Bitbuy Review + $50 Signup Bonus Jul

If you are using their Express Trade function then a flat fee of 0.2% on buying and selling applies to all cryptocurrencies. When it comes to security while trading with Bitbuy, they are also conscious of creating a secure environment. Device and 2FA Authentication via Google Authenticator and Authy are in place for those trading through the platform.

It makes buying and selling cryptocurrency simple for Canadians, with free insurance as well. One of the most important requirements for regular cryptocurrency users is the fees that are charged by the exchange. These include fees that are charged when sending / withdrawing currency as well as the fees that one could be charged for merely buying and selling. Once you acquire the desired crypto coins, Wealthsimple Crypto doesn’t allow transfers to outer crypto wallets.

Bitbuy is a Canadian cryptocurrency exchange founded in Toronto in 2016. Bitbuy trading platform is accessible via browser but you can also trade on the go if you download its mobile app. It is available on both Android and iOS devices and allows you to perform the main features of the web platform. Express trading is trading made simple – all you need to do is select the crypto assets you’d like to buy, enter the dedicated amounts and click the purchase button.

bitbuy canada review

Simply select the crypto you wish to purchase/sell, open the wallet, and click “Buy” or “Sell” as shown below. Incorrect information could lead to the permanent loss of your crypto assets. Paste your destination wallet address, enter the number of coins you wish to withdraw, and click “Withdraw Request”.

Bitbuy fees

Additional trading pairs, more than 20 in total, are available through the Bitbuy ProTrade service. The platform is highly regulated by FINTRAC and the Ontario Securities Commission . Users can also enable multi-factor 2FA authentication to help secure their accounts. Bitbuy is a fantasticcryptocurrency exchange for Canadians, particularly beginners. It is so easy to buy and sell crypto with Canadian Dollars using Bitbuy’s Express Trade feature.

With a passion for finance and anything blockchain, cryptocurrency is right up his alley. He’s responsible for most of the content on the site, trying his best to keep everything up to date and as informative as possible. FINTRAC’s regulatory framework includes guidelines on how to comply with AML and CFT policies such as mandatory KYC checks as part of the registration process.

According to Bitbuy, thousands of Canadian businesses are following the same strategy, and it doesn’t matter if you’re a small business owner or international corporation. Express Trading is the fastest way to buy and sell crypto with Bitbuy. But if you want more control over your orders and more market data, you need to use Pro Trading. If you’re new to crypto investing, Bitbuy’s Express Trading feature is what you’re looking for. Money transfers from a parent account to a child account are instant and free.

bitbuy canada review

Both Bitbuy and Coinbase are reputable crypto companies and both are great options to use as a Canadian. Really the main difference is that Bitbuy allows Interac E-Transfer to fund your account, or to cash out / convert volatility definition finance your crypto to Canadian dollars. On Bitbuy you can buy Bitcoin, Ethereum, and a long list of other currencies and tokens. What makes Bitbuy unique in Canada is that you can fund your account with Interac E-Transfer.

In order to withdraw your crypto, select the wallet from which you wish to withdraw your crypto and click the Withdrawal icon. Your Litecoin deposit will be liteforex review credited to your Bitbuy wallet after 6 confirmations on the blockchain. You may also track its progress in the Deposits section of your “History” page.

The platform has partnered with a global identity verification startup called Trulioo to streamline the onboarding process. However, it states it guarantees prompt responses to questions, and judging by Trustpilot reviews, Bitbuy backs up this guarantee. Thankfully, Bitbuy takes numerous measures to increase its security. Most importantly, Bitbuy states it holds 99% of crypto in cold storage, which is offline storage that’s not vulnerable to hackers. Furthermore, Bitbuy has digital asset insurance provided by BitGo which covers losses from events like hacks, private key theft, and loss of keys. You get trading discounts if you’re investing millions in crypto, but for the everyday investor, you’re stuck paying deposit fees and trading fees.

