Bitbuy is one of the most popular cryptocurrency exchanges in Canada. It was founded in 2016 and has its headquarters in Toronto.
The Bitbuy cryptocurrency platform caters to both beginners and experienced investors. Newbies can place one-click trades using its “Express Trade” platform, while expert traders can access advanced charting and multiple order types using its “Pro Trade” platform.
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.
This Bitbuy review covers how it works, the crypto-assets offered, fees, whether it is safe, and how it compares to competitors like Coinsmart, NDAX, Coinbase, Shakepay, and Wealthsimple Crypto.
What is Bitbuy?
Bitbuy is a top Canadian crypto exchange.
It has been used by more than 400,000 Canadians to buy and sell over $5 billion worth of cryptocurrency assets.
Earlier this year, it was reported that Bitbuy was being acquired by WonderFi Technologies Inc, a company backed by investor Kevin O’Leary, for $206 million.
The platform is available on all devices and also offers mobile apps for iOS and Android devices.
Bitbuy Canada Features At a Glance
- Offers access to 25+ coins, including Bitcoin, Ethereum, AAVE, Chainlink, Polkadot, Uniswap, Bitcoin Cash, ApeCoin, Basic Attention Token, and more
- One-click trading for beginners and an advanced trading interface for experienced traders
- Registered Money Service Business (MSB) with FINTRAC
- Registered as a marketplace and restricted investment dealer in Canada with OSC approval
- All crypto holdings on Bitbuy are covered by a comprehensive insurance policy offered by BitGo
- Only available to Canadian citizens and residents
- Offers email support for inquiries
How Does Bitbuy Work?
If you have used an online trading platform to buy and sell investment assets before, you will find Bitbuy to be straightforward.
Even if you are a newbie, their “Express Trade” feature makes it super-easy to begin trading.
To get started, you can sign up, provide your email address and password, and confirm your email address by clicking on the link sent to your email.
The sign-up link automatically applies the $20 promotion offer when you meet the eligibility requirements (i.e. an initial $250 deposit).
Provide your cell phone number to activate and set up your account with two-factor authentication and enter the other personal information required.
Typically, your identity is automatically verified at this point. If for some reason, you don’t pass automatic verification, you will need to provide the following documents:
- Financial Statement (credit card, bank, or loan statement)
- Utility bill, T4, Notice of Assessment, etc
- Photo of government-issued ID, e.g. driver’s license or passport
- Selfie with your ID with your face clearly visible and a piece of paper with the phrase “For Bitbuy Use Only” and dated.
Once your account is set up, you can fund it using e-transfer, bank wire, or depositing cryptocurrency.
Related: Best Cryptocurrency Apps.
Crypto Assets Available on Bitbuy
The coins you can trade on Bitbuy are:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Stellar (XLM)
- Bitcoin Cash (BCH)
- EOS
- Chainlink (LINK)
- AAVE
- Uniswap (UNI)
- Polkadot (DOT)
- SushiSwap (SUSHI)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Solana (SOL)
- Cardano (ADA)
- Decentraland (MANA)
- USD Coin (USDC)
- ApeCoin (APE)
- Terra (LUNA)
- Basic Attention Token (BAT)
- Curve DAO Token (CRV)
- Maker (MKR), and more
Bitbuy no longer supports Ripple (XRP) – it was delisted due to regulatory concerns.
Bitbuy Fees
The trading fees on Bitbuy range from 0% to 1.5%, depending on your total trading volume over the last 90 days. Most retail traders will pay 1.50% since they will be trading less than $250,000 worth of cryptocurrency.
Deposits and withdrawals using CAD fiat have fees as follows:
| Funding Method | Deposit | Withdrawal | Fees | Processing Time |
| Interac e-Transfer | $50 min; $10,000 max | $50 min: $10,000 max | None for deposits, 1.5% for withdrawals | Near instant |
| Bank wire | $10,000 min | $20,000 min; $500,000 max | None for deposits; 1.50% for withdrawals | 3-5 business days (deposits and withdrawals) |
Digital currency deposits are free.
When you withdraw cryptocurrency, these fees apply:
- Bitcoin: 0.00035 BTC
- Ethereum: 0.007 ETH
- Litecoin: 0.03 LTC
- Bitcoin Cash: 0.002 BCH
- Stellar: 0.02 XLM
- EOS: 0.02 EOS
- AAVE: 0.04 AAVE
- Chainlink: 0.4 LINK
- Dogecoin: 4 DOGE
- Polkadot: 0.15 DOT
- Cardano: 1.5 ADA
- Uniswap: 1 UNI
- SushiSwap: 3 SUSHI
- Polygon: 15 MATIC
- Solana: 0.01 SOL
Related: Wealthsimple Crypto Review.
Is Bitbuy Legit and Safe?
That said, Bitbuy.ca is a legitimate company. It is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business.
It also recently became the first crypto asset platform to be registered as both a marketplace and investment dealer.
As per its website, it utilizes “industry-leading security systems” to protect your account, including a 95% cold-storage policy and 2-factor authentication.
Also, crypto assets on Bitbuy are covered by a comprehensive insurance policy through BitGo.
As you can probably tell, my review of Bitbuy Canada is positive.
