It is registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Depending on one’s experience level in the crypto market, Bitbuy offers customizable trading solutions to suit individual requirements. Bitbuy’s support is typically held in high esteem, yet there is room for improvement. Several clients have pointed out that incorporating more immediate assistance could increase the overall quality of service provided to users. The exchange’s adherence to strict cold storage measures speaks volumes about its commitment to security and reinforces its users’ confidence. Once your identity is verified, which is usually instant, you’ll be ready to start trading.
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The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. Partnership with BitGo allows Bitbuy users to store their bitcoin holdings in an offline vault.
Fees and Buying Limits
With over a decade experience in financial services, he’s passionate about personal finance, investing and helping people take control of their financial life. You also have more choice in terms of available digital coins on Wealthsimple Crypto. It currently supports 60+ coins, way higher than the available coins at Bitbuy. Learn more about how both crypto platforms compare in this Bitbuy vs bitbuy canada review Shakepay review.
- If you place a limit order to either buy or sell an asset, you are considered a maker, but if you execute a market order, then you are a taker.
- Bitbuy may offer promotional rewards or referral bonuses from time to time, but there is no permanent or guaranteed welcome bonus for new sign-ups.
- Bitbuy was originally founded in 2016 to serve Canadian cryptocurrency traders and investors.
- While most companies, for example, Binance, ByBit, and KuCoin, offer charting tools provided by TradingView, Bitbuy customers can only execute simple swap orders.
Over-The-Counter (OTC) Trading
We went through the verification process to ensure our Bitbuy review was as accurate as possible. Users must input details regarding their employment status, source of income, and address. After which, the customer must provide a Canadian photo ID (passport, driving license). Creating a Bitbuy account is a simple process that anyone can complete within a few minutes.
Pros of
The platform is suitable for Canadian citizens only and is considered to be one of the most popular and leading crypto exchange platforms in the country. When you open your account, you’re required to set up two step-verification (2FA), using your mobile phone. According to Bitbuy, 95% of assets are stored offline in cold storage, and they’re registered with FINTRAC, Canada’s financial intelligence unit. Of course, the transfer amounts don’t overlap, so you’re likely going to have to choose one or the other, depending on the amount of money you’re moving.
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The details and bonus amounts can vary, so check the referral section of your account for the latest terms. Bitbuy holds an overall Trustpilot rating of 4.2 out of 5, based on more than 1,200 user reviews. Always double-check your wallet address when withdrawing crypto; transactions are irreversible and incorrect entries may result in permanent loss.
You may be wondering how Bitbuy stacks up against Coinsmart, another popular Canadian cryptocurrency exchange. Coinsmart has two additional funding options (bank draft and credit/debit card). However, their trading fees are higher (up to .40%), and the credit/debit card transfer fee can be as high as 6%. There isn’t a lot that separates the two platforms, but Bitbuy gets the edge for its lower trading fees, unique two-tier trading platform (Express and Pro Trade), and reputation for customer service. Founded in Toronto in 2016, Bitbuy offers a truly Canadian experience to crypto traders.
Withdrawing CAD from your Bitbuy account will incur a 1.50% fee with Interac e-Transfer, and 1.50% fee using Wire transfer. I use Bitbuy mostly for CAD to crypto transfers and it’s smooth every time. Rates are decent and it doesn’t feel scammy like some others I’ve seen. Bitbuy’s Pro Trade feature is really useful once you get the hang of it. I like seeing the order book and doing limit trades, feels more in control.
Although Bitbuy is a great platform for cryptocurrency trading in Canada, there are a few drawbacks that I need to mention. To find out more information and see alternative crypto exchanges that don’t have these issues, you can click on the jump links below. For anyone considering this exchange, comparing it with other platforms is key to finding the right fit.
You can buy, sell, and hold over 25 carefully selected cryptocurrencies, all available in Canadian dollars for easy funding and withdrawals. The platform focuses on established and liquid coins, so you get reliable access to the most popular digital assets without the clutter of obscure tokens. They provide live order books, fast funding and withdrawals, and well-designed crypto wallet services.
Bitbuy Express Trade
Bitbuy distinguishes itself through its commitment to transparency and adherence to regulations, which are signs of a trustworthy platform. Being a registered Money Services Business governed by the Ontario Securities Commission, Bitbuy conforms to Canadian financial regulation standards. Bitbuy prioritizes security by implementing powerful security measures to safeguard user assets. Bitbuy has a mobile app on both the Apple App Store and Google Play.
Standout features include free deposits, free withdrawals via Interac e-transfer, insurance on crypto and cash assets and a user-friendly platform for beginners and advanced traders. Exchange fees are one of the most important considerations when deciding where to purchase crypto. Additionally, there aren’t account management fees or inactivity fees.However, where Bitbuy falls short is with some withdrawal fees and trading fees. In contrast to other popular cryptocurrency exchanges, fees on Bitbuy Pro Trade are the same as its Express Trade platform. As such, users will be charged between 1.5% and 0% regardless of their chosen platform.
- Specifically, we will consider what the platform offers its users, how much it costs to use it, its approach to security, and customer support.
- Bitbuy supports just 53 cryptocurrencies while NDAX supports up to 32+ cryptocurrencies.
- Bitbuy offers a slew of products and features that are desirable to all kinds of crypto traders, from beginners to advanced users.
- When you use Bitbuy Pro, you pay less because of its competitively low fees (0.1% for maker & 0.2% for taker fees).
- This collection is anticipated to expand over time to give users in the Canadian market access to a more varied selection of cryptocurrencies.
Bitbuy is great for Canadians seeking simplicity and strong local compliance, whereas Coinbase offers broader coin support and advanced features. Withdrawal issues can result from incomplete verification, pending security reviews, network congestion, or insufficient funds. Check your account status or contact support for specific guidance. The app includes Express Trade for simple orders and Pro Trade for advanced charting and order types, plus features like dark mode and biometric log in for added convenience.
Bitbuy also has an advanced trading platform, Bitbuy Pro, for more experienced traders. It is a popular cryptocurrency exchange in Canada where users can easily trade a number of digital currencies. Experienced traders can use advanced services such as over-the-counter (OTC) trading and brokerage.
All cryptocurrency assets held in custody with BitGo are covered by a comprehensive insurance policy, meaning that all cryptocurrency held in your Bitbuy account would be covered under the same policy. There are a few features that make Bitbuy stand out, such as the insurance, Bitbuy express, Pro, and customer support level. Yes, the Express Trade platform has a 0.50% fee for buying and selling all available cryptocurrencies.