Bitbuy is a Canadian cryptocurrency platform that originated from Toronto as a subsidiary of the First Ledger Corporation. Formerly known as Instabit in 2013 and rebranded Bitbuy in 2016, it has expanded its operations with more digital currency offerings including Eos and Ripple.
Bitbuy is exclusively Canadian, accepting only Canadian citizens and PR holders, with the Canadian dollar being the only unit of exchange for trading, funding, and withdrawals. If you are interested in buying Bitcoin, Bitbuy is a top option worth looking into.
It has a considerable market advantage compared to some newer exchanges, and this is seen from its in-depth guide on a wide range of topics in the crypto industry. Bitbuy can be accessed through the web, Android, or iOS.
Bitbuy Highlights
- Crypto offerings: Bitcoin, Ethereum, Bitcoin Cash, Lite Coin, Ripple, Stellar, Eos
- Trading Fees: buy @ +.75% sell @ -.5%
- Contact: support @bitbuy.ca
- Target Market: Canada
- Deposit options: Interac, Bank Wire, Bank Draft, Flexepin
- Currency: CAD
Pros
• Trade cryptocurrency in C$
• Simple and functional user interface (Express and Pro)
• Extreme attention to detail and adherence to the highest levels of regulatory compliance
• 24/7 customer support
• Intuitive design for mobile and PC
Cons
• Only major cryptos available
• Only available in Canada
Bitbuy vs. The Rest
A careful peek under the hood reveals that Bitbuy is ahead of the curve on transparency. While other crypto platforms might offer lower or zero fees, they end up paying more in obscured charges.
Bitbuy takes a different route by being upfront with its prices and committing to a more enjoyable user experience. Customers can call a toll-free number to talk directly with a Bitbuy agent or consult its comprehensive guide to find answers to questions.
Bitbuy spares no expense on security, which is critical for currency exchange platforms, particularly after the QuadrigaCX debacle. It is safe to say Bitbuy is up there with the best crypto exchanges in Canada.
What is Bitbuy Processing Times?
If you prefer finding your Bitbuy account via Interac transfers, expect the processing time to take a maximum of 24hrs. However, it is likely to take an even shorter time with processing times under an hour. Cash and crypto withdrawals take a similar time, with payments processed within a few hours.
Is Bitbuy Safe to Use in Canada?
Bitbuy is definitely one of the safest Canadian exchanges to buy and sell cryptocurrency. It is a well known Money Service Business (MSB ) operating under FINTRAC guidance.
In 2019, Bitbuy engaged a third party. (Cipherblade) to conduct a proof of its audit, passing all categories to maintain a crypto and fiat solvency ratio of 1:1.
Apart from the strict adherence to regulatory guidelines, Bitbuy engages the use of two-factor authentication to guarantee its users’ security. Also, Bitbuy has a 95% cold storage security policy, ensuring that crypto assists are mostly stored online to prevent access to the exchange in case of a hack.
Bitbuy designs and uses its wallet software, produced in-house to avoid reliance on third party services. All wallets, including the hot, warm, and cold wallets, are stored away from the core network to protect Bitbuy and its subscribers.
What are Bitbuy’s fees For Express and Pro Trade?
Bitbuy fees depend on the type of trade with the option of Express or Pro Trade for customers alongside an over-the-counter desk for buys above C$20,000. Express Trade charges a higher fee at 0.5%, but it compensates for this by providing one of the simplest methods to buy and sell cryptocurrencies in a quick manner.
Pro Trade uses an order book style that is simple to features found on Binance and Coinbase Pro. The TradingView software is a bit technical and recommended for users with consummate experience.
The fees are cheaper, ranging from 0.1% to 0.2%, depending on whether your order is immediately matched or filled later.
What is Bitbuy Deposit Fee?
Bitbuy does not impose a fee for users funding their accounts with crypto. But there is a charge if you are funding your account in Canadian dollars. The minimum deposit is C$100 up to C$3000 with a fee of 1.50% via Interac transfer.
Wire transfers are far higher, with a minimum of C$5000 up to C$500,000 at 0.5%. Interac transfers cost more for less but has a faster processing rate (24hrs) while wire transfer cost less for more hit takes a lot of lore time (24-48hrs).
What is Bitbuy Withdrawal Fee?
