Pros
Cons
Quick Summary
| Headquarters Location | Toronto, Canada |
|---|---|
| Fiat Currencies Supported | CAD |
| Total Supported Cryptocurrencies | 45+ |
| Trading Fees | 0% - 2% |
| Deposit Methods | Bank Transfer, Debit Card, Cryptocurrency, Bill Pay, Interac e-Transfer |
| Support | Facebook, Twitter, Instagram, Help Center Articles, Support Ticket |
| Mobile App | Yes - iOS, Android |
Within the dynamic sphere of cryptocurrency, Bitbuy stands out among myriad exchanges that vary in services and dependability. Recognized for its robust security measures, attractive fee structure, and focus on user experience, Bitbuy facilitates an effortless and secure method for customers to purchase Bitcoin and various other digital currencies.
Bitbuy has secured unique access for Canadian residents as a Canadian crypto exchange. This positioning has solidified it as a fundamental entity within the ecosystem of Canadian virtual currency transactions.
The platform caters to novice and advanced traders by providing an experience that balances simplicity and complexity. It’s not just about facilitating transactions; it’s about maintaining a steadfast commitment to safety and dependability, which has kept its users loyal.
About Bitbuy
In the bustling metropolis of Toronto, Bitbuy’s journey began in 2013 under its initial moniker, InstaBT.
Adam Goldman, a trailblazer within Canada’s cryptocurrency realm, was the mastermind behind this vision and remains at the helm of the Bitbuy team today, steadfastly dedicated to providing a secure and user-friendly platform for digital currency exchange.
The transformation from InstaBT into Bitbuy signifies not only the expansion of the service but also the amplified confidence its clientele places in it.
Bitbuy’s Core Offerings
Bitbuy caters to a diverse range of investors by providing two bespoke trading experiences. For beginners in the cryptocurrency sphere, it offers an intuitive Express Trade platform designed for easy fiat-to-crypto exchanges. Meanwhile, seasoned traders can leverage the advanced Pro Trade platform, which features complex order options.
As a standout Canadian crypto exchange, Bitbuy’s core services demonstrate its commitment to accommodating the varied needs of cryptocurrency users.
Bitbuy has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Reddit, TikTok and YouTube.
Bitbuy has a mobile app on both the Apple App Store and Google Play.
Bitbuy Supported Cryptocurrencies
Bitbuy supports trading on over 45 cryptocurrencies on their platform. This exchange currently supports 17 of the top 30 market cap cryptocurrencies.
View all cryptocurrencies Bitbuy supports
- 1INCH
- AAVE
- ADA
- ALGO
- APE
- ARB
- ATOM
- AVAX
- AXS
- BAT
- BCH
- BONK
- BTC
- CHZ
- COMP
- CRV
- DOGE
- DOT
- ENJ
- EOS
- ETC
- ETH
- FTM
- GRT
- HBAR
- INJ
- LDO
- LINK
- LRC
- LTC
- MANA
- MATIC
- MKR
- NEAR
- PEPE
- SHIB
- SOL
- SUSHI
- TIA
- UNI
- USDC
- XLM
- XRP
- XTZ
- YFI
Embarking on a journey through the digital currency landscape with Bitbuy presents an array of opportunities to trade crypto-to-crypto pairs. The platform currently facilitates transactions across a diverse portfolio that includes 45+ cryptocurrencies.
This assortment lays excellent groundwork for enthusiasts eager to trade cryptocurrency, and as Bitbuy is set on broadening its offerings, it stands at the cusp of strategic expansion.
Variety and Selection
Despite not boasting the extensive array of digital currencies on many exchanges such as Binance or Crypto.com, Bitbuy provides a carefully selected assortment of digital assets designed to cater to its user base. This collection is anticipated to expand over time to give users in the Canadian market access to an increasingly varied selection of cryptocurrencies.
Trading Experience
Bitbuy stands out from numerous exchanges due to its distinctive features, which include purchasing and selling Ethereum (ETH), carrying out substantial transactions, employing tactics designed to boost investment outcomes, participating in staking activities, and accessing private wealth management programs.
