Bitbuy Review October 2022 Canadas Best Cryptocurrency Broker

Beginners and advanced traders will benefit from Bitbuy’s advanced interfaces. One of the biggest drawbacks to using Bitbuy is its lack of altcoin support, but customer feedback could influence a positive shift in the future. You can download the Bitbuy app on most Android and iOS mobile devices.

Hi Sean, thanks for reaching out and letting us know about this. Please send us an email to and we would be happy to resolve this for you as soon as we can. I love learning about real-world applications of cryptocurrencies and teaching others about these new technologies. When not working or writing, you’ll find me racing triathlons or rock climbing.

  • The Bitbuy blog is a key resource for new and experienced traders alike.
  • Some exchanges like Coinbase have a longer track record of providing secure services than Bitbuy.
  • At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry.
  • BitBuy is rated 3.5/5 stars on TrustPilot with 224 reviews.
  • More experienced cryptocurrency traders would benefit from Bitbuy’s Pro Trade Platform.

This is a great way for them to get a 20% boost on a relatively modest portfolio. So, all in all, a nifty piece of technology which could help Bitbuy secure the lucrative high skilled trader niche. 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’re looking for more details on this partnership and what exactly is insured, Bitbuy has a great explanation and FAQ here. In order to qualify for Bitbuy Private Wealth trading, you must create an account and fund it with over $50,000 in cash, or the Bitcoin or Ethereum equivalent. Bitbuy knows this, and with Bitbuy Private Wealth you can avoid slippage and get truly live quotes on a large amount of crypto’s for a fixed price. If you’re looking to move large amounts of cryptocurrency, Bitbuy has you covered with Bitbuy Private Wealth trading. Cryptocurrency trading is taking the world by storm, and we don’t expect it to slow down anytime soon.

The platform has partnered with a global identity verification startup called Trulioo to streamline the onboarding process. Mobile app – Bitbuy users are able to access their accounts on the move using the exchange’s intuitive mobile app available on the Apple Appstore and Android’s PlayStore. Bitbuy is one of Canada’s more popular cryptocurrency exchanges.

Supported Coins

Once they have completed the email verification, users can begin account creation. This step begins by asking for the account type (personal/business), and some basic contact information. Users are then asked to submit a government-issued ID along with a live photo/video through a provided link.

bitbuy reviews canada

Bitbuy offers a decent selection of cryptocurrencies including a selection of ERC-20 tokens, layer one blockchain coins, DeFi tokens, and the option of a meme coin in DOGE. While not a terrible offering of supported cryptocurrencies, other exchanges that emerged around the same time have significantly larger offerings. The trading fees on Bitbuy range from 0% to 1.5%, depending on your total trading volume over the last 90 days. Most retail traders will pay 1.50% since they will be trading less than $250,000 worth of cryptocurrency. They appear to be a relatively safe exchange and their fees are broadly in line with the rest of the market. While trading fees are slightly higher, their deposit and withdrawal fees make up for it.

We use dedicated people and clever technology to safeguard our platform. Samar was amazing in helping me recover my semi-lost coins due to an error on my part. I had lost hope as my search for answers online assured me my money was lost forever. A crypto obssessed digital marketer passionate about making a difference in the world. When he’s not behind the computer he can be found hiking, camping and relaxing with his dog.

Security Features

Bitbuy offers a Pro Trade option along with over the counter accounts for large volume and institutional traders, but it has fewer products than its competitors. Some products and services that appear on this site are from companies from which Canadabuzz receives compensation. We may alter brand placements on our website to amplify our partners and their offers. Any time you click to our partner websites or register for a product or services through an affiliate link on our website, we may earn a commission at ZERO cost to you. Bitbuy has a budding reputation online and is arguably regarded as Canada’s most transparent crypto exchange. The online social space like Reddit is filled with satisfied customers who trust Bitbuy services.

Experienced traders may prefer an exchange that supports more crypto assets and advanced trading strategies. 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 has been around since 2016 but still only offers 17 different cryptocurrencies. Although they offer many of the most popular coins, the range is very small for those that want to invest in a variety of crypto assets. If a large number of cryptocurrencies is important to you, you can check out some alternative crypto exchanges such as Binance (over 600+ coins), or KuCoin (over 700+ coins).

