April 7

Bitbuy cryptocurrency exchange Review

0  comments

What is Bitbuy?

Bitbuy is a Canadian operated and owned discount cryptocurrency exchange that was founded in Toronto. It allows buyers to easily access Bitcoin, Ether, Litecoin, Bitcoin Cash, AAVE, EOS, and Ripple marketplaces. Bitbuy allows both beginners and more advanced traders residing in Canada to purchase up to 9 cryptocurrencies via their Express Trade and Pro Trade features.

General Company information:

  • Web Address: www.bitbuy.ca
  • Main location: Toronto, Canada
  • Mobile app available: Yes
  • Supported Fiat: CAD
  • Trading Fees: Express Trade: 0.2%, Pro Trade: Maker 0.1%, Taker 0.2%
  • Parent Company: First Ledger Corp
  • Deposit Methods: Cryptocurrency
    Interac e-Transfer, Wire transfer
  • Supported Cryptocurrencies: BTC, ETH, LTC, BCH, XRP, XLM, EOS, AAVE & LINK
  • Deposit Fees: Interac e-Transfer: 1.5%, Wire transfer: 0.5%, Cryptocurrency: None

Summary of my Bitbuy Review:

BitBuy is the safest exchange in Canada, undergoing regular proof-of-reserves audits to ensure users' funds. It has a Pro trade platform for the advanced traders and an express buying option for the more novice investors that want to quickly purchase crypto. They're also the only Canadian exchange to offer 1:1 BTC insurance through their partnership with Knox. BitBuy provide access to the 7 most popular cryptocurrencies, facilitated by 3 different deposit methods. Their trading fees are pretty competitive so it would be hard to find a Canadian regulated exchange with a significantly better fee structure. That said, if you want access to more than 7 cryptocurrencies look at our other recommended Canadian options.

What Features do Bitbuy have?

Looking for a platform that makes buying cryptocurrency simple, fast, and convenient? Then Bitbuy is a great option for you. This user-friendly platform is not simply a one-stop-shop for cryptocurrency traders, it’s also a trustworthy cryptocurrency exchange. Here are some of the reasons you should consider this platform:

It’s Only Available to Canadian Customers: This platform is only available to residents and citizens of Canada. You cannot use this platform if you’re located anywhere else in the world.

User-Friendly: Bitbuy is a user-friendly platform. There are two options available to traders on this platform – Pro and Express. If you have little or no experience in trading cryptocurrency then Express is a great option for you. This option allows you to purchase cryptocurrency without hassle. However, if you’re a more experienced cryptocurrency trader, then Pro may be more suitable for you.

Range of Cryptocurrencies: Bitbuy allows you to buy and sell a range of cryptocurrencies, including Bitcoin, Ripple, Ethereum Litecoin, Stellar Lumens, and Bitcoin Cash.

Comply with Regulations: If you’re looking for a platform you can trust, then Bitbuy is a great choice. This platform complies with the FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

OTC Trading Platform: Whether you’re an experienced trader, or it's your first time, you should consider trying Bitbuy. This platform already has a huge number of investors and traders.

Customer Service: Not only does this platform offer a direct customer support line, but it also guarantees to respond to any emails within 12 hours. Their customer service team is extremely friendly and happy to help with any queries you may have.

About Bitbuy

Bitbuy had to revamp their whole platform in September 2018. Their platform now allows you to sell, withdraw, deposit, and buy cryptocurrencies both on desktop and mobile using a single screen interface with one view.

In addition to being a crypto exchange, Bitbuy also has a wallet service. Another great thing about Bitbuy is that they recently added an Express Interac feature for e-Transfers that allows you to deposit Canadian money in your account in a little as 2 hours. You can use this service from 8 am to 8 pm from Monday to Friday. This is one of the quickest ways to add money to your account and start buying coins on the open market.

Bitbuy Supported Currencies:

Cryptocurrencies

Fiat

BTC

CAD

ETH

Cell

LTC

Cell

BCH

Cell

XRP

Cell

EOS

Cell

XLM

Cell

Bitbuy Fees:

For depositing you get charged a fee depending on your method, for example if you're doing a simple bank transfer it will cost you 0.5% but if you do a Interac e-Transfer it will cost you 1.5% of the total deposit amount.

Deposit Method

Funding time

Verification Required?

Wire Transfer

1-2 days

Yes

Interac e-Transfer

Within 4-6 hours

Yes

Express Interac e-Transfer

Within 2 hours

Yes

For trading Bitbuy offers two types; express and pro. If you select to use pro trades then your trades will be performed in the advanced trading platform and are cheaper - you will pay a very competitive 0.1% maker fee and a 0.2% taker fee for buying and selling all cryptocurrencies (compare this to another Canadian exchange NDAX.io where they charge a flat 0.2% on every trade). If you use the express option, then buying will cost you a 0.2% fee per every CAD/CRYPTO trade. Express cryptocurrency sale will cost you 0.2% per trade.

