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Bitbuy review: Is it a legit or scam crypto exchanger?

He helped me out by giving me the right reports I needed plus the additional information regarding the use of the API with all the security precautions to take. Please be advised that Bitbuy does not work with the third party you have mentioned. Bitbuy is a registered Money Service Business with FINTRAC, and we take these matters very seriously. We advise you to reach out to our support team and your local authorities as soon as possible. From asking them how to do it, to having it all done took less than 30 minutes. For limit orders you will need to enter your preferred price.

  • Of course, it has a clear design and is easy to use but it also offers additional functionality.
  • These include the likes of digital currency merchant solutions as well as blockchain consultation.
  • Bitbuy is regulated by Canadian federal authorities as it is registered with the Financial Transactions and Reports Analysis Centre of Canada and acts as a Money Services Business .
  • Also, if FIAT funding isn’t what you’re looking for, you can choose to fund your account with cryptocurrencies.

Even if you are a newbie, their “Express Trade” feature makes it super-easy to begin trading. There were of course a few things that we thought warranted improvement. However, given that Bitbuy are constantly looking for feedback, it is likely that these improvements could be in the pipeline. We are aware that Bitbuy is making quite a few changes to their platform and technology as a result of their VC funding. Hence, we will eagerly await to see if these points have been addressed. If you wanted to refer people, then there were two options that you could consider.

How Long Do Deposits Take with BitBuy?

BitBuy only offers OTC and spot trading, and there is no support for NFTs, futures, or option trading. Exchange tokens usually offer a trading discount if such a token is used to pay the trading fee. BitBuy has a host of security features, including secure cloud servers, 2FA, regular audits, and top-notch information security.

is bitbuy good

You need to click on the wallet from which you want to withdraw coins and click the withdrawal button. Lastly, enter the destination address of the wallet to which the funds will go, enter the amount and click on Withdraw Request. All things considered, it’s for you to decide whether Bitbuy crypto exchange is exactly what you’re looking for.

The regulated cryptocurrency exchange Bitbuy is the place to go for Canadians who want to invest in cryptocurrency in an easy and secure way. The professional, regulated trading exchange is especially suitable for absolute beginners who have never bought cryptocurrencies before. The handling of crypto purchases on Bitbuy.ca is designed so simply that even absolute beginners can quickly get their first coins without any problems. Bitbuy is the first Registered Investment Dealer AND Marketplace for cryptocurrencies and crypto assets in Canada, based in Toronto.

Trading Platform

Unlike other local crypto exchanges, trading on Bitbuy might result in higher fees, but you can get some of the best market orders. 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.

is bitbuy good

Of course, it has a clear design and is easy to use but it also offers additional functionality. Talking about decentralized cryptocurrency exchanges, there’s no third-party involvement and you have full autonomy over your wallet. Bitbuy is considered to be one of the most popular and reliable crypto exchange platforms in Canada.

For instance, a simple wire transfer will incur a flat 0.5% fee, while a faster Interac e-Transfer will cost 1.75% of the deposit amount. The company was established with the purpose of providing a quick, easy and safe means of buying and selling bitcoin as well as other top cryptocurrencies. That said, if international and U.S.-focused exchanges aren’t working for you, give Bitbuy a try. There’s a reason it’s one of the most popular players in Canada, and the future is certainly bright for this cryptocurrency exchange.

But it’s still a nice feature to have and shows how Bitbuy caters to beginner and serious crypto investors alike. Once you fund your account with $50,000 in fiat or Bitcoin equivalent, you email Bitbuy’s OTC support team at to start the process. However, you can always use Pro Trading to place market or limit orders if you want a bit more control over when your trades execute.

Bitbuy mobile platform review

Fortunately, Bitbuy offers some of the best customer service in the industry. It is focused and customer-oriented, aiming to foster its local customer base, smooth functioning, and regulatory compliance rather than being a global conglomerate. In the Pro Trade platform, users trade crypto-CAD and crypto-crypto pairings.

