Last update: May 11, 2022
Bitbuy

Bitbuy Review – Canadian Crypto Exchange

An advantage of living in Canada is the country’s access to local and international crypto exchanges. One of the leading Canadian exchanges is Bitbuy, thanks to the platform’s fantastic features.

Bitbuy has many positive customer reviews, proving its popularity in the cryptocurrency trading market. Our goal aims to help you decide the best crypto exchange to join as an experienced or novice trader. In the following Bitbuy review, we will explore all of the platform’s features, services, and more.

  • Bitbuy


    1. Operating Since 2013
    2. Cryptocurrencies Supported 15
    3. Fees Vary
    4. Deposit Methods Bank wire transfer
    5. Fiat Currencies Canadian Dollars
    6. Verification Methods Email, 2FA
    7. Margin Trading Yes
    8. Futures Trading No

Bitbuy.ca: Canadian Crypto Exchange Overview

Adam Goldman and Ademar Gonzalez founded Bitbuy.ca in 2013 under the name InstaBT. Their mission sought to create the number one Bitcoin exchange in Canada. By 2016, InstaBT became Bitbuy and allowed users to explore other digital currencies. With a significant investment from a private equity firm in 2018, Bitbuy expanded its reach as a more advanced crypto exchange.

Today, Bitbuy headquarters are in Toronto and run by First Ledger Corporation, a blockchain services firm. The company’s primary focus remains Bitbuy, but it also offers various cryptocurrency solutions for Canadian traders.

Bitbuy has a reputation for being one of the world’s safest crypto exchanges. It boasts bank-like security for its traders, one-to-one insurance on Bitcoin, and routinely performs public audits on its reserves. Users and traders appreciate Bitbuy’s transparency and compliance with the leading Canadian federal authorities.

Bitbuy Cryptocurrencies

Bitbuy operates solely as a Canadian cryptocurrency exchange and does not support international trading, buying, or selling. It only backs Canadian dollar deposits from Canadian financial institutions. You would need to find another crypto exchange if you live outside of the country or want to use payments in U.S. dollars, British pounds, or other non-Canadian currency.

At the time of this Bitbuy review, the platform supports 15 crypto assets, including:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Stellar Lumens (XLM)
  • Ripple (XRP)
  • Aave (AAVE)
  • (EOS) EOS
  • Chainlink (LINK)
  • Litecoin (LTC)
  • Dogecoin (DOGE)
  • Polkadot (DOT)
  • Cardano (ADA)
  • Uniswap (UNI)
  • SushiSwap (SUSHI)
  • Solana (SOL)
  • Polygon (MATIC)

Bitbuy’s early days only supported the top seven popular cryptocurrencies, but the company expanded its offerings throughout the years. You can deposit and withdraw funds with an Interac e-transfer or bank wire (which can take 2-3 business days) from a Canadian financial institution.

Trading Fees for Bitbuy

Fees associated with Bitbuy vary depending on whether you use the Express Trade Platform or the Pro Trade Platform. Express users have a flat 0.75% fee on every buy order and a 0.5% fee on all sell orders. Prices from the Pro Trade Platform are considerably lower because it utilizes the maker/taker model to determine payments.

The maker/taker model requires users to pay one of two fees based on whether they add or remove liquidity in the exchange. Makers will pay 0.16% for each trade, while takers pay 0.26%.

Maker fees are less expensive than taker fees because makers add liquidity to the market while takers remove liquidity from the market.

In terms of deposit fees, Bitbuy charges 0.5% for bank wire transfers and 1.5% for Interac e-Transfer. Their withdrawal fee is 1.5%.

Bitbuy has withdrawal fees based on user payment methods. For instance, Express Interac e-transfers and rushed bank transfers carry hefty fees of 3.50% and 3%, respectively. You could reduce fee expenses by using standard Interac e-transfers and wire transfers, which have a flat 1.5% fee. However, it will take several days to complete the transfer.

You have the option to withdraw funds in U.S. dollars instead of Canadian dollars, but it will cost you 5% per withdrawal. However, if you join the Pro Trade Platform, you will pay a minimal fee for every cryptocurrency withdrawal you make. The only exception to fees on Bitbuy is cryptocurrency deposits.

