Bitbuy Review 2023 Accepted Countries, Payment Methods, Coins & User Reviews
Contents
Founded by Adam Goldman and Ademar Gonzalez in 2016, the crypto exchange is headquartered in Toronto, Canada and runs with a mission to help Canadians buy, sell and trade cryptocurrencies securely. Bitbuy is a top cryptocurrency exchange for traders based in Canada. Although if you would like to make a larger transaction the Bitbuy OTC desk is happy to help you personally. Deposits can be made in all of the above fiat and cryptocurrencies.
They also have a support center with blogs, articles and FAQs. ⚠️ Even though Bitbuy is considered safe, 44% of platforms we reviewed have had hacks or incidents. We strongly recommend storing and protecting your crypto on a hardware wallet or a wallet where you own the private keys. Overall, due to its limited coins and high fees , we foundbetter platforms for Canadians like Newton and NDAX which you can see in the alternatives section. Yes, the Express Trade platform has a 0.50% fee for buying and selling all available cryptocurrencies.
While withdrawals will incur a 1.5% fee, there are no costs to deposit funds. Much like Coinbase and Coinbase Pro, Bitbuy offers two types of trades – express and pro. They range between 0% and 1.5% for maker fees, and 0.1% and 1.5% for taker fees . Bitbuy is a user-friendly and secureCanadian cryptocurrency exchange, making it easy for Canadians to buy and sell crypto with easy CAD deposit methods.
- Bitbuy hasn’t experienced any hacks in the past and remains a highly secure and trusted cryptocurrency exchange.
- However, Bitbuy is not a member of the Canadian Investor Protection Fund or the Investment Industry Regulatory Organization of Canada .
- One of these options is Bitbuy, a cryptocurrency exchange currently serving over 350,000 users.
- As a transparent and regulated exchange in Canada, Bitbuy is a secure service for your cryptocurrency activities.
- The platform is relatively cheap compared to some other competing exchanges.
2) Zero deposit fees means that you can get started straight away, without losing money just to deposit funds into the platform. Bitbuy previously charged to deposit, but they have waived that fee now. 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. Investors can also trade cryptocurrencies from their wallet pages.
Bitbuy: Funding Methods
Bitbuy maintains an exhaustive section offering support services, including guides, tutorial articles, FAQs, and informative articles on cryptocurrencies. Additionally, the platform shares trading tips on its YouTube channel and other regular tidbits to its followers on social media. The former is ideal for transacting relatively small amounts , while the latter is appropriate for higher amounts. The platform charges a 1.5% commission fee on e-transfers for withdrawing and depositing money into and out of an account. Bitbuy enables its corporate customers to keep Bitcoin within their balance sheets by buying and holding the asset within their hosted wallet.
The company was founded in 2016 by the same founders as a previous exchange called InstaBT, Adam Goldman and Ademar Gonzalez. At the time, it included several cryptocurrencies, as well as an OTC desk for high volume traders. In 2018, the company has upgraded and relaunched its platform, making it more user-friendly and easier to use. The company has a 3.4 star rating, and many users state Bitbuy has excellent customer support. Most of the negative reviews stem from Bitbuy delisting XRP and account withdrawal issues relating to that crypto, not customer support delays. Users can enable two-factor authentication, and Bitbuy is also FINTRAC registered as a money services business.
Binance offers over 600+ cryptocurrencies, and plenty of trading markets, including derivatives. Bitbuy is only available to Canadian residents and only supports CAD. While this may not be an issue for most Canadians, for anyone that travels a lot, they won’t be able to access their account while they are outside of Canada. If you plan to trade crypto internationally, a better option for you may be Binance or KuCoin that are available in many countries around the world. If you are a US resident, you should read our article on the best crypto exchanges in the USA.
Bitbuy Fiat Withdrawal Fees
Neither Bankrate nor this website endorses or recommends any companies or products. You will need a cell phone with a North American phone number (+1 country code) to activate and use our two-factor authentication security protocol. Additionally, there is a comprehensive support page and FAQ section to assist in navigating the platform and addressing general queries. Once the account has been funded, users can contact the OTC desk by email.
Besides, its team has passed background and client information handling checks, meaning it runs a highly competent service. The only issue may be an SMS-based 2FA user account security system, which was proven to be insecure in the past. Canada still has an unfortunate lack of cryptocurrency exchanges and investing options that just cater to Canadians.
If you exceed $1.5m CAD, there is no maker fee and a 0.1% taker fee. The exchange is also registered as an MSB under FINTRAC the Canadian financial regulator. In December 2021 the exchange became the first cryptocurrency marketplace in Canada to be registered by the Ontario Securities Commission. They are also currently the only Canadian platform listed on Coinmarketcap. The owner of this website may be compensated to provide opinions on products, services, websites and various other topics.
Do note that there are minimum and maximum amounts in Canadian Dollars per transaction. The maximum shown is per transaction, however, so you are able to make consecutive trades. Bitbuy maintains limits to ensure that users receive the best price when buying and selling through Express Trade.
