Bitbuy Reviews: Pros & Cons, Fees, and Alternatives

In terms of crypto withdrawals, the only reason why they would not be sent quickly would be a pending inquiry from our compliance department. Please check your email for a letter from them in order to get your issues resolved. CryptoManiaks is an authoritative crypto education platform dedicated to newcomers and cryptocurrency beginners.

  • Bitbuy users can deposit or withdraw CAD or any supported cryptocurrency.
  • The Pro Trade page allows you to place market or limit orders for buying cryptocurrency.
  • To participate in Bitbuy trading, you must provide the platform with a copy of your government-issued photo ID to verify your identity.

Cash and crypto withdrawals take a similar time, with payments processed within a few hours. Bitbuy spares no expense on security, which is critical for currency exchange platforms, particularly after the QuadrigaCX debacle. It is safe to say Bitbuy is up there with the best crypto exchanges in Canada. The Bitbuy cryptocurrency platform caters to both beginners and experienced investors.

On the user level, Bitbuy has several safety and security features for its customers to use. For instance, the platform requires two-factor authentication for every user to access their account. That includes logging in and withdrawing funds from an account. Users must undergo an ID verification process before trading on the platform. Bitbuy users can take advantage of the company’s customer support phone line and live chat. Its knowledgeable customer service representatives are available to assist with time-sensitive issues.

The fees are cheaper, ranging from 0.1% to 0.2%, depending on whether your order is immediately matched or filled later. Sign up now to join thousands of other visitors who receive our bi-weekly newsletter and latest personal finance tips. The Bitbuy referral program pays you $20 to $40 for every person that signs up using your referral link code. As you can probably tell, my review of Bitbuy Canada is positive. It is registered with the Financial Transactions and Reports Analysis Centre of Canada as a Money Service Business. Bitbuy no longer supports Ripple – it was delisted due to regulatory concerns.

Canada Buzz Editorial

Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.

bitbuy reviews canada

However, 90% of cryptocurrency exchanges these days have this requirement so it is not so much of a surprise. In May 2020 Bitbuy partnered with Knox to offer fully-insured cold storage of Bitcoin holdings for all Bitbuy users. 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. One of the best-known Bitbuy’s strengths is its excellent customer support service.

Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing. Use the HARDBACON promo code to get $20 when you open a free KOHO account and make a purchase. Fees for withdrawal are 1% to 1.5% depending on method of withdrawal.

Bitbuy review

Suppose you have an account with Bitbuy, and you’ve enjoyed the experience of trading cryptocurrencies. In that case, you can invite your friends, acquaintances, and loved ones through the Bitbuy referral program and earn a commission in the process. Despite offering an excellent reading experience, Bitbuy is yet to have a custom mobile application. The consequence is that you can only use a web-based interface through your mobile device.

Its compliance and user-friendly interfaces helped expand the country’s use and knowledge of Bitcoin in its earliest days. The maker/taker model requires users to pay one of two fees based on whether they add or remove liquidity in the exchange. Makers will pay 0.16% for each trade, while takers pay 0.26%. So, if you’ve read this Bitbuy review and finally decide you want to open up an account and get started trading cryptocurrencies, fortunately the process is extremely easy. However, if you’re looking for more trading options, the company has come out with Bitbuy Pro Trade, which is a platform made available for more advanced users.

It’s quite impressive to watch this company grow, and is one of the number one crypto trading platforms we recommend to Stocktrades Premium members. Bitbuy offers a convenient streamlined service, it concentrates on fulfilling its mission rather than trying to deliver too many services. It makes buying and selling cryptocurrency simple for Canadians, with free insurance as well. The online reputation is strong across all boards, some regard it as the number one Canadian cryptocurrency exchange.

