Bitbuy Review: Canadian Cryptocurrency Exchange

Bitbuy has two trading platforms on offer at their exchange. All you have to do is head on over to your “Wallet” section. You will select the coin in question and you will hit “Deposit”. This will populate the wallet box with the deposit address where you should send the crypto.

He pointed out all the red flags that were being presented and subsequently saved me from making a huge mistake. I had feared the worst when a transfer of several hundred dollars worth of crypto didn’t appear in my Bitbuy wallet. It turns out that due to a software error the memo ID didn’t send along with my XLM. Prit from Bitbuy patiently investigated and the coin was in my wallet the next day.

  1. The release of a new pro-trade product was recently preceded by a proof of reserve and security audit.
  2. It’s time to move to another part of this Bitbuy review – the cons of the platform.
  3. Bitbuy has two trading platforms on offer at their exchange.
  4. Now, there are no deposit fees and they have implemented a tiered trading fee structure based on your trading volume over the last 90-day period.
  5. In contrast, the Bitbuy Pro Trade Platform caters to customers who want to perform analysis and trade crypto more seriously.

However, since the platform is created specifically for Canadians, it supports Canadian dollars only. Based on a variety of Bitbuy reviews, this shouldn’t cause any issues. If you’re a Canadian crypto enthusiast, you have access to multiple cryptocurrency exchange platforms, both international and local ones.

One of the things you’ll want to consider as you look for a cryptocurrency exchange is whether or not it supports the digital asset you want to use. 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 cryptocurrency exchange headquartered in Toronto, Ontario, Canada founded by Adam Goldman in 2016. The exchange is only available for Canadian citizens and those with permanent residence. It uses the Canadian Dollar as the currency for trading, deposits and withdrawals.

Crypto Taxation in Canada in 2024: A Comprehensive Overview for Canadians

While Bitbuy does not offer the lowest trading fees in Canada, it did give me one of the lowest markups above Bitcoin’s live market price as well as a higher selling price. If you’re thinking of opening a Bitbuy account, here’s what to know. Bitbuy is asserting itself as one of the best Canadian cryptocurrency exchanges.

More experienced traders will get better trading fees through the Pro Trade platform. These fees are based on a 90-day rolling trade volume ranging from 0-2% for makers, and 0.1-2% for takers. A summary of Canada’s major cryptocurrency exchanges and brokers. To find Canada’s best crypto exchange, we tested each platform across 60+ features each. It’s a relatively simple platform as it offers 20+ cryptos, beginner and pro trading, and quick deposits with Canadian Dollars. It also checks a lot of boxes when it comes to security which we’ll explore below.

All you have to do is visit the Bitbuy website and click on the “Get started” button in the top-right corner. Let’s break them down to show just how much you could be paying. Bitbuy in cold storage are insured by BitGo Trust Company. One way Bitbuy does this is by confirming and verifying the identity of anyone that uses the exchange. That means there are no scammers or fake accounts using the exchange.

Who is Bitbuy Best Suited For?

That said if you decide to use the platform after reading this Bitbuy review, make sure to also get the mobile version as well. Bitbuy offers a slew of products and features that are desirable to all kinds of crypto traders, from beginners to advanced users. They offer a simple and effective way for Canadian users to buy and sell cryptocurrencies with their CAD. In the parlance of the cryptocurrency community, Bitbuy is a “fiat gateway” for access to a few of the most popular coins. The company has a 3.4 star rating, and many users state Bitbuy has excellent customer support. Most of the negative reviews stem from Bitbuy delisting XRP and account withdrawal issues relating to that crypto, not customer support delays.

About Bitbuy Exchange

I have purchased 10’s of thousands of various crypto and withdrew 1000’s just as quickly. Keep up the good work I recommend it 100 percent. You get trading discounts if you’re investing millions in crypto, but for the everyday investor, you’re stuck paying deposit fees and trading fees.

Are all the top cryptocurrency exchanges based in the United States?

At Finty we want to help you make informed financial decisions. We do this by providing a free comparison service as well as product reviews from our editorial staff. 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. When you’re ready to buy any of the cryptocurrencies that Bitbuy supports, the quickest way to do so is through fiat currency.

Trading using CAD

If you are sending / receiving funds in CAD then you can use one of the payment methods that we listed in the fees section. It is however important to point out that those processing times are mere indications and will vary greatly depending on your banking provider. In this comprehensive review, we will take a deep-dive on Bitbuy. 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.

While there’s a variety of different factors that you need to take into account when choosing a cryptocurrency exchange platform, one of them is considered to be the most important one. When writing this review, Bitbuy’s daily trading volume was $22.5M. Even though it’s quite low compared to some of the industry giants, it’s crucial to remember that Bitbuy is a Canadian-only crypto exchange platform. Bitbuy is a Canadian cryptocurrency trading platform launched in 2016 by Adam Goldman.

However, given that Bitbuy are constantly looking for feedback, it is likely that these improvements could be in the pipeline. We are aware that Bitbuy is making quite a few changes to their platform and technology as a result of their VC funding. Hence, we will eagerly await to see if these points have been addressed. So, all in all, a nifty piece of technology which could help Bitbuy secure the lucrative high skilled trader niche. Something else that we really liked about this platform is the fact that it has “break-out” screens.

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