Bitbuy Canadian Exchange Review, Safety, Supported Coins & Fees

It is most suitable for Canadians and was initially named InstaBT. 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. The platform also offers convenient ways to fund Canadian bank accounts. Bitbuy’s mobile app was designed to offer a seamless crypto trading experience with an easy-to-use wallet and interface.

Bitbuy is both a registered marketplace and an investment dealer, which means that when you trade with Bitbuy, your orders are fulfilled by Bitbuy and will never be outsourced to a third-party entity. Claim your account by February 10, 2023 to get exclusive access to this special deal. I then bought XLM so I could cheaply transfer to Binance and trade back to Tether. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Social media account present plenty of activity, helpful information, quick replies and complete company information.

what is bitbuy

Bitbuy is one of the few crypto exchanges offering insurance on crypto holdings. Funds stored on Bitbuy are secured in offline cold storage with insurance up to the total value. This feature is made possible through a partnership with BitGo, a world-class institutional custody provider with a comprehensive insurance policy that extends to customer funds. Bitbuy’s fees used to be competitive compared to other Canadian crypto exchanges, but that’s no longer the case. Today, users need to pay1.5% in trading feesfor trading with Bitbuy, which is extremely high relative to the other exchanges we recommend.

Top Wallets

Bitbuy delivers a simple to use exchange for those looking to gain access to the crypto market in Canada. Overall, Bitbuy is a decent, secure Canadian crypto exchange and is well recommended for anyone getting started in the world of crypto. Bitbuy boasts of a reliable customer support team that has endeared many customers to the platform.

  • For the more advanced traders out there, you will probably want to trade on Bitbuy’s more advanced trading platform.
  • Users often have to wait days before they get tickets answered or verifications completed.
  • Makers are the ones who put the orders on the order book in the first place.

To conclude our Bitbuy review, the exchange is user-friendly and best suited for beginners in Canada that want to quickly and safely convert CAD into cryptocurrencies using an easy-to-use platform. Although the Bitbuy platform has good security features, including 2FA, Bitcoin insurance, and proof of reserves. However, with no access to leverage, extremely high trading fees, and confusing crypto withdrawal costs, Bitbuy is unlikely to dethrone any of the top Canadian crypto exchanges. In most of our cryptocurrency exchange reviews so far, we have primarily discussed crypto exchanges snd trading platforms that were based in the US and catered to American investors. However, there are a variety of platforms that also target foreign investors and traders who wish to access crypto assets. Bitbuy was founded in 2016 by Adam Goldman who studied political science and later became a full stack developer.

The platform offers a 24X7 live chat through which users can get their basic queries resolved. The cryptocurrency world is still emerging and growing, and in most countries, exchanges are not regulated. The pre-transaction price calculator is a very useful tool for high-frequency traders, such as those utilizing scalping trading strategies. The fact that crypto holdings on the Bitbuy exchange are completely insured is a major reason why investors might prefer to invest their funds through the platform. It was initially developed by Ademar Gonzalez and Adam Goldman in 2013, and it offers trading solutions for both beginner and advanced investors.

How Long Does Bitbuy Verification Take?

The Express Trade platform is a quick and simple way for you to buy your crypto. This is perhaps best suited to beginners traders who are looking for the most efficient way to get their hands on some crypto. Note that these platforms have been updated with a more modern, user-friendly interface as of the new updates to Bitbuy. If you are sending / receiving funds in CAD then you can use one of the payment methods that we listed in thefees section.

Neither Bankrate nor this website endorses or recommends any companies or products. You will need a cell phone with a North American phone number (+1 country code) to activate and use our two-factor authentication security protocol. Additionally, there is a comprehensive support page and FAQ section to assist in navigating the platform and addressing general queries. Once the account has been funded, users can contact the OTC desk by email. In order to trade OTC, users will need to sign up and get verified before depositing $50,000 in CAD or equivalent in BTC or ETH. Settlement with sameday outbound wire transfers to any bank in Canada.

You do not have to worry about BitBuy scamming you out of your crypto. BitBuy shines with its easy-to-use trading interface but doesn’t support staking, futures, or a wallet. Yes, Bitbuy is a legitimate cryptocurrency exchange founded in Toronto in 2016. 1) Express Trade feature makes it extremely easy to buy and sell 17 different cryptocurrencies using Canadian Dollars, even for beginners. The listings that appear on this page are from companies from which this website and Bankrate may receive compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products.

