Bitbuy Reviews, Trading Fees & Cryptos 2023

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Cryptocurrency regulation in Canada is strict, meaning few exchanges are allowed to operate within the region. However, Buybit is perfect for Canadian citizens as it’s headquartered and regulated within the area. 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 – the cons of the platform. As you can see, Bitbuy’s fees depend on which deposit method you choose.

bitbuy review

You can fund your account on XT.COM by depositing cryptocurrency. Make sure to check the exchange’s security practices and track record before you deposit any funds. This exchange is registered with FINTRAC and is suited for all levels of traders . An API allows developers to gather information from Bitbuy’s servers as well as send automated commands to the exchange. Only experienced developers should use Bitbuy’s API. No automation software is available for users who do not use the API. Click on the button to finish the ID verification process.

For investors that are looking to place orders over $50,000, Bitbuy’s around the clock OTC service is an excellent way to trade. Using the OTC desk means that you can avoid slippage and get live price quotes on large amounts of a cryptocurrency for a fixed price. 1) Express Trade feature makes it extremely easy to buy and sell 17 different cryptocurrencies using Canadian Dollars, even for beginners. This measure is placed everywhere on the Bitbuy network for employees and users to avoid unauthorized access. The two-factor authentication uses two forms – a smartphone and a password – for authentication.

How to Make a Deposit on Bitbuy?

Bitbuy currently supports Bitcoin, Bitcoin Cash, EOS, Ethereum, Litecoin, Ripple’s XRP, and Stellar’s Lumen. As shown below, you may narrow the pair listing by selecting the crypto that you wish to purchase or trade. Alternatively, you may enter the name and select your preferred pairing. At this stage, you will now need to make a deposit to begin trading and investing. Live order book with spread visibility and full market and volume data available publicly on CoinMarketCap. Do not hesitate and start making the most of this experience.

Is Bitbuy Regulated?

Bitbuy canada is regulated as an MSB in Canada. However, it is not a member of IIROC or CIPF.

However, Bitbuy makes it easy by allowing its customers to generate and download comprehensive reports for the financial year. While Bitbuy utilizes a volume-based fee schedule, most users will transact less than $250,000, meaning they’ll be charged a 1.5% trading fee. Over time, high costs can quickly eat into profits, making it hard to recommend Bitbuy to smaller investors.

Security Features

I understand you may not have enough time to read my full BitBuy review, so here is an actionable summary to help you.

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. Bitbuy enables its users to buy and sell any of the supported cryptocurrencies directly to and from the platform without having to interact with the sophisticated pro trading interface. Bitbuy is one of the leading cryptocurrency exchanges in Canada, founded in June 2016 by Adam Goldman.

All of these points combined make Bitbuy a solid option for Canadian-based crypto investors looking for a reputable platform to fulfill their investment needs. Bitbuy has launched an intuitive mobile app that enables the platform’s users to access all the features available on the web interface through the easy-to-use mobile interface. The mobile app is available on both iOS and Android app stores.

Is Bitbuy better than Coinbase?

In terms of cryptocurrency support, Coinbase blows Bitbuy out of the water. Bitbuy currently only supports eight different cryptocurrencies, while Coinbase supports dozens. Of course, many people are usually just looking for bitcoin and maybe Ether, and either platform has you covered in that regard.

The support is reachable via email and phone, which is highly convenient and not offered by many exchanges. 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. Bitbuy is a well-established platform with a large baggage of experience in the industry. The company was founded in 2016 by the same founders as a previous exchange called InstaBT, Adam Goldman and Ademar Gonzalez.

Incorrect information could lead to the permanent loss of your crypto assets. Your Litecoin deposit will be credited to your Bitbuy wallet after 6 confirmations on the blockchain. You may also track its progress in the Deposits section of your “History” page. Once you have selected the deposit option, copy the wallet address to your external wallet or scan the QR code and complete the transfer. There is a minimum deposit of C$20,000 and a transfer fee of 0.50%. As shown below, details provided include data, transaction type, amount, coin, status, and blockchain record.

Is Bitbuy Legal In Canada?

Use the API to automate trades with high-frequency trading and live exchange rates. For the experienced traders, Bitbuy has a Pro Trade feature that displays much more information than the Express Trade option. It includes advanced charts by TradingView, as well as limit and market orders. Let’s find out what services Bitbuy offers, that make it the preferred exchange of 350,000+ Canadian crypto investors. Yes, Bitbuy offers a mobile app available on iOS and Android devices. Users can operate all the main features of the browser version on the mobile app.

bitbuy review

We have found and compared the best fiat to crypto exchanges in this article. 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.

Moreover, the insurance covers your crypto assets’ full price. To start the Bitbuy review, Bitbuy is one of the most reliable and leading Canadian cryptocurrency exchange platforms in Toronto, Canada. There is easy access to crypto-assets like Bitcoin, Ethereum, Bitcoin Cash, Litecoin, EOS, Ripple, and AAVE cryptocurrencies. This Canadian cryptocurrency exchange platform is beginner-friendly and suitable for advanced traders. Awesome customer support, top cryptocurrencies and moderate fees backup a user-friendly platform.