Bitbuy Overview
Money transfers from a parent account to a child account are instant and free. And that’s something that not many other payment tools offer right now. Withdrawing CAD from your Bitbuy account will incur a 1.50% fee with Interac e-Transfer, and 1.50% fee using Wire transfer. There are a lot of features of Bitbuy that make it popular amongst Canadians, and I have outlined the main advantages below. To learn more about any of the features, click on the corresponding jump links.
Bitbuy’s private wealth program and OTC desk offer private banking and account management for your cryptocurrency needs. Plus, you’ll also get access to more advanced order types and a live order book to monitor ongoing trades. Regarding security and regulation, Bitbuy maintains strict measures for your account, data, and asset protection. The exchange Is strongly regulated by Canadian federal authorities like the Ontario Securities Commission and Canadian Securities Administrators. It is also registered with the Financial Transactions and Reports Analysis Centre of Canada as a Money Services Business .
Even though the owner of this website receives compensation for our posts or advertisements, we always give our honest opinions, findings, beliefs, or experiences on those topics or products. 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. All information contained herein should be independently verified and confirmed. We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services. Please be aware of the risks involved with any trading done in any financial market.
Bitbuy Withdrawal fees
Additional trading pairs, more than 20 in total, are available through the Bitbuy ProTrade service. Bitbuy Pro is Bitbuy’s advanced trading platform, where users can place advanced order types and get even lower trading fees. Bitbuy’s fees used to be competitive compared to other Canadian crypto exchanges, but that’s no longer the case. Today, users need to pay1.5% in trading feesfor trading with Bitbuy, which is extremely high relative to the other exchanges we recommend. If you’re a frequent trader—or investing more than $1,000—Bitbuy’s fees are going to eat a significant portion of the funds you invest. Bitbuy’s mobile app has received excellent reviews, with a 4.6/5 rating on the App Store from 6,000+ reviews.
Fractional Stock Trading
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. More than 99% of crypto on the exchange is held in cold storage. Of this 99%, an average of 98.12% as of the most recent audit, is held as proof of reserve. Bitbuy is now also available on-the-go with their mobile app, which is available for both iOS and Android devices.
Regarding Bitbuy’s deposit and withdrawal methods, it allows you to move your funds in and out of the platform by wire transfer or Interac e-Transfer. Additionally, you can purchase BTC, ETH, and USDC using your credit card, and the exchange has plans to add more coins soon. One of the best-known Bitbuy’s strengths is its excellent customer support service. The support is reachable via email and phone, which is highly convenient and not offered by many exchanges.
The Bitbuy app is available for download on IOS and Android devices. However, the user must have their app store region set to Canada to access the app. Following the FTX collapse, the need for security in cryptocurrency has become even more apparent. As Bitbuy provides insurance and proof of reserves, the https://broker-review.org/ platform is far more secure than most exchanges. With Canada having some of the world’s strictest crypto regulations, finding an exchange that supports CAD deposits can be challenging. One platform that has been gathering traction in the region is Bitbuy, but how does it compare to mainstream exchanges?
The company is fully transparent with its holdings and frequently updates its ‘proof of reserves’ report with the number of funds held in cold storage. Bitbuy servers are secured across multiple cloud providers and disaster recovery locations. Users can store their Bitcoin holdings in an offline vault that is protected by value-matched insurance. Two-factor authentication is required for logging in and executing trades.
This fee could be less when your trading volume exceeds the $250k mark in the previous 90 days. The exchange’s main objective is to foster a safe and secure trading environment for Canadians, with a focus on user-friendliness, transparency, and customer satisfaction. Trading in cryptocurrency is highly speculative and carries a high level of risk.
Bitbuy features a spot exchange for customers to buy and sell cryptocurrency assets on the platform. There is currently no derivatives or futures market to trade digital currencies with leverage or margin. Traders in Canada will need to find a leveraged trading platform supported in their country to take a long or short Bitcoin position. Designed for beginners and experienced traders alike, Bitbuy features a simple interface and a Pro Trade platform. The standard Bitbuy interface provides easy access to critical features, including staking, buying and selling, and the user’s portfolio. However, trading on this platform is straightforward but limited.
Once your account is created, you’ll be logged-in to this account. Bitbuy is a large Canadian cryptocurrency exchange that’s easy to use, but does have some drawbacks. Like OTC trading, you work with a Bitbuy expert to invest in cryptocurrency for your business. Whether you need this for your balance sheet is ultimately up to you, but the fact that Bitbuy has features for everyday Canadians and business owners alike is a plus.
Users may view transaction histories by deposits, withdrawals, and referrals. 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.
Throughout this Bitbuy review, we’ll be taking a detailed look at the exchange, exploring its features, security measures, and ease of use. Moreover, you’ll be able to fund, buy, sell and withdraw cryptocurrencies very fast and securely. Also, you get all the needed features that allow you to track the currency market prices, your orders, view history, and so much more. That said if you decide to use the platform after reading this Bitbuy review, make sure to also get the mobile version as well. Bitbuy is considered to be one of the most popular and reliable crypto exchange platforms in Canada.
