Forex Trading

Bitbuy Review 2023: Pros, Cons, Fees, and Alternatives

This is not the customer experience that we want our users to have. I have reached out to you directly via the open support thread for more details regarding this ongoing issue. I placed two reviews about Bitbuy already, and for fun I just keep coming back here to see more 1 star reviews and I’m smiling. All my friends already closed their Bitbuy accounts because of how they treated me by closing my account for no reason at all.

bitbuy review

However, Bitbuy makes it easy by allowing its customers to generate and download comprehensive reports for the financial year. Bitbuy has included a beginner-centric feature called Express Trade that enables users to buy and sell crypto without hassle. While the Express Trade platform doesn’t have any analytical tools, its simplicity makes it excellent for new investors making their first foray into the crypto space.

What is Bitbuy?

Most retail traders will pay 1.50% since they will be trading less than $250,000 worth of cryptocurrency. Bitbuy hasn’t experienced any hacks in the past and remains a highly secure and trusted cryptocurrency exchange. Today, the company cemented its position in the cryptoverse as leading Canada’s cryptocurrency exchange due to its customer-oriented focus and transparency. Besides, it is regulated by Canadian federal authorities as it is registered with the Financial Transactions and Reports Analysis Centre of Canada and acts as Money Services Business . Not wasting your time waiting for clearance or verification or fraud money laundering bs which they require on other platforms. Moreover, mobile cryptocurrency trading is not for everyone.

bitbuy review

With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses are usually just thrown under the umbrella term – exchange. The good news is that whilst using Bitbuy you won’t miss out on anything. The provider offers the ability to trade not only using the desktop platform but also their mobile app that’s available for both iOS and Android users. 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.

As you can probably tell, my review of Bitbuy Canada is positive. It is registered with the Financial Transactions and Reports Analysis Centre of Canada as a Money Service Business. Most Interac e-Transfers will settle within the same day, and, in some cases, several hours. Bitbuy is a regulatory compliant platform that is registered with the Financial Transactions and Reports Analysis Centre of Canada as a Money Services Business .

They’ll also contact you within two business days to confirm your account registration. The reason for that is really simple – it was the first crypto platform in Canada to become fully regulated as a marketplace. This Toronto-based platform has, so far, had 400,000+ customers who successfully traded over $5 billion worth of crypto through it. This exchange provides excellent customer support with quick response time. Bitbuy’s user interface and user experience are the best we have seen in a crypto exchange. Availability of OTC Desk – Bitbuy also offers an OTC (Over-the-Counter) service for those interested in trading larger amounts than $20K.

Although it’s designed for smaller screens, it’s as feature-rich as the desktop version and lets you trade cryptos with the push of a button. Most people trade crypto on the go, so we were glad to find there’s an official – and completely free – Bitbuy app for both Android and iOS devices. You’ll then need to provide a valid email address, which you’ll need to verify afterwards, and create a secure password. Staking through the Bitbuy platform earns each user up to 5.71% and there’s also a handy calculator app to help you approximate your potential earnings. The site allows you to earn a passive income by buying a stake in some crypto. Currently, you can only do this for two Bitbuy coins – Ether and Solana – but the company plans to add support for Polygon, Polkadot, Cardano, and Cosmos in the near future.

Sign in to your financial institution or online banking platform and complete the transaction. As you can see, Bitbuy’s fees depend on which deposit method you choose. However, they’re considered to be on par with the industry standard. Also, it’s fair to mention that if you use Bitbuy PRO, fees get lower. This website is using a security service to protect itself from online attacks.

Fiat Support (CAD)

Eighty-nine per cent of Bitcoins have been issued, and 900 new Bitcoins are produced every day. Purchase a Bitcoin or Ethereum exchange-traded fund from your investment account. Get the best cryptocurrency rates with your very own personal Account Manager.

bitbuy review

One of the best-known Bitbuy’s strengths is its excellent customer support service. The support is reachable via email and phone, which is highly convenient and not offered by many exchanges. The email response time can take up to 12 hours on any day of the week, which is relatively fast, especially if compared with competing exchanges.

