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 asset or are looking to start trading cryptocurrencies in general, Bitbuy is one option to check out.
Bitbuy – Summary of Features
- Offers access to 7 coins including Bitcoin, Ripple, Ethereum and Bitcoin Cash
- One-click trading for beginners and an advanced trading interface for experienced traders
- 1:1 insurance for Bitcoin balances through Knox Custody
- Registered Money Service Business (MSB) with FINTRAC
- Only available to Canadian citizens and residents
- Offers email support for inquiries
How Bitbuy Works
If you have used an online trading platform to buy and sell investment assets before, you will find Bitbuy to be straight forward.
Even if you are a newbie, their “Express Trade” feature makes it super-easy to begin trading.
To get started, you can sign up here, 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 when you meet the eligibility requirements.
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. drivers 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 by 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)
- Ripple (XRP)
- Stellar (XLM)
- Bitcoin Cash (BCH)
Bitbuy has indicated that it also plans to offer AAVE and LINK soon.
The trading fees are competitive when you use the “Pro Trade” platform and cost 0.10% when you place limit trades and 0.20% when you place a market order.
If you use Express Trade for its one-click functionality, you pay 0.20% for buy and sell orders.
Deposits and withdrawals using CAD fiat have fees as follows:
|Funding Method||Deposit||Withdrawal||Fees||Processing Time|
|Interac e-Transfer||$100 min; $20,000 max||$50 min: $10,000 max||1.50%||Within 1-6 hours (deposits);|
within 24 hours (withdrawals)
|Bank wire||$20,000 min; $500,000 max||$20,000 min; $500,000 max||0.50% for deposits; 1.00% for withdrawals||2-3 business days (deposits and withdrawals)|
Digital currency deposits are free.
When you withdraw cryptocurrency, these fees apply:
- Bitcoin: 0.00025 BTC
- Ethereum: 0.01 ETH
- Litecoin: 0.02 LTC
- Bitcoin Cash: 0.001 BCH
- Stella: 0.02 XLM
- XRP: 0.02 XRP
- EOS: 0.02 EOS
Related: Wealthsimple Crypto Review.
Pros and Cons of Bitbuy
- Instant verification is available for new clients
- User-friendly trading platform (desktop and mobile)
- Fairly quick deposit times
- 95% cold storage policy
- Insurance for Bitcoin balances through Knox Custody
- Has a referral program
- Accepts only one fiat – CAD
- Only available to Canadian residents
- Coins currently limited to 7 types
Is Bitbuy Legit and Safe?
Cryptocurrency trading is very risky and you could lose your entire capital.
That said, Bitbuy is a legitimate company. It is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business.
As per its website, it utilizes “industry-leading security systems” to protect your account including a 95% cold-storage policy and 2-factor authentication.
Last year, the company announced its partnership with Knox and insurance for Bitcoin balances on a 1:1 basis. For more on the security that is provided to you as a user, you should visit the Bitbuy website to read what they offer.
Bitbuy Referral Program
The Bitbuy referral program pays you $20 for every person that signs up using your referral link code e.g. 1POKVVATX. Your referral also gets a $20 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.
Bitbuy vs. NDAX vs. CoinSmart vs. Wealthsimple Crypto
We compare Bitbuy and other leading cryptocurrency platforms in Canada below:
|Coins offered||BTC, ETH, LTC, BCH, EOS, XLM, XRP (7 types)||BTC, ETH, XRP, USDT, XLM, LTC, ADA, QCAD, EOS, NEO (11 types)||BTC, ETH, XLM, LTC, EOS, LINK, USDT, DOGE, ADA, XRP (10 types)||BTC and ETH|
|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||0.10% – 0.20% trading fees; variable fees for deposits and withdrawals||0.20% – 0.40% trading fees; free deposit options, variable fees for withdrawals||0.20% trading fee; free deposits; flat-rate fee for withdrawals||1.5% trading fee; no fees for deposits or withdrawals|
|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||Yes ($20 after $250 initial deposit)||Yes ($15 after $100 deposit)||Yes ($10 bonus after opening an account and funding with $100)||Yes|
|Learn more||Visit Bitbuy||Visit CoinSmart||Visit NDAX||Read Review|
Bitbuy is regulated as a Money Service Business in Canada. It is however not a member of CIPF or IIROC.
The Bitbuy platform offers Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, Stellar, and EOS.
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.
What are your experiences with the various cryptocurrency exchanges in Canada? Let us know in the comments.
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.
- Instant verification for most new clients
- User-friendly trading platform
- Fast deposits
- 95% cold storage policy
- Insurance for Bitcoin through Knox Custody
- Accepts only CAD fiat
- Only available to Canadian residents
- Limited to 7 coins