Bitbuy Review 2023
Making Crypto Simple
Bitbuy is Canada’s first authorized marketplace for trading Bitcoin & other cryptocurrencies, and in our opinion, one of the best crypto exchanges in Canada. It is a FINTRAC registered money services business (MSB) and federally licensed as a Restricted Dealer.
Bitbuy primarily focuses on security and simplicity, but it still offers professional traders a few powerful trading tools. In this review, we will look at the minimalistic approach of the exchange’s developers, the platform’s safety, the verification documents you need to register a trading account, and more. Next on, our Bitbuy review!
About the Bitbuy Exchange
Bitbuy is a Canadian crypto exchange founded in 2013 in Toronto. The company provided crypto fans with a straightforward cryptocurrency trading platform where they can easily buy crypto assets in exchange for Canadian Dollars.
Nowadays, Bitbuy is known as a user-friendly and reliable platform that offers simplified financial services and easy-to-use instruments to buy Bitcoin and other altcoins. It is suitable for both beginners and professional traders who require a variety of sophisticated trading instruments.
Bitcoin and Other Supported Cryptocurrencies
You can buy or sell some of the most popular cryptocurrencies through the Bitbuy trading platform, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Eos (EOS), Aave (AAVE), Litecoin (LTC), Stellar Lumens (XLM), Solana (SOL), Cardano (ADA), Ripple (XRP), Dogecoin (DOGE), Chainlink (LINK).
Bitbuy allows Canadians to deposit Canadian dollars (CAD) to their accounts through Interac e-Transfer or bank wire. The exchange doesn’t support credit card or debit card payments.
Trading Fees and Limits
Bitbuy fees are similar to the other Canadian trading platforms. However, unlike some rival exchanges (like NDAX, for instance), Bitbuy charges both a deposit and withdrawal fee for Interac e-Transfers. Interac deposits typically take only a few hours, so users often prefer this payment method. However, you have to pay a 1.5% fee for each deposit you make with Interac e-Transfer. Hence, it’s advisable to make a slightly larger deposit since you need the extra funding for the fees.
Here’s a breakdown of the Bitbuy fees:
|Deposit fees / Withdrawal fees (Interac e-Transfer)||1.5% CAD|
|Buy/Sell transaction fee||0.2%|
|Liquidity Maker fee||0.1%|
|Liquidity Taker fee||0.2%|
|Wire transfer fee||0.50%|
|Withdrawal (mining fee)||0.0025 BTC|
This Canadian exchange features financial services and trading tools suitable for both beginners and seasoned traders. Depending on their trading strategies or skills, crypto investors can choose one of its three main functionalities: OTC desk, Pro Trade market, or Express trade.
Bitbuy Express Trade
The Express platform offers a simple, easy-to-use interface where you can buy crypto in minutes. You can acquire Bitcoin and other supported cryptocurrencies with Canadian dollars (CAD) at affordable transaction costs through the Express platform.
Pro Trade Market
Pro Trade is a customizable trading platform suitable for seasoned crypto investors. The site features TradingView market charting technology and provides in-depth market analysis for professional traders. The Pro Trade platform also features a classic order book where you can place limit orders and market orders, similar to the Coinbase Pro platform.
Bitbuy OTC Desk
Crypto investors can trade digital assets in larger volumes while avoiding slippage through the Bitbuy OTC (over-the-counter) desk. Traders can receive live price estimates on significant quantities of crypto assets at a set price and benefit from live price quotes.
You must first register with the exchange to begin trading on the OTC desk. When your account is validated, you’ll be required to fund it with 50,000 CAD or an equal amount in BTC or ETH to qualify for the service. Next, send an email to email@example.com, and a trader from the brokerage will respond to your inquiry the same day.
Is Bitbuy.ca Exchange Safe to Use?
All cryptocurrency traders who wish to get access to the Bitbuy website must first pass the Captcha security and prove that they are not automated bots. Here are some facts that can give you an idea of how important Internet security is to the Bitbuy developers:
- The Bitbuy team of IT engineers has incorporated a variety of industry-leading security mechanisms into the Bitbuy platform, including two-factor authentication (2FA) protocol and cold storage for 95% of the funds, which protect the platform from cyber-attacks and hackers.
