Bitbuy Canadian Exchange Review, Safety, Supported Coins & Fees
There are plenty of bad exchanges, so it is important to choose a good one. Founded in 2013, Bitcoin Wisdom strives to provide informative and accurate bitcoin news, price predictions, investing guides and exchange reviews. The platform also does not depend on any third-party services for the custody of the assets that are traded through it, which means that all the wallets on the platform are separated from the network. The Bitbuy OTC trading platform is regulated by FINTRAC as a licensed MSB , which makes it a reliable medium for conducting OTC transactions. The platform also offers live price quotes for larger financial transactions and helps in eliminating slippage from these transactions. N addition to the trading fee, cryptocurrency platforms often also charge a variety of other incidental fees and charges.
It only needs you to plan the deposits in such a way so that you do not lose much on the fees. So, users can deposit Canadian dollars through a wire transfer or Interac. If you decide to start trading on the platform after going through this Bitbuy review, you first need to create a Bitbuy account and then add funds to start trading. Bitbuy also offers a crypto wallet that users can use in order to complete transactions as well as simply withdraw or deposit crypto funds.
Even though it’s quite low compared to some of the industry giants, it’s crucial to remember that Bitbuy is a Canadian-only crypto exchange platform. We went through the verification process to ensure our Bitbuy review was as accurate as possible. Users will need to input details regarding their employment status, source of income, and address. 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 another exchange.
Does Bitbuy Report To The CRA?
Derivatives traders who want to trade margin, extensive crypto futures pairs, or leveraged tokens and options will prefer FTX since Bitbuy does not offer any futures pairs or even margin at all. The exchange requires KYC identity verification or document protocols to be completed for use of the exchange. Do note that, for each wallet, Bitbuy also provides an approximate Canadian Dollar balance in addition to total crypto balance and available balance. Deposit Bitbuy supported cryptos, for the purposes of trading and investing. Users can easily transfer cryptos between their external wallets and their Bitbuy wallets.
Our mission is to provide the most innovative and transparent Pro social Trading platform for top traders... Bitbuy is now also available on-the-go with their mobile app, which is available for both iOS and Android devices. The app allows users to access all of the features they use on the desktop web version, including buying, selling and transferring CAD and crypto. Yes, Bitbuy is good for Canadians because it has some of the lowest fees in Canada, an easy to use app and web trading platform, and great customer support.
There is no need to deal with markets, or setting advanced order types. Even if you have no experience with cryptocurrencies, you will be able to use Bitbuy's intuitive platform. Although Bitbuy is a great platform for cryptocurrency trading in Canada, there are a few drawbacks that I need to mention.
In 2018, the company has upgraded and relaunched its platform, making it more user-friendly and easier to use. The company has a 3.4 star rating, and many users state Bitbuy has excellent customer support. Most of the negative reviews stem from Bitbuy delisting XRP and account withdrawal issues relating to that crypto, not customer support delays. Users can enable two-factor authentication, and Bitbuy is also FINTRAC registered as a money services business. Bitbuy does not offer Live Chat support, they only have an automated bot and email support.
The trading fees that you will pay on Bitbuy will depend on whether or not you are using the Pro platform. It has been regulated by the Ontario Securities Commission , which adds a degree of legitimacy to the bank and reassures investors that the funds they invest through the Bitbuy platform are secure. For advanced traders, one of the biggest issues that they have to be aware of and account for during trading is slippage. We have helped more than 3 million people start their cryptocurrency journey since 2014. Our platform is used by more than two-thirds Indian cryptocurrency investors. Bitbuy supports only CAD as fiat, and 20+ crypto coins, including Bitcoin, Ethereum and Dogecoin.
CoinSpot Mastercard Review
Bitbuy is also a registered Money Services Business , providing compliant currency exchange and conversion services. Bitbuy is a hassle-free platform that allows Canadians to buy, sell, and manage cryptocurrency online. This Canadian crypto exchange made its way onto the market in 2013, quickly gaining praise for transparent fees and compliant transactions.
- Express Trading is the fastest way to buy and sell crypto with Bitbuy.
- Yes, Bitbuy offers a mobile app available on iOS and Android devices.
- This measure is placed everywhere on the Bitbuy network for employees and users to avoid unauthorized access.
- Deposit Bitbuy supported cryptos, for the purposes of trading and investing.
- Additionally, there is a comprehensive support page and FAQ section to assist in navigating the platform and addressing general queries.
- Select the pairing by scrolling down or entering the crypto you are looking to trade or simply click the crypto icon below the search box.
And, when you consider the range of trading options for beginner and experienced crypto investors alike, this popularity isn’t too surprising. In January 2022, WonderFi, the Kevin O’Leary-backed DeFi company, also announced its acquisition plans for https://broker-review.org/ Bitbuy. Between the OSC regulation and acquisition, it’s clear that Bitbuy is quickly asserting itself as one of the best crypto exchanges in Canada. If you want a simpler way to buy and sell crypto from Canada, Bitbuy could be your best option.