Deposit methods

Bitbuy doesn’t support funding by credit card just like other Canadian platforms including Newton and Shakepay. That is perhaps due to most Canadian banks like RBC don’t allow crypto transactions. While other crypto exchanges like Binance and Coinbase do accept debit card payments, you are most likely not going to be able to fund them with your Canadian credit card.

Bitbuy Trading Limits

Bitbuy does not put a maximum limit on how much cryptocurrency users can deposit. However, the platform does have reasonably small minimum limits for cryptocurrencies. Depositing fiat currency comes with minimums and maximums based on your choice of payment method.

For example, if you want to deposit funds using a wire transfer, the minimum deposit amount is $10,000, with a maximum of $500,000. Interac e-transfers have a $100 minimum and a $10,000 maximum, but you can make deposits every 24 hours if necessary. Express Interac e-transfer users must deposit at least $500 but no more than $10,000 within 24 hours.

Withdrawal limits follow the same conditions as Bitbuy deposits. The largest withdrawal you can make in 24 hours is $10,000.

Trading Services

During Bitbuy’s short history, it has become Canada’s first regulated crypto exchange. Its compliance and user-friendly interfaces helped expand the country’s use and knowledge of Bitcoin in its earliest days.

Bitbuy users have two platforms to choose from, depending on their experience level. Beginners will enjoy the Express Trade Platform, a responsive interface designed for new cryptocurrency traders, buyers, and sellers. It stands out as a suitable platform for anyone who wants access to the world’s most commonly bought cryptocurrencies using basic functionalities.

You can buy and sell cryptocurrencies and make deposits and withdrawals through the Express Trade Platform. It provides users with a real-time price, which means you will know the current rate for any purchase or sale you make. The platform eliminates trading tools and charts that beginners could find confusing.

More experienced cryptocurrency traders would benefit from Bitbuy’s Pro Trade Platform. Its interface resembles other crypto exchanges that use features like market depth charts. The Pro Trade Platform has all the essential tools for performing a thorough market analysis before making any buying or selling decisions.

Users can place limit orders or trade in cryptocurrency and fiat trade pairs through the Pro Trade Platform. Thanks to Bitbuy’s Over-the-Counter trading desk, institutional investors can make large volume orders to eliminate slippage costs.

Customer Service

Unlike many other crypto exchanges on the market, Bitbuy values its customers and reputation. As such, it offers several customer support solutions to assist users with concerns and questions on various topics, from trading cryptocurrencies to operating their dashboard.

Bitbuy users can take advantage of the company’s customer support phone line and live chat. Its knowledgeable customer service representatives are available to assist with time-sensitive issues. The platform also provides assistance through its support email address.

Users who need help with routine questions will benefit from Bitbuy’s FAQ and support section on its website. Its troubleshooting and support section is impressive and includes many resources that experienced and novice cryptocurrency traders can use.

Security and Privacy on Bitbuy

As one of Canada’s first regulated crypto exchanges, Bitbuy goes to great lengths to protect its users. The exchange is registered with FINTRAC as a Money Services Business, and it complies with Know Your Customer and Anti-Money Laundering regulations. These affiliations give the company a level of credibility that many other exchanges don’t have.

Bitbuy follows some of the industry’s leading security protocols to prevent hacks and data breaches. About 95% of its customer’s coins remain in offline cold storage facilities that cybercriminals cannot access online. As an added security feature against a crippling DDoS attack, Bitbuy conducts encrypted and distributed server backups every day.

On the user level, Bitbuy has several safety and security features for its customers to use. For instance, the platform requires two-factor authentication for every user to access their account. That includes logging in and withdrawing funds from an account. Users must undergo an ID verification process before trading on the platform.

Just like Shakepay, Bitbuy conducts proof of reserves auditing and insurance for certain crypto holdings.

Bitbuy Pros and Cons

Pros

  • Reasonable trading fees
  • Perfect interface and app for cryptocurrency trading beginners
  • Secure trading with insurance on Bitcoin deposits
  • Supports the top digital assets to buy and sell
  • Regulated crypto exchange
  • Access to advanced trading tools and charts through Pro Trade
  • Get low and transparent fees with live order books for advanced users
  • Integrated with Trading View charts for indicators and signals

Cons

  • No support for altcoins and limited cryptocurrency support
  • Only works with the Canadian dollar
  • Slightly expensive deposit and withdrawal fees
  • Does not offer leverage trading, NFTs, or lending and borrowing
  • Bitbuy is currently only available for Canadian users and must have a Canadian mobile phone number to register

Frequently Asked Questions

Bitbuy is strictly for Canadian users who are 18 years old or older. To participate in Bitbuy trading, you must provide the platform with a copy of your government-issued photo ID to verify your identity. At the time of this Bitbuy review, the company does not appear to be adding other countries to its platform.

