There is also a mobile specific app for both Android and iPhone that users can download to trade, alongside wallet access. The platform also does not depend on any third-party services for the custody of the assets that are traded through it, which means that all the wallets on the platform are separated from the network. The Bitbuy OTC trading platform is regulated by FINTRAC as a licensed MSB , which makes it a reliable medium for conducting OTC transactions.
Bitbuy is one of the more popular services for buying Bitcoin in Canada. This post covers everything you need to know about it before using the service. The platform is relatively cheap compared to some other competing exchanges.
Pros
Once your account is created, you’ll be logged-in to this account. Bitbuy is a large Canadian cryptocurrency exchange that’s easy to use, but does have some drawbacks. Like OTC trading, you work with a Bitbuy expert to invest in cryptocurrency for your business.
- Bitbuy maintains multiple channels through which its users can get help and support.
- Using the Pro platform, Traders can add technical indicators and overlay drawings to perform analysis on the charts.
- From a technological security perspective, Bitbuy’s servers are secured across several disaster recovery locations and cloud providers that are SOC, ISO and FIPS compliant.
- Bitbuy offers an intuitive and responsive mobile application for users to buy and sell crypto markets anytime and anywhere.
- Also, it’s fair to mention that if you use Bitbuy PRO, fees get lower.
To sign-up, you require a North American telephone number plus the only fiat currency support is the Canadian dollar. E-Transfers have a maximum of $10,000 per day, for anything higher it is wise to use a wire transfer with a cheaper fee and $500,000 maximum. The user interface is clean, fast and simple to navigate with three main features. Bitbuy originally launched in Toronto as Instabit providing a simple way to buy bitcoin, way back in 2013. Since then it has rebranded to Bitbuy, widening the operation, acquiring venture capital funding and adding to the cryptocurrency selection.
BitBuy Cons:
Bitbuy’s spreads, which are essentially another form of trading fee, are fairly tight. I’m in the middle of researching the spreads on every Canadian exchange, and Bitbuy is performing reasonably well relative to other exchanges. From a technological security perspective, Bitbuy’s servers are secured across several disaster recovery locations and cloud providers that are SOC, ISO and FIPS compliant. Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin XLM and EOS make up the cryptocurrencies available to trade at the time of writing, with plans to add AAVE and LINK to the portfolio.
Bitbuy crypto exchange has quite a lot to offer, so let’s take a look at each of the aspects separately and see what it’s all about. The trading platform is a regulated MSB or Money Service Business under FINTRAC . This measure is placed everywhere on the Bitbuy network for employees and users to avoid unauthorized access. The two-factor authentication uses two forms – a smartphone and a password – for authentication.
“Not since their so called upgrade . You can easily get locked out of your account and there isn’t very much you can do about it. Customer support takes around 12–24 hours to respond.” Binance definitely wins in the fee department as Bitbuy’s fees are a flat 0.20% for makers and takers with almost no incentives for reductions. It’s important to note that the content on the BitcoinWisdom website shouldn’t be considered investment advice. Investing is speculative and when you invest money, your entire capital is at risk.
For example, in this thread you can see that most of the users who commented had no issues withdrawing coins from their accounts. This was also during the peak bull run in Jan so it shows their consistency. Probably the most popular Canadian cryptocurrency community that one can find is the Canadian Bitcoin subreddit at /r/BitcoinCA. Community members will share information not only on the best exchanges but also on other hints and tips for buying Bitcoin in Canada. Once you have submitted these documents then you will have to wait for human verification at Bitbuy.
What is Bitbuy?
However, since the platform is created specifically for Canadians, it supports Canadian dollars only. Based on a variety of Bitbuy reviews, this shouldn’t https://broker-review.org/ cause any issues. If you decide to buy Bitcoin, Ethereum, or other cryptocurrencies, you should know that the easiest way to do that is using fiat money.
You will also be provided with the options- Use Best Bid or Use Best Ask before placing the trade. You can find your order history in the My Orders section after you have placed your trade. Deposit cryptocurrencies are supported by Bitbuy for investing and trading purposes. The platform provides a special product for beginners called the Express Trade platform.
As for customer support, Bitbuy offers a support service center users can access via logging into the app and submitting a query. The team also maintains a blog with news and reports as well as with tutorials. The best features of Bitbuy are its catered range of products for Canadian users. Bitbuy is designed to be simple to use for newbies to crypto who desire access to regulator-approved crypto access, as well as ease of access to banking relationships in Canada. However, Bitbuy comes out ahead as compared to its competitors in both these regards.
The exchange is fully regulated by Canadian federal authorities through their registration with Financial Transactions and Reports Analysis Centre of Canada as a Money Services Business . Currently, the exchange only onboards residents or citizens of Canada. To find an exchange accepting also non-Canadian traders, you can check out our Exchange List. Sign in to your financial institution or online banking platform and complete the transaction. Processing Bitcoin deposits takes 3 confirmations, Ethereum – 12 confirmations. However, when it comes to Stellar Lumens, Ripple and EOS processing, it’s almost instant.
