Bitbuy Review 5 Things to Know Before Using this Canadian Exchange

bitbuy review

Thankfully, Bitbuy takes numerous measures to increase its security. Most importantly, Bitbuy states it holds 99% of     crypto in cold storage, which is offline storage that’s not vulnerable to hackers. Furthermore, Bitbuy has digital asset insurance provided by BitGo which covers losses from events like hacks, private key theft, and loss of keys. Bitbuy doesn’t charge account management fees or fees for cryptocurrency deposits and withdrawals. However, if you deposit Canadian dollars, you pay fees depending on the type of deposit.

bitbuy review

Then, you can scan the QR code or copy the address to your external wallet to complete the transaction. You can track your transaction on the History page in the Deposits section. 1 The use of «featured», «popular», «best» and «top» on Finty do not constitute a product rating or recommendation and are subject to our general disclaimer. Calculations in comparison tables will vary based on personal data input. Some of the products and services listed on our website are from partners who compensate us.

Customer Support

You can also submit a request using an online form or contact them at [email protected]. I reached out using the support email with a general question and received a personalized response instantly. However, as it was a general question about their coins, the response was most likely an auto-generated reply. Unfortunately, Bitbuy does not offer staking, crypto cards, or any additional features you might see elsewhere. Bitbuy’s focus, for now, is offering their users the best trading experience. However, it states it guarantees prompt responses to questions, and judging by Trustpilot reviews, Bitbuy backs up this guarantee.

Bitbuy is a fully regulated Canadian cryptocurrency exchange that lets users buy and sell crypto with CAD. While the platform is beginner-friendly, it lacks features meaning it’s unlikely to appeal to traders looking for advanced tools. Moreover, they have increased the trading fees from 1.5% to 2% in the last 12 months which drastically reduces Bitbuy’s appeal. Despite this, Bitbuy is not a bad first exchange for Canadian investors but anyone looking for low fees or advanced features like leverage and automation tools must look elsewhere. 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.

Bitbuy Fees

Users can enable two-factor authentication, and Bitbuy is also FINTRAC registered as a money services business. Exchange security is an important factor to consider when choosing how to trade. After all, unless you hold crypto in your own wallet, you’re relying on your exchange to protect your digital assets. You can also sell cryptocurrencies you hold through the Express Trade.

  • Users are required to use 2 Factor Authentication to secure their account, this is compulsory during sign-up.
  • So, if you need to get a hold of customer service, you need to do it fast.
  • Bitbuy enables its corporate customers to keep Bitcoin within their balance sheets by buying and holding the asset within their hosted wallet.
  • Overall, this is just another indicator that Bitbuy is legit and following regulations.Of course, prevention is still the best way to protect yourself as an investor.
  • Access several popular coins and altcoins and staking to earn interest.

Its company headquarters are based in Toronto, Ontario, Canada, and currently serves more than 400,000 Canadians with support for 15 cryptocurrencies. They offer a simple and effective way for Canadian users to buy and sell cryptocurrencies with their CAD. In the parlance of the cryptocurrency community, Bitbuy is a «fiat gateway» for access to a few of the most popular coins. Bitbuy reviews each customer’s account and, using the so-called white-glove approach – i.e., full-service trading – helps them trade crypto, make crypto investments, and file crypto taxes.

In 2018, the company has upgraded and relaunched its platform, making it more user-friendly and easier to use. Yes, Bitbuy offers Over-The-Counter trading for large crypto trades. You’ll get a personal account manager and a personal trading fee quote for your order. Bitbuy’s fees used to be some of the cheapest of any crypto exchange at 0.2%. Now, there are no deposit fees and they have implemented a tiered trading fee structure based on your trading volume over the last 90-day period. For volume under $250k, the maker/taker fees are 1.50%, which is quite high in comparison to other exchanges.

Express Crypto Trading

Bitbuy is a Canadian cryptocurrency exchange platform that was founded by Adam Goldman in Toronto, Canada, back in 2013. The platform is suitable for Canadian citizens only and is considered to be one of the most popular and leading crypto exchange platforms in the country. 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.