Bitbuy is registered with FINTRAC as a Money Services Provider, and their servers are secured across multiple world class cloud providers and disaster recovery locations. Bitbuy’s privately maintained codebase keeps core components closed source, so your intellectual property is safe from prying eyes. Some users may be put off by the limited range of only 17 different cryptocurrencies, so if that’s the case, you may find Binance a better exchange for you.

To learn more about any of the features, click on the corresponding jump links. Most Interac e-Transfers will settle within the same day, and, in some cases, several hours. Bitbuy’s third annual “Proof of Reserve and Security Audit” was performed by Blockchain Intelligence Group, with the results released in mid-2021. Bitbuy has an over-the-counter service for clients looking to trade over $50,000.

Bitbuy Wallets

It is easy to use, so it’s perfect for beginners with limited experience with cryptocurrencies. Bitbuy is leading Canada’s cryptocurrency exchange for a reason, and focused, reliable, and customer-oriented are the right words to define it. If you’re in a hurry, express buy will cost you a 0.2% fee per every CAD/CRYPTO what causes bond yields to rise trade. Although its services are still limited to the Canadian market, it is likely to scale the business to foreign markets in the future. Large volume traders and institutional investors can make use of Bitbuy’s OTC trading platform. Yes, Bitbuy offers a mobile app available on iOS and Android devices.

Canada has 11 trusted exchanges available for you to sign up for, with the most popular being Bitbuy and CoinSmart, which account for a combined 550,000 active users. Buying bitcoin and other cryptocurrencies in Canada is a simple process and usually takes less than 10 minutes to get fully setup. Toronto has the highest number of Bitcoin ATMs, followed by Montreal, Vancouver, Ottawa, and Calgary.

bitbuy canada review

Canadian traders can fund their accounts with CAD, which is another plus for Kraken. You can do that by going to the Funding section on the platform’s website. Although it supports CAD payments, Canadians can’t deposit funds via Interac e-transfers, credit/debit cards, or PayPal. When it comes to safety and security, Binance is more than reliable.

It is great to see an exchange engage in such transparency and the ecosystem would do well if more exchanges followed suit. Note that Bitbuy is fully transparent regarding their fees, so you can always have a look at this page to verify the current fees. If you are trading on the “Pro Platform” you will be charged according to a maker / taker fee schedule. If you are a taker you will be charged 0.20% whereas if you are a maker you will be charged 0.10%.

The views and opinions expressed on this website are purely the author. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question. There is a very high degree of risk involved in trading securities.

However, it does apply robust security measures for funds protection. Namely, funds of Wealthsimple Crypto are stored by Gemini Custody, regulated by the New York State Department of Financial Services. If you like Coinbase but want to trade a variety of crypto assets, you can check out its advanced trading platform, Coinbase Pro, or read our comparison guide to gain insight. This platform is actually a brokerage and only supports buying and selling crypto assets. You might see its lack of altcoin support as a letdown but by offering only the most popular cryptos , Coinbase makes sure there’s always enough liquidity.

Recommend BitBuy to Canadian Traders

It includes advanced charts by TradingView, as well as limit and market orders. Bitbuy has an app for iOS and Android devices that makes it possible for users to keep an eye on prices no matter where they are, and make trades at any time. It is just as easy to use as the desktop site, so beginners will feel comfortable on the app. Let’s find out what services Bitbuy offers, that make it the preferred exchange of 350,000+ Canadian crypto investors. 3)Bitbuy has an intuitive mobile app available for iOS and Android devices, enabling you to buy and sell no matter where you are.

Coinbase also provides investors with insurance on their crypto holdings when stored on the platform. This insurance covers up to $1,000,000 of crypto losses should a user’s account be hacked. When it comes to cryptocurrency support, Coinbase has a considerable advantage over BitBuy. Coinbase provides traders with over 150 different cryptocurrencies to invest in, while BitBuy has only 17. Bitbuy was launched in 2016, 4 years after Coinbase, and is exclusive to Canadian traders.

