What Is Bitbuy?
Bitbuy.ca is one of the oldest and most popular cryptocurrency exchanges in Canada. Back in 2013, Adam Goldman founded an exchange named ‘Instabit’ with its headquarters in Toronto, which eventually got rebranded to Bitbuy in 2016. In 2013, cryptocurrencies or even Bitcoin were not half as popular as they are today. So starting an exchange where people can buy and sell cryptos back then was definitely not easy unless there is a strong vision behind it.
Ever since its inception, Bitbuy has been providing quality services for buying, selling and trading Bitcoins and other major cryptos in Canada. You must note that all the services offered by Bitbuy are restricted to Canadian citizens or permanent residents due to local regulations in place. In the past seven years, Bitbuy has reached many milestones and showed exponential growth in both revenue and customer base. In this year, Bitbuy has also been ranked as one of the fastest growing companies in Canada. More information about this can be found here.
As of today, Bitbuy can be considered as one of the most reliable options for Canadians to buy, sell and trade cryptocurrencies. In this Bitbuy review, let’s discuss all the key aspects of this exchange, such as safety, user interface, registration procedure, fees, etc. By the end of this Bitbuy review, we are sure that you will be able to decide if this exchange is for you or not.
Key Highlights of the Bitbuy crypto exchange
Of all the crypto exchanges we have seen and reviewed, Bitbuy is a bit different. This exchange is focussed on doing what they are best at rather than providing all the crypto services with moderate quality. Below are a few of things that make Bitbuy an exchange to consider.
- Amazing UI – If you are a novice crypto user and live in Canada, Bitbuy is for you. The user interface of this exchange is fascinating as it is comprehensive, yet very easy to use, understand and navigate.
- Secure – Bitbuy is one of the safest crypto exchanges in Canada, and it has been recognized by FINTRAC. Since the entire crypto market is decentralized, it is hard to find exchanges like Bitbuy that are also recognized by centralized authorities.
- Ease of Usage – From creating an account in just a few minutes to making bank deposits and quick withdrawals, user-friendliness is at the core of Bitbuy. Therefore, users with zero crypto knowledge also can easily use Bitbuy.
- Reliable Customer Service – Bitbuy offers amazing customer service for all of its users. Apart from the very well-curated list of FAQs, users get to reach the support team via email. Bitbuy pride themselves on outstanding customer support, and their reply time to email queries is the best in the industry.
- Just For Canadians – Users of this exchange can only be the residents and citizens of Canada. Users can fund their accounts using Interac eTransfer and Bank Wire with CAD as their base currency. Deposits and withdrawals can be done in CAD and also other cryptocurrencies.
- Availability of OTC Desk – Bitbuy also offers an OTC (Over-the-Counter) service for those interested in trading larger amounts than $20K. This feature will be especially useful for retail traders with high volume and also institutional investors.
Available Asset Classes on Bitbuy
Bitbuy users get to access seven major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Bitcoin Cash (BCH), Stellar Lumens (XLM), and EOS. Users can purchase or trade these cryptos using Canadian Dollars (CAD) or other cryptocurrencies.
You can follow their main crypto trends here.
Is Bitbuy Exchange Safe?
As mentioned earlier, Bitbuy is one of the safest exchanges in Canada. In the past seven years, this exchange has no history of getting hacked or being involved in any malpractices. Undergoing regular audits and being a recognized MSB (Money Service Business) by a federal agency like FINTRAC explains the credibility and reliability of this crypto exchange.
Below are some of the notable measures followed by Bitbuy Canada to offer utmost safety and security for their client funds.
- Two-Factor Authentication – 2 FA is mandatory to perform any transaction or even log in to their account on the exchange.
- Cold Storage Functionality – This is mandatory for any exchange which claims to be genuine and secure. Cold storage is the process of storing the funds in an offline wallet which is nowhere connected to the internet. Bitbuy claims that 95% of its client funds are stored in a cold wallet and is separated from the core network. Therefore, it is impossible for anyone to steal the funds from Bitbuy network.
- KYC Verification – All the users registered on Bitbuy go through a verification process known as “KYC”, which usually is processed automatically and is mandatory in order to protect potential users that are being scammed.
- Security Audits – Bitbuy regularly partners with the blockchain cybersecurity agencies such as Cipherblade or BIG (Blockchain Intelligence Group) to perform various audits including ‘proof of reserves.’
- Proof of Solvency – The various security audits concluded that this exchange had passed the audits in all the categories including crypto to fiat solvency at a 1:1 ratio. This explains the transparency in the accounting of assets that are traded on this exchange.
- Bitcoin Insurance – Users of Bitbuy get to store their bitcoin holdings in an offline vault with insurance up to the full value of their holdings. This has been made possible by their partnership with Knox. More information about this can be found here.
Other critical security measures undertaken by Bitbuy includes the daily encryption activities and taking multiple backups. Also, every transaction that takes place on the exchange is passed through SSL for additional security.
How to Trade on BitBuyTrading Interfaces
Users of Bitbuy can choose from two different trading types which are Express and Pro.
‘Express Trade’ is for beginners whereas ‘Pro Trade‘ is for more advanced crypto traders. Anyone with a Bitbuy account gets to access both Express and Pro trading options. For Express trade option users, everything has been made really simple on the platform. The users of this option might be more beginner traders who are looking to buy crypto in just a few seconds.
The process is also seamless as all the user needs to do is to select the crypto asset, choose the quantity and click on buy or sell. Also, transactions are quick, but the fees can be slightly higher when compared to the Pro Trade option.
On the other end, Pro trade is for professional crypto traders who tend to analyze the market before buying or selling a crypto asset. For this purpose, this exchange has partnered with TradingView to offer industry-grade charting tools for technical analysts.