But there are other platforms that support much more, like Binance which supports 350+ cryptocurrencies and Coinbase that supports 40+. Actions like logging into one’s account or making a purchase require two forms of authentication- a password and a smartphone. 2FA is in place for both users and employees to prevent unauthorized access. To make a cryptocurrency deposit, go to the Wallets page, select a crypto wallet and click on the deposit option.

– trade all the popular crypto coins, or even stake them and earn more over time. Bitbuy features a spot exchange for customers to buy and sell cryptocurrency assets. However, no derivatives or futures market exists for trading digital currencies with leverage or margin.

Refusing to release my crypto & liquidating me

You can contact Bitbuy’s customer support by emailing Bitbuy also has a support help desk with answers to common questions users have. You get trading discounts if you’re investing millions in crypto, but for the everyday investor, you’re stuck paying deposit fees and trading fees. Like OTC trading, you work with a Bitbuy expert to invest in cryptocurrency for your business.

Use the HARDBACON promo code to get $20 when you open a free KOHO account and make a purchase. Step 5 -You will then need to verify your email ID and phone number and enter some personal information. Depositing funds on Bitbuy can take anywhere between 0 to 6 hours. Newton, on the other hand finishes the process in 5-30 minutes and Shakepay gets it done almost instantly. Bitbuy requires a minimum deposit of C$100, which is quite a high figure compared to other platforms. Fees for withdrawal are 1% to 1.5% depending on method of withdrawal.

Bitbuy should be closed down

Bitbuy offers fiat support, meaning that you’ll be able to purchase cryptocurrencies without much trouble. However, since the platform is created specifically for Canadians, it supports Canadian dollars only. Based on a variety of Bitbuy reviews, this shouldn’t cause any issues. Yes, Bitbuy is one of the most secure and reliable cryptocurrency exchanges in Canada.

  • If you have used an online trading platform to buy and sell investment assets before, you will find Bitbuy to be straightforward.
  • As the exchange focuses on creating a safe space for users to buy and sell digital assets, Bitbuy is one of the best places for Canadian citizens to purchase crypto.
  • So from the above it seems as if the most affordable method for you to fund your account is with a good old wire transfer.
  • For volume under $250k, the maker/taker fees are 1.50%, which is quite high in comparison to other exchanges.
  • Specifically for Canadians, Bitbuy has both a beginner-friendly platform and a more advanced platform for experienced crypto investors.
  • That’s why the only fiat currency supported at the moment is CAD.

Bitbuy is a cryptocurrency exchange that offers a full suite of digital currency services to individuals, businesses, and institutional investors via an OTC desk. The exchange allows buying and selling the most popular cryptocurrencies, such as Bitcoin, Ethereum, and XRP. In addition to its trading-centric features, Bitbuy offers crypto staking on four assets, far lower than platforms we’ve reviewed, like Nexo, which provides 36 assets. Overall, Bitbuy is an accessible exchange offering tools for novice and advanced trades. However, the platform is surpassed by exchanges like Kraken and regarding feature-versatility.

Bitbuy Review Summary

I’ve been using bitbuy since 2013 before crypto was as popular. The only wallet/company that reply’s to any funding or user error issue promptly and efficiently. I use 4 other wallets to get the smaller/higher Risk tokens and coins. Its mobile app will enable users to trade on the go keeping up with their trading activities. Bitbuy offers a slew of products and features that are desirable to all kinds of crypto traders, from beginners to advanced users.

7 Best Crypto Exchanges in Canada – May 2023 (Free $20 Sign Up … – Bitbuy

7 Best Crypto Exchanges in Canada – May 2023 (Free $20 Sign Up ….

Posted: Thu, 29 Sep 2022 12:04:43 GMT [source]

He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank. Whether Bitcoin is a good investment will depend on its uptake as a store of value and/or its uses as a means of exchange over time. While many new millionaires have been minted from Bitcoin, many have also lost money. Provide your cell phone number to activate and set up your account with two-factor authentication and enter the other personal information required. Technically speaking the web-based platform will work anywhere in the world, but it is only of use to Canadians. To sign-up, you require a North American telephone number plus the only fiat currency support is the Canadian dollar.

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