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Of course, it has a clear design and is easy to use but it also offers additional functionality. Bitbuy is considered to be one of the most popular and reliable crypto exchange platforms in Canada. As one of Canada’s first regulated crypto exchanges, Bitbuy goes to great lengths to protect its users. The exchange is registered with FINTRAC as a Money Services Business, and it complies with Know Your Customer and Anti-Money Laundering regulations. These affiliations give the company a level of credibility that many other exchanges don’t have. Bitbuy users have two platforms to choose from, depending on their experience level.
They’ve improved Canadian funding options with instant eTransfers. What was exceptional in my eyes, is the fact the company is very active on social media. In fact, if you have a social media account, I’ve found this is a very strong way to get a hold of them with general inquiries as well. The company partnered with Bitcoin security firm BitGo, which made Bitbuy the world’s first platform to keep the full value of its Bitcoin holdings insured.
FINTRAC is Canada’s financial intelligence agency that monitors financial activity to detect illegal activity like money laundering. Overall, this is just another indicator that Bitbuy is legit and following regulations. You can get slight trading discounts if you trade millions of dollars in assets, but for everyday investors, there aren’t discounts.
Fees are extremely reasonable compared to the competition and customer support seems to be doing a very good job. Gunjan is a freelance writer and actively focusing on writing content related to blockchain technology and cryptocurrencies. She believes that bitcoin might be the ultimate answer to all of our financial hinderances. Finally, your Bitbuy account is ready to use, and you can start trading right after the verification is done.
How do I withdraw from Bitbuy?
Partnership with BitGo allows Bitbuy users to store their bitcoin holdings in an offline vault. Also, the insurance covers up to the full price of your assets. Bitbuy is very serious about security, so their built-in wallet is also one of the more reliable ones. One of the most exceptional aspects about it is that Bitbuy is the only one Canadian exchange that insure their users’ Bitcoins. First of all, every Bitbuy user has to confirm its identity, meaning that the platform ensures there are no fake accounts and scammers on the platform. That protects users from being impersonated or scammed in the future.
Bitbuy exceeds its cold-storage self-mandate of having 95% of all digital assets secured in cold storage. The exchange also has a comprehensive insurance policy run through the third-party insurance provider BitGo. There are a couple of ways users can contact Bitbuy’s customer service. There is a Bitbuy support page that has an easy-to-navigate UI with frequently asked questions.
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Bitbuy has many positive customer reviews, proving its popularity in the cryptocurrency trading market. One for executing simple buy and sell orders using Canadian dollars and an advanced trading platform called Pro Trade offers advanced trading options for more experienced traders. The Express Trade option is great for users new to cryptocurrency where they can buy and sell their preferred cryptocurrency instantly.
If you are new to the crypto world, we’d recommend checking these best crypto exchanges in Canada. CoinSmart’s fees are just 0.2% and they offer the ability to trade any crypto to crypto without having to sell to Bitcoin or Ethereum first. There are several other Canadian crypto exchanges to choose from and I https://forex-review.net/ recommend CoinSmart as a good alternative to Bitbuy. Bitbuy’s Pro Trade is more complicated and suitable for experienced users who would like to see live charting, price movements, order books, and advanced order types. Large volume traders and business clients can also make use of Bitbuy’s OTC trading desk .
Bitbuy pros and cons
But you need to be trading $50,000 or more to use BitBuy OTC. The platform is highly regulated by FINTRAC and the Ontario Securities Commission . Users can also enable multi-factor 2FA authentication to help secure their accounts. Bitbuy offers a slew of products and features that are desirable to all kinds of crypto traders, from beginners to advanced users. Awesome customer support, top cryptocurrencies and moderate fees backup a user-friendly platform.
- The Bitbuy API is a tool that third-party platforms can use to access market data.
- Now that we are launched, we are asking our users to provide feedback if bugs and/or other issues are found.
- Express trading is trading made simple – all you need to do is select the crypto assets you’d like to buy, enter the dedicated amounts and click the purchase button.
- Pro trading is geared towards experienced traders, while Express lets you purchase cryptocurrencies easily and without friction.
- Don’t use this company, they are clearly not aware of customer experience and by the end you’ll be frustrated.