As summarized below, processing times do vary by crypto, however. As shown below, users may view available balance, total balance, approximate CAD value, and a total holdings value in CAD equivalent. As shown below, information provided includes transaction type, date, bank, amount, payment method, and status. In order to send your e-Transfer, sign in to your online banking platform and send your e-Transfer. You will need to include the required security question and answer in order to avoid potential delays in funding the Bitbuy account.

Bitbuy Review Summary

There is no need to deal with markets, or setting advanced order types. Even if you have no experience with cryptocurrencies, you will be able to use Bitbuy’s intuitive platform. Today, the company cemented its position in the cryptoverse as leading Canada’s cryptocurrency exchange due to its customer-oriented focus and transparency. Besides, it is regulated by Canadian federal authorities as it is registered with the Financial Transactions and Reports Analysis Centre of Canada and acts as Money Services Business . Bitbuy is a well-established platform with a large baggage of experience in the industry.

These are the top 3 reasons why I think Bitbuy is an excellent exchange, and a great choice for beginners to the crypto market. Bitbuy’s mobile app has received excellent reviews, with a 4.6/5 rating on the App Store from 6,000+ reviews. For this Bitbuy review, we evaluated the exchanges fees, services offered, and security.

Pros

Shilpa is a freelance tech writer and journalist who is deeply passionate about artificial intelligence and pro-freedom technologies such as distributed ledgers and cryptocurrencies. Her expertise lies in turning complicated technical concepts into easy-to-read, informative articles without distorting or diluting facts. She’s a full-time foodie, semi-skilled musician, and wannabe horror writer. In terms of ease of use, Bitbuy is definitely far ahead of most of the competition.

Numerous positive reviews rave about their customer service, and you should feel safe with BitBuy. Yes, Bitbuy is a legitimate cryptocurrency exchange founded in Toronto in 2016. Bitbuy has created an API for individuals, institutions and algorithmic traders to connect to their 10+ markets featuring a variety of CAD-to-crypto and crypto-to-crypto pairs.

Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. In the case of transferring already held cryptos, select the appropriate crypto wallet listed on the “Wallets” page and click the deposit option. Investors and traders already holding Bitbuy supported cryptos can make a wallet-to-wallet transfer. Do note that, in order to make deposits, you will need to go through the registration process in order to open a Bitbuy account.

Once you’ve provided the personal information, you will be asked about your risk profile and financial profile. Express allows you to trade some of the most popular digital currencies, like Bitcoin, Bitcoin Cash, Litecoin, Dogecoin, Ether, and many others. Users can fund their account through Interac e-Transfer or a wire transfer. Bitbuy is the first Canadian registered marketplace for crypto assets, federally approved as a Restricted Dealer, and FINTRAC registered as a Money Services Business.

It also means that you receive better trading transparency and deeper liquidity, which leads to better prices. You won’t run into annual trading caps on altcoins, in contrast with some other exchanges that are legally obligated to enforce trading caps of $30,000 on certain coins. The information on thinkingofbuyingcrypto.com is for information purposes only.

Investment Products

You do not have to worry about BitBuy scamming you out of your crypto. For investors that are looking to place orders over $50,000, Bitbuy’s around the clock OTC service is an excellent way to trade. Using the OTC desk means that you can avoid slippage and get live price quotes on large amounts of a cryptocurrency for a fixed price. 1) Express Trade feature makes it extremely easy to buy and sell 17 different cryptocurrencies using Canadian Dollars, even for beginners. Large volume traders and business clients can also make use of Bitbuy’s OTC trading desk . The trading platform is a regulated MSB or Money Service Business under FINTRAC .

Bitbuy also provides a total crypto balance in Canadian Dollar equivalent. For traders, Bitbuy offers traders a wide range of crypto-crypto and crypto-Canadian Dollar pairings via its Bitbuy Pro Trade platform. Once you have verified your email address and phone number you will need to provide further personal information. The information is needed in order to verify your identity via Bitbuy’s automated 3rd party identity verification service.

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