This consists of an intricate process that requires enormous energy and computing power, involving a computer to solve a mathematical problem with a 64-digit answer. Yes, it is perfectly legal to purchase Bitcoin in most parts of the world. Although most jurisdictions do not treat the virtual token as legal tender, you can still legally buy, sell, trade, and spend Bitcoin. It is generally viewed as a commodity that can be utilized to pay for goods and services. 90% of your crypto is kept secure in our Cold Storage, and covered by a comprehensive insurance policy. Established in 2016, Bitbuy is Canada’s most secure and trusted platform for BTC, ETH and other cryptocurrencies.

Find a Bitcoin ATM near you to purchase Bitcoin and other cryptocurrencies with cash or a debit card. Snipe your trades on the fly with our live order book on Bitbuy Pro Trade. READ disclaimers before you do stupid crap and then blame everyone else. The only crappy thing about BitBuy is their fee’s are pretty thick and dynamic.

Before beginning to work in Canada, every MSB business has to be registered by FINTRAC. Bitbuy’s referral program pays you $40 when the person you refers signs up and makes a deposit of at least $250. This is a lot of data upfront, so if you’re new to crypto investing, it might seem a bit daunting. It’s almost $15 to send bitcoin for any kind of actual payment.

While the number of supported assets is lackluster, the rates offered range from 4% to 6.51% APY, which are relatively competitive when compared to a comparison of staking platforms. Although the Pro Trade platform grants users access to a few extra tools, Bitbuy still lacks any leverage or margin options. As such, traders looking to take advantage of small price movements will need to find bitbuy review another exchange. 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. Reserved for high-volume trades, OTC prevents price slippage and gives you the best rates on BTC and other coins.

Account Opening Process

While centralized exchanges can be considered safer, there’s an increasing number of decentralized platforms that are coming into the market. Now that you know when and where the company was founded, it’s time to move to the actual Bitbuy review and find out more about the platform’s pros and cons. However, Bitbuy customer reviews on Trustpilot and forums like Reddit are generally quite positive and cite timely customer support. Additionally, never hold significant amounts of cryptocurrency on any exchange unless you’re actively trading.

  • 1) Express Trade feature makes it extremely easy to buy and sell 17 different cryptocurrencies using Canadian Dollars, even for beginners.
  • BitGo provides coverage for losses resulting from hacks, private key theft, loss of keys, and similar breaches.
  • If you’re interested in privacy, you won’t get it with Bitbuy.
  • One of the most important requirements for regular cryptocurrency users is the fees that are charged by the exchange.
  • The deposit fee for bank transfer (0.5%) is cheaper compared to the Interac e-transfer (1.5%).

Bitbuy, which tailors its entire experience to the Canadian user, is one of the most established in the market. Full transparency with trading and withdrawal fees, as well as many great tools, make Bitbuy an easy recommendation. While, yes, you’ll only be able to use Canadian dollars, it’s still a fantastic platform for Canadians who want to either start investing in crypto or elevate their portfolios. It also provides access to many more cryptocurrencies than the Express Trade mode. The Express trade feature supports local Canadian dollars through which the transactions are settled.

Bitbuy Trading Fees

If this happens to you, you can contact the support team to get it resolved. When trading with Bitbuy, it’s best not to do anything unusual for your account. Access to fast and well-informed customer support is instrumental to a trading platform’s usability. Pro trades occur in the advanced trading platform, and they are cheaper in terms of fees (0.1% maker fee and 0.2% taker fee).

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In the below screenshot, you can see the minimum and maximum deposit/withdrawal limits for your Bitbuy account. You can also notice that the processing time is much quicker when done through Interac e-transfer than the traditional bank wire transfer. Of all the crypto exchanges we have seen and reviewed, Bitbuy is a bit different. This exchange is focussed on doing what they are best at rather than providing all the crypto services with moderate quality.

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