Withdrawing crypto fees vary depending on method and coin, here is a table showing the latest fees:

Coin

Minimum Withdrawal

Fee

Bitcoin (BTC)

0.001 BTC

0.0005 BTC

Ethereum (ETH)

0.01 ETH

0.005 ETH

Litecoin (LTC)

0.05 LTC

0.02 LTC

Bitcoin Cash (BCH)

0.01 BCH

0.001 BCH

Ripple (XRP)

25 XRP

0.02 XRP

Bitbuy Payment Methods and Currencies:

Bitbuy has a shortlist of currencies which simplifies things. The only fiat currency that you can use is Canadian dollars (CAD). Bitcoin Cash, Litecoin, XRP, Ethereum, and Bitcoin are the only cryptocurrencies that you can trade. Note that you make deposits in any of these coins and fiat currencies. If you want to make a purchase, you first have to make a deposit. You can make CAD deposits using either Interac e-Transfer, Wire Transfer, or their Express Interac e-Transfer. Note that you cannot buy using debit or credit cards on Bitbuy.

Cryptocurrencies

Fiat

BTC

CAD

ETH

Cell

LTC

Cell

BCH

Cell

XRP

Cell

EOS

Cell

XLM

Cell

Is Bitbuy a Safe Exchange?

Regulation: Bitbuy is a subsidiary of the First Ledger Corporation, which is a digital currency and blockchain company based in Toronto. You won’t find more information about the founders of the exchange when you check the “about us” section on their website. However, it does say that they abide by all the rules and regulations in Canada.

Year founded: The company was founded in the year 2013. Bitbuy is Canadian owned and operated and its HQ is in Toronto, Ontario.

Safety features: Bitbuy uses SSL (Secure Socket Layer) technology to offer protection to its users. They also use KYC verification and 2-factor authentication for added security. While you can make cryptocurrency transfers to your designated wallet at any time, Bitbuy has a 95% cold storage vault for all cryptocurrencies on the site. Also, they perform daily distributed and encrypted backups to avoid any attacks or implications.

Company security: Bitbuy completed a Security and Proof of Reserve audit to test their crypto asset segregation, security, storage methodologies, and solvency. Also, all staff and management had to pass a team risk test. According to Bitbuy, the total of all digital assets they held in cold and hot storage matched the sum of digital assets on Bitcoin user accounts with a 1:1 match with custodial assets. They also passed a 3rd party audit of client information handling, licensing, cold storage, and team background check.

What we like about Bitbuy vs what we do not:

Pros
  • Check rates across multiple exchanges fast
  • High limits on wire transfers
  • Quick CAD withdrawals
  • 2-hour funding with Express Interact e-Transfers
  • Pre-transaction price calculator
  • Use CAD for deposits
  • Over-the-counter service on orders of $25,000 or more
  • Pro trade advance trading platform
  • Bitbuy is the only exchange to offer 1:1 BTC insurance
Cons
  • Only offers 9 cryptocurrencies

Screenshots of Bitbuy

The express option above is very clear and easy to use, you simple click the 'Buy' button when you're ready to buy and you will be faced with the options below.

After a successful purchase you will see the balances in your wallet below. From there you can easily deposit, withdraw and enter the express interface by clicking the buy/sell button.

If you want to use the advanced trading interface you will see a dashboard like below. In the pro trading view you will find all the options, info and data you need.

Compare against other exchanges:

Exchange

Fiat Currency

Cryptocurrencies

Deposit Methods

Visit

USD, EUR, GBP, CAD, MXN, HRK, CZK, DKK, CLP, BGN & 10+ more

ATOM, BAT, BTC, BCH, XRP, DAI, DASH, EOS, ETH, ETC & 20+ more

Bank transfer (ACH),Credit card,Debit card,Bank transfer (SEPA),Wire transfer 

USD, EUR, AUD, CAD, GBP, JPY

BTC, ETH, ETC, BCH, LTC, ADA, QTUM, XRP, XTZ, EOS

Credit card,Debit card,Bank transfer (SEPA),SWIFT,Wire transfer 

USD, EUR, GBP, JPY, CAD, CHF, AUD

BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, BAT, ETC & 40+ more

Electronic Funds Transfer,Wire transfer,FedWire, SWIFT, SEN

USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND & 40+ more

BTC, XMR, DAG, ETH, XRP, EOS, LTC, TRX, NEO, ONT & 200+ more

Bank transfer (ACH), PayPal, Interac e-Transfer

USD

BTC, ETH, BCH, XRP, DASH, LTC, ETC, ADA & 5+ more

Wire transfer,Online banking 

If you are still researching alternatives I suggest you read my guide on the best Canadian exchanges.

FAQ

Does Bitbuy offer a wallet?

Yes, they do offer a wallet solution.

How can I get in touch with their customer support?

If you want to ask them a question or make a support request, there is a “Submit a Request'' function that you can use on their website in the support section. They have a chat function and you can get in touch with them fast using email or phone.

There’s also a mail address on their website. Their office is located in Toronto, Ontario.

What wallets can I use with Bitbuy?

Since Bitbuy deals with Bitcoin, Ether, Litecoin, Bitcoin Cash, and Ripple, you can use any wallet that supports BCH, LTC, ETH XRP, or BTC. There are tons of wallets that you can find that will support these.

Does Bitbuy offer an app?

Yes, they do. They have both an app on Android and in the Apple Store and they both offer most of the functionalities of their desktop version.


Tags


You may also like

Millennial Spending Statistics

eToro Australia Review 2021 – How is it different?

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
>