Pros of Bitbuy
- Instant verification is available for new clients
- User-friendly trading platform (desktop and mobile)
- Fairly quick deposit times
- 95% cold storage policy
- Has a referral program
- Offers a live order book
Cons of Bitbuy
- Accepts only one fiat – CAD
- Only available to Canadian residents
- Expensive trading fees
Bitbuy Referral Program
The Bitbuy referral program pays you $20 to $40 for every person that signs up using your referral link code. Your referral also gets a $20 to $40 welcome bonus.
For both you and your referral to qualify for the $20 bonus, they must make an initial deposit of $250 CAD or more.
Related: Bitbuy Referral Program.
Best Crypto Sign Up Offer ($50 Bonus)
CoinSmart offers the best sign-up offer among crypto exchanges in Canada. You get a $50 BTC bonus when you deposit $200 or more.
CoinSmart Crypto Exchange
Top crypto exchange in Canada
Great for new & advanced traders
0.20% trading fee
Get a $50 bonus when you deposit $200
Bitbuy vs. NDAX vs. CoinSmart vs. Wealthsimple Crypto
We compare Bitbuy and other leading cryptocurrency platforms in Canada below:
| Features | Bitbuy | CoinSmart | NDAX | Wealthsimple |
|---|---|---|---|---|
| Coins offered | BTC, ETH, LTC, BCH, EOS, XLM, AAVE, LINK, UNI, SOL, etc. (25+ types) | BTC, ETH, XRP, USDT, XLM, LTC, ADA, EOS, NEO, etc. (16 types) | BTC, ETH, XLM, LTC, EOS, LINK, USDT, DOGE, ADA, XRP, etc. (30 types) | 50+ coins incl. BTC, ETH, BCH, AAVE, LINK, UNI, DOGE, LTC, etc. |
| Funding options | Bank wire and e-Transfer | Interac e-Transfer, bank wire, bank draft, credit/debit card | Interac e-Transfer, bank draft, and bank wire | Electronic fund transfer |
| Fees | Up to 1.50% trading fees; variable fees for withdrawals | 0.20% trading fees; free deposit options, variable fees for withdrawals | 0.20% trading fee; free deposits; flat-rate fee for withdrawals | Up to 2% trading fee; no fees for deposits or withdrawals |
| CIPF/CDIC insurance | No | No | No | No |
| Security | 95% cold storage; Bitcoin insurance, 2FA | 95% cold storage; 2FA | 95% cold storage, 2FA | Crypto assets held with a regulated custodian – Gemini |
| Referral (bonus) program | $20 after a $250 initial deposit | $50 after a $200 deposit | – | $25 cash bonus after depositing $200 or more |
| Learn more | Visit Bitbuy | Visit CoinSmart | Visit NDAX | Visit Wealthsimple |
Bitbuy Review FAQ
Bitbuy is regulated as a Money Service Business in Canada. It is also registered as a marketplace and restricted investment dealer in Canada with OSC approval.
The Bitbuy platform offers Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, LINK, AAVE, and several others.
Binance is not available to residents of Ontario, while Bitbuy is available across Canada.
Ask me a decade from now. Whether Bitcoin is a good investment will depend on its uptake as a store of value and/or its uses as a means of exchange over time. While many new millionaires have been minted from Bitcoin, many have also lost money. As of today, Bitcoin remains a speculative investment.
Bitbuy’s trading fees are generally more competitive than Coinbase. It also offers deep liquidity and is registered as a marketplace and investment dealer.
What are your experiences with the various cryptocurrency exchanges in Canada? Let us know in the comments.
Related: Bitbuy vs Shakepay.
Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.
Bitbuy Canada Review
Summary
Bitbuy is a top cryptocurrency exchange in Canada. This Bitbuy review covers its fees, pros, cons, safety, referral program, and competitors like CoinSmart, Coinsquare and more.
Pros
- Instant verification for most new clients
- User-friendly trading platform
- Fast deposits
- 95% cold storage policy
- Offers multiple coins
Cons
- Accepts only CAD fiat
- Only available to Canadian residents
It’s almost $15 to send bitcoin for any kind of actual payment. What’s the purpose of having bitcoin if the whole premise is to just hold and sell vs actually use it. Bitbuy is a no-go for that reason.
I would like to leave my experience with BitBuy:
Absolutely terrible customer service. I have used Bitbuy before and it was ok (Canadian exchanges are definitely not on the level of others) however I never ran into issues.
This time I tried to fund the account but could only put $3000 in due to transaction limits. I received a page saying upgrade free to gold to increase limits so I thought why not and did it.
I then bought XLM so I could cheaply transfer to Binance and trade back to Tether.
WELL, the second I bought the XLM they LOCKED my account to ‘upgrade it’ WITHOUT notice. I tried to get support however they had no chat and was at the mercy of a ticket system. About 5 hours later, the whole while watching the coin drop, my account was unlocked, I transferred the coins and lost about $150. I then asked support for a reimbursement or at least wave the funding fee as I feel it was their fault and the answer was:
“I apologize for the situation, but certain reviews can take sometime to complete. I must inform that we can not determine or reimburse in this situation. ”
and
“I apologize to hear that you feel this way. I must inform that we do not wave off the deposit / withdrawal fees. ”
Horrendous customer service IMO. I told them to close my account and will be moving to CoinSmart who FYI has live chat