Strategic Trading Opportunities
Bitbuy offers staking services, allowing traders to expand their cryptocurrency investments and bypassing the intricacies of configuring individual nodes. It is explicitly geared towards affluent clients and institutions.
Bitbuy’s Over-the-Counter (OTC) trading service ensures that large-scale transactions are conducted securely with personalized care while exempting large trades from fees.
App Usability
In the current dynamic environment, mobile capabilities are crucial, and Bitbuy’s mobile application delivers a platform that’s easy to navigate for traders of varying experiences. The app accommodates various trading activities, from swift market transactions to carefully placed limit orders, offering extensive features readily accessible on your device. This explains its popularity among those who use it for their trading endeavors.
Thanks to the smooth incorporation of these functionalities into Bitbuy’s mobile app, users enjoy the ease and adaptability needed to trade crypto on the go.
Advanced Trader Tools
Bitbuy caters to the needs of professional investors by providing a Pro Trade platform equipped with detailed market charts and intricate order types. It offers sophisticated trading indicators and analytical tools, real-time market data and price notification updates, and the ability to customize trading interfaces. Professional traders also gain access to advanced strategies and algorithms that can significantly enhance their trade execution.
For those serious about making their mark as market makers, Bitbuy Elite provides entry into a world of exclusive premium features that amplify one’s capabilities in the marketplace.
Bitbuy Fees
Understanding the economic implications of trading is crucial, and Bitbuy offers a clear perspective on its cost setup. With every transaction subject to a trading fee of 0% - 2%, users can participate in trading with full awareness of the expenses they’re taking on. While deposits incur no charges, withdrawal fees are openly disclosed, enabling traders to handle their financial statements assuredly.
Fee Structure Breakdown
Compared to various other exchanges, Bitbuy structures its fee schedule in the following manner:
- The standard trading fees are relatively higher than those found at competing exchanges.
- The Pro Trade platform, designed for advanced traders, offers more competitive rates. Market makers benefit from meager fees, while takers face slightly elevated charges.
- Cryptocurrency withdrawal fees vary and may be minimized by strategically aligning transactions with favorable market conditions.
This pricing framework lets participants approach their trading activities with a well-defined grasp of the associated expenses.
| Type | Fee |
|---|---|
| Deposit Fee (Bank Transfer) | 0% |
| Deposit Fee (Debit Card) | 0% |
| Trading Fee | 0% - 2% |
| Withdrawal Fee (Bank Transfer) | 1.50% |
Bitbuy supports a range of different cryptocurrencies with varying withdrawal fees. When looking at Bitcoin, their withdrawal fee is 0.0005 BTC. The average across all other exchanges that we've reviewed is 0.000539 BTC. This means Bitbuy charges below the industry average by 7.20%.
Bitbuy has a maker/taker fee schedule which you can see below.
|
Tiers |
Trading volume |
Maker fee |
Taker fee |
| Tier 4 | $5m + | 0.00% | 0.10% |
| Tier 3 | $1m – $5m | 0.15% | 0.25% |
| Tier 2 | $250k – $1m | 0.50% | 0.75% |
| Tier 1 | < $250k | 2.00% | 2.00% |
Security - Is Bitbuy Safe?
Security is paramount for any crypto exchange, and Bitbuy epitomizes this by implementing rigorous security measures to safeguard user assets.
Cold Storage Protocols
In the digital currencies landscape, Bitbuy employs cold storage as a mighty bastion of safety. By safeguarding most user assets offline, Bitbuy shields them from cyber threats and underpins the security of its clients’ investments.
The exchange’s adherence to strict cold storage measures speaks volumes about its commitment to security and reinforces its users’ confidence.
User Security Features
Bitbuy goes above and beyond just utilizing cold storage by implementing a wide range of protective measures for its clientele. Its enhanced security is provided through the following:
- Integrating two-factor authentication adds safeguards when accessing accounts and conducting trading operations.
- It adheres to rigorous server protection protocols that align with global benchmarks.
- It has a proprietary codebase that offers added defense against user data breaches.
