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 hunting for the next Bitcoin digital asset or want to start trading cryptocurrencies, Bitbuy is an excellent choice.
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 Crypto Exchange
Get a $50 bonus if your initial deposit exceeds $250
Trade approx. 40 coins
Great for new & advanced traders
0% to 2% trading fee
Bitbuy is a top Canadian crypto exchange.
It has been used by more than 450,000 Canadians to buy and sell over $5 billion worth of cryptocurrency assets.
If you want to trade crypto assets using a registered and regulated crypto exchange, Bitbuy is approved by the Ontario Securities Commission and the Canadian Securities Administrators and is the first Canadian registered marketplace for crypto assets.
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 approx. 40 coins, including Bitcoin, Ethereum, AAVE, Chainlink, Polkadot, Uniswap, Bitcoin Cash, ApeCoin, Basic Attention Token, Decentraland, Loopring, The Graph, Fantom, Chiliz, Shiba Inu, SushiSwap, Compound, Tezos, Enji Coin, 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
- Offers staking and OTC trading
- Only available to Canadian citizens and residents
- 24/7 customer support
- 90% of your coins are kept secure in cold storage
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 $50 promotion offer when you meet the eligibility requirements (i.e. your first deposit is at least $250).
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)
- The Graph (GRT)
- Ripple (XRP)
- Ethereum Classic (ETC)
- 1inch (1INCH)
- NEAR
- Compound (COMP)
- Chiliz (CHZ)
- Enjin Coin (ENJ)
- yearn.finance (YFI)
- Lido DAO (LDO)
- USD Coin (USDC)
- ApeCoin (APE)
- Curve DAO Token (CRV)
- Maker (MKR)
- Tezos (XTZ)
- Avalanche (AVAX)
- Basic Attention Token (BAT)
Bitbuy Fees
The trading fees on Bitbuy range from 0% to 2.00%, depending on your total trading volume over the last 90 days.
Fiat deposit is free. For withdrawals, these fees apply:
| Funding Method | Deposit Fee | Withdrawal Fee | Processing Time | Minimum/Maximum |
| Interac e-Transfer | $0 | 1.5% for withdrawals | Near instant | $50 / $10,000 |
| Bank wire | $0 | 1.5% for withdrawals | 1-5 business days | $10,000 / Unlimited |
| Bill pay | $0 | NA | 2-3 business days | $50 / $100,000 |
| Debit card | $0 | NA | Near instant | $50 / $10,000 |
Digital currency deposits are also free.
When you withdraw cryptocurrency, these fees apply:
| Cryptocurrency | Minimum withdrawal | Withdrawal fee |
| Bitcoin (BTC) | 0.001 BTC | 0.0005 BTC |
| Ethereum (ETH) | 0.05 ETH | 0.007 ETH |
| Litecoin (LTC) | 0.5 LTC | 0.03 LTC |
| Bitcoin Cash (BCH) | 0.01 BCH | 0.002 BCH |
| Ripple (XRP) | 10 XRP | 0.02 XRP |
| Stellar Lumens (XLM) | 26 XLM | 0.02 XLM |
| EOS (EOS) | 1 EOS | 0.02 EOS |
| AAVE (AAVE) | 0.75 AAVE | 0.04 AAVE |
| Chainlink (LINK) | 8 LINK | 0.4 LINK |
| Dogecoin (DOGE) | 25 DOGE | 4 DOGE |
| Polkadot (DOT) | 1 DOT | 0.15 DOT |
| Cardano (ADA) | 10 ADA | 1.5 ADA |
| Uniswap (UNI) | 2 UNI | 1 UNI |
| SushiSwap (SUSHI) | 5 SUSHI | 3 SUSHI |
| Polygon (MATIC) | 13 MATIC | 15 MATIC |
| Solana (SOL) | 0.1 SOL | 0.01 SOL |
| ApeCoin (APE) | 2 APE | 3 APE |
| Terra Classic (LUNA) | 175 LUNA | 25 LUNA |
| Decentraland (MANA) | 20 MANA | 15 MANA |
| USD Coin (USDC) | 35 USDC | 20 USDC |
| Maker (MKR) | 0.04 MKR | 0.02 MKR |
| Curve DAO Token (CRV) | 22 CRV | 12 CRV |
| Basic Attention Token (BAT) | 80 BAT | 30 BAT |
| Compound (COMP) | 0.85 COMP | 0.2 COMP |
| Fantom (FTM) | 75 FTM | 35 FTM |