- Technically speaking the web-based platform will work anywhere in the world, but it is only of use to Canadians.
The platform is relatively cheap compared to some other competing exchanges. Scroll further down to accept the terms of using Bitbuy’s partner ID verification provider Trulioo. In the final verification screen, declare your exposure to political bitbuy review activities by marking either of the provided radio buttons. Pro trade uses Tradingview software providing in-depth charting for technical analysis. Low-latency is joined by pop-out widgets allowing you to design your own trading screen.
So, the country’s financial institutions offer no protections for cryptocurrency transactions. However, the rise of cryptocurrency popularity proves to the Canadian government that a regulatory framework would benefit its citizens. Today, Bitbuy headquarters are in Toronto and run by First Ledger Corporation, a blockchain services firm.
Probably the most popular Canadian cryptocurrency community that one can find is the Canadian Bitcoin subreddit at /r/BitcoinCA. Community members will share information not only on the best exchanges but also on other hints and tips for buying Bitcoin in Canada. Once you have submitted these documents then you will have to wait for human verification at Bitbuy. They have stated that this could take between 1-3 business days to process. This is about the standard waiting time for non-automated verifications. The move was made by Bitbuy as part of their commitment to best practices in the cryptocurrency exchange industry while awaiting greater regulatory clarity in Canada.
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 . While we like to do thorough reviews, it’s sometimes hard to get a full picture of an exchange or service without having used it for an extended period of time. Hence, we sometimes like to get the perspective from other users on the platform.
Bitbuy Review | Buy & Sell Crypto in Canada | Fees, Pros, Cons
Bitbuy maintains an exhaustive section offering support services, including guides, tutorial articles, FAQs, and informative articles on cryptocurrencies. Additionally, the platform shares trading tips on its YouTube channel and other regular tidbits to its followers on social media. Bitbuy maintains a solid security record since its launch in 2016. So far, the platform has not reported any major security incident, which has become a testament to its focus on providing secure crypto brokerage, trading, and wallet services. Bitbuy’s Private Wealth feature facilitates high-volume trades for retail and institutional investors.
The platform is based in Toronto, Ontario, serves more than 400,000 Canadians, and supports over 15 cryptocurrencies. Fiat deposits and withdrawals also attract processing fees which vary depending on the amount transacted and the payment method used. The biggest advantage to using the Pro trade feature is that traders have more control over the price at which they enter or exit their positions and how much they pay for the trades. Additionally, traders can save on trading fees as the Pro trade feature is much cheaper than the Express trade. The Express trade feature supports local Canadian dollars through which the transactions are settled. The service is advantageous as it involves fewer steps to buy or sell digital assets compared to using the pro service.
Here’s how Bitbuy stacks up against Coinbase and Gemini in terms of supported cryptos, trading fees, and interest and staking options to earn rewards. However, Bitbuy largely makes up for this fact by making it easier for Canadians to invest in crypto. While international exchanges like Coinbase and Gemini have more investing options, Canadians usually have low daily trading limits.
I look forward to continue investing and actively trading on the Bitbuy exchange and would recommend the platform to other Canadians over the other existing Canadian Crypto exchanges. They appear to be a relatively safe exchange and their fees are broadly in line with the rest of the market. While trading fees are slightly higher, their deposit and withdrawal fees make up for it. They offer a simple and effective way for Canadian users to buy and sell cryptocurrencies with their CAD.
WonderFi’s aquisition has provided Bitbuy with additional resources to continue building on its current products for its customers. In sum, it is clear that a happy client is Bitbuy’s priority. Both starting and seasoned traders may enjoy the platform and the way it is designed, which makes up a pleasant trading experience. Although experienced traders may find some aspects of the platform limited, newcomers are surely likely to enjoy a smooth and frictionless cryptocurrency buying and selling process.
Express trading is trading made simple – all you need to do is select the crypto assets you’d like to buy, enter the dedicated amounts and click the purchase button. It is an ideal option for novice traders who are just entering the world of cryptocurrencies yet it also charges higher fees . As a compliant and transparent exchange, Bitbuy leads by example on how to deal with crypto-security issues. Aside from regular third-party audits, it also conducts third-party security checks and actively monitors its on-platform activities.