The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews . For the more advanced traders out there, you will probably want to trade on Bitbuy’s more advanced trading platform. This is more like your typical exchange with customer order books matched with an exchange “matching engine”.
It also means that you receive better trading transparency and deeper liquidity, which leads to better prices. You won’t run into annual trading caps on altcoins, in contrast with some other exchanges that are legally obligated to enforce trading caps of $30,000 on certain coins. Technically speaking the web-based platform will work anywhere in the world, but it is only of use to Canadians.
Customer Support and Online Reviews
If a user however in Canada seeks easy access to a regulated exchange for a few top coins, Bitbuy may be the winner. International users who can use FTX International may prefer FTX. US users trading at FTX US need to do KYC procedures and likewise for Bitbuy for Canadians. Fees may be slightly more competitive at FTX as a trader’s volume is higher, since FTX offers both fee incentives for volume and for holders of its FTT token, though Bitbuy offers no incentives.
If you are trading on the “Pro Platform” you will be charged according to a maker / taker fee schedule. If you are a taker you will be charged 0.20% whereas if you are a maker you will be charged 0.10%. They are actually a subsidiary of the First Ledger Corporation which is a blockchain services company. Cryptocurrency regulation in Canada is strict, meaning few exchanges are allowed to operate within the region.
After all, unless you hold crypto in your own wallet, you’re relying on your exchange to protect your digital assets. Canada still has an unfortunate lack of cryptocurrency exchanges and investing options that just cater to Canadians. Ultimately, this means many Canadian investors end up using international exchanges to buy and sell crypto. Many crypto currency exchanges pay $5 to $10 in free crypto for opening and funding a new account. A $40 bonus for both users is certainly higher than most crypto exchanges, so this is one nice perk of trying out Bitbuy.
Bitbuy has flat 0.20% fees for express trading, and they decrease to 0.1% for pro trading for market makers. This means that either market takers or makers who wish to receive rebates or lowered fees based on high trading volume may prefer other exchanges that also provide more trading options and products. As we mentioned earlier, Bitbuy is an advanced trading platform developed primarily for Canadian crypto enthusiasts. For anyone who is based in Canada and looking to trade crypto assets, Bitbuy offers the perfect solution. Bitbuy Pro is Bitbuy’s advanced trading platform, where users can place advanced order types and get even lower trading fees.
Available Cryptos on Bitbuy
If you wanted to refer people, then there were two options that you could consider. One is to give them your referral code for them to use when you are signing up and the other is to give them a referral link. The latter is perhaps your best bet as it makes sure that the user has indeed signed up with you as the referral. For the Bitbuy deal, if you refer a friend and they sign up and buy $250 of cryptocurrency then both you and your referral will get $20 for the introduction. This is a great way for them to get a 20% boost on a relatively modest portfolio. So, all in all, a nifty piece of technology which could help Bitbuy secure the lucrative high skilled trader niche.
For traders using the Pro Trade platform, Bitbuy provides market trading histories in addition to a trader’s orders. This is broken down into Open, Filled, and Cancelled orders with a Fees summary also provided. It is worth noting that there are also no limits on crypto deposits or withdrawals. There are limits for Canadian Dollar deposits and withdrawals, however.
These wallets are not free, but it is important to protect your cryptocurrencies. If you do not want to pay for a wallet, simply open the Wallets page to access the wallets. This will show you a summary of your balances across the wallets. Note that for every wallet, this Canadian exchange provides a Canadian dollar over and above the total available balance and crypto balance. Note that the crypto exchanges do not provide any payment method for a credit or debit card.
If you came here for a Bitbuy promo code, you’ll be happy to know that you don’t need a code to get your $30 signup bonus. Simply use this signup bonus link and then deposit $250 or more into your account and you’ll receive the $30 automatically. Yes, Bitbuy’s crypto holdings are held by BitGo, a well-respected cryptocurrency custodian whose wallets are insured by Lloyd’s of London for $100 million. No, Bitbuy has never been hacked, and it’s extremely unlikely that it will be hacked in the future. It has a series of advanced security measures in place, and routinely passes security audits performed by third-party financial security firms.
So far, the platform has not reported any major security incident, which has become a testament to its focus on providing secure crypto brokerage, trading, and wallet services. Bitbuy’s Private Wealth feature facilitates high-volume trades for retail and institutional investors. The platform is used to broker direct trades between the buyers and sellers without listing them on its order book.
I suppose we’ll have to wait and see if that includes a new phone contact or online chat feature. 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 When it comes to withdrawal of cryptocurrencies, Bitbuy says that these are free. They are still likely to apply a network or miner fee to your transaction so you should keep that in mind.