Bitbuy insists that there is no charge for withdrawing your cryptos. Keep in mind that this is accurate only on the exchange side. There is a likelihood of a miner or network fee attached to your transaction.
However, if you intend to take out your funds in Canadian dollars, expect to pay a fee of 1.50% for either Interac or Wire transfer. Although quite steep, the fees are still reasonable compared to other crypto exchanges in Canada. For instance, the Interac fee charged by Bitbuy is far lower than Coinsmart charges.
What are Bitbuy Buying Limits?
For Express Trade, the maximum limit is C$25,00. However, you can make a larger transaction via the Bitbuy OCT desk. Another alternative is to use the Pro Trade feature.
What are Bitbuy Supported Countries?
The Bitbuy platform can work worldwide, but it is only useful to Canadians and PR holders. Signing up requires a North American phone number, while the Canadian dollar is the only fiat currency support.
What is Bitbuy Customer Service like?
Bitbuy has a world-class customer service team that
How to Sign up on Bitbuy
Signing up on Bitbuy is easy, and you can do so following the process laid out below:
• Go to the official website of Bitbuy
• Click on the signup button on the home page
• Enter your email address and choose a password
• Go to your inbox to verify your email address
• Sign in after verification
• Insert your North American phone number
• Insert the verification code
• Insert your personal details
• Click on the “Request Verification” icon
• Upload photo Identification
• Upload a selfie using the same photo identification and a paper caption stating “Bitbuy Use Only,” including the date.
Once you’ve carried out the above steps, your Bitbuy account will be processed and activated within two business days. It is possible you might face issues during the registration process. If that is the case, the Bitbuy Customer support team can be contacted via the online support page. Once your account is approved, you can fund and start trading cryptocurrencies.
Bitbuy Customer Reviews
Bitbuy has a budding reputation online and is arguably regarded as Canada’s most transparent crypto exchange. The online social space like Reddit is filled with satisfied customers who trust Bitbuy services.
It is a pleasant surprise as these social hubs are usually filled with dissatisfied customers. The litmus test of a crypto platform is social media, and Bitbuy aces this aspect in flying colours.
FAQs
Is Bitbuy only for Canadians?
Yes, unfortunately, Bitbuy is only accessible to Canadian citizens and PR holders. Potential subscribers must reside in Canada or have a verified Canadian address alongside a North American phone number to use the Bitbuy platform.
Has Bitbuy been hacked?
No. Bitbuy has never had a single hacking experience. In addition, Bitbuy enforces a 95% cold storage security, ensuring that valuable assets are stored offline. The consequence is that only 5% of assets are vulnerable in the event of a successful hack.
What is the best way to fund Bitbuy account?
Interac is the fastest way to deposit money on Bitbuy. However, Wire transfer has the lowest fees.
Why does Bitbuy not trade Chainlink or Gardano?
Bitbuy is an emerging exchange that is currently focusing on major digital currencies like Bitcoin and Litecoin. It is only a matter of time before they offer more digital currencies.
Is Bitbuy Legal?
Bitbuy is a legitimate cryptocurrency exchange. It is a Money Service Business that is fully regulated under the Canadian federal authorities.
Mobile Functionality
Despite offering an excellent reading experience, Bitbuy is yet to have a custom mobile application. The consequence is that you can only use a web-based interface through your mobile device.
That being said, the website is intuitive, fitting snugly into any device screen, including mobile phones and tablets. If you must perform a transaction without your PC, you can still complete basic transactions with your mobile device.
Bitbuy Referral Program
Suppose you have an account with Bitbuy, and you’ve enjoyed the experience of trading cryptocurrencies. In that case, you can invite your friends, acquaintances, and loved ones through the Bitbuy referral program and earn a commission in the process.
This strategy is an excellent proposition for subscribers with a strong social media following. If you refer a customer and register and purchase C$100 worth of cryptocurrency, you will both get C$20 for the referral.
Referring friends to Bitbuy can happen in two ways. You can give them your referral code to use during sign up or provide them a referral link. The latter is the better option because it ensures your friend has signed up with you as their referral.
Conclusion
Bitbuy is one of the best crypto exchanges in Canada with a passion for transparency.
It aims to simplify trading cryptocurrency by providing excellent customer support, secure, affordable fees, a world-class secure backend, and a user-friendly platform.
The platform currently enjoys 24-hour trading volume, including liquidity against the Canadian dollar.