It applies both to the internal mechanisms and to the transfers. They do promise the near-zero commissions on a lot of their promotional material, and bitbuy canada review it’s technically right. The transfer commissions are as low as 1.5%, although they can go up very substantially, up to 1/5 of your initial sum.

bitbuy reviews canada

However, as with all platforms/exchanges, never keep your crypto on there for an extended amount of time, and ALWAYS use 2FA whenever possible. They’ve created new “Gold Account” status, allowing for faster and higher wire deposits and withdrawals. Bitbuy isn’t, nor is any other cryptocurrency trading platform. Unlike some other cryptocurrency platforms, I found Bitbuy to be extremely transparent when it comes to their fees. Since then, Bitbuy has been ranked one of the fastest growing start-up in Canada. Extremely fast, typically you can get cash from fiat to your favourite crypto exchange within 30 minutes to an hour.

Bitbuy fees

It was founded in Toronto in 2013, and was formally called InstaBT. However with their growth they decided to rebrand themselves and became what is now called Bitbuy. 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. Use the API to automate trades with high-frequency trading and live exchange rates. For the experienced traders, Bitbuy has a Pro Trade feature that displays much more information than the Express Trade option. It includes advanced charts by TradingView, as well as limit and market orders.

Bitbuy has launched an intuitive mobile app that enables the platform’s users to access all the features available on the web interface through the easy-to-use mobile interface. The mobile app is available on both iOS and Android app stores. Additionally, traders can save on trading fees as the Pro trade feature is much cheaper than the Express trade.

bitbuy reviews canada

Because such registration means that customers do not have to fear any hidden fees and the company has to act absolutely transparent. The Bitbuy API is a tool that third-party platforms can use to access market data. Slippage occurs when there isn’t enough cryptocurrency available at a specific market price. Use a debit card to fund your account, for which you would need to pay a fee of up to 6%. Supports deposits in USD, in addition to Canadian dollars. Tstanding crypto service, you might want to explore other platforms and see which one best suits your needs.

With all major cryptocurrencies available on Bitbuy, it truly is a one-stop shop for all Canadian residents looking to take advantage of the crypto rush. Technically speaking the web-based platform will work anywhere in the world, but it is only of use to Canadians. To sign-up, you require a North American telephone number plus the only fiat currency support is the Canadian dollar. E-Transfers have a maximum of $10,000 per day, for anything higher it is wise to use a wire transfer with a cheaper fee and $500,000 maximum.

Unable to do PRO TRADE for 9 days

From asking them how to do it, to having it all done took less than 30 minutes. Anyhow, they offer another option which is uploading a picture of valid ID (Canadian Driver’s Licence, Passport, etc..) and I’m hesitant of doing so. They’ve improved Canadian funding options with instant eTransfers. What I really like about Bitbuy is the fact that it has a mobile platform available on both Android and IOS.

Interac e-transfers have a $100 minimum and a $10,000 maximum, but you can make deposits every 24 hours if necessary. Express Interac e-transfer users must deposit at least $500 but no more than $10,000 within 24 hours. Bitbuy does not put a maximum limit on how much cryptocurrency users can deposit.

Make sure to enter all of the information including the security question and answer. If you sign in using a new device or browser, Bitbuy will ask you to verify the login via email, and then text you a code to enter as well. After you have had your account verified you will need to complete a risk profile. Finally, you’ll need to upload a financial document such as a bank statement and a utility bill such as an internet bill. Signing up to Bitbuy is quite a long process due to their compliance process.

To make a cryptocurrency deposit, go to the Wallets page, select a crypto wallet and click on the deposit option. Then, you can scan the QR code or copy the address to your external wallet to complete the transaction. You can track your transaction on the History page in the Deposits section.

The affiliate program rewards increase based on the number of new users that sign up to the exchange. Users are rewarded on a monthly payout once their commissions reach a minimum of CAD$500. The Bitbuy blog is a key resource for new and experienced traders alike. It’s a news and educational resource that regularly posts updates on the exchange and the cryptocurrency industry in general. Bitbuy is one of the best crypto exchanges in Canada with a passion for transparency.

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