Bitbuy Review 2022: Pros, Cons, Fees, and Alternatives

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 are looking 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.

VISIT BITBUY

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 $4 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 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 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:

  1. Financial Statement (credit card, bank, or loan statement)
  2. Utility bill, T4, Notice of Assessment, etc
  3. Photo of government-issued ID e.g. driver’s license or passport
  4. 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 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 MethodDepositWithdrawalFees Processing Time
Interac e-Transfer$100 min; $20,000 max$50 min: $10,000 max1.50%Within 1-6 hours (deposits);
within 24 hours (withdrawals)
Bank wire$20,000 min; $500,000 max$20,000 min; $500,000 max0.50% for deposits; 1.00% for withdrawals2-3 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
  • Stellar: 0.02 XLM
  • EOS: 0.02 EOS
  • AAVE: 0.03 AAVE
  • Chainlink: 0.3 LINK
  • Dogecoin: 3 DOGE
  • Polkadot: 0.1 DOT
  • Cardano: 1 ADA
  • Uniswap: 0.75 UNI
  • SushiSwap: 2 SUSHI
  • Polygon: 10 MATIC
  • Solana: 0 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
VISIT BITBUY

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.

Bitbuy vs. NDAX vs. CoinSmart vs. Wealthsimple Crypto

We compare Bitbuy and other leading cryptocurrency platforms in Canada below:

FeaturesBitbuyCoinSmartNDAXWealthsimple
Coins offeredBTC, 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 optionsBank wire and e-TransferInterac e-Transfer, bank wire, bank draft, credit/debit cardInterac e-Transfer, bank draft, and bank wireElectronic fund transfer
Fees0.10% – 0.20% trading fees; variable fees for deposits and withdrawals0.20% trading fees; free deposit options, variable fees for withdrawals0.20% trading fee; free deposits; flat-rate fee for withdrawalsUp to 2% trading fee; no fees for deposits or withdrawals
CIPF/CDIC insuranceNoNoNoNo
Security95% cold storage; Bitcoin insurance, 2FA95% cold storage; 2FA95% cold storage, 2FACrypto assets held with a regulated custodian – Gemini
Referral (bonus) program$20 after $250 initial deposit)$50 after a $200 deposit$10 bonus after funding with $100$25 cash bonus after depositing $150 or more
Learn moreVisit BitbuyVisit CoinSmartVisit NDAXVisit Wealthsimple

Bitbuy Review FAQ

Is Bitbuy regulated?

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.

What coins are on Bitbuy?

The Bitbuy platform offers Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, LINK, AAVE, and several others.

Should I use Bitbuy or Binance?

Binance is not available to residents of Ontario while Bitbuy is available across Canada.

Is Bitcoin a good investment?

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.

Is Bitbuy better than Coinbase?

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
4

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

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

2 thoughts on “Bitbuy Review 2022: Pros, Cons, Fees, and Alternatives”

  1. 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.

  2. 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

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