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.
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 19+ coins including Bitcoin, Ethereum, AAVE, Chainlink, Polkadot, Uniswap, Bitcoin Cash, 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 $40 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)
- Chainlink (LINK)
- Uniswap (UNI)
- Polkadot (DOT)
- SushiSwap (SUSHI)
- Dogecoin (DOGE)
- Polygon (MATIC)
- Solana (SOL)
- Cardano (ADA)
- Decentraland (MANA)
- USD Coin (USDC)
- ApeCoin (APE)
- Terra (LUNA)
Bitbuy no longer supports Ripple (XRP) – it was delisted due to regulatory concerns.
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
- 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
Bitbuy Referral Program
The Bitbuy referral program pays you $40 for every person that signs up using your referral link code. Your referral also gets a $40 welcome bonus.
For both you and your referral to qualify for the $40 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:
|Coins offered||BTC, ETH, LTC, BCH, EOS, XLM, AAVE, LINK, UNI, SOL, etc. (19 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)||40+ 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||0.10% – 0.20% trading fees; variable fees for deposits and withdrawals||0.20% – 0.30% 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|
|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 ($40 after $250 initial deposit)||Yes ($30 after $100 deposit)||Yes ($10 bonus after funding with $100)||$100 after trading at least $300 worth of crypto.|
|Learn more||Visit Bitbuy||Visit CoinSmart||Visit NDAX||Visit 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
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
- Offers multiple coins
- Accepts only CAD fiat
- Only available to Canadian residents