These affiliations give the company a level of credibility that many other exchanges don’t have. Bitbuy is a compliance-driven exchange that is the first Canadian registered marketplace for digital assets that is federally approved as a Restricted Dealer. The exchange is also registered as a money services business with FINTRAC. This is a risk and financial assessment step that identifies what level of trading and access a user will have on the exchange. It requires users to submit an accurate assessment of both their and their spouse’s income levels, assets, liabilities, and recent tax filings.
Overall, what I would like to see is a live chat function added on to the site like most major discount stock brokerages have. The delivery of information in this day and age is becoming quicker and quicker, and most new customers will expect a feature like this. What was exceptional in my eyes, is the fact the company is very active on social media.
The platform provides a highly transparent fee schedule and doesn’t include fees in digital currency market prices — fees are always separate. It took me 24hrs to have my funds available to me after I funded my account using the interact online method. All of a sudden it takes forever to deposit money/buy coin.
Bitbuy is a Canadian cryptocurrency exchange platform that was founded by Adam Goldmanin Toronto, Canada, back in 2013. The platform is suitable for Canadian citizens only and is considered to be one of the most popular and leading crypto exchange platforms in the country. The government doesn’t consider Bitcoin or other cryptocurrencies as money you can use in shops or pay bills. So, the country’s financial institutions offer no protections for cryptocurrency transactions.
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I have tried to open an account with…
If you are a taker you will be charged 0.20% whereas if you are a maker you will be charged 0.10%. Select whether you want a limit order or a market order. For limit orders you will need to enter your preferred price. Make sure to enter all of the information including the security question and answer. In addition, in the latest Proof of Reserves Audit that was released on July 2021, BitBuy surpassed their cold storage policy for an average of 98.12%.
Bitbuy is one of the best crypto exchanges in Canada with a passion for transparency. Suppose you have an account with Bitbuy, and you’ve enjoyed the experience of trading cryptocurrencies. In that case, you can invite your friends, acquaintances, and loved ones through the Bitbuy referral program and earn a commission in the process. Despite offering an excellent reading experience, Bitbuy is yet to have a custom mobile application.
It stands out as a suitable platform for anyone who wants access to the world’s most commonly bought cryptocurrencies using basic functionalities. Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform.
Bitbuy Review 2022: Pros, Cons, Fees, and Alternatives
Express trade was designed for convenience and ease of use. Simply buy market orders super quickly in real time using this option. If you can meet those requirements you could get a nice stream of income since the commissions are paid on all fees for the life of the user’s account. If you have been using Bitbuy and you found the experience great then you can easily refer your friends and acquaintances and earn a referral commission. This could also be a great solution for those users who command a strong following online. We checked the spreads on the rate that we were getting from Bitbuy and the live market rate.
The purpose of this financial profile is to assess your “suitability” for investing in crypto. Qualified accredited investors get access bitbuy canada review to higher limits. Extremely fast, typically you can get cash from fiat to your favourite crypto exchange within 30 minutes to an hour.
The Express Trade platform is a quick and simple way for you to buy your crypto. This is perhaps best suited to beginners traders who are looking for the most efficient way to get their hands on some crypto. Note that these platforms have been updated with a more modern, user-friendly interface as of the new updates to Bitbuy. That’s why we found it disappointing that Bitbuy has removed the ability to contact their customer support team via telephone and via online chat. Currently the Contact page on the website and the support article regarding contacting Bitbuy only states that they can be contacted via email at
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The consequence is that you can only use a web-based interface through your mobile device. In addition, Bitbuy enforces a 95% cold storage security, ensuring that valuable assets are stored offline. The consequence is that only 5% of assets are vulnerable in the event of a successful hack. Bitbuy does not impose a fee for users funding their accounts with crypto. But there is a charge if you are funding your account in Canadian dollars.
Bitbuy has an app for iOS and Android devices that makes it possible for users to keep an eye on prices no matter where they are, and make trades at any time. It is just as easy to use as the desktop site, so beginners will feel comfortable on the app. 3)Bitbuy has an intuitive mobile app available for iOS and Android devices, enabling you to buy and sell no matter where you are. It is easy to use, so it’s perfect for beginners with limited experience with cryptocurrencies.
- Apart from the strict adherence to regulatory guidelines, Bitbuy engages the use of two-factor authentication to guarantee its users’ security.
- Since Bitbuy deals with Bitcoin, Bitcoin Cash, Ether, and Litecoin, you can use any supported BTC, BCH, ETH or LTC wallet.
- Bitbuy previously charged to deposit, but they have waived that fee now.
- Got a restrictive notice for withdrawing an amount for $380.
- Bitbuy also has a chat option that can be located in the bottom right-hand corner of the user’s accounts page.
Therefore, Bitbuy has not ventured into the territory of a number of other altcoins that are being offered by Canadian exchanges. However, given that EOS and Stellar Lumens are relatively recent additions, it does show that they are willing to add further coin support. Hopefully we can see another altcoin in their offering soon. They have promised AAVE and LINK are coming soon, so it does look like the number of choices is improving. These fees are actually quite reasonable and are below the rates that are charged by some of the other Canadian exchanges.
There is a minimum and maximum limit for CAD deposits so that traders can buy and sell at the best price. However, you can make multiple transactions, one after the other. They appear to be a relatively safe exchange and their fees are broadly in line with the rest of the market. While trading fees are slightly higher, their deposit and withdrawal fees make up for it. They offer a simple and effective way for Canadian users to buy and sell cryptocurrencies with their CAD.
We will go over their security, platform support, fees and technology. We will also gather the opinions of the Canadian crypto community on their experience with Bitbuy. While Bitbuy has some of the most popular cryptocurrencies available, it does not have the largest portfolio of altcoins. Nevertheless, if you’re only looking to use a secure and trusted Canadian exchange the you can’t go wrong with Bitbuy. Visit their official website for more information and claim free $20. Bitbuy is a safe bet when it comes to trading cryptocurrency.
Stupid site better to use Coinbase over…
Although users have access to a wallet on the Bitbuy platform, it isn’t technically a wallet in itself. The core function of the Bitbuy platform is to act as a cryptocurrency exchange — users can choose to hold their funds in another wallet. Since 2016, Bitbuy has operated as a Canadian cryptocurrency exchange that enables users to buy and sell digital assets. The trading fees on Bitbuy range from 0% to 1.5%, depending on your total trading volume over the last 90 days.
Compare Bitbuy against other exchanges
However, our team strives to bring you quality, unbiased information. That being said, the website is intuitive, fitting snugly into any device screen, including mobile phones and tablets. https://broker-review.org/ If you must perform a transaction without your PC, you can still complete basic transactions with your mobile device. Bitbuy insists that there is no charge for withdrawing your cryptos.
BitBuy is one of the most popular crypto exchanges in Canada. If you are sending / receiving funds in CAD then you can use one of the payment methods that we listed in thefees section. It is however important to point out that those processing times are mere indications and will vary greatly depending on your banking provider. One of the most important requirements for regular cryptocurrency users is the fees that are charged by the exchange. These include fees that are charged when sending / withdrawing currency as well as the fees that one could be charged for merely buying and selling. Oleg is a Canadian citizen & crypto expert who has been trading since 2016.