Bitbuy Review

Bitbuy Review

Written by Bryan Daly
Fact-checked by Caitlin Wood
Last Updated May 12, 2022

Over the last few years, cryptocurrency trading has become a common way to invest in digital assets. Canadians have been investing in various cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Cardano and many other coins. Reputable crypto platforms, such as Bitbuy makes it possible for Canadians to invest in crypto. Whether you’re a beginner or an advanced crypto trader, find out how Bitbuy can help you invest in digital coins and tokens online. 

Who Is Bitbuy? 

Founded in 2016, Bitbuy is a Toronto-based crypto trading platform that’s owned and operated in Canada. Their exchange is now one of the most popular in the country and was the first crypto platform to become fully regulated as a marketplace and as a restricted dealer.

Moreover, as a subsidiary of the First Ledger Corporation, Bitbuy provides the utmost in terms of transparency and cyber-security for its consumers. Bitbuy is trusted by nearly 400,000 Canadians and they currently offer 15 crypto coins and tokens, with Bitcoin being one of their main sellers.  

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What Crypto Coins Can You Trade On Bitbuy?

At the moment, Bitbuy accepts 15 different crypto coins and tokens (also called digital assets). Check their platform regularly to see if and when they add new currencies:

  • Polygon (MATIC) 
  • Solana (SOL)
  • Stellar Lumens (XLM)
  • SushiSwap (SUSHI)
  • Uniswap (UNI) 
BitBuy

Bitbuy Key Features 

Bitbuy has features that both new and seasoned traders will like. Here are some of the notable features their exchange has for crypto investors: 

Tools For All Kinds of Traders 

Bitbuy has two platforms; Express Trade and Pro Trade. Depending on your level of expertise, one will cater to you better than the other. 

  • Express Trade – This is for anyone who’s just starting out or looking to make simple investments. For example, anyone looking to buy a cryptocurrency simply needs to select the crypto they’d like to buy, the amount they want and then confirm their order. 
  • Pro Trade – This is aimed at experienced traders who really want to play the crypto market. With it, you’ll have access to different tools and charts to help you analyze your trades such as market history, order books and market depth charts. Pro Trade also allows buyers to place order limits, which is great for those who want to buy or sell at a particular price. 

Check out what is a crypto card and where you can get one in Canada.

Automated Trading Activity

If you’re looking to automate your trades, you can do so using Bitbuy’s API feature. It allows individuals, algorithmic traders and institutions to automate trades while connecting with over 10 markets. It also comes with live exchange rates and a wide range of CAD-to-crypto or crypto-to-crypto pairings.

OTC Desk

If you’re an advanced trader looking to invest more than $50,000, then Bitbuy’s OTC feature can benefit you. It is a large-scale concierge service for high-volume traders and institutional investors placing orders of $50,000+. For a set fee, traders can avoid slippage and get live quotes on large crypto amounts. 

Insurance For Crypto Balances

95% of all user funds are kept in cold wallets, which ensure protection from any cyber-attacks. Moreover, they have a 2FA authentication process for all transactions. 

They also have a comprehensive insurance policy with the BitGo Trust Company, which covers all crypto holdings and adds an extra layer of security coverage for your digital assets.

Good Customer Service and Mobile App

Bitbuy has decent reviews from clients, as well as a simple mobile app for iOS or Android devices, which is great for beginners and advanced traders who wish to monitor coin prices on the go. 

Coins OfferedAAVE, BTC, BCH, ADA, LINK, DOGE, EOS, ETH, LTC, DOT, MATIC, SOL, XLM, SUSHI, and UNI
Trading Fees– Express Trade: 0.20% 
– Pro Trade: 0.10% for Makers or Takers 
Deposit Fees– Interac e-Transfer: 1.50%
– Bank Wire: 0.50% 
Withdrawal Fees– Interac e-Transfer = 1.50% 
– Bank Wire = 1.00% 
Min – Max
Deposits And Withdrawls
– Interact e-Transfer: $50 (min) to $10,000 (max)
– Bank Wire: $20,000 (min) to $500,000 (max)
Security 95% cold storage
2FA  
BitGo Trust Company insurance
RegulatedYes, by FINTRAC and OSC

How Does Bitbuy Work? 

If you look at their platform, another major thing that you may notice about Bitbuy is its user-friendly interface. In fact, it only takes 3 steps to sign up and start trading crypto: 

1. Create Your Account

To create a Bitbuy account find the account set-up option on the Bitbuy website or app. You’ll need to enter certain details like your name, email and phone number. To confirm your identity and establish two-factor authentication, you’ll need to verify your email, phone number and identity. 