Pro-trade users also get to access advanced order types, and the interface would look like any other crypto exchange like Coinbase or Binance with order books, trade history windows etc. Also, the fee charged here is cheaper compared to the Express trading option. To have a look at the Bitbuy Pro demo page, click here.
How to register on Bitbuy?
Signing-up with Bitbuy is pretty easy, and the entire process takes just a few minutes to complete. Below is the step-by-step procedure of the registration process.
Step 1: Visit the official Bitbuy website.
Step 2: Click on ‘Sign Up Here’ at the bottom.
Step 3: You will be able to see the below screen. Enter the email address, preferred password and click on ‘Sign Up.’ (You can also enter the Bitbuy referral code if you have been referred by someone.)
Step 4: You must then visit your mailbox and verify your email address by clicking on the link that you have received.
You must be able to see the below screen to confirm if your mail address has been verified.
Step 5: You will be redirected to the below page where you have to enter your credentials and click ‘Sign In.’
Step 6: Enter your mobile number (only North American numbers with +1 as the code is allowed) and validate by entering the OTP. You will later be able to change your 2FA technique to Google Authenticator.
Step 7: Fill all the personal details that are mentioned in the below screenshot.
Step 8: Choose the options that apply for you, provide consent for verification by choosing the ‘Accept’ option and click on ‘Request Verification.’
Step 9: Finally, upload the appropriate documents and click on submit. This is the ‘one-time only’ KYC verification process to ensure that nobody is signing up using your lost ID or that users aren’t being scammed. Once the verification is done, you will be able to fund your account and trade cryptos on the Bitbuy exchange.
Deposit and withdrawal
Users can perform deposits and withdrawals to their Bitbuy account using Cryptocurrencies and the CAD fiat currency. Deposit methods include cryptos, bank wire transfer, and Interac e-transfer.
In the below screenshot, you can see the minimum and maximum deposit/withdrawal limits for your Bitbuy account. You can also notice that the processing time is much quicker when done through Interac e-transfer than the traditional bank wire transfer.
The minimum amount that you can withdraw is $50 and $20k with Interac e-transfer and bank wire transfer, respectively. The former takes about 24 hours to complete the withdrawal whereas the latter method takes about 2-3 working days.
In the below screenshots, you can find the information related to the deposits and withdrawals when done through cryptocurrencies.
We found that cryptos are the best way to deposit and withdraw funds to your Bitbuy account as there is no deposit fee. The withdrawal fee is also cheaper when compared to conventional withdrawal methods. Additionally, the processing time is faster when done via cryptos.
We found the fee charged by this exchange to be very reasonable and in par with the services they offer. Infact, Bitbuy charges the cheapest fees when compared to all the other exchanges in Canada. As mentioned in the above sections, all Bitbuy users get to use Express Trade, Pro Trade, and OTC features.
The Pro Trade option is cheaper when compared to the Express Trade. A maker fee of 0.1% and a taker fee of 0.2% is charged to buy/sell cryptos. In comparison, a flat fee of 0.5% is charged for using the Express trade option to either buy or sell the available cryptocurrencies.
The deposit fee for bank transfer (0.5%) is cheaper compared to the Interac e-transfer (1.5%). In comparison, the Interac e-Transfer method is a way to make faster deposits, even if the fees are slightly higher.
This exchange charges a 1.5% fee for withdrawing funds from their Bitbuy account using Bank transfers and Interac e-transfers. You do not have to pay any fee if you transact through cryptos. More information related to Bitbuy fees, can be found here.
Bitbuy Pros & Cons
- Bitbuy’s user interface and user experience are the best we have seen in a crypto exchange.
- This exchange provides excellent customer support with quick response time.
- One of those very few exchanges with strong regulations. This offers maximum security for user funds and increases reliability of the exchange.
- Well curated account types (Express & Pro) as they cater to both novice and experienced crypto traders.
- Bitbuy’s partnership with Knox is valuable as offering insurance to all their existing users Bitcoins with no additional costs charges can definitely be considered a pro.
- Available to Canadian citizens and residents alone at the moment.
- Only major cryptocurrencies are available to speculate and trade.
- Moderate fee structure. Could have been cheaper in a few areas.
Bitbuy Canada is definitely one of the unique exchanges in the market. Their intention to be the best at what they are good at rather than doing everything while offering a lesser quality explains their commitment towards the great services they offer. The platforms offered and fees charged by this exchange is very well curated to serve both novice and more experienced traders. The user-friendliness of the platform, excellent support team and the robust security measures taken to protect their client’s funds are some of the most appreciable features of this exchange.
Frequently Asked Questions (FAQs)
Q: I am from Brazil. Is there any way I can use the services offered by Bitbuy?
A – Unfortunately, no. This exchange is only for the citizens or permanent residents of Canada. To register, you need a permanent address in Canada and a North America mobile number.
Q – Can I use PayPal or Skrill to fund my Bitbuy account?
A – No. You can use Interac and Bank wire transfer to fund your accounts. Also, you can use cryptocurrencies to fund your account.
Q – Are my funds safe when I deposit them in my Bitbuy account?
A – Yes. They are absolutely safe. In the past seven years, there is not one incident of this exchange getting hacked or the theft of client funds. That’s the importance this exchange gives to its client funds.
Q – I am a professional crypto technical trader and prefer paying fewer fees. Which trading option should I choose? Express or Pro?
A – You should definitely go with the Pro Trade option as you get to access the TradingView charting tool to analyze the markets. The fees in this account are also less when compared to the Express account. Cheers.
if you are residing in Canada and want to get into cryptos with utmost ease, Bitbuy should be your go-to exchange. Register Here.