If you are looking for a trustworthy crypto exchange, this Bitbuy review might be helpful for you. In this age of the internet, digital currency is the new trend, which is here to stay. This growing industry allows investors to trade in cryptocurrencies, like a stock exchange.
There are multiple crypto exchanges available, but only a few trustworthy ones, like Bitbuy. Are you looking for a crypto trading platform in Canada and considering Bitbuy? Here is a detailed Bitbuy review to help you get started.
Bitbuy is one of the top-rated crypto exchanges in Canada that lets you trade in more than 19 cryptocurrencies. The platform verifies your account instantly and enables you to add money within seconds. A slick mobile app and low trading fees stand out in this Bitbuy review. The excellent support offered by Bitbuy makes it perfect for beginners.
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Last Updated: Sep 25, 2022
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This Bitbuy review will delve into the features offered and the benefits and disadvantages of trading with them. We’ll also discuss what makes Bitbuy a popular choice amongst Canadians.
In this next section of the Bitbuy review, we will discuss why the trading company might be a good fit for you. It is amongst the few crypto exchanges designed for the Canadian audience. You can use this crypto exchange to buy and sell digital currencies.
Bitbuy was founded in 2013 when the crypto market was relatively new to the general public. They have grown, creating a sophisticated platform for beginner and advanced traders. This Canadian-owned and operated cryptocurrency platform is headquartered in Toronto.
The platform’s primary goal is to make the trading process easier and more accessible to the public. They offer dependable, convenient, and secure access to Bitcoin, Ethereum, and other cryptocurrencies. The platform is designed for new traders who are seeking a simple interface. It also offers features for advanced traders that know their way around crypto trading.
Bitbuy was initially named InstaBT. Three years later, in 2016, the company rebranded itself as Bitbuy. It is one of the most popular crypto exchanges in Canada.
With the express trade option offered by the platform, new traders can place trades with a single click. The advanced charting and over-the-counter trading options attract more advanced traders. This makes Bitbuy a good choice for all types of traders.
Bitbuy makes it easier for Canadians to sell and buy cryptocurrencies with easy CAD deposit methods. Only a few other platforms provide this instant payment method. This also makes Bitbuy a popular choice amongst Canadians. If you’re looking for the next Bitcoin asset or making money through trading, check out this Bitbuy review.
When we talk about a trading company, analyzing and weighing its pros and cons is just as necessary. In this Bitbuy review blog, we would stress the benefits of this trading company and the areas where it can improve.
|Pros of Bitbuy||Cons of Bitbuy|
|+ Instant verification|
+ Low fees
+ Highly secure
+ Buy crypto with credit cards
|– Limited range of crypto|
– Minimum $50 deposit
Bitbuy is a great platform that we highly recommend. Here’s what makes them stand out.
You can open a Bitbuy account within seconds. The platform has a simple registration process, with KYC being the most crucial step. This protects the platform from any illegal scams and prevents unlawful funding.
Bitbuy has pretty competitive transaction fees. Once you are familiar with the platform, you can subscribe to Bitbuy Pro and make trades at an even lower fee.
The feature that sets Bitbuy apart in this Bitbuy review is its security policies. Bitbuy focuses on security with its Knox insurance BTC partnership. It also offers a 95% cold storage option for crypto traders. This means you can easily securely preserve your digital assets for a long time.
The best part about the platform that sets it apart in this Bitbuy review is its transparent nature. The platform has clearly defined all its fees and does not charge the trader any hidden amount. It is a compliant platform registered as an MSB under Canada’s Financial Transactions and Reports Analysis Center.
With Bitbuy, you can create a new account within seconds. Once you have signed up on the platform, you must complete the KYC requirements. This helps ensure that you are legit and not involved in illegal trading activities. Bitbuy offers an instant verification process, and you can get started within a few minutes.
You can also fund your account using your Visa or Mastercard. The fee for purchasing coins directly with a credit card is 6.5%(min. $10).
Bitbuy has been designed for both beginner and advanced users. The platform has a sleek and easy-to-understand interface, making it user-friendly for novices. Bitbuy offers a desktop and a mobile application as well.