Bitbuy supports 25 cryptocurrency assets that can be bought and sold on the exchange. However, the Pro Trade platform does offer five additional trading pairs denominated in CAD and BTC, The digital currencies offered include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and 21 others. Creating a Bitbuy account is a simple process that anyone can complete within a few minutes.

what is bitbuy

Select the pairing by scrolling down or entering the crypto you are looking to trade or simply click the crypto icon below the search box. Simply go to the Express Trade page and select the crypto that you wish to buy or sell from the dropdown menu as shown below. In order to withdraw your crypto, select the wallet from which you wish to withdraw your crypto and click the Withdrawal icon. Upon submission of a withdrawal request, a Bitbuy representative will be in touch for your banking information. Choose your withdrawal method, enter the CAD amount that you wish to withdraw, and the name of the bank.

Free Bitcoin Crash Course

Depending on the settings, an API can give authority to open and close trades and initiate asset transfers. Sophisticated bots can even perform more advanced functions such as portfolio rebalancing and derivative orders even when the platform does not support them. The biggest drawback to using the Express Trade service, however, is the cost as it is significantly more expensive to buy or sell cryptocurrency this way than it is to use the Pro interface. At Bitbuy, the fee rates range between 0% to 1.5% for both makers and takers. They follow a tiered fee schedule i.e. as the trading volume increases, the fee rates decrease. All things considered, it’s for you to decide whether Bitbuy crypto exchange is exactly what you’re looking for.

We know all too well about the damages that can be caused when a hacker is able to penetrate an exchange’s system. InstaBT was created as a way for Canadians to quickly and easily get their hands on Bitcoin. For those who can remember, 2013 was still a relatively new time in the crypto markets and exchanges to easily buy Bitcoin were few and far between. Instructions for withdrawing from users accounts can be found here from official support. Kraken is accessible in 48 US states with KYC and is regulated and licensed by FinCEN in the USA, while US users can also use Bitbuy also as an MSB license from FINTRAC in Canada, but is not US-based.

what is bitbuy

If you’re a Canadian crypto enthusiast, you have access to multiple cryptocurrency exchange platforms, both international and local ones. However, when choosing a platform, there are multiple factors that come into play. Today, we’ll focus on Bitbuy review and evaluate the platform based on all the aspects that matter the most.

Trading Platform

Amongst them, Bitbuy might request the business articles of incorporation along with other corporate documentations. It is great to see an exchange engage in such transparency and the ecosystem would do well if more exchanges followed suit. Note that Bitbuy is fully transparent regarding their fees, so you can always have a look at this page to verify the current fees. The platform is a regulated MSB or Money Service Business under FINTRAC. Users also have the option of placing either market or limit orders based on their preferences.

Numerous positive reviews rave about their customer service, and you should feel safe with BitBuy. Many of the negative reviews describe a customer’s account being randomly locked and their funds confiscated or unable to be withdrawn. To BitBuy’s credit, they have responded to many of these negative reviews, asking the customer to reach out to their support email to resolve their issues. BitBuy is a registered Money Services Business with FINTRAC and is the first Canadian registered marketplace for crypto assets, federally approved as a Restricted Dealer.

Whether you need this for your balance sheet is ultimately up to you, but the fact that Bitbuy has features for everyday Canadians and business owners alike is a plus. You can access Pro Trading as soon as you open and verify your Bitbuy account, so this isn’t a premium feature. Pro Trading lets you set market and limit orders instead of just buying crypto at a given quote price like with Express Trading. We’re proud of our content and guidance, and the information we provide is objective, independent, and free. Investors can also trade cryptocurrencies from their wallet pages. If you wish to buy and sell cryptocurrency, open your wallet page and press Buy/Sell.

Unfortunately, the Bitbuy mobile app is limited compared to the desktop platform. While users can buy, sell, and stake crypto, no advanced tools are present. Although a basic chart is available for all cryptos, no indicators or charting tools are available. Therefore, the Bitbuy app is only suitable for quick purchases, not performing detailed analysis. Monitoring financial transactions and reports to calculate cryptocurrency profits and losses for capital gains tax can be a complex and lengthy process.

Supported Coins

You can also integrate with Trading View charts for signals and indicators. If you’d prefer just to buy without all the bells and whistles, Express Trade is for you, trading crypto in a couple of clicks for you. BitBuy’s OTC service is made for clients looking to invest $50,000 or more. This rating is far superior to Coinbase’s rating of 1.6/5 stars and Binance’s rating of 2.0/5 stars. I understand you may not have enough time to read my full BitBuy review, so here is an actionable summary to help you.

However, Bitbuy makes it easy by allowing its customers to generate and download comprehensive reports for the financial year. While Bitbuy utilizes a volume-based fee schedule, most users will transact less than $250,000, meaning they’ll be charged a 1.5% trading fee. Over time, high costs can quickly eat into profits, making it hard to recommend Bitbuy to smaller investors.

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