Is There a Bitbuy Mobile App Available?

Bitbuy understands the need for convenience for the crypto market, so it has an intuitive mobile app for its users. Through the app, you can buy and sell crypto from anywhere in the world at any time.

You can download the Bitbuy app on most Android and iOS mobile devices. Most of the platform’s desktop features carry over to the app for quick accessibility. Despite the added convenience of a mobile crypto trading app, some elements are not as simple to use, such as coin transfers to external wallets.

Can You Buy Bitcoin in Canada?

You can legally buy, sell, or trade Bitcoin and other cryptocurrencies as a Canadian citizen. It is also legal to mine the crypto asset as a hobby or profession. Despite the legalities of using cryptocurrencies, the Canadian government only recognizes the Canadian dollar as legal tender.

Notably, Bitbuy was the first cryptocurrency exchange platform to clear the Canadian Securities Administrators (CSA) and the Ontario Securities Commission (OSC) appproval process and become Canada’s first regulated marketplace and crypto brokerage.

The government doesn’t consider Bitcoin or other cryptocurrencies as money you can use in shops or pay bills. So, the country’s financial institutions offer no protections for cryptocurrency transactions. However, the rise of cryptocurrency popularity proves to the Canadian government that a regulatory framework would benefit its citizens.

Does Bitbuy Offer Ethereum Trading?

Yes, it does. Bitbuy only supports 15 cryptocurrencies. Ethereum is one of them.

Could You Have a Cryptocurrency Wallet on Bitbuy?

Yes, but you have options. 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.

To use a personal wallet, link its address to your Bitbuy account. Regardless of your choice, you can store Bitbuy assets in your wallet temporarily or long term.

What’s the Difference Between Coinbase and Bitbuy?

Coinbase is an American-based brokerage with an impressive global clientele. This crypto exchange offers exceptional reliability and high liquidity. Canadians can trade, buy, and sell cryptocurrencies on Coinbase, but Bitbuy is easily the former crypto exchange’s Canadian counterpart. If you’re curious about Binance, sorry but Binance is not available for Ontario crypto traders in Canada.

Are Bitbuy Fees High?

Nope, Bitbuy fees are not high. In fact, this crypto exchange has some of the lowest fees of any cryptocurrency exchange in Canada. Bitbuy’s trading fees are just 0.1% to 0.2%, its spreads are incredibly low (typically around 0.3%), and it is focused on continuing to lower these fees over time. Moreover, Bitbuy also offers an OTC desk with even lower fees. But you need to be trading $50,000 or more to use BitBuy OTC.

Does Bitbuy report to the CRA?

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

Does Bitbuy Verify Accounts Instantly?

Yes, the exchange verifies most new accounts instantly. But if your account requires to go through the manual verification process for some reason, you might need a financial statement from the past 3 months, a utility bill, photo of government-issued ID, and selfie of you holding the same piece of ID.

Is Bitbuy Insured?

Yes, Bitbuy’s cryptocurrency assets are held by BitGo, a prominent crypto custodian whose wallets are insured by Lloyd’s of London for $100 million. So don’t worry, you can safely buy cryptocurrencies on the platform.

In Conclusion

Based on this Bitbuy review, it should be no secret that if you live in Canada and want to trade cryptocurrencies using the Canadian dollar, Bitbuy is one of the best exchanges to use as a novice or experienced trader. Unlike other local crypto exchanges, trading on Bitbuy might result in higher fees, but you can get some of the best market orders.

Local exchanges might be cheaper than Bitbuy, but the crypto exchange’s fees and limits are reasonable. Beginners and advanced traders will benefit from Bitbuy’s advanced interfaces. One of the biggest drawbacks to using Bitbuy is its lack of altcoin support, but customer feedback could influence a positive shift in the future.

If you want to learn more, have a look at our list Best Cryptocurrency Exchanges in Canada.

 

author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.