Bitbuy offers exceptional customer support with a responsive and knowledgeable team. You can contact their team by raising a support ticket or contacting customer support via email. The responses to your queries are given the same day.
The best feature discussed in our Bitbuy review is its efficient fiat integration. This platform allows you to deposit and withdraw the supported cryptocurrencies and Canadian dollars.
Here’s what some users thought could be improved about the Bitbuy experience.
Bitbuy is only available in Canada. You cannot access their website or sign up for an account from any other country. You should have a Canadian mobile number to register with this crypto trading platform.
One fact that sets the platform back from other crypto trading platforms in our Bitbuy review is the payment restrictions. You can only deposit money in Canadian dollars. The platform supports no other currency as of now.
Additionally, it does not support funding by a credit card. You will have to use your bank account to deposit money into your Bitbuy crypto wallet. This is because most Canadian banks still have many restrictions regarding crypto transactions.
Even though the platform has been in the market for quite a few years, it supports only a limited range of digital currencies. Bitbuy only offers 19 different cryptocurrencies on its platform. They offer the most popular coins, including Bitcoin, Ethereum, and Polygon. However, the accessibility is still limited for users who want to invest in multiple crypto assets.
Bitbuy only offers an automated bot and email support for its users. Even though they reply in a single day, this might be a breaking deal for a few users. The Live Chat option makes it easier for users to get their answers within seconds. With Bitbuy, you might have to wait for a few hours before an executive can connect with you over email.
Bitbuy requires you to deposit a minimum of $50 to start trading on the platform. This amount is considerable when compared with other crypto trading platforms.
When you deposit funds on your Bitbuy wallet via e-transfer, your funds will be processed almost instantly. In contrast, other crypto trading platforms take 30 minutes for the amount to reflect in your wallet.
Bitbuy not only offers an easy-to-use platform with a straightforward design but also gives you access to additional functionality. This section of the Bitbuy review will discuss the different products and services this trading platform offers.
Bitbuy is an excellent platform for beginners who do not have much idea about trading practices. With the express trade option, you can place an order for a cryptocurrency. This is an easy-to-use option with straightforward navigation. There are no additional and unnecessary tools that might confuse the new traders.
This feature is developed for advanced traders. Pro-trade allows you to limit orders or place markets while trading your cryptocurrencies. It also offers tools for technical analysis. And you can look at interactive charts before trading and study candlesticks and volumes. This will help you make a more sophisticated and defined trade.
With Bitbuy’s pro-trade feature, you will be able to look at data in specific time frames. This trade view technology helps you analyze the crypto market in-depth.
Over-the-counter or OTC transactions are another service offered by Bitbuy Private Wealth, which are private deals. The transactions are not registered on a public record book. These trades are made for transactions above $50,000 in CAD, ETH, or BTC.
With this service, you can make trades directly with experienced traders throug Bitbuy Private Wealth. You also get access to live price quotes. For trading OTC you will need to sign up on the platform and verify your identity. After your account gets verified, you can email the OTC desk at Bitbuy Private Wealth for a trader to get in touch with you.
This is another service designed for experienced traders, listed on our Bitbuy review. It offers a range of CAD-to-crypto and crypto-to-crypto pairs. Bitbuy built this service for reliable partners looking to connect with over ten markets. API is majorly used by crypto businesses looking to automate the trading process.
Bitbuy offers wallet services to its users for their digital assets and Canadian dollars. The page displays the total balance and the available balance in your wallet. And this page displays an estimate of the Canadian dollar balance for the crypto wallet.
We have already discussed the overview of the company and the advantages and disadvantages of trading with this platform. This Bitbuy review will now talk about the range of features.
Bitbuy is an advanced trading platform, offering features with a sleek and futuristic look. You can easily trade on the platform by placing stop orders, limit orders, and other advanced orders. The platform also lets you integrate with trading view charts. This allows you to view indicators and signals while trading.
The leading crypto trading platform is perfect for beginners and advanced traders. You can watch the order book update in real-time. And their spread is calculated in real-time as well. Bitbuy allows you to trade dozens of unique trading pairs easily.
