Although Bitbuy doesn’t have the largest selection of altcoins, it covers the major cryptocurrencies you’ll need. Additionally, Bitbuy now emphasizes a transparent and competitive fee structure, potentially more appealing compared to older perceptions of high fees. When trading with Bitbuy, it’s best not to do anything unusual for your account. Bitbuy has a well-organized support page on its website, where you can find guides and answers to common queries about topics like account verification and deposit methods. Once you’ve selected your trading pair, you can choose whether you want a limit order or a market order.
They advertise free interact withdrawal – NOT!
But if you want to pay in anything other than Canadian dollars, or you’re looking for advanced trading features like margin or options trading, you’ll need to look elsewhere. It has a lot to offer crypto investors.
The platform is used to broker direct trades between the buyers and sellers without listing them on its order book. The biggest drawback to using the Express Trade service, however, is the cost as it is significantly more expensive to buy or sell cryptocurrency this way than it is to use the Pro interface. The Express trade feature supports local Canadian dollars through which the transactions are settled. The exchange is run and operated by Bitbuy Technologies Inc., a division of crypto investment company First Ledger Corp. Cryptocurrency will be one of the main medium exchanges in the future. At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry.
- Iain Taylor was a cryptocurrency writer for Finder.
- Bitbuy will send a code to your phone which you’ll need to access your account.
- I hope that you found this Bitbuy review helpful and are ready to become a part of the crypto community!
- Unfortunately, the company doesn’t offer live chat support.
- NFTs and other emerging asset classes are also not supported, which is a notable difference from platforms targeting more advanced traders or those interested in digital collectibles.
Does Bitbuy provide insurance or proof-of-reserve for customer funds?
There was a network fee of about $10 to move the Bitcoin, which meant I ended up with a total of $89.20 worth in my wallet. It’s possible that Bitbuy’s new fee structure hasn’t been fully applied to my transaction yet, or perhaps there are other factors at play affecting the fee calculation. For comparison, Crypto.com charges 0.4%, NDAX charges 0.2%, and Bitget charges just 0.1% for regular users. However, they’ve recently adjusted their fee structure. It also helps Bitbuy determine your trading limits. The purpose of this financial profile is to assess your “suitability” for investing in crypto.
For volume under $250k, the maker/taker fees are 1.50%, which is relatively high compared to other exchanges. As a Canadian cryptocurrency exchange founded in 2016