A 95% cold wallet storage policy that ensures your assets are held offline and protected against cyber attacks. As a marketplace and crypto broker of bitbuy canada review crypto assets in Canada as of December 1, 2021. This means that all your orders are fulfilled by Bitbuy instead of being outsourced to third parties.

bitbuy reviews canada

Whether you’re an institutional or retail investor, you don’t want to pay high fees or use a slow trading platform with an inadequate selection of tokens. There are plenty of bad exchanges, so it is important to choose a good one. Below that provide your phone number and create a unique username and password. Only a North American number starting with the country code +1 can be used to sign up for the service. A verification code will be sent to this number so ensure that it is accessible to you when creating the account. Quick sign-up and verification – it is easy to create an account with Bitbuy and start trading quickly due to its smooth sign-up process.

Bank transfers have a minimum deposit of $20,000 and a maximum of $500,000. The BitBuy company was founded in 2016 and therefore has several years of experience in the field of crypto trading and related security measures. At the present time, the company can already look back on a total trading turnover of over 4 billion US dollars. Currently, the company has just over 350,000 Canadian customers. The platform provides a highly transparent fee schedule and doesn’t include fees in digital currency market prices — fees are always separate.

All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only. When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. CoinSmart’s fees are just 0.2% and they offer the ability to trade any crypto to crypto without having to sell to Bitcoin or Ethereum first.

Deposit and Withdrawal Methods

Bitbuy has developed an API application designed to automate high-frequency trading. The exchange also developed an option to help onboard corporations to learn how to add Bitcoin to their treasuries. Buy and sell crypto with 400,000 other Canadians on Bitbuy, a Canadian-owned cryptocurrency platform. It is a pleasant surprise as these social hubs are usually filled with dissatisfied customers. The litmus test of a crypto platform is social media, and Bitbuy aces this aspect in flying colours.

bitbuy reviews canada

Probably the most popular Canadian cryptocurrency community that one can find is the Canadian Bitcoin subreddit at /r/BitcoinCA. Community members will share information not only on the best exchanges but also on other hints and tips for buying Bitcoin in Canada. The move was made by Bitbuy as part of their commitment to best practices in the cryptocurrency exchange industry while awaiting greater regulatory clarity in Canada. While exchange security is a priority, the user is often the weakest link when it comes to crypto theft. Therefore, Bitbuy has instituted the best practices in user protection on their systems. One of the biggest threats to exchanges and their users are hackers.

Had a potential fraudulent withdrawal…

You can expect stellar fees here too- 0.1% for makers and 0.2% for takers . I really liked how simple it was to purchase crypto and learn about their site. Over-the-counter trading allows big traders to avoid slippage and work directly with a trader. 95% of your coins are kept in cold storage, and BitBuy is a licensed MSB.

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. First of all, the support center offers clear answers to all common questions. Users can withdraw CAD or any of the supported cryptocurrencies from their Bitbuy wallet. If withdrawing CAD, funds can be sent to a user bank account via e-transfer or wire transfer. Cryptocurrency withdrawals require the public address of the receiving wallet.

Maker fees are less expensive than taker fees because makers add liquidity to the market while takers remove liquidity from the market. If you’re unsure which coin to buy, this is the best place to be. We’ve reviewed all the mainstream (and a couple of off-beat) coins to make your decision as easy as possible. You will need to get your identity verified, unfortunately there is no way around this unless you use a bitcoin atm or localbitcoins. You can also try hodlhodl or bisq if you want to not submit documents, but I havent used then so cant vouch there. Newton and shakepay seem to be the go-to onboarding platforms in Canada.

We know all too well about the damages that can be caused when a hacker is able to penetrate an exchange’s system. InstaBT was created as a way for Canadians to quickly and easily get their hands on Bitcoin. For those who can remember, 2013 was still a relatively new time in the crypto markets and exchanges to easily buy Bitcoin were few and far between. NDAX is also a good option which offers crypto staking for five cryptocurrencies. For a market order, simply enter how much of the crypto you wish to purchase and click “buy”.

Deposit and Withdrawal Methods & Bitbuy Fees

They’ve created a new username feature, resulting in a more streamlined login process. They’ve made the sign-up and onboarding process entirely automated, resulting in you trading crypto faster. However, what I love about Bitbuy is it is constantly listening to its customers’ feeback and making changes to the platform that are of benefit to the end user. The platform, especially if you’re new, will seem quite advanced.


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