If that wasn’t enough, Bitbuy is also a FINTRAC-registered business. 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.
Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders. But when the coin is up, all of a sudden they are fast with transactions. Basically they want to give you coins when they are up, stagnent, or rising. Bitbuy offers a decent selection of cryptocurrencies including a selection of ERC-20 tokens, layer one blockchain coins, DeFi tokens, and the option of a meme coin in DOGE. While not a terrible offering of supported cryptocurrencies, other exchanges that emerged around the same time have significantly larger offerings.
This rating is far superior to Coinbase’s rating of 1.6/5 stars and Binance’s rating of 2.0/5 stars. I understand you may not have enough time to read my full BitBuy review, so here is an actionable summary to help you. Ledger Nano S is certainly the way to go for a hard wallet. They seem to have basically the same kyc process as everyone else.
Trading pairs available are mostly CAD to crypto, but you can trade Bitcoin against Ethereum, Stellar, Bitcoin Cash, EOS, and Litecoin. In addition, in the latest Proof of Reserves Audit that was released on July 2021, BitBuy surpassed their cold storage policy for an average of 98.12%. If you sign in using a new device or browser, Bitbuy will ask you to verify the login via email, and then text you a code to enter as well.
Great customer service
Plus, both Coinbase and Gemini are branching into NFTs, so the platforms will have even more options to invest in digital assets. 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.
99% 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. The Bitbuy OTC service also offers lower fees on these high-volume orders. When investors buy a large volume of cryptocurrency on a single exchange, there’s potential for slippage.
Bitbuy established in 2016, is a Canadian cryptocurrencies exchange offering a mobile cryptocurrency exchange app. Before finishing this Bitbuy review, there’s a final thing to remember. If you take your security seriously and are thinking about buying cryptocurrencies, always make sure to also get a secure wallet for your assets.
- These are helpful as they give you an overview of the bullish / bearish sentiment in the market.
- Shakepay, for example, requires only a C$5 minimum deposit.
- It is available on both Android and iOS devices and allows you to perform the main features of the web platform.
- For example, you have a great deal more charting functionality than you have on the Express Trade.
Bitbuy users can deposit or withdraw CAD or any supported cryptocurrency. The API is available to individuals, businesses, algorithmic traders, cryptocurrency ATMs, and other companies that want to automate their trading activity. The Bitbuy OTC service caters to high-volume cryptocurrency traders by ensuring there is enough liquidity to fulfill each order at one price. These are the top 3 reasons why I think Bitbuy is an excellent exchange, and a great choice for beginners to the crypto market.
Exchange Features 6.0/10
The company is First Ledger Corporation’s subsidiary unit, whose primary operation offers exchange solutions to investors. It bitbuy review is most suitable for Canadians and was initially named InstaBT. Soon after it started to expand, it was rebranded to Bitbuy.
If you do not want to pay for a wallet, simply open the Wallets page to access the wallets. This will show you a summary of your balances across the wallets. Note that for every wallet, this Canadian exchange provides a Canadian dollar over and above the total available balance and crypto balance. For receiving or sending funds in CAD, use any of the payment methods listed below. All users must note that the processing times are just indications and may vary depending on the bank provider. To finally activate and set up the account, enter your phone number.
In case you don’t know where to start, check out Ledger Nano X and Trezor Model T first. When using the ‘Bitbuy PRO’ version, the fee for makers is 0.10% and for takers – 0.20%. When using the ‘Express Trade’ feature, you will only pay 0.20% for each instant trade. That’s slightly higher than an industry standard, however, way lower than many other platforms can offer. If you decide to buy Bitcoin, Ethereum, or other cryptocurrencies, you should know that the easiest way to do that is using fiat money. It works the same as paying for services using debit or credit cards, or via bank transfer.
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 . I sent them screenshot of my wallet to prove that it belongs to me but it is not enough. Oleg is a Canadian citizen & crypto expert who has been trading since 2016.
How to Get Started with Bitbuy
BitGo provides coverage for losses resulting from hacks, private key theft, loss of keys, and similar breaches. But if you’re stuck with low trading limits on international exchanges, this price could be worth it. However, while Bitbuy is helping Canadians diversify their portfolios, it’s important to understand its features and fees. That’s why our Bitbuy review is taking a look at everything this exchange has to offer so you can decide if it’s for you. BitBuy offers a limited amount of crypto and fiat deposit and withdrawal methods. Especially when compared to other popular crypto apps Bitbuy has WAY lower fees for Canadians.
Express Trade platform is a great option for beginners who are looking for an-easy-to use platform as well as clear navigation. It doesn’t provide any additional, unnecessary tools that would make your experience more confusing. There’s a third-party involvement, they follow rules and regulations, and you do not have autonomy over your wallet. 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. Once your identity has been confirmed, you may add funds to your Bitbuy account in order to purchase digital currencies.
WonderFi’s aquisition has provided Bitbuy with additional resources to continue building on its current products for its customers. Local exchanges might be cheaper than Bitbuy, but the crypto exchange’s fees and limits are reasonable. Beginners and advanced traders will benefit from Bitbuy’s advanced interfaces.
Sure, reading charts and conducting technical analysis is great if that’s your investing style, but for many investors, simple spot trading is all you need. At The Cult of Money, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners whom we receive compensation from. I love learning about real-world applications of cryptocurrencies and teaching others about these new technologies.
When you’re buying up large amounts of cryptocurrency, you can scoop up a lot of the open orders and end up paying a much higher price than the current “market” price. Bitbuy’s fees are some of the best around, and it has a plethora of information available in its FAQ, so you can navigate the platform with ease. With all major cryptocurrencies available on Bitbuy, it truly is a one-stop shop for all Canadian residents looking to take advantage of the crypto rush.
This time I tried to fund the account but could only put $3000 in due to transaction limits. I received a page saying upgrade free to gold to increase limits so I thought why not and did it. The Bitbuy referral program pays you $20 to $40 for every person that signs up using your referral link code. 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.
Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Once they have completed the email verification, users can begin account creation. This step begins by asking for the account type (personal/business), https://forex-review.net/ and some basic contact information. Users are then asked to submit a government-issued ID along with a live photo/video through a provided link. If users wish to talk directly to a customer service representative, they can submit an email request through the form provided.
According to a Bitbuy review, this platform has added 20+ other popular cryptocurrencies. But they charge high fees for depositing and withdrawing fiat money. For example, there is a 1.5% deposit fee for Interac transfers and 0.5% for wire transfers, while Newton and Shakepay charge no fees. Bitbuy stands on the expensive side in terms of deposit fees.