For example, there is a 1.5% deposit fee for Interac transfers and 0.5% for wire transfers, while Newton and Shakepay charge no fees. Bitbuy stands on the expensive side in terms of deposit fees. When you go to the Express Trade page, choose a cryptocurrency from the dropdown menu. There is a minimum and maximum limit for CAD deposits so that traders can buy and sell at the best price. However, you can make multiple transactions, one after the other. Bitbuy is one of the few Canadian crypto exchange platforms where you can use to buy, sell or deposit cryptocurrency.
The exchange uses a maker-taker pricing model within its Pro trading platform, with fees charged at a flat rate of 0.10% and 0.20%, respectively. Corporate accounts – Bitbuy enables institutional investors to tap into its relative deep liquidity to buy, sell and hold digital assets. Yes, Bitbuy is a legitimate cryptocurrency exchange founded in Toronto in 2016. It is registered with FINTRAC as a Money Services Business. Then there are technical delays – mostly while setting up your account. You can wait weeks until they finally decide to let you trade with them.
The Pro Trade platform offers tools for technical analysis, meant for traders who buy and sell regularly. It displays interactive charts with candlesticks and volumes. You can look at data in specific time frames and through particular indicators.
Crypto Assets Available on Bitbuy
Bitbuy offers a slew of products and features that are desirable to all kinds of crypto traders, from beginners to advanced users. Bitbuy is one of the leading cryptocurrency exchanges in Canada, founded in June 2016 by Adam Goldman. Its company headquarters are based in Toronto, Ontario, Canada, and currently serves more than 400,000 Canadians with support for 15 cryptocurrencies. Although Bitbuy is a great platform for cryptocurrency trading in Canada, there are a few drawbacks that I need to mention. To find out more information and see alternative crypto exchanges that don’t have these issues, you can click on the jump links below.
Bitbuy’s focus, for now, is offering their users the best trading experience. First, enter your email address, phone number and password. Bitbuy will send a code to your phone which you’ll need to access your account. Before you can start buying crypto, you’ll need to go through the verification process. I can assure you that Bitbuy is a regulated entity and will not hold withdrawals without a proper reason.
They deny you access even when you comply and then ghost you if you ask for it to be returned. For future reff dont work with them as they control your money . I sent them screenshot of my wallet to prove that it belongs to me but it is not enough. Bitbuy supplies its users with a cryptocurrency wallet as part of its services. However, if you prefer to use your personal cryptocurrency wallet, that option is also available.
Funding and withdrawals are only possible using Canadian dollars or cryptocurrency. BitBuy is the Canadian crypto exchange you’ll want to use if you prioritize security, low fees, and superb customer service. BitBuy transaction fees are much lower than larger exchanges like Coinbase or Gemini. The fees for making https://broker-review.org/ deposits and withdrawals with CAD are slightly higher depending on the type, ranging from 0.50% to 1.50%. Bitbuy is a Canadian cryptocurrency trading platform launched in 2016 by Adam Goldman. The platform is based in Toronto, Ontario, serves more than 400,000 Canadians, and supports over 15 cryptocurrencies.
Bitbuy does not support funding by credit card – similar to other Canadian platforms including Shakepay and Newton. That’s probably because most Canadian banks like RBC do not allow crypto transactions. Now that we have looked at the features of Bitbuy, let’s see how it measures up against other popular cryptocurrency exchanges. 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.
Bitbuy requires all of their users to enable two factor authentication by default. Whenever you log into your account or try to initialise any sort of withdrawal then you will be asked to complete this. You can either use it as an SMS based 2FA or you can sync it with Google Authenticator.
Quarterly financial audits and monthly security audits are conducted across all departments by trusted third-party auditors. Moreover, weekly transaction reporting audits and suspicious activity reviews are also part of the system. Actions like logging into one’s account or making a purchase require two forms of authentication- a password and a smartphone. 2FA is in place for both users and employees to prevent unauthorized access.
- As a transparent and regulated exchange in Canada, Bitbuy is a secure service for your cryptocurrency activities.
- A dual-control operational model runs offline transaction processing across geographically distinct facilities that communicate in a closed network.
- E-Transfer is nearly instant for deposits, while withdrawals can take up to 24 hours.
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. Today, the company cemented its position in the cryptoverse as leading Canada’s cryptocurrency exchange due to its customer-oriented focus and transparency.
They offer a simple and effective way for Canadian users to buy and sell cryptocurrencies with their CAD. In the parlance of the cryptocurrency community, Bitbuy is a “fiat gateway” for access to a few of the most popular coins. Regarding Bitbuy’s deposit and withdrawal methods, it allows you to move your funds in and out of the platform by wire transfer or Interac e-Transfer. Additionally, you can purchase BTC, ETH, and USDC using your credit card, and the exchange has plans to add more coins soon.
Buy and sell crypto with 400,000 other Canadians on Bitbuy, a Canadian-owned cryptocurrency platform.
So, if you purchase $10,000 worth of Bitcoin, you’ll pay $20 to purchase. If you decide to sell that Bitcoin, and it is now worth $20,000, you will pay $40 to sell. As such, many Canadians are looking for an easy way to trade cryptocurrencies like Bitcoin, Ethereum, Dogecoin and more. Bitbuy’s fees are some of the best around, and it has a plethora of information available in its FAQ, so you can navigate the platform with ease.
There is no BitBuy minimum deposit, while the BitBuy minimum withdrawal and BitBuy withdrawal fee varies from coin to coin. Most users will have their accounts automatically verified. As a reminder, non-Canadians cannot register for an account. Approval of accounts is near instant, with BitBuy using an automated ID verification system that also adheres to Canadian KYC regulations. There are also a couple of headings at the top of the page, including products, currencies, prices, and resources. The feature has the standard order types- stop orders, limit orders, and other types.
Pro Trade users also have access to market trading histories. You can see a transparent fees summary for all transactions. BitBuy is one of the most popular crypto exchanges in Canada. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions.
The downsides are its new, higher trading fees and the lengthy verification process. While crypto regulation and compliance can be a good thing, it seems rather intrusive to have to provide details about your financial status, employment and investing objectives. Bitbuy’s Express platform is perfect for beginners or anyone looking for a quick purchase at market price. Both its mobile app and its desktop platform make it easy to deposit and purchase cryptocurrency. Bitbuy offers Canadians the ability to deposit Canadian dollars into their fiat wallets via Interac e-Transfer or bank wire. You can also use a card via a third-party provider but there is a standard fee set at 6.25%.
This step operates as a security screening protocol and ensures the user creating the account is the person who will be accountable for it. To start the account creation process bitbuy canada review users can click on the “Get started” tab in the top right of the home screen. Kareena Maya is a freelance writer focused on the personal finance and travel spaces.
This is about the standard waiting time for non-automated verifications. That’s why we found it disappointing that Bitbuy has removed the ability to contact their customer support team via telephone and via online chat. Currently the Contact page on the website and the support article regarding contacting Bitbuy only states that they can be contacted via email at When it comes to withdrawal of cryptocurrencies, Bitbuy says that these are free. They are still likely to apply a network or miner fee to your transaction so you should keep that in mind. So from the above it seems as if the most affordable method for you to fund your account is with a good old wire transfer.
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. 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.