Bitbuy offers an easy-to-use interface, making it perfect for beginner traders. If you don’t want to use advanced features and want to buy a cryptocurrency, you can easily place a trade. The express trade feature lets you easily select a coin, enter the amount, and fulfill your order right away. You can use this intuitive platform without any trading knowledge.
With Bitbuy, you can trade with the most popular cryptocurrencies. The platform offers 19 digital assets for users to buy, sell, or trade. You can quickly deposit Canadian dollars to your Bitbuy account and purchase digital currencies within a few minutes.
The feature that stands out in the Bitbuy review is its crypto insurance. Bitbuy offers a cold storage option to its users, where you can invest in cryptos for a long duration. All the cryptocurrencies held in this cold storage are automatically transferred to BitGo Trust company. This company is the world’s first custodian, built for guarding and storing digital assets.
All the cryptocurrencies stored in BitGo are covered under a comprehensive insurance policy. Since Bitbuy is connected with BitGo, your crypto assets in cold storage are also covered under the same policy.
For tracking and reviewing your transactions, you can access Bitbuy’s history page. The page is divided into orders, transactions, and crypto transactions. All your orders are displayed with order value, type, ID, quantity, price, date, and fee. You can also sort through all the transactions you have made on the platform.
If you have subscribed to the Pro version of Bitbuy, you’ll also get access to market trading histories. These fall under open, fulfilled, and cancelled orders. Bitbuy also offers a transparent fees summary for all your transactions.
Bitbuy makes sure that its platform is guarded against hackers and illegal trading activities. It maintains a 95% cold storage policy. At least 95% of their users’ crypto assets are held offline. The company is also registered as a Money Services Business with FINTRAC. This makes the platform completely legit and secure.
To prevent unauthorized access to the platform, Bitbuy offers two-factor authentication options to its users. You will need your password and mobile phone while logging in to your account or purchasing. This is put in place for both users and employees of Bitbuy.
The feature that stands out in this Bitbuy review is its excellent customer support. This platform offers a group of knowledgeable and responsive customer support executives. They help you with your queries almost instantly. You can create a support ticket or mail them directly to reach out. Bitbuy’s support agents will reply to you within a few hours.
Bitbuy is a leading crypto trading platform that allows you to buy and sell cryptocurrencies. Since this platform is designed exclusively for the Canadian audience, Canadian Dollars are the only fiat currency supported. This section of the Bitbuy review will discuss the different crypto assets available on the platform.
Earlier, Ripple (XRP) was also a part of the Bitbuy platform. However, it was delisted in January 2022 due to its regulatory concerns.
The profit matters the most when trading, either stock or cryptos. Your profit can get cut down due to the high service fees charged by platforms. In this section of the Bitbuy review, we will discuss the fees charged by this crypto trading platform.
The feature that stands out in our Bitbuy review is their fees for every transaction. Transaction fees charged by Bitbuy follow a simple flat scheme. The express cryptocurrency sale and purchase have two different rates. When you make an express trade, it carries a flat fee of 0.20%.
If you have subscribed to Bitbuy Pro, you will have to pay an even lesser transaction fee. You will be charged a maker fee of 0.10% when you place limit trades. On the other hand, you will be charged a taker fee of 0.20% if you place a market order.
The maker trades are a little less expensive than taker trades. This is because makers add liquidity to the market, whereas takers remove liquidity from the market. Apart from the trading fees, Bitbuy also charges deposit and withdrawal fees.
This section of the Bitbuy review will discuss the deposit fees charged by the platform. If you are depositing cryptocurrency funds, you won’t be charged any deposit fee. However, if you are depositing Canadian dollars to the wallet, you will be charged a small fee by the platform.
A wire or bank transfer is the cheapest method to fund your account and pay a lower deposit fee. You’ll have to deposit a minimum of C$20,000. This may take up to 3 business days for your amount to display in your wallet. Bitbuy charges a deposit fee of 0.50% on bank or wire transfers.
You can also deposit funds through e-transfer. This is a near-instant transfer, and you will have to deposit a minimum of $50. A deposit fee of 1.50% is charged by Bitbuy on Express Interac electronic funds transfer.
