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Bitbuy is registered and regulated with FINTRAC as a money services business, as well as with the Ontario Securities Commission as the first Canadian marketplace for cryto assets. As is customary in the industry, the regulated Canadian trading exchange keeps its clients’ cryptocurrencies, i.e. private keys, in cold storage. Over 99% of the traded coins are securely stored offline, making them inaccessible to hackers. 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.
It applies especially to the mobile version, because you can do all your daily trading routine in just a few clicks. The transfers are very fast, and they are even more comfortable to work with given that you’re able to transfer through Interac and Canadian banks. Finally, the execution – this time, there are no nitpicks, the execution speed is pretty fast. It applies both to the internal mechanisms and to the transfers.
Newbies can place one-click trades using its “Express Trade” platform, while expert traders can access advanced charting and multiple order types using its “Pro Trade” platform. Many cryptocurrency exchanges have a reputation for having less than stellar customer support. Users often have to wait days before they get tickets answered or verifications completed. While this has improved recently, there is still much to be desired. They offer a simple and effective way for Canadian users to buy and sell cryptocurrencies with their CAD.
Bitbuy Fees
It is entirely up to you to decide how much Bitcoin to buy, sell, and trade, which is the benefit of being a decentralized system. The peer-to-peer decentralized digital https://broker-review.org/ token maintains a maximum supply of 21 million coins. Approximately 18.8 million bitcoins have been mined to date, leaving about 2.1 million coins left to be mined.
Additionally, Bitbuy doesn’t offer stablecoin trading for assets like USDC, USDT, and DAI. Stablecoins are popular for yield generation by depositing them with various crypto savings accounts, so this is another downside. Alternatively, you can withdraw Canadian Dollars via interac e-transfer to your Canadian bank account. To do this first click “Express trade” in the top nav menu and then choose the cryptocurrency you want to sell. You’ll see how much you’ll receive in CAD in exchange for your crypto. Once you click the sell button and confirm the sale, you can then submit a withdrawal request for the CAD you now have in your Bitbuy account as described above.
It provides users with a real-time price, which means you will know the current rate for any purchase or sale you make. The platform eliminates trading tools and charts that beginners could find confusing. All in all, Bitbuy offers competitive fees for its users, which is somewhat unusual for the platforms that are focusing on user-experience. Bibuy can be used both at home on a large desktop PC and on the go on a mobile device such as a smartphone. The company offers different interfaces for different customer needs. For beginners, a particularly easy-to-understand and straightforward interface is offered for uncomplicated buying and selling of digital coins.
Bitbuy is one of the leading cryptocurrency exchanges in Canada, founded in June 2016 by Adam Goldman. Its company headquarters are based in Toronto, Ontario, Canada, and currently serves more than 400,000 Canadians with support for 15 cryptocurrencies. If you’re not investing a significant amount of money in crypto, exchanges like Coinbase and Gemini are better on fees and also support significantly more coins. With Bitbuy, you don’t pay fees for crypto deposits and withdrawals. Additionally, there aren’t account management fees or inactivity fees. Plenty of cryptocurrency exchanges have referral programs to incentivize new users.
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In this comprehensive review, we will take a deep-dive on Bitbuy. We will go over their security, platform support, fees and technology. We will also gather the opinions of the Canadian crypto community on their experience with Bitbuy. Unfortunately, Bitbuy does not offer staking, crypto cards, or any additional features you might see elsewhere.
Large volume traders and institutional investors can make use of Bitbuy’s OTC trading platform. I found the app extremely easy to use, and the interface allowed you to deposit, withdraw or purchase cryptocurrency all with a few clicks. And finally, Bitbuy uses a “KYC” model, which is short for Know Your Customer. This verification process, primarily done through the exchange of documents proving your identity, is one of the main ways the company prevents things like crypto related fraud. Within a couple seconds of hitting their fee page, I knew what I was going to pay to trade cryptocurrency. It’s also explicitly mentioned at the time of the trade, no hidden fees there, you’ll know exactly what you pay.
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 fees depend on the type of trade with the option of Express or Pro Trade for customers alongside an over-the-counter desk for buys above C$20,000.
- Cryptocurrency will be one of the main medium exchanges in the future.
- Through the app, you can buy and sell crypto from anywhere in the world at any time.
- Welcome to one of the best Canadian cryptocurrency trading platforms.
- Bitbuy offers Canadians the ability to deposit Canadian dollars into their fiat wallets via Interac e-Transfer or bank wire.
- Of all the crypto exchanges we have seen and reviewed, Bitbuy is a bit different.
- Bitbuy’s Private Wealth feature facilitates high-volume trades for retail and institutional investors.
Large volume traders and business clients can also make use of Bitbuy’s OTC trading desk . 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. However, cryptocurrency brokerages are different, and many investors are worried that their money may be at risk. Fortunately, Bitbuy’s security is some of the best in the country. Unlike some other cryptocurrency platforms, I found Bitbuy to be extremely transparent when it comes to their fees.
Express trade
You can access your Bitbuy account from the website or your phone through the app. You can reach out for your problems via email or a support card. Now that we have looked at the features of Bitbuy, let’s see how it measures up against other popular cryptocurrency exchanges.
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. Binance offers over 600+ cryptocurrencies, and plenty of trading markets, including derivatives. Bitbuy is perfect for beginners because there is an option to Express Trade which makes it extremely easy to buy and sell cryptocurrency. Simply select which coin you want to buy or sell, and the amount, and your order will be filled straight away.
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. Yes, Bitbuy is a federally regulated company that’s registered as a Money Service Business with the Financial Transactions and Reports Analysis Center of Canada .
Bitbuy Review – A Beginner’s Guide
Then select a withdrawal method, enter the amount and enter the name of the bank. The content on this site is for informational and educational purposes only and is not intended as bitbuy canada review a substitute for professional financial advice. Always consult with a licensed financial or tax advisor before making any decisions based on the information you read on this blog.
Bitbuy fees
If all you’re looking for is a quick purchase at market price, then Bibuy Express is the way to go. If, however, you’re looking for more advanced order types and charting and don’t mind a more advanced interface, then Bitbuy’s Pro platform might be for you. On the user level, Bitbuy has several safety and security features for its customers to use.
Bitbuy isn’t an exception, and it actually has a very lucrative referral program compared to most exchanges. Another Bitbuy feature that’s useful for serious cryptocurrency traders is its API tool. API tools are useful because they provide live exchange rates and let you automate trades or trade at high frequencies.
