Bitbuy Exchange Review 2021

Bitbuy Exchange Review 2021

Daniel Chan

November 14, 2021

Cryptocurrency

What is Bitbuy?

Bitbuy is a Canadian cryptocurrency exchange founded in Toronto in 2013. It is an easy way for beginners to buy one of 9 different cryptocurrencies, with an Express Trade function, and for more advanced users, the Pro Trade feature includes advanced charts by TradingView.

  • Web Address: www.bitbuy.ca
  • Main Location: Toronto, Canada
  • Deposit Methods: Interac e-Transfer, Wire transfer, Cryptocurrency
  • Deposit Fee: Interac e-Transfer: 1.5%, Wire transfer: 0.5%, Cryptocurrency: Free
  • Fiat Currencies: CAD
  • Mobile App: Yes
  • Cryptocurrencies: BTC, BCH, ETH, LTC, XRP, XLM, EOS, AAVE, LINK
  • Withdrawal Fee: Interac e-Transfer: 1.5%, Wire transfer: 1.0%, Cryptocurrency: Varies
  • Trading Fees: Express Trade: 0.2%, Pro Trade: 0.1% / 0.2% Maker/Taker

My Overall Thoughts on Bitbuy

Bitbuy is a user-friendly and secure cryptocurrency exchange, making it easy for Canadians to buy and sell crypto with easy CAD deposit methods. You know you can trade safely on Bitbuy, as they routinely conduct financial audits, monthly security audits, and transaction reporting audits using trusted third parties. Bitbuy's servers are secured across multiple world class cloud providers and disaster recovery locations. These are the top 3 reasons why I think Bitbuy is an excellent exchange, and a great choice for beginners to the crypto market. 

1) Express Trade feature makes it extremely easy to buy and sell 9 different cryptocurrencies using Canadian Dollars, even for beginners.

2) Low trading fees of only 0.2% for Express Trades and 0.1% / 0.2% Maker/Taker fees in the Pro Trade option means more cryptocurrency in your pocket.

3) Bitbuy has an intuitive mobile app available for iOS and Android devices, enabling you to buy and sell no matter where you are. It is easy to use, so it's perfect for beginners with limited experience with cryptocurrencies.

The main drawback of Bitbuy is they only offer 9 different coins on their exchange. If you are looking for a cryptocurrency platform where you can access a wider range, Binance is a good option with over 300+ coins, but it is not as user-friendly, so it's better suited for experienced traders. KuCoin is another popular crypto exchange that has over 250+ different cryptocurrencies to trade.

Key Features & Advantages of Bitbuy

There are a lot of features of Bitbuy that make it popular amongst Canadians, and I have outlined the main advantages below. To learn more about any of the features, click on the corresponding jump links.

Negatives and Disadvantages of Bitbuy

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. 

What Services does Bitbuy offer?

Let's find out what services Bitbuy offers, that make it the preferred exchange of 350,000+ Canadian crypto investors.

User-friendly Express Trade - easy for beginners:  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. There is no need to deal with markets, or setting advanced order types. Even if you have no experience with cryptocurrencies, you will be able to use Bitbuy's intuitive platform.

Mobile app for iOS and Android:  Bitbuy has an app for iOS and Android devices that makes it possible for users to keep an eye on prices no matter where they are, and make trades at any time. It is just as easy to use as the desktop site, so beginners will feel comfortable on the app.

9 of the most popular cryptocurrencies supported:  Bitbuy offers 9 of the most popular cryptocurrencies for users to buy, sell or trade. This is a list of all the coins that are currently available: Bitcoin (BTC), Ethereum (ETH), Bitcoin cash (BCH), Litecoin (LTC), Stellar Lumens (XLM), Ripple (XRP), EOS (EOS), AAVE (AAVE), and Chainlink (LINK).

Pro Trade - advanced charts by TradingView:  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 API - automate your trading activity:  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.

OTC service - place large orders without slippage:  For investors that are looking to place orders over $50,000, Bitbuy's around the clock OTC service is an excellent way to trade. Using the OTC desk means that you can avoid slippage and get live price quotes on large amounts of a cryptocurrency for a fixed price.

Comprehensive crypto insurance - partnered with BitGo Trust Company:  In adherence with new Canadian regulations, all cryptocurrency assets held in Bitbuy’s cold storage have been transferred to BitGo Trust Company, the world’s first qualified custodian, purpose-built for storing digital assets. 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.

