Bitbuy Review 5 Things to Know Before Using this Canadian Exchange

Bitbuy also stores 98% of user funds in cold storage, which means it’s offline and not accessible to anyone trying to hack or break into the exchange. Even if a breach occurs, the vast majority of the funds on the platform are protected. This platform is also located in Toronto and offers double the cryptocurrencies. The exchange is also quite popular with over one million regular traders.

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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. Of course, in order to supplement the technical analysis you are going to need more order functionality. Thankfully, this platform has the option to place limit as well as market orders. It is great to see an exchange engage in such transparency and the ecosystem would do well if more exchanges followed suit.

  1. Bitbuy’s cryptocurrency exchange operates both as a web-based platform and mobile app.
  2. This may influence which products we compare and the pages they are listed on.
  3. Once you have submitted these documents then you will have to wait for human verification at Bitbuy.
  4. After your account is fully verified, you are able to make a deposit.

When a friend signs up and deposits $250 or more using the code, both the user and their friend receive a $20 bonus. The program has no referral limits, providing users with the opportunity to maximise their earnings. By joining Bitbuy, users can take advantage of the referral program, share their code, and enjoy the rewards that come with referring friends.

Bitbuy exceeds its cold-storage self-mandate of having 95% of all digital assets secured in cold storage. The exchange also has a comprehensive insurance policy run through digital asset security company BitGo. Bitbuy is one of the most popular crypto exchanges in Canada, so I tested the platform to find out why. Not only does this platform stand out for its clean, user-friendly design, but it offers several easy ways to fund your account with fiat, and some of them are free.

Bitbuy Review Summary

When you’re ready to buy any of the cryptocurrencies that Bitbuy supports, the quickest way to do so is through fiat currency. If you want more niche altcoins, you may have to visit bigger platforms like Binance or Kraken, but for the most common digital assets, Bitbuy will work just fine. Obviously, this list isn’t close to supporting all the cryptocurrencies out there, but these are some of the more popular coins in the market. This Bitbuy review will focus on what this crypto exchange has to offer and how it compares with other platforms. Express trades on the Bitbuy platform are charged at a 0.20% rate while pro platform trades attract 0.10% and 0.20% maker-taker fees, respectively.

Bitget Exchange Review: A Comprehensive Look at Features, Fees, Security, and More

Bitbuy has two trading platforms on offer at their exchange. Once you have submitted these documents then you will have to wait for human verification at Bitbuy. They have stated that this could take between 1-3 business days to process. This is about the standard waiting time for non-automated verifications. Bitbuy requires all of their users to enable two factor authentication by default.

Currencies and Payment Methods

In Pro Trade, however, the initial maker fee is 0.10% for buy and sell orders, while takers pay 0.20%. These fees are relatively lower compared to other exchanges like Coinbase’s Coinbase Pro, which charges makers 0.40% and takers 0.60%. You can top up your account with cryptocurrency, wire transfer or Interac e-Transfer —a Canadian payments app.

How Does Bitbuy Compare to Other Canadian Crypto Brokers?

Overall, Bitbuy is known for providing users with an easy-to-use exchange that’s ideal for both beginner and experienced traders and investors. Bitbuy is a Toronto-based cryptocurrency exchange that launched almost a decade ago in 2013. Initially, the platform was called Instabit, offering crypto enthusiasts a quick and easy way to purchase Bitcoin. Bitbuy has launched an intuitive mobile bitbuy canada review app that enables the platform’s users to access all the features available on the web interface through the easy-to-use mobile interface. The mobile app is available on both iOS and Android app stores. The biggest advantage to using the Pro trade feature is that traders have more control over the price at which they enter or exit their positions and how much they pay for the trades.

Alternatively, you can execute traded using the Best Ask or Best Bid options. You’ll also find a solid selection of popular altcoins such as Dogecoin, Shiba Inu, ApeCoin, and Pepe Coin. In fact, ApeCoin and Pepe Coin are hard to find on other majpr exchanges in Canada, so I was happy to see them listed on Bitbuy. While it can take up to 24 hours to fund your account this way, the money was deposited into my account in less than 5 minutes.

Wallets and Security

This means that you can pop out any of the screens from the main interface. Essentially, you can set your own trading layout across your screen. The Pro Trade platform also has your standard market depth charts. These are helpful as they give you an overview of the bullish / bearish sentiment in the market.

I’ve been using bitbuy since 2013…

This order flow can also complement the technical analysis that you are doing on the charts. This is because Bitbuy uses Tradingview charting technology. This is well known in the trading community for being one of the best charting packages on the market. You can do extensive crypto technical analysis with their tools and technical overlays. We checked the spreads on the rate that we were getting from Bitbuy and the live market rate. There was not really any discrepancy which means that Bitbuy was indeed being honest in their pricing of the coins.

PayPal and similar digital payment services are not supported. The site implements plenty of features to ensure its users’ funds and assets are always protected. CoinSmart offers one less digital asset than Bitbuy, but so long as you prefer to buy, sell, and trade the most popular cryptocurrencies, you shouldn’t have any problems. Creating an account with CoinSmart is free and the site is intuitive and easy to use.

If you do not live in Canada, there are other options that you may want to consider. With the bank wire transfer, it is cheaper to deposit funds into Bitbuy than it is to withdraw at 0.5% and 1%, respectively. For those of you who appreciate multiple funding options, especially free ones like eTransfer or Wire Transfer, you’ll find Bitbuy to be quite accommodating.

As the name suggests, Bitbuy Express is a feature that enables you to purchase cryptocurrencies easily and without friction. Express will set you back a 0.2% fee for every CAD to crypto trade, and each sale will have a 0.2% fee per trade. The full value of digital assets in Bitbuy’s cold storage are insured with BitGo Trust Company, the world’s first qualified custodian, purpose-built for storing digital assets. Cryptocurrency deposits are feeless, but crypto withdrawals depend on the cryptocurrency but usually range from $1 to $20. Here are some frequently asked questions about the Bitbuy cryptocurrency exchange. Not very many exchanges offer live chat support, so if getting help when you need it is important, Wealthsimple is a solid option.

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.

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