These robust security strategies give those who use Bitbuy the confidence they need to engage in transactions or hold digital currencies like Bitcoin cash.
Bitbuy Customer Support
Support is easily accessible at Bitbuy due to the comprehensive Bitbuy support system. Should any problems arise with a user’s account, they can anticipate quick resolution (typically within 24 hours) to avoid significant interruption to their trading.
This commitment to swift and reliable assistance reflects Bitbuy’s excellent customer service, regularly receiving accolades from its clientele.
User Satisfaction Insights
Reviews on Trustpilot illustrate a pattern of prompt replies from the support team despite occasional reports of delayed service.
Bitbuy’s support is typically held in high esteem, yet there is room for improvement. Several clients have pointed out that incorporating more immediate assistance could elevate the overall quality of service provided to users.
Such critical input is invaluable for Bitbuy as it seeks to perfect its offerings and uphold the standard of customer satisfaction it strives to achieve.
Bitbuy Support Channels
Bitbuy’s Registration and Compliance
Bitbuy distinguishes itself through its commitment to transparency and adherence to regulations, which are essential markers of a trustworthy platform. Being a registered Money Services Business governed by the Ontario Securities Commission, Bitbuy conforms to Canadian financial regulation standards, thus providing a safe and compliant trading space for its clientele.
Ensuring User Safety
Bitbuy places a premium on user protection, grounding its services in stringent adherence to regulatory requirements, robust insurance measures, and steadfast cold storage protocols.
Regular audits solidify Bitbuy’s reputation as a trusted sanctuary for Canadian citizens trading digital currencies.
Transparency and Trust
Earning trust is paramount, and Bitbuy solidifies that through transparent operations. The exchange conducts a Proof of Reserves Audit and discloses its fee system openly.
How to Sign Up on Bitbuy
- Create Account - Visit the Bitbuy website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
- Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
- Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
- Start Trading Crypto - That's it! You should now have everything in place to start trading.
Deposit Methods
Bitbuy Alternatives
Binance
Total Supported Cryptocurrencies
386+
Trading Fees
0.10%
Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others
Kraken
Total Supported Cryptocurrencies
244+
Trading Fees
0.08% - 0.40%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other
OKX
Total Supported Cryptocurrencies
320+
Trading Fees
0.08% - 0.10%
Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others
Final Thoughts
Bitbuy is a dependable and advanced venue for trading cryptocurrencies.
The exchange is committed to security protocols, has intuitive interfaces designed for ease of use, has a competitive pricing structure, and emphasizes exceptional customer service. All these traits position Bitbuy as a favored option among Canadian traders.
Despite one’s experience level in the crypto market, Bitbuy offers customizable trading solutions to suit individual requirements.
Bitbuy FAQs
Bitbuy is a legitimate cryptocurrency exchange that operates in compliance with relevant Canadian laws and regulations. It is registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Bitbuy is owned by First Ledger Corp. First Ledger Corp is a blockchain and financial technology company.
The owner of Bitbuy is First Ledger Corp, which specializes in blockchain and financial technology.
Yes, Bitbuy requires users to verify their identity. This process is in accordance with Know Your Customer (KYC) regulations and anti-money laundering (AML) requirements.
Yes, you can withdraw Bitcoin from Bitbuy to your personal wallet or another address. This is part of the platform’s services to facilitate cryptocurrency transactions.
Whether Bitbuy is better than Coinbase can depend on individual preferences and needs. Bitbuy is known for serving the Canadian market, while Coinbase is a widely recognized platform with a global user base.
Users might compare various features such as user interface, fee structure, and customer service to determine which platform suits them best.
Yes, you can send Bitcoin from your Bitbuy account to another wallet. The platform enables transfers of cryptocurrency to external wallets.
Bitbuy provides a platform to buy, sell, and hold cryptocurrencies, and it includes wallet functionality for users to store their digital assets. However, it is primarily an exchange service rather than a standalone crypto wallet.
Bitbuy User Reviews
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Methodology
At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.
About The Authors
James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.
His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.
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Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.
His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.
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