Bitbuy Review FAQs
If you place a limit order to either buy or sell an asset, you are considered a maker, but if you execute a market order, then you are a taker. There is also a minimum trade value of CAD 25,000 on the Private Wealth desk, meaning that the service is specifically designed to facilitate large orders. Do not hesitate and start making the most of this experience.
This commitment to transparency is something that should be both a consumer expectation and self-regulatory best practice. Get the latest news and best offers from the crypto community by joining our newsletter. Bitbuy's third annual “Proof of Reserve and Security Audit” was performed by Blockchain Intelligence Group, with the results released in mid-2021. Bitbuy is both a registered marketplace and an investment dealer, which means that when you trade with Bitbuy, your orders are fulfilled by Bitbuy and will never be outsourced to a third-party entity.
The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews . Being extremely comprehensible, the platform provides two options- Express and Pro, depending on the trader’s experience level. Pro will be a suitable choice if you are an advanced cryptocurrency trader. With the Pro Trade platform, buyers can buy and sell crypto assets through the market or limit orders. Bitbuy has straightforward functionality for both newbies and professional investors.
Bitbuy Review 2023: Is this Crypto Exchange Legit?
We strive to present all the information & pricing as accurately as possible, but we cannot ensure that the data is always up to date. It’s time to move to another part of this Bitbuy review - the cons of the platform. As you can see, Bitbuy’s fees depend on which deposit method you choose.
No, Bitbuy has never been hacked, and it's extremely unlikely that it will be hacked in the future. It has a series of advanced security measures in place, and routinely passes security audits performed by third-party financial security firms. Bitbuy's spreads, which are essentially another form of trading fee, are fairly tight. I’m in the middle of researching the spreads on every Canadian exchange, and Bitbuy is performing reasonably well relative to other exchanges. Users can withdraw from the wallet by navigating to the “Holdings” section of their account page, then clicking the crypto the user wishes to withdraw. Yes, all users of Bitbuy are required to undergo the same KYC verification procedures as per Canadian regulatory compliance.
Numerous positive reviews rave about their customer service, and you should feel safe with BitBuy. Many of the negative reviews describe a customer’s account being randomly locked and their funds confiscated or unable to be withdrawn. To BitBuy’s credit, they have responded to many of these negative reviews, asking the customer to reach out to their support email to resolve their issues. BitBuy has a host of security features, including secure cloud servers, 2FA, regular audits, and top-notch information security. If you are using the Pro Trade platform, then you will be charged on the basis of your order type. A market order, which is executed at the current price, is charged 0.20% of the order value as fees.
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. Pro trading is designed for more experienced traders who are looking for advanced orders, charts, order books, market trade history windows, and other handy tools such as market depth charts. Essentially, it allows you to execute your trading strategy with more precision and control.
Multiple platforms and order types on offer for crypto investors and traders. Bitbuy also offers the most CAD to crypto pairings of any exchange. Bitbuy is an online crypto exchange designed to support the buying, selling, depositing, and withdrawing of cryptocurrencies. Below that provide your phone number and create a unique username and password. Only a North American number starting with the country code +1 can be used to sign up for the service. A verification code will be sent to this number so ensure that it is accessible to you when creating the account.
The online reputation is strong across all boards, some regard it as the number one Canadian cryptocurrency exchange. It makes for happy reading, these places are usually breeding grounds for disgruntled users. Bitbuy’s customer service is one of the best in the cryptocurrency industry. The first notable element is a customer support phone line which is usually a scarcity. Adding to this, email support is quick and responsive, replying to queries in under 12 hours, even on a weekend.
Bitbuy Deposit & Withdrawal Fees
However, as the majority of users are unlikely to spend more than CAD 250,000 within 90 days, they will be stuck paying an extremely high 1.5% trading fee. Below, we've compared the default costs for transacting on Bitbuy with a few popular altcoin trading exchanges such as Binance, Kraken, and NDAX. In 2016, the crypto platform rebranded as Bitbuy and continued to build its reputation for providing convenient, dependable, secure, and transparent access to cryptocurrencies. Bitbuy is a Canadian-owned and operated cryptocurrency exchange currently managed out of downtown Toronto. The company was founded in 2013 by Adam Goldman and Ademar Gonzalez as a subsidiary of First Ledger Corporation, initially launching under the name InstaBT. For Canadians, the ability to exchange cryptocurrency for CAD is crucial to avoid losing profits to USD exchange rates.
However, with a high enough trading volume, users can reduce trading fees on Bitbuy to 0% and 0.1% . In contrast to other crypto exchanges, fees on Bitbuy Pro Trade are the same as Express Trade. As such, users will be charged between 1.5% and 0% regardless of which platform they choose to use.
The team also maintains a blog with news and reports as well as with tutorials. The best features of Bitbuy are its catered range of products for Canadian users. Bitbuy is designed to be simple to use for newbies to crypto who desire access to regulator-approved crypto access, as well as ease of access to banking relationships in Canada. Bitbuy is arguably the easiest and most secure cryptocurrency exchange in Canada. This review provides all of the features and ways to buy crypto with Bitbuy.