Bitbuy Review 2021: 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 ones. Nevertheless, while choosing the most suitable and user-friendly platform, several factors need to be considered. Let’s hope that this Bitbuy review gives you a big picture on its various aspects, such as Bitbuy’s fees, supported top cryptocurrencies, pros and cons, security, functionality, the FAQs, and many more.Bitbuy is one of the most reliable and leading cryptocurrency exchange platforms in Toronto, Canada. There is easy access to crypto assets like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, EOS, Ripple, and AAVE cryptocurrencies. The platform is beginner-friendly as well as 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 to Canadians only, and it 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 popular cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens, Ripple, and EOS. The company is expected to add more cryptocurrencies soon.

Bitbuy Review – Platform InterfaceBitbuy Review – Platform Interface

Bitbuy Summary

Headquarters Toronto, Canada
Found in 2016
Native Token No
Listed Cryptocurrency ETH, BTC, XRP, LTC, EOS, BCH, XLM
Trading Pairs 13
Supported Fiat Currencies CAD or Canadian Dollar
Supported Countries Accepts Canadian citizens and residents only
Minimum Deposit $100
Deposit Fees 1% to 1.50%
Transaction Fees Maker – 0.10%
Taker – 0.20%
Withdrawal Fees 0.5% to 1.50%
Application Yes
Customer Support Search Query Support, Submit Request Support

How Does Bitbuy Work?

Bitbuy has straightforward functionality for both newbies and professional investors. The Express Trade feature on this user-friendly platform offers a super-easy process for trading. So, let’s get started on how this company works.

Bitbuy 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.

Bitbuy Review – How Bitbuy Works?Bitbuy Review – How Bitbuy Works?

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To finally activate and set up the account, enter your phone number. This acts as a 2-factor authentication security measure. The 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, Notice of Assessment, T4, etc.
  • Financial Statement (bank, loan, or credit card statement)
  • Copy of any government-authorized ID (Passport, driver’s license, etc.)
  • Selfie with any ID, the face should be clearly 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 Bitbuy 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 on this platform– 

Bitbuy Canada

It is available only to Canadian citizens and residents. It 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. If you are an advanced cryptocurrency trader, Pro would be a suitable choice. With the Pro Trade platform, buyers have the option of buying and selling crypto through market or limit orders. However, if you are just a beginner, go for Express. It makes buying cryptocurrencies hassle-free. The advanced trading interface is also easy to use.  

Selection of Cryptocurrencies

Several cryptocurrencies are available on this platform for the 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 an exchange 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.

Bitbuy Review - FeaturesBitbuy Review – Features

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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 not only an easy-to-use platform but a clear design with additional functionality. Various types of Bitbuy products and services are available for all Canadian traders:- 

Express Trade

The platform provides a special product for beginners called the Express Trade platform. This is easy to use with straightforward navigation. There are no additional and unnecessary tools to confuse the new traders.

Pro Trade

This is specially developed for advanced traders. It offers additional features like in-depth market and technical analysis and charges by using the TradingView technology. 

OTC

OTC or Over-the-counter is another product developed for vast trades of over $50,000 in CAD or 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.

API

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.

Bitbuy Review - Bitbuy OTC PlatformBitbuy Review – Bitbuy OTC Platform

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How to Use Bitbuy?

If you decide to start trading on the Bitbuy platform after going through this Bitbuy review, you first need to create a Bitbuy account and then add funds to start trading.

Once the verification process is complete, you can start depositing funds into your account. The process is straightforward. All you have to do is go to the Wallet section, which will show you all the deposit addresses where you could send the cryptocurrency.

Withdrawing crypto from the exchange is as easy as depositing. This requires sending a withdrawal request, pasting the receiving address, and confirming the two-factor authentication process. Bitbuy sends the funds as public transactions, and it usually takes some time to propagate through the network.

For receiving or sending funds in CAD, use any one 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

Pros Cons
1:1 Bitcoin insurance with Knox Custody. Offers limited cryptos.
Quick verification for all Canadian users. Accepts only CAD.
24*7 excellent customer support. Available to Canadian users only.
95 percent cold storage.
Pre-transaction price calculator.
High limit on wire transfer.

