Bitbuy review

By   |   Updated 18th November 2021

Bitbuy Crypto Review
  • Bitbuy is a Canadian operated cryptocurrency exchange founded in Toronto.
  • It was developed with the intention of allowing buyers easy access to a variety of cryptocurrencies.
  • The exchange has balanced offerings for both beginners as well as advanced cryptocurrency traders in Canada.

There is no shortage of cryptocurrency exchanges to pick from as a Canadian. Bitbuy, which tailors its entire experience to the Canadian user, is one of the most established in the market.

If you are considering your options, find out what it has to offer in our detailed review.

Bitbuy

On Bitbuy's website

Highlights

  • Trade quickly and easily on Bitbuy Express, or use the professional tools on the all new Bitbuy Pro.
  • Get low and transparent fees.
  • Live order books for advanced users.

What is Bitbuy?

Bitbuy was founded in 2013 with headquarters in Toronto. It is a popular cryptocurrency exchange in Canada where users can easily trade a number of digital currencies. Experienced traders can use advanced services such as over-the-counter (OTC) trading and brokerage. It is known for its competitive trading fees and excellent customer support.

Is Bitbuy safe?

Bitbuy Technologies Inc. (MSB M20728803) is registered with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) as a money service business (MSB). FINTRAC is the Canadian Government regulatory body that handles the detection, prevention, and deterrence of money laundering and ensures the protection of personal information.

The full value of digital assets in Bitbuy’s cold storage are insured with BitGo Trust Company, the world’s first qualified custodian, purpose-built for storing digital assets.

An independent specialist runs an annual Proof-of-Reserves audit of Bitbuy. The most recent audit showed that Bitbuy surpassed their own 95% cold storage policy for an average of 98.12% in the major coins.

Who is Bitbuy aimed at?

The exchange is specifically tailored towards Canadian users. Their website won’t even load unless accessed from a Canadian IP address.

While the clean and simple user interface means new traders can cut their teeth with trading crypto, Bitbuy Pro is available for more experienced traders. Bitbuy can accommodate large transactions with Bitbuy Corporate and their OTC trading desk.

Tradable assets

Bitbuy offers 9 of the most popular cryptocurrencies out there. Keep in mind that this might change in the future as support grows, but for the time being, you can buy, sell, or trade the following: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Stellar (XLM), EOS (EOS), Chainlink (LINK), and Aave (AAVE).

Notable features

There are a few features that make Bitbuy stand out, such as the insurance, Bitbuy express, Pro, and customer support level.

Insurance

In adherence with Canadian regulations, all cryptocurrency assets held in Bitbuy’s cold storage have been transferred to BitGo Trust Company, the world’s first qualified custodian, purpose-built for storing digital assets.

All cryptocurrency assets held in custody with BitGo are covered by a comprehensive insurance policy, meaning that all cryptocurrency held in your Bitbuy account would be covered under the same policy.

Bitbuy Express

As the name suggests, Bitbuy Express is a feature that enables you to purchase cryptocurrencies easily and without friction. Express will set you back a 0.2% fee for every CAD to crypto trade, and each sale will have a 0.2% fee per trade.

Bitbuy Pro

This plan is geared towards experienced traders. Pro trades occur in the advanced trading platform, and they are cheaper in terms of fees (0.1% maker fee and 0.2% taker fee).

Customer support

Bitbuy offers email support via support@bitbuy.ca. You also have access to phone support. In addition, they have a substantial knowledge base. Bitbuy’s customer service reputation is excellent, with a consistently quick response time and knowledgeable staff.

Fees

Bitbuy’s fee for instant crypto trades using CAD is 0.2%. Bitbuy Pro members pay less (0.1% for maker and 0.2% for taker fees). Bitbuy Express brings this up to 0.5% for people in a hurry. In terms of deposit fees, Bitbuy charges 1.5% for Interac e-Transfer and 0.5% for bank wire transfers. Their withdrawal fee is 1.5%.

Pros and cons

Pros

  • Assets are insured and held in cold storage, which gives investors an added peace of mind.
  • Reasonable prices when it comes to maker and taker fees, especially on Bitbuy Pro.
  • Strong reputation for exceptional customer support, with a knowledgeable and responsive team.

Cons

  • There is a fee to deposit and withdraw.
  • Only available to residents of Canada, and you cannot access it outside of Canada unless you connect using a VPN.

Alternatives

Looking for an alternative to Bitbuy? These exchanges are worth looking into.

  • Newton. A beautifully designed crypto exchange for Canadian users.
  • CoinSmart. Based in Toronto and founded in 2018. Users can exchange CAD for a variety of different cryptocurrencies.
  • Coinsquare. Another Canadian exchange offering a variety of different cryptocurrencies. Unique features include QuickTrade.
  • Shakepay. Very popular Canada-based platform that specializes in allowing users to buy, sell and store cryptocurrencies through any smartphone or computer.
  • Coinberry. Provides an easy-to-understand user interface and a safe way through which to buy cryptocurrencies.

Comparisons

Compare Bitbuy side-by-side against other Canadian and global crypto exchanges

FAQs

Is there a demo account for paper trading?

No.

Is Bitbuy insured?

Yes. Bitbuy in cold storage are insured by BitGo Trust Company.

Is Bitbuy a wallet?

Bitbuy does indeed offer a wallet service, which will enable you to store cryptocurrencies.

Does Bitbuy report to the CRA?

Bitbuy is registered with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) as an MSB.

Is Bitbuy decentralized?

Bitbuy is centralized due to the fact that it takes custody or ownership of user deposits.

How do I withdraw crypto from Bitbuy?

All you have to do is sign in and navigate to your “Wallet” section, select the cryptocurrencies you are withdrawing and complete your request by entering the crypto amount you are withdrawing and the wallet address you are withdrawing to.

Verdict

Regulated and insured, Bitbuy — streamlined for Canadian traders — gives its users peace of mind. While standard fees are comparable, Bitbuy Pro users get access to some of the most competitive fees on the market. The number of cryptocurrency trading options available is somewhat limited, with Bitbuy sticking to the most popular coins, but their selection should suffice for the average crypto trader.

On Bitbuy's website