Bitbuy usually automatically verifies your identity using a third-party identity verification service. However, if you don’t pass the automatic verification, you may need one or more of these documents as well:

  • A recent financial statement (credit card, bank or loan)
  • A utility bill, T4 slip, Notice of Assessment or similar document
  • A piece of government-issued photo ID (passport, driver’s license, etc.)
  • A selfie with your face and identification visible in the same photo, along with a piece of paper that’s dated and labelled “For Bitbuy Use Only”.    

2. Deposit Funds Into The Account

As soon as your account is verified, you can add funds to it by Interac e-Transfer, bank wire or by depositing any type of compatible cryptocurrency that you already have from another trading platform.  

3. Buy and Sell Your Crypto 

Once your funds are added, you’re free to choose your preferred cryptocurrency and start trading. 

If you register using the button below and deposit at least $250 into your account (the minimum requirement), you’ll receive $40 extra for free for a limited time only (no code needed).   

Sign-up & Get $40 Free

Bitbuy Fees

When you use Bitbuy, fees are charged for fiat currency (CAD) and cryptocurrency trades, fiat deposits, as well as both fiat and crypto withdrawals. Costs vary according to several related factors, such as your currency, account type and transaction amount:  

  • Trading Fees – Don’t forget that when you sign up for your Bitbuy account, you’ll be able to choose between the Bitbuy Express or Bitbuy Pro trading plans:
    • Express Trade = 0.20% (when buying or selling)
    • Pro Trade = 0.10% for Makers or 0.10% for Takers 
  • Deposit Fees – When using Bitbuy, your depositing method and amounts can change the overall cost of each crypto transaction too:
    • Interac e-Transfer = 1.50% for $50 (min.) to $10,000 (max.)
    • Bank Wire =  0.50% for $20,000 (min.) to $500,000 (max.) 
  • Withdrawal Fees – Similar pricing rules will apply to any withdrawals that you make from your Bitbuy account:
    • Interac e-Transfer = 1.50% for $50 (min.) to $10,000 (max.)
    • Bank Wire = 1.00% for $20,000 (min.) to $500,000 (max.) 
  • Cryptocurrency Deposit And Withdrawl Fees –  Digital currency deposits are free on Bitbuy. However, fees for withdrawing crypto vary based on your currency and market conditions. Visit the Bitbuy network to see real-time crypto prices.       

Pros And Cons Of Using Bitbuy

Although Bitbuy is gaining popularity among Canadian crypto traders, there’s always a chance that the benefits and drawbacks of their platform may not be right for you: 

Pros

  • Affordable – Bitbuy has affordable and more transparent fees compared to many other cryptocurrency platforms. 
  • Regulated – It is a completely government-regulated, safe and secure trading network. 
  • Easy Verification – Customers can get instantly verified when creating an account. 
  • Safe Storage – 95% of user funds are stored in cold wallets and is covered by a comprehensive insurance policy through BitGo Trust Company. 
  • User-Friendly – Bitbuy offers plenty of user-friendly platform options for every kind of trader on both iOS or Android. 
  • Referral Bonus – Bonuses are available through the Bitbuy referral program
  • Advanced User Options – Users who want more advanced options can opt for Pro Trade. 
  • Records Transactions – Every transaction is recorded in Bitbuy’s live order book.  
  • Quick Deposit And Withdrawal Times – Deposits through e-Transfer are near instant, while banks transfers take 2 – 3 business days for deposits and withdrawals. Withdrawals by e-Transfer occur within 24 hours. 

Cons

  • Limited Support – No live-chat support for customers.  
  • Low Variety – Users are restricted to 15 cryptocurrencies (other platforms may offer more).
  • Only Offered In Canadian Dollars – Trades are only offered in Canada Dollars and to Canadian citizens/residents

Bitbuy FAQs

Is Bitbuy safe to use?

Yes, Bitbuy is a federally regulated company that’s registered as a Money Service Business with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). They’re also the first crypto asset platform to be approved by the Ontario Securities Commission (OSC) to act as a marketplace and restricted investment dealer. In addition, all the providers they work with are ISO, SOC and FIPS 140-2 compliant.    

Does Bitbuy offer a digital wallet? 

Yes, Bitbuy features its own internal platform wallet, which allows you to safely store your funds, as well as monitor all your cryptocurrencies and current holdings. 

Does Bitbuy have a referral program? 

Yes, Bitbuy does have a referral program. Users who refer a friend who signs up can receive $20 ($40 currently – for a limited time). Moreover, the friend that signs up will also receive $20 ($40 if you do it during the promotional period). 

Bottom Line

Bitbuy may be the perfect digital trading platform for your personal and financial needs. Although there are other cryptocurrency exchanges in Canada, you can rest assured that Bitbuy is a secure network featuring plenty of options for new and veteran traders alike.   

Bryan is a graduate of Dawson College and Concordia University. He has been writing for Loans Canada for five years, covering all things related to personal finance, and aims to pursue the craft of professional writing for many years to come. In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer.

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