Creating an Account with Bitbuy

Creating an account on Bitbuy does not take much time; all you have to do is follow the easy steps mentioned below –

Create an Account with Bitbuy & TradeCreate an Account with Bitbuy & Trade

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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, 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 Fees

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 transaction fees follow a simple flat scheme. Bitbuy’s Express cryptocurrency sale and purchase have two different rates. 

When a trader uses this platform, both maker and taker are charged a 0.5% fee. Bitbuy is planning to reduce this fee to 0.2% after the new user interface is launched. The trading fee is slightly above the global industry average, but this is compensated with the lower fees for CAD deposits and withdrawals. If a user is trading on Pro Trade, the taker’s fee is 0.20%, while the maker’s fee is 0.10%. Apart from the trading fees, there are deposit and withdrawal fees. 

Bitbuy Deposit Fees

There are no deposit fees charged on funds deposited in cryptocurrency, but if you deposit Canadian dollar, 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 cheapest method to fund an account is the old wire/bank transfer. On the other hand, if you choose Interac e-transfer(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. 

Bitbuy Withdrawal Fees

Withdrawal 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. If funds are withdrawn in Canadian dollars, then a certain fee would apply. 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 1.00% 2-3 Business Days

If you wish to withdraw cryptocurrency, withdrawal fees 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 25 XRP 0.02 XRP
EOS 1 EOS 0.02 EOS

However, to check the complete fee structure of Bitbuy exchange by clicking here.

Accepted Payment Methods

Users can deposit funds in both fiat money and cryptocurrencies. To buy, users first have to make deposits into their Bitbuy accounts. 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 exchange does not provide any credit or debit card payment method.

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

Bitbuy Wallets

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 personal wallets outside the exchange
  • Deposit cryptocurrencies supported by Bitbuy for investing and trading purposes. 

Note that Bitbuy takes security measures very seriously, and hence their in-built crypto wallets are most reliable and secure. It is the only one of the known canadian exchanges that insures the Bitcoin owned by their traders. It partnered with Knox that allows users to store Bitcoin holdings in a vault. This is an offline feature. Moreover, the insurance covers your assets’ full price. 

Now, to upgrade the security level, you can also get the hardware wallet. There are three options available in the crypto market that we recommend:-

  • Trezor Model T
  • Ledger Nano X
  • KeepKey

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. 

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Bitbuy Trading Platform

Bitbuy offers several interfaces to their investors that allow them to trade and invest cryptos in a simple and effective way. Trader can place orders in 4 ways:–

Express Trade

Investors can trade cryptos directly through the E.T. site. This crypto exchange is mostly for beginners. All they have to do is 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 sell in 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 that you make is recorded in the live order book for the users.

Crypto Wallet

Investors can also trade cryptocurrencies from their wallet pages. If you wish to buy/sell, open your wallet page and press Buy / Sell. This will direct you to the Express Trade page, follow the instructions given in the previous method to complete the crypto trade.

Pro 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 or sell, and Bitbuy will show you the expected value in terms of Canadian dollars.

Alternatively, you can also place limit orders by specifying a buy/sell price. The expected value in CAD will be provided depending on your limit 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.

OTC

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 competitive rates that are set by the global markets in real-time.
  • 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? 

Bitbuy Reviews: Bitbuy Secured PlatformBitbuy Reviews: Bitbuy Secured Platform

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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 –

2-Factor Authentication

This measure is placed everywhere on the Bitbuy network for employees and users to avoid unauthorized access. The 2FA(either through Authy or Google authenticator) uses two forms – a smartphone and a password – for authentication. 

Custody

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, Bitbuy is a 1:1 insured provided by Knox.  

Information Security

The codebase in the Bitbuy exchange is privately maintained, keeping the core components a closed source. This feature ensures that the intellectual property is kept away from inquisitive eyes. It also has 95% cold storage. 

Regulatory Compliance

The platform is a regulated MSB or Money Service Business under FINTRAC. 

Bitbuy Customer Support

Bitbuy offers customer service through various modes:-

Bitbuy reviews: Customer SupportBitbuy reviews: Customer Support

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  • 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 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 leading crypto exchanges in Canada. It is focused and customer-oriented. It aims to foster its local customer base, smooth functioning, and regulatory compliance rather than being a global conglomerate.

FAQs

Is Bitbuy Legitimate?

Bitbuy is a legitimate platform, registered with the 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 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 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 of any sort.

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