You can even fund your account using your Visa or Mastercard. The fee for purchasing coins directly with a credit card is 6.5%(min. $10).
This section of the Bitbuy review will discuss the withdrawal fees charged by the platform. If you are withdrawing funds in cryptocurrency, then Bitbuy won’t charge you any fee. However, if you want to withdraw funds in Canadian dollars, the platform will charge a small withdrawal fee. You should note that a minor network fee is charged on all types of transactions.
If you would like to transfer funds through a bank or wire transfer, you will have to withdraw a minimum of $20,000. It will take up to 3 business days for the amount to reflect in your bank account. Bitbuy charges a withdrawal fee of 1.00% on bank or wire transfers.
You can also withdraw funds through Interac e-transfer. A minimum withdrawal limit is $50. Post withdrawal, the amount gets deposited in your account within 24 hours. Bitbuy charges a withdrawal fee of 1.50% on electronic funds transfer.
When dealing with a trading platform, you need to check the company’s legitimacy. This section of the Bitbuy review will discuss whether the platform is safe for trading cryptocurrencies.
Bitbuy was established in 2013 and was named InstaBT. As the crypto market grew, the company rebranded itself as Bitbuy. The platform offers over 19 digital currencies and one fiat currency. It has served more than 250,000 Canadians and is a growing organization.
This crypto trading platform is a legitimate company. It is registered with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) as a Money Service Business.
FINTRAC is a Canadian government regulatory body. It handles the detection, prevention, and deterrence of money laundering and other illegal trading activities. The regulatory body also ensures that all the registered companies keep their customer personal data secure.
Bitbuy is Canada’s first registered marketplace and crypto brokerage firm. It has cleared the Canadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC) approval process. And it’s the first crypto asset platform registered as a marketplace and an investment dealer. This highly contributes to the legitimacy of this trading platform.
This platform is one of Canada’s most secure and trusted crypto exchanges. All their servers are secured across multiple world-class cloud providers and disaster recovery locations. Bitbuy also utilizes industry-leading security standards to keep your account safe, including 2-factor authentication and a 95% cold storage policy.
All your crypto assets are covered by a comprehensive insurance policy offered by BitGo. Every year an independent specialist runs a proof-of-reserves audit on Bitbuy. All of this contributes to the security and legitimacy of the company.
This Bitbuy review also contains a brief about the customer support team at the trading platform. Bitbuy offers you different options to reach out to their customer service executives. They have a dedicated email for queries and complaints.
The customer service representatives at Bitbuy are knowledgeable and responsive. They are quick in their reply, and their responses are helpful. There are two ways you can reach their customer support team.
You can either raise a support ticket by clicking on the support icon or email the support team directly. In both cases, an executive will get back to you within 12 hours, even on weekends.
If their customer team doesn’t get back to you within a day, you can reach out to them on social media channels. They are active on both Facebook and Twitter. However, in my experience, the best way to contact them is through email.
Since all the trading goes through the website, it is essential to analyze how easy to use their interface is. In this section of the Bitbuy review, we will discuss whether their website is user-friendly or not.
Bitbuy has a pretty intuitive and easy-to-use interface. The platform is designed for both beginners and advanced users. As a beginner, you can go to the express trade option and place your order. You need not go through any complexities. All you’ve to do is select the crypto asset you want to buy, enter the dedicated amount, and click on purchase.
If you’re an experienced trader who likes to study the market, the platform also offers additional features. You can view candlestick charts easily and make informed trading decisions. The website is smooth to operate and access.
Bitbuy also offers a fully-featured mobile application for its users. The app has received great reviews from customers and provides an easy way to check the status of its cryptos. You can access all the core functionalities of the desktop version, including buying, selling, and transferring your cryptocurrencies.
The mobile application also supports biometric security measures to keep your portfolio safe. Bitbuy’s mobile app is available for both Android and iOS devices.
This section of the Bitbuy review will discuss how to get started with this trading platform. With Bitbuy, you can get started by clicking on the Get Started option on the top-right corner of your screen. You will have to provide an active email address and password for your account. Once you have verified your email address, you will be redirected to your Bitbuy account.