Boba Network Review | Fast & Low-Cost Blockchain Transactions

Work directly with Canada’s top crypto OTC desk that gives access to competitive rates set by real-time global markets. Additionally, there are no minimum or maximum limitations. As summarized below, processing times do vary by crypto, however. As shown below, users may view available balance, total balance, approximate CAD value, and a total holdings value in CAD equivalent. Additionally, users may view CAD and digital currency balances via the “Accounts” or “Wallets” pages. As shown below, information provided includes transaction type, date, bank, amount, payment method, and status.

Kraken offers margin trading at up to 5X leverage even for US investors and several other margin offerings, which is a win over Bitbuy’s lack of any margin or leverage offerings for any users. US users may prefer Kraken for its regulatory compliance and strong track record if they are traders especially, as they cannot use Bitbuy anyway. In addition, Bitbuy uses a proprietary wallet architecture that was developed by an in-house team of engineers instead of using a third party for custodial services. The company’s hot, warm, and cold wallets are also kept separately from the core network, which better protects both Bitbuy and its users. Bitbuy is a licensed MSB with FINTRAC of Canada and operates in full compliance with Canadian laws.

Is Bitbuy a legit site?

Yes, Bitbuy is legal. They are a licensed Money Services Business (MSB) that operates under the guidelines of the Financial Transactions and Report Analysis Centre of Canada (FINTRAC).

OTC crypto trading is popular for large trades where you want to get the best price possible and reduce the risk of market volatility by locking in your order price. 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. Yes, Bitbuy is a legitimate cryptocurrency exchange founded in Toronto in 2016. It is registered with FINTRAC as a Money Services Business.

Bitbuy’s fees used to be competitive compared to other Canadian crypto exchanges, but that’s no longer the case. Today, users need to pay1.5% in trading feesfor trading with Bitbuy, which is extremely high relative to the other exchanges we recommend. If you’re a frequent trader—or investing more than $1,000—Bitbuy’s fees are going to eat a significant portion of the funds you invest. Bitbuy offers an easy-to-use platform for Canadians to buy, sell, and manage up to nine crypto assets, including Bitcoin, Ethereum, andRipple. The exchange is regulated by Canadian federal authorities as a registered member with the Financial Transactions and Reports Analysis Centre of Canada .

bitbuy review

This is available in your web browser, or on mobile and offers a simple way to quickly buy and sell crypto with few complications. Bitbuy maintains a 99% cold storage policy, which means at least 99% of its users’ crypto is held offline. This goes a long way in protecting users’ crypto assets from hackers and bad actors, and is becoming the norm among Canada’s premier exchanges. Bitbuy is also a registered Money Services Business with FINTRAC, and it follows all Canadian regulations. VirgoCX is our #1-rated, fully secure crypto platform that charges zero fees on trades up to $200.

Multiple platforms and order types on offer for crypto investors and traders. Bitbuy also offers the most CAD to crypto pairings of any exchange. More cryptos are going to be added in the very near future. Bitbuy is an online crypto exchange designed to support the buying, selling, depositing, and withdrawing of cryptocurrencies. Bitbuy is a fully regulated exchange with oversight from Canadian federal authorities. Bitbuy is a registered Money Service Business in Canada under the Financial Transactions and Reports Analysis Centre of Canada .

What is the Minimum Withdraw Amount for Bitbuy?

To fund your account with Canadian dollars, you use Interac e-Transfer or a wire transfer. To deposit crypto into your Bitbuy account, you send crypto to your specific Bitbuy wallet address for that particular cryptocurrency. Bitbuy is a Canadian cryptocurrency exchange that began in 2016. The company operates out of Toronto, Ontario and currently has over 350,000 users and has processed over $4 billion in crypto. At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners.

  • While the number of supported assets is lackluster, the rates offered range from 4% to 6.51% APY, which are relatively competitive when compared to a comparison of staking platforms.
  • For much larger trades, Bitbuy also offers competitive rates for over the counter trades along with a white glove service.
  • 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.
  • As Bitbuy only serves Canadian residents and cannot be used by any other individuals from other countries, it is best suited for users in Canada who do not mind undergoing KYC.
  • Quick sign-up and verification – it is easy to create an account with Bitbuy and start trading quickly due to its smooth sign-up process.
  • At this stage, you will now need to make a deposit to begin trading and investing.

The views and opinions expressed on this website are purely the author. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question. All information contained herein should be independently verified and confirmed. We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services.

This post covers everything you need to know about it before using the service. Defend your web apps and APIs from threats like the OWASP Top 10 and zero-day attacks. FortiWeb Cloud for AWS provides API discovery and protection, bot management, threat analytics, and more, in one low-cost solution. In addition, the latest intelligence from FortiGuard Labs helps you boost your protection against the latest risks. Get the latest news and best offers from the crypto community by joining our newsletter. Needs to review the security of your connection before proceeding.