| Axie Infinity (AXS) | 1.5 AXS | 0.75 AXS |
| Algorand (ALGO) | 325 ALGO | 75 ALGO |
| The Graph (GRT) | 325 GRT | 75 GRT |
| Loopring (LRC) | 150 LRC | 50 LRC |
| Chiliz (CHZ) | 400 CHZ | 100 CHZ |
| Avalanche (AVAX) | 3 AVAX | 0.5 AVAX |
| Tezos (XTZ) | 40 XTZ | 10 XTZ |
| Yearn Finance (YFI) | 0.0075 YFI | 0.0025 YFI |
| NEAR Protocol | 25 NEAR | 5 NEAR |
| Shiba Inu (SHIB) | 2,000,000 SHIB | 500,000 SHIB |
Related: Wealthsimple Crypto Review.
Bitbuy Staking
You can put your crypto coins to work and earn interest on Bitbuy. This is an excellent way to earn passive income. Here’s what it offers:
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 90% cold-storage policy and 2-factor authentication.
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
- 90% cold storage policy
- Has a referral program
- Offers a live order book
- Offers staking
- Multiple crypto assets are supported
Cons of Bitbuy
- Accepts only one fiat – CAD
- Only available to Canadian residents
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.
With our exclusive Bitbuy referral link, you get a $50 bonus when your first deposit exceeds $250.
Related: Bitbuy Referral Program.
Best Crypto Sign Up Offer ($50 Bonus)
Bitbuy Crypto Exchange
Get a $50 bonus if your initial deposit exceeds $250
Trade approx. 40 coins
Great for new & advanced traders
0% to 2% trading fee
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. (~40 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, bill pay, debit card, 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% to 2% trading fees; free fiat deposit | 0.20% to 0.30% trading fees; variable fees for withdrawals and deposits | 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 | 90% cold storage; Bitcoin insurance, 2FA | 95% cold storage; 2FA | 95% cold storage, 2FA | Crypto assets held with a regulated custodian – Gemini |
| Referral (bonus) program | $50 after a $250+ initial deposit | NA | NA | $25 cash bonus after depositing $200 or more |
| Learn more | Visit Bitbuy | Visit CoinSmart | – | 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 no longer available in Canada, 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.
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
Overall
Summary
Bitbuy is one of the best cryptocurrency exchanges in Canada. This Bitbuy review covers its fees, pros, cons, safety, referral program, and competitors like CoinSmart, NDAX, Wealthsimple Crypto, and more.
Pros
- Instant verification for most new clients
- User-friendly trading platform
- Fast deposits
- 90% cold storage policy
- Offers multiple coins
- Offers staking
- Competitive fees
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
I was forced to migrate from coinsmart to bitbuy when they merged. I work abroad a lot and was able to access my coinsmart account from anywhere in the world. Now, with bitbuy, you cannot access your account outside of Canada. They do not disclose this in their terms and agreements and they dont tell you this until after you try to log in from abroad. They are dishonest and not to be trusted. I have no access to MY MONEY. There only solution is use a vpn on a Canadian server and hope for the best. This is unacceptable. I should have been told this and been given the chance to close my account to prevent this issue. Now, Ill be abroad until summer and have no access to my account. What horrible business practices
@David: That’s a bummer. I always assumed CoinSmart customers would still have access in the countries they previously operated in.