What is Bitbuy?
Bitbuy is a Canadian cryptocurrency exchange founded in Toronto in 2016. It is an easy way for beginners to buy one of 17 different cryptocurrencies, with an Express Trade function, and for more advanced users, the Pro Trade feature includes advanced charts by TradingView.
My Overall Thoughts on Bitbuy
Bitbuy is a user-friendly and secure Canadian 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 17 different cryptocurrencies using Canadian Dollars, even for beginners.
2) Zero deposit fees means that you can get started straight away, without losing money just to deposit funds into the platform. Bitbuy previously charged to deposit, but they have waived that fee now.
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 17 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 600+ 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 700+ 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.
17 of the most popular cryptocurrencies supported: Bitbuy offers 17 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), EOS (EOS), AAVE (AAVE), Chainlink (LINK), Dogecoin (DOGE), Polkadot (DOT), Cardano (ADA), Uniswap (UNI), SushiSwap (SUSHI), Polygon (MATIC), Solana (SOL), USD Coin (USDC) and Decentraland (MANA).
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 2016 but still only offers 17 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 600+ coins), or KuCoin (over 700+ 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. If you are a US resident, you should read our article on the best crypto exchanges in the USA.
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 preference 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 is now free! They used to charge, but changed that now, so if you see conflicting information elsewhere, that is why.
It is also free to deposit cryptocurrency into Bitbuy.
Bitbuy Trading Fees
Express Trade: 1.50% per trade (buy or sell)
Pro Trade: 1.50% for Makers, 1.50% for Takers
The fees can be reduced if you are a large volume trader, as seen in the table here:
Bitbuy Fiat Withdrawal Fees
Withdrawing CAD from your Bitbuy account will incur a 1.50% fee with Interac e-Transfer, and 1.50% 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
EOS withdrawal: 0.02 EOS
AAVE withdrawal: 0.03 AAVE
LINK withdrawal: 0.3 LINK
DOGE withdrawal: 3 DOGE
DOT withdrawal: 0.1 DOT
ADA withdrawal: 1 ADA
UNI withdrawal: 0.75 UNI
SUSHI withdrawal: 2 SUSHI
MATIC withdrawal: 10 MATIC
SOL withdrawal: 0 SOL
Pros and Cons of Bitbuy
- 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
- Zero deposit fees, regardless of payment method
- Limited range of only 17 cryptocurrencies
- Only available in Canada and CAD is the only fiat currency supported
- No live chat customer support
The 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 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.
Frequently Asked Questions
Yes, Bitbuy is a legitimate cryptocurrency exchange founded in Toronto in 2016. It is registered with FINTRAC as a Money Services Business.
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.
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.
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 99% of their crypto assets in cold storage offline with a comprehensive insurance policy provided by BitGo.
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