Bitbuy cryptocurrency exchange Review

What is Bitbuy?

General Company information:

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:

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.

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. If you use the express option, then buying will cost you a 0.75% fee per every CAD/CRYPTO trade. Express cryptocurrency sale will cost you 0.5% per trade.

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

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.

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:

Compate against other exchanges:

FAQ