures that make the crypto exchange more desirable to the traders –
This measure is placed everywhere on the Bitbuy network for employees and users to avoid unauthorized access. The two-factor authentication (2FA either through Authy or Google authenticator) uses two forms – a smartphone and a password – for authentication.
The best thing about Bitbuy is that it does not depend on 3rd-parties for custodial services. The hot, warm, and cold wallets are separated from the network and are designed to protect the users’ funds and the platform. Moreover, It is a 1:1 insured provided by Knox.
The codebase in the exchange is privately maintained, keeping the core components a closed source. This feature ensures that the intellectual property is kept away from curious eyes. It also has 95% cold storage.
The trading platform is a regulated MSB or Money Service Business under FINTRAC (Financial Transactions and Report Analysis Center of Canada).
Bitbuy Customer Support
Bitbuy offers customer service through various modes:-
- Email – [email protected] – send your queries through, email and you will get a response within 12 hours
- Support Icon – Click Support followed by Contact Us to get their contact phone number
- Facebook account: facebook.com/bitbuyCA
- LinkedIn account: linkedin.com/company/bitbuyca
- Twitter account: twitter.com/Bitbuy
Bitbuy Review: Our Verdict
Bitbuy is one of the best crypto exchanges in Canada. It is focused and customer-oriented. It is focused and customer-oriented, aiming to foster its local customer base, smooth functioning, and regulatory compliance rather than being a global conglomerate.
Is Bitbuy Legit Exchange?
Yes, Bitbuy is a legitimate platform, and it is registered with FINTRAC as an MSB or Money Service Business.
Does Bitbuy Offer an App?
Yes, Bitbuy offers a mobile app available on iOS and Android devices. Users can operate all the main features of the browser version on the mobile app.
Is Bitbuy Regulated?
Bitbuy canada is regulated as an MSB in Canada. However, it is not a member of IIROC or CIPF.
Is it Safe and Secure to Store Crypto on Bitbuy?
Bitbuy is very serious about the safety of the platform and the Canadian customers. It uses one of the best crypto exchanges using above-par security systems to protect the accounts with additional 2-factor authentication and 95% cold storage.
Note: Bitbuy reviews are not to be taken as financial advice.