What I Don't Like About Bitbuy

Limited range of cryptocurrencies:  Bitbuy has been around since 2013 but still only offers 9 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 300+ coins), or KuCoin (over 250+ coins).

Only available to Canadians:  Bitbuy is only available to Canadian residents and only supports CAD. While this may not be an issue for most Canadians, for anyone that travels a lot, they won't be able to access their account while they are outside of Canada. 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.

No Live Chat support:  Bitbuy does not offer Live Chat support, they only have an automated bot and email support. Some people are not too bothered about the lack of Live Chat, so it is more of a personal perference whether you find this an issue or not. If you find customer support a priority, I recommend VirgoCX, one of Canada's best crypto exchanges, which supports Live Chat.

Bitbuy Fees

Bitbuy Deposit Fees

Depositing CAD into Bitbuy will incur a 1.50% fee with Interac e-Transfer, and 0.5% fee using Wire transfer.

It is FREE to deposit cryptocurrency into Bitbuy.

Bitbuy Trading Fees

Express Trade: 0.20% per trade (buy or sell)

Pro Trade: 0.10% for Makers, 0.20% for Takers

Bitbuy Fiat Withdrawal Fees

Withdrawing CAD from your Bitbuy account will incur a 1.50% fee with Interac e-Transfer, and 1.0% fee using Wire transfer.

Bitbuy Crypto Withdrawal Fees

BTC withdrawal: 0.00025 BTC

ETH withdrawal: 0.005 ETH

LTC withdrawal: 0.02 LTC 

BCH withdrawal: 0.001 BCH

XLM withdrawal: 0.02 XLM

XRP withdrawal: 0.02 XRP

EOS withdrawal: 0.02 EOS

AAVE withdrawal: 0.05 AAVE

LINK withdrawal: 0.3 LINK

Pros and Cons of Bitbuy

Pros
  • User-friendly Express Trade feature
  • Pro Trade gives access to advanced charts and tools
  • Extremely secure crypto exchange with BTC insurance
  • Mobile app for iOS and Android
  • Low trading fees of only 0.2% for Express Trade and 0.1%/0.2% Maker/Taker fees for Pro Trade
Cons
  • Limited range of only 9 cryptocurrencies
  • Only available in Canada and only CAD supported
  • No live chat support

Verdict

Bitbuy is a fantastic cryptocurrency exchange for Canadians, particularly beginners. It is so easy to buy and sell crypto with Canadian Dollars using Bitbuy's Express Trade feature. Bitbuy also has features that suit more experienced traders, such as Pro Trade with advanced charts by TradingView, and an OTC desk to support large trades of over $50,000.

Some users may be put off by the limited range of only 9 different cryptocurrencies, so if that's the case, you may find Binance a better exchange for you. Binance offers over 300+ cryptocurrencies, and plenty of trading markets, including derivatives.

Frequently Asked Questions

Is Bitbuy a legitimate crypto exchange?

Yes, Bitbuy is a legitimate cryptocurrency exchange founded in Toronto in 2013. It is registered with FINTRAC as a Money Services Business.

Is Bitbuy a safe exchange?

Yes, Bitbuy is the most secure and trusted crypto exchange in Canada. Their servers are secured across multiple world class cloud providers and disaster recovery locations. All providers are ISO, SOC, and FIPS 140-2 compliant. Bitbuy’s privately maintained codebase keeps core components closed source, so your intellectual property is safe from prying eyes.

Can I trust Bitbuy?

Yes, you can trust Bitbuy, as it is the most secure and trusted Canadian cryptocurrency exchange. Bitbuy is registered with FINTRAC as a Money Services Provider, and their servers are secured across multiple world class cloud providers and disaster recovery locations. All providers are ISO, SOC, and FIPS 140-2 compliant. Bitbuy’s privately maintained codebase keeps core components closed source, so your intellectual property is safe from prying eyes.

Can Bitbuy be hacked?

To our knowledge Bitbuy has never been hacked, and it is the most secure crypto exchange in Canada. However, even with the highest level of security, there is a small chance that an exchange can be hacked. The good thing is that Bitbuy stores the majority of their crypto assets in cold storage offline, and they have partnered with Knox as the custodian of their Bitcoin, which is insured 1:1 in case the unexpected happens.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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