You will then need to provide your cell phone number to activate your account. Since Bitbuy is exclusively available for Canadians, you should have a number registered in Canada. Once done, enter all the required personal information and set up the two-factor authentication. This protects your account from hackers.
Typically, your identity is automatically verified with the machine learning algorithm, and you can start using your account instantly. However, if your identity is not verified, you will have to submit a few documents. This includes the following.
After setting up your account, you can easily deposit money via cryptocurrencies, wire transfer, or e-transfer. The deposit process is pretty straightforward. You need to click on the wallet option. The redirected page will display all the deposit addresses where you can send the cryptocurrencies.
Withdrawing funds from Bitbuy is just as easy. You need to send a withdrawal request and then paste the receiving address. A two-factor authentication process follows this, and you’re done. It may take up a few days to receive funds, depending upon your withdrawal method.
This section of the Bitbuy review will discuss the platform’s referral program. Bitbuy offers an exclusive referral program for all its customers. With Comparewise’s exclusive deal, you can get access to a $50 welcome bonus by signing up with our link. This bonus amount is more than double that of any other website.
Once you have signed up for the platform, you need to make your minimum deposit and start trading. Each time someone new joins the platform with your referral code, you get access to a $40 bonus amount. However, for you and your referral to qualify for the bonus, you should add $250 to your Bitbuy wallet.
If you’re looking for an exchange that offers more trading currencies, there are other trading exchanges that you can try. These companies work in a very similar manner. There is a good chance that you will be able to trade and earn profit with these crypto trading platforms. In this Bitbuy review, we will discuss the alternatives to this trading platform.
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Like Bitbuy, Newton is another unique crypto trading platform made for Canadians. Its name is inspired by Isaac Newton. The platform stands out from other trading platforms due to its unique fee structure. Newton has over 100,000 registered users on its platform.
Newton allows you to trade in 19 different cryptocurrencies. It has a clean infrastructure and an intuitive dashboard, perfect for beginners. This is a safe and legitimate platform for Canadians to trade with just a $5 network fee.
Instant verification, high liquidity, and zero trading fees make this platform stand out in our alternative to Bitbuy review. The platform also conducts daily off-site backups and has a direct bank integration.
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CoinSmart is a leading crypto exchange platform that is quite popular among beginners. It was founded in 2017 and is headquartered in Toronto. CoinSmart offers crypto trading features to Canadians with competitive trading fees and a lower learning curve.
Unlike Bitbuy, CoinSmart allows you to access the platform from different countries. This will enable you to deposit money in other fiat currencies and buy and sell your cryptos through the platform.
It offers a high level of security, a quick verification process, and an easy-to-understand interface. The company is also registered as an MSB and is regulated by FINTRAC, making it reliable.
CoinSmart targets people who have never used a crypto trading platform before. However, it also offers advanced charting tools that may help experienced crypto traders.
The platform randomly runs checks on its database and uses AI to detect fake dates of birth and addresses. You also get access to same-day deposits and a 24/7 customer support service.
Binance is a global cryptocurrency trading platform specifically designed for advanced traders. It acts as an excellent alternative to Bitbuy, as it offers over 65 cryptocurrencies on its platform. Binance has relatively low trading fees and is known for high-speed trade execution.
The company was formed in 2017 by Changpeng Zhao. In just five years, it has become the largest crypto trading platform. The platform is best for both crypto-to-crypto and peer-to-peer trading. However, Binance is not particularly user-friendly. It offers a vast array of advanced features but has a steep learning curve. Experienced traders may appreciate the platform’s variety, but it is too confusing for beginners.
Coinsquare is a unique trading platform that was launched in 2014 in Canada. Like Bitbuy, it stores 95% of all its cryptocurrencies in cold storage. It is amongst the most secure trading platforms where you can enjoy low and transparent fees. Additionally, it does not have a minimum trading amount.
The platform offers much more than simple cryptocurrency trading. You get access to native mobile applications and over-the-counter desks for large volume cryptocurrency trades. Coinsquare claims that all servers are stress tested and are not easily susceptible to DDoS attacks. It is protected by two-factor authentication and runs multiple encrypted and distributed backups daily.
