Bitbuy Review: Is Bitbuy the Best Overall Cryptocurrency Exchange?

This is not a trustworthy practice.They’re also not replying to me so I have no access to my funds. Perhaps the most important question to ask when dealing with an online bank or investment company, is whether or not they are safe. After all, you’re giving them your hard-earned money and personal information; you need to know that it’s secure. Yes, Bitbuy is a legitimate platform for crypto investments. It has been around for over half a decade, during which nearly half a million Canadian users have traded $5 billion worth of crypto through it. On top of that, the company has been endorsed by big names such as Forbes, Bloomberg, and Wall Street Journal.

• They’d want you to send them your cold wallet so they could scam you’!
• Most Interac e-Transfers will settle within the same day, and, in some cases, several hours.
• 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.
• But we do have to make money to pay our team and keep this website running!
• 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.
• Nevertheless, if you’re only looking to use a secure and trusted Canadian exchange the you can’t go wrong with Bitbuy.

While crypto regulation and compliance can be a good thing, it seems rather intrusive to have to provide details about your financial status, employment and investing objectives. Bitbuy’s Express platform is perfect for beginners or anyone looking for a quick purchase at market price. Both its mobile app and its desktop platform make it easy to deposit and purchase cryptocurrency.

Relatively Low Fees

Shakepay, for example, requires only a C$5 minimum deposit. Fees for withdrawal are 1% to 1.5% depending on method of withdrawal. On Coinbase, they could be as little as 1%, but could also go upto 5% for Bitcoin, because they also charge network fees. New users can register and complete verification within a few minutes. You can sort through transactions based on transaction type, date, amount, bank, method and status. You may also place a limit order, meaning that the transfer will execute only when the price falls to your specified number.

There is a 0.10% maker fee and 0.20% taker fee on the Pro Trade platform. Coinbase, on the other hand, charges maker fees between 0.04% to 0.50% and taker fees between 0.00% to 0.50% based on a pricing tier structure. The Pro Trade platform offers tools for technical analysis, meant for traders who buy and sell regularly. It displays interactive charts with candlesticks and volumes. You can look at data in specific time frames and through particular indicators. To make a cryptocurrency deposit, go to the Wallets page, select a crypto wallet and click on the deposit option.

Unlike some other cryptocurrency platforms, I found Bitbuy to be extremely transparent when it comes to their fees. Since then, Bitbuy has been ranked one of the fastest growing start-up in Canada. The platform is available on all devices and also offers mobile apps https://forex-review.net/bitbuy-crypto/ for iOS and Android devices. The first method is to email [email protected] with your questions. Alternatively, you can reference its support help desk to get answers for common questions people have.Bitbuy states it gets back to questions as fast as possible.

Useful Products & Services

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. Bitbuy has two trading platforms on offer at their exchange.

Express is best suited for beginner and novice traders, while Pro Trade unlocks a bevy of features for more advanced users. 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. As such, Canadian traders wishing to amplify their profits and losses must find another leveraged trading that supports customers within their region.

Overall, Bitbuy is the best crypto trading platform in Canada

A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order. For limit orders you will need to enter your preferred price. You can view your orders, select a limit or market order when purchasing, and view all market orders from other users. Next, you will see all of the information you need to make the transfer. Go to your online banking app and make an Interac e-Transfer.

Initially, you must input and confirm your email address and phone number. However, before it’s possible to trade or deposit on Bitbuy, any customer must complete Know-Your-Customer (KYC) verification. Bitbuy Pro Trade is an advanced trading platform offering features comparable to Binance. With Canada having some of the world’s strictest crypto regulations, finding an exchange that supports CAD deposits can be challenging.

Cons of Bitbuy

For serious crypto traders, you can email to inquire about API access. Getting Bitbuy’s API lets you automate your trading, which is necessary if you’re an algorithmic trader or are building any sort of trading bot. This is much less selection than leading exchanges like Coinbase and Binance offer. However, it’s more than enough for Canadian investors to diversify their portfolios with popular cryptos.

But if you want more control over your orders and more market data, you need to use Pro Trading. If you’re new to crypto investing, Bitbuy’s Express Trading feature is what you’re looking for. 2 Products with instant approval have a provisional decision within 60 seconds. The credit provider’s final decision is made at their discretion, subject to decisioning criteria. If you are considering your options, find out what it has to offer in our detailed review.

To achieve this, Bitbuy is divided into Express Trade (simple swaps) and Pro Trade (TradingView-powered), meaning users can access specific features without feeling overwhelmed. Additionally, all critical pages can be accessed via the header menu, making the site easy to navigate. Unfortunately, credit/debit card payments are unsupported, although crypto can be deposited to Bitbuy. However, while Bitbuy offers staking on a few assets, we were unimpressed to see that the company takes a 25% commission from its users’ earnings. Not many mainstream exchanges we’ve reviewed take this approach, and with staking already limited, this charge is a significant hit to the feature’s usability.

Cryptocurrency will be one of the main medium exchanges in the future. Our team сonstantly checks news & changes in the crypto world for Canadians. There are several other Canadian crypto exchanges to choose from and I recommend CoinSmart as a good alternative to Bitbuy. Those who are happy praise the customer support and the ease of use. To make a purchase, click BTC-CAD in the top-left and then you will see a drop-down with a search bar.

Bitbuy is a Toronto-based cryptocurrency exchange that began in 2016. According to its website, Bitbuy has over 350,000 users and has seen over $4 billion in crypto flow through its platform. Bitbuy is one of the leading cryptocurrency exchanges in Canada, founded in June 2016 by Adam Goldman. Its company headquarters are based in Toronto, Ontario, Canada, and currently serves more than 400,000 Canadians with support for 15 cryptocurrencies. Bitbuy is now also available on-the-go with their mobile app, which is available for both iOS and Android devices.

For example, their Interac e-transfer withdrawal commands a fee that is less than that which is charged by Coinsmart for example. These fees are currently slightly above average but they are made up for the lower fees that you will pay on withdrawals / deposits. They have stolen my 500$ doge deposit heard from customer service one time and they won’t respond period anymore. If you want people who will just take your money and not respond Carl and Brennan the employees are for you. No one responds and the documents have all been uploaded.