- Bitbuy servers are backed by many cloud service providers and backup and recovery sites. All network operators adhere to ISO, SOC, and FIPS 140-2 standards.
- Furthermore, the platform’s comprehensive node infrastructure can support a wide variety of coins and tokens. Bitbuy provides full insurance coverage through the institutional digital asset custody, trading, and finance platform BitGo in order to guarantee the safety of the funds on the platform.
- Additionally, the Proof-of-Solvency system ensures all digital assets on the platform are transparently logged.
- The Bitbuy cryptocurrency exchange is frequently subject to financial audits, monthly security audits, and transaction reporting audits for proof of reserves. All audits are performed by highly reputable third-party organizations.
- Last but not least, the exchange personnel conducts daily and weekly suspicious activity investigations.
Bitbuy’s customer assistance is regarded as one of the best ones in the business. The exchange offers a 24/7 dedicated support team to help you with any crypto trading issues. You can reach customer support through a phone line or email.
The Bitbuy cryptocurrency exchange also features an informative Blog page, as well as an extensive knowledge base, packed with articles on blockchain and cryptocurrencies to help you gain a better understanding of cryptocurrency trading.
Pros & Cons
- Excellent customer service;
- Easy-to-use trading instruments;
- The platform’s suitable for both beginners and advanced traders.
- Bitbuy services are available only to Canadian citizens;
- Supports only CAD fiat currency;
- The withdrawal fees through Interac e-Transfer are somewhat high;
- A North American telephone number is required to register with the exchange.
Bitbuy is a simple and secure cryptocurrency trading platform that provides residents of Canada with a few but highly convenient trading tools. The exchange only offers a handful of digital currencies, but most of them are among the top ten most liquid cryptocurrencies on the market.
Moreover, the exchange features two distinct platforms – the Express Trade for simple exchange of currencies that suits beginners and the Pro Trade platform that offers more sophisticated tools to cater to the needs of experienced traders.
When you consider how the platform combines a minimalistic approach to financial services with high security, insured funds, moderate fees, and one of the best customer support teams in the business, it’s easy to see why Bitbuy is one of Canada’s best crypto exchanges.
Frequently Asked Questions
Bitbuy is a legally recognized money business firm in Canada. If your Bitbuy registration doesn’t pass through the automatic identification or Express Verification processes, the exchange will request the four documents listed below.:
- A financial statement from the last 3 months (credit card statement, bank statement, loan account statement);
- A utility bill from the previous 3 months (electricity, Internet, water, or phone bill, T4 statement, CPP statement, etc.);
- Photo ID issued by the government (passport or driver’s licence);
- A selfie with your ID (you’ll need to take a selfie while holding the ID you submitted and a piece of paper that reads ‘For Bitbuy use only’).
For business verification, you’ll need to provide:
- Business disclosure form (including the full name, date of birth, home address, and a North American phone number);
- Business proof of address (this could be a bank statement or a Canada Revenue Agency (CRA) document for your business);
- Articles of incorporation (containing the date of incorporation, as well as your business number).
ETH, LINK, AAVE, UNI, SUSHI, and MATIC are the only ERC20 tokens supported by Bitbuy. Hence, you must input ERC20 when sending Ethereum-based coins to your Bitbuy account from an exchange or wallet that supports BEP2 and BEP20 transactions (such as Binance, Coinbase, or Trust Wallet) to receive your payments.
Through the Bitbuy referral program, you and your referral can both get 40 CAD. Your friend has to register for a trading account with the exchange and deposit 250 CAD or more for you to receive the reward.
You can use your Bitbuy referral code as many times as you like and earn money simply by spreading the word about the exchange.
Yes. Crypto investors can use Bitbuy’s mobile app for trading on the go, on their Android or iOS supported devices. The mobile app provides the same trading instruments available on the web-based platform. Additionally, the app software takes advantage of the smartphone’s biometric security settings to increase the security of your trading account.
Yes. Each user account comes with a built-in crypto wallet.