Coinsquare targets crypto traders from Canada and Europe. It does not have a wide selection of cryptocurrencies. It only offers ten cryptos to trade-in. They target traders interested in making large transactions in some of the most popular and trusted digital currencies.
Shakepay was one of the first technology companies to support digital currency trading in Canada. The trading platform was founded in 2015 and is headquartered in Montreal. It has served over 800,000 Canadians. In the traditional sense, it’s not a legit crypto trading platform. Instead, Shakepay is a broker that facilitates buying and selling of cryptocurrencies.
The platform only deals with Bitcoin and Ethereum. Shakepay is popular among traders as it does not charge any trading, deposit, or withdrawal fees. It is a secure and legitimate platform registered as an MSB and regulated by FINTRAC. The platform also uses two-factor authentication and SSL encryption to protect your account.
Shakepay is designed for beginners and advanced traders looking to trade in the two most popular cryptocurrencies. It offers a user-friendly trading interface and an instant verification system. You can buy BTC or ETH from Shakepay and quickly transfer them to your personal wallet.
As we end this Bitbuy review, here’s what you should remember about this crypto exchange. Bitbuy is one of Canada’s leading and most secure crypto trading platforms. It is designed exclusively for Canadians and offers a competitive fee structure. This regulated and insured platform is streamlined for both beginner and experienced traders.
This platform offers a user-friendly interface, giving you access to fast deposits and withdrawals. It has a lower learning curve with an instant verification process. Bitbuy makes sure that all the customers are legit and do not indulge in illegal trading activities. It is legal in Canada and is regulated by FINTRAC.
Instead of being a global trading platform, Bitbuy focuses more on the local user base. This makes it one of Canada’s fastest and most reliable crypto exchanges.
Bitbuy also has excellent customer service. All the executives are knowledgeable and can solve an issue in less than 12 hours. The smooth functioning of the exchange is what beginners are looking for in a crypto trading platform.
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Bitbuy is a reliable and regulated platform. This exchange platform is registered as a Money Service Business in Canada. It's regulated by the Financial Transactions and Reports Analysis Center of Canada. Bitbuy also has an OSC approval. And it's registered as a marketplace and a restricted investment dealer in Canada.
If you want to access your crypto trading platform from across the country, you should use Bitbuy. This is because Binance is not available in Ontario. Whereas Bitbuy is an exclusive crypto trading platform for Canadians. Additionally, if you're using wire transfer or electronic funds transfer to deposit money, Bitbuy has a comparatively low deposit fee.
Bitbuy is registered as a marketplace and an investment dealer, making it a little better than Coinbase. Additionally, it charges lower trading fees when compared to Coinbase. Even though Coinbase was founded much earlier, Bitbuy is a little more trustworthy platform for Canadians.
For all the transactions made through express trade, Bitbuy charges a flat trading fee of 0.20%. However, if you are subscribed to the pro version of the platform, you will have to pay a taker's fee of 0.20% and a maker's fee of 0.10. Apart from this, Bitbuy also charges a small fee on deposits and withdrawals.
Bitbuy is not a decentralized platform. It takes custody or ownership of the user's deposits, making it a centralized platform. Bitbuy requires users to share their private wallet keys with the tool to execute trades.
Bitbuy is a highly safe and secure platform to store your cryptocurrencies. They offer a 95% cold storage policy, keeping your digital assets safe from hackers. It provides an above-par security system with an additional two-factor authentication option.
Bitbuy is a crypto trading exchange and not a wallet. However, it does offer both Canadian dollar and cryptocurrency wallets as part of its services. You can deposit your money directly and view the balance through your Bitbuy account. But it is not a standalone wallet that you can link with other trading platforms.
To our understanding, Bitbuy has never been hacked to date. It is amongst the most secure cryptocurrency platforms in the industry. Yet, there is always a slight chance that the platform can be hacked. Bitbuy stores 95% of its digital assets in cold storage to protect its users. A comprehensive policy offered by BitGo also insures these assets.