Bitbuy Review 2021: How To Buy Cryptocurrencies in Canada

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by Enoch Omololu

Updated

Advertiser Disclosure

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

Bitbuy – Summary of Features

  • Offers access to 9 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 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.

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. drivers 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 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)
  • EOS
  • Chainlink (LINK)
  • AAVE

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
  • Stella: 0.02 XLM
  • XRP: 0.02 XRP
  • EOS: 0.02 EOS

Related: Wealthsimple Crypto Review.

Pros and Cons of Bitbuy

Pros:

  • 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
  • Offers a live order book

Cons:

  • Accepts only one fiat – CAD
  • Only available to Canadian residents
  • Coins currently limited to 9 types
VISIT BITBUY

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.

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.

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, XRP, AAVE, LINK (9 types)BTC, ETH, XRP, USDT, XLM, LTC, ADA, QCAD, EOS, NEO (11 types)BTC, ETH, XLM, LTC, EOS, LINK, USDT, DOGE, ADA, XRP, etc. (23 types)32 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% – 0.30% 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) programYes ($20 after $250 initial deposit)Yes ($20 after $100 deposit)Yes ($10 bonus after funding with $100)$50 after trading at least $150 worth of crypto.
Learn moreVisit BitbuyVisit CoinSmartVisit NDAXVisit Wealthsimple

Bitbuy FAQ

Is Bitbuy regulated?

Bitbuy is regulated as a Money Service Business in Canada and is a legitimate company. It is however not a member of CIPF or IIROC.

What coins are on Bitbuy?

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

Should I use Bitbuy or Binance?

Binance is not available to residents of Ontario while Binance 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.

What are your experiences with the various cryptocurrency exchanges in Canada? Let us know in the comments.

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 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
  • Insurance for Bitcoin through Knox Custody

Cons

  • Accepts only CAD fiat
  • Only available to Canadian residents
  • Limited to 7 coins
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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. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, 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.

1 thought on “Bitbuy Review 2021: How To Buy Cryptocurrencies in Canada”

  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.

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