Since Bitbuy is a regulated crypto exchange, it must comply with all regulations. Proving your identity documents including proof of address is a requirement by FINTRAC. Low trading fees at 0.20% and multiple fiat currencies supported. If you have used an online trading platform to buy and sell investment assets before, you will find Bitbuy to be straightforward. We like the fact that they have a responsive customer support desk, however it was disappointing to learn that they no longer answer requests via telephone. We also thought that their verification and KYC times were some of the lowest in Canada.

Sign in to your financial institution or online banking platform and complete the transaction. Do not hesitate and start making the most of this experience. Now it’s time to check your email address, you should have received a letter from Bitbuy. If it’s not there, you should click “Resend Verification Email”.

We know all too well about the damages that can be caused when a hacker is able to penetrate an exchange’s system. InstaBT was created as a way for Canadians to quickly and easily get their hands on Bitcoin. For those who can remember, 2013 was still a relatively new time in the crypto markets and exchanges to easily buy Bitcoin were few and far between.

Exchange Features 6.0/10

However, they’re considered to be on par with the industry standard. Also, it’s fair to mention that if you use Bitbuy PRO, fees get lower. What is more, when it comes to usability, Bitbuy makes it even easier by providing you with automated sign-up and onboarding processes. Moreover, they bitbuy review have a new “username” feature for an even smoother experience, especially when it comes to logging in. If you’re new to Binance, we have great news – you can now earn up to $600 in rewards on qualified deposits and trades. Your cryptocurrency wallet address will be displayed here.

As per its website, it utilizes “industry-leading security systems” to protect your account, including a 95% cold-storage policy and 2-factor authentication. Provide your cell phone number to activate and set up your account with two-factor authentication and enter the other personal information required. The sign-up link automatically applies the $20 promotion offer when you meet the eligibility requirements (i.e. an initial $250 deposit). It has been used by more than 400,000 Canadians to buy and sell over $5 billion worth of cryptocurrency assets. If you are on the hunt for the next Bitcoin digital asset or want to start trading cryptocurrencies in general, Bitbuy is one option to check out. Overall, we found that the community was quite positive on Bitbuy.

Bitbuy is a safe bet when it comes to trading cryptocurrency. It is fully regulated, has a secure platform that has never been hacked, and is suitable whether you’re a beginner or an experienced trader. Yes, Bitbuy offers Over-The-Counter trading for large trades. You’ll get a personal account manager and a personal trading fee quote for your order.

2) Zero deposit fees means that you can get started straight away, without losing money just to deposit funds into the platform. Bitbuy previously charged to deposit, but they have waived that fee now. Within a couple seconds of hitting their fee page, I knew what I was going to pay to trade cryptocurrency. It’s also explicitly mentioned at the time of the trade, no hidden fees there, you’ll know exactly what you pay. The platform provides a special product for beginners called the Express Trade platform.

Bitbuy is regulated by Canadian federal authorities as it is registered with the Financial Transactions and Reports Analysis Centre of Canada and acts as a Money Services Business . You don’t need to pay extra for Pro Trading either; you unlock Express and Pro Trading once you sign up and verify your account. If both of these options fail, you’ll need to upload a financial statement, utility bill, government ID, and selfie with the ID.

Its withdrawal and deposit fees and minimums, lack of earning tools, and moderate offerings of cryptocurrencies make it less of an attractive option for some traders. 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. 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.

Bitbuy is a regulatory compliant platform that is registered with the Financial Transactions and Reports Analysis Centre of Canada as a Money Services Business . Bitbuy accepts Canadian citizens and residents only and is not available in any other country. They’re https://forex-review.net/ also not replying to me so I have no access to my funds. My initial issue was the reports generated by Bitbuy was all on 1 line. Thought I would resort to use my API key instead, hence the support needed. A gentleman named Carl got back to me within a half hour.

Most importantly, it holds at least 95% of assets in cold storage. Cold storage means holding assets offline rather than on an exchange or crypto wallet, making it practically impossible for hackers to access and drain Bitbuy’s funds. Additionally, Bitbuy doesn’t offer stablecoin trading for assets like USDC, USDT, and DAI. Stablecoins are popular for yield generation by depositing them with various crypto savings accounts, so this is another downside.

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