Bitbuy Review – Pros, cons and fee comparisons.

For this Bitbuy review, we evaluated the exchanges fees, services offered, and security. Additionally, we explore the various features of the Bitbuy platform. We are comparing it to some of the best crypto exchanges in Canada. Is Bitbuy a trusted Canadian Exchange? – find out in our detailed analysis.

BITBUY logo (orange colour)

A brief overview of Bitbuy (before diving in)

Bitbuy is a Canadian cryptocurrency exchange based out of Toronto. It lays great emphasis on security and stores assets in cold storage. Besides, it also provides insurance for clients’ assets.
 
Bitbuy is well known for excellent customer service and lower fees. We currently rate it number one in our article – 6 Best crypto exchanges for Canadians.

Table of Contents (In-depth review)

PROS

Hover Here

1. No minimum limit for cryptocurrency deposits.
2. Coin swapping available
3. Supports instant CAD e-transfers.
4. Insurance for clients’ assets.
5. Funds are stored in cold storage.
6. Audited regularly.
7. Mandatory KYC for all users.
8. It has an excellent reputation for being both a safe and secure exchange

CONS

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1. Limited crypto pairs are available.
2. No demo account

Comparison table Bitbuy vs Coinsmart vs Coinsquare

We compare Bitbuy with two popular Canadian cryptocurrency exchanges.

BitBuy vs Coinsmart vs Coinsqaure.

 

Exchange Feature

Bitbuy

Coinsmart

Coinsqaure

Coins Available

15

10

10

Fees

0.1%-0.2%

0.2%-0.3%

0.1%-0.4%

Deposit fees

Crypto deposits are free. 

1.5% for Interac e-Transfer. 0.5% for bank wire. 

Credit/debit cards: 1.6%.

1.5% for Interac e-transfer.

Free

Withdrawal Fees

1.5%

1%

1%-2%

Coin Staking

Not available

Not available

Available

Customer Service

Email and phone support.

Live chat support

Live chat support

Demo feature

Not available

Not available

Not available

Fiat currencies

CAD

CAD, USD

CAD, EUR

What service does Bitbuy offer? (full review)

1. BitBuy Express Trade VS BitBuy Pro

Whether you are an advanced trader or a newbie to crypto, Bitbuy is an excellent option.
 
What do we love for beginners?
 
– The express trade account where you can buy and sell crypto at 0.2% fees for every CAD to crypto trade. It is simple to use and great for newbie traders.
 
What do we love for advanced traders?
 
– Pro Version (0.2% maker and 0.1% taker fees) is a good option if you as it offers many advanced tools. One notable feature is the advanced charts and trading view options

2. Bitbuy Marketplace

Bitbuy accepts the Canadian Dollar. It was the first Canadian exchange to become registered as a marketplace.
 
Bitbuy allows trading in fifteen cryptocurrencies as of 2022. This includes some of the most popular:
 
1. Bitcoin (BTC)
2. Litecoin (LTC)
3. Ethereum (ETH)
4. Bitcoin Cash (BCH)
5. Stellar (XLM)
6. Chainlink (LINK)
7. AAVE

3. Is BitBuy a regulated exchange?

Bitbuy is registered in Canada with FINTRAC and is a regulated exchange that complies with all local lawsFurthermore the exchange has sufficient liquidity and has built a solid customer base. Infact, you’ll never face any liquidity issues while trading on the site.
 
The exchange also carries out regular third-party security audits that are made public. The servers are spread out across the world, so downtime is minimal.

4. BitBuy customer support

Moreover, the customer support on Bitbuy is excellent, and you can contact the team any time you face any issue while navigating the siteMany online reviews posted by users have pointed out the superior customer support of the platform.

5. Bitbuy Security

Bitbuy is a good choice for users concerned about security since it stores 95% of assets in cold storage.
 
The exchange has invested heavily in infrastructure to protect clients’ assets. Additionally, Bitbuy also ensures the assets held by the exchange giving an extra security layer to all customers’ funds.
 
You can trade with peace of mind since the assets are insured and covered against unforeseen events.

6. Bitbuy OTC

For institutional clients and high net worth individuals, Bitbuy offers OTC and corporate accounts.

7. Recommend BitBuy to Canadian Traders

Bitbuy offers a $40 sign up bonus and provides the option for affiliate marketing. These affiliate marketer may earn a passive income by promoting Bitbuy.

8. BitBuy Academy

The team is also active on social media, and the exchange runs an educational section known as Bitbuy Academy. To breakdown the BitBuy academy you’ find information on the following:
  1. cryptocurrency news
  2.  informational articles
  3. Guides and updates 

How long has Bitbuy been operational?

Bitbuy was founded in Canada in 2013. It services Canadian customers and provides support for the local currency, CAD. 

Over the years, Bitbuy has attracted a strong customer base due to its emphasis on quality over quantity. Focussing on simplifying trading for all users with top-notch security. 

Bitbuy fees 2022

The table below shows trading fees for Bitbuy Pro, Express Trade and Withdrawal. These fee structures with Bitbuy is simple to understand, with no hidden fees, and it’s highly competitive in today’s market.

 Bitbuy Express Trade Fees

BitBuy Pro Fees

BitBuy Withdrawal Fees

0.2%

0.1%

up to 1.5% depending on depending on withdrawal type

Is BitBuy a legitimate crypto exchange?

FINTRAC in Canada regulates Bitbuy. The government regulatory body oversees the prevention of money laundering and other financial aspects in Canada. Bitbuy is also registered under the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA) as a broker and marketplace. 

Moreover, Bitbuy provides two-factor authentication for all its users. The funds are insured and kept under cold storage. Bitbuy is one of the few exchanges that strongly emphasises the security and insurance of clients’ funds. 

All users must upload a selfie-and pass the mandatory Know Your Customer (KYC) process. This ensures that the site remains safe for all users.

Can I swap coins on BitBuy?

Yes. You can convert and swap cryptocurrencies directly on the exchange. Just select a supported cryptocurrency, for example, Ripple (XRP) and another token such as Bitcoin (BTC) and swap. For customers who prefer trading crypto to crypto, swapping coins directly is a great option on Bitbuy. 

BitBuy app

The Bitbuy application is available for Android and iOS devices. It’s a blessing for traders who don’t have access to a computer and are always on the move. You can track all significant cryptos on the app easily. It’s simple to trade from the Bitbuy app and can be done so with the click of a button. 

The app supports all primary functions and has a clean interface. Bitbuy has done a great job with the user interface. As a result, you will not face any issues toggling between different options on the app. 

BitBuy wallet

It is safe to use the native Bitbuy wallet since it is highly secure and stores clients’ assets in a cold storage environment. Further, the exchange also ensures that users’ assets are safe by providing insurance.

Cold wallets are kept disconnected from the internet except when being used, and hence, the risk of hacking is low on such wallets. Storing funds in an offline environment provides greater security to Bitbuy’s wallet. 

The assets are backed through insurance by Bitgo, a separate company in a partnership deal with Llyod. 

However, if you are a long-term holder, consider getting a  hardware wallet, as it’s always best to keep your funds in your safe custody rather than leaving them on an exchange wallet. 

BitBuy verdict

Bitbuy is one of the few cryptocurrency exchanges globally that provides the three big ticks:

✔ Insurance

✔competitive fees

✔Excellent security features such as cold storage. Commonly, there have been hacks of crypto exchanges, and customers have had difficulty getting their money back. 

The signup process on Bitbuy is a breeze and takes a few minutes. You need to provide basic details:

  • Email address and name
  • Submit a selfie with your identity documents (drivers license, passport or utility bills accepted. 

Bitbuy exchange supports the Canadian dollar so that you can transact in fiat without much trouble.

You’ll trade with ease with Bitbuy! Full-proof security without worrying about your assets’ safety. With lower fees than other similar exchanges, Bitbuy is one of the best platforms for Canadian users. 

Visit the BitBuy Website

How to create a BitBuy account?

Complete Step by Step Sign up tutorial

Click on “Sign up for free” (on the left) or “Get Started” (on top right corner) . After clicking on the option, the page will look like this.

create a bitbuy account step 1

create a bitbuy account step 2

Fill in your email and then click on “Submit”

create a bitbuy account step 3

Once you’ve clicked on the submit tab, select your account type.
Fill in all the details correctly and click on “submit”

After Clicking submit, you will receive an OTP on your registered Canadian mobile number, which you will need to put to proceed further.
Enter the OTP and click on “Submit”

create an account on bitbuy step 4

After clicking on Submit, your account is open and the webpage look like this.

create a bitbuy account step 5

To start the transactions, you will need to verify email id and your identity.

To verify the email Id, open inbox (email inbox), and click on the verification link, sent to you by BitBuy. As soon as you click on that link, a new webpage will open stating that the Email is verified.

create an account on bitbuy step 6

Click on “Verify my Identity” and enter personal basic details.

And now your BitBuy account has been created. Thanks for reading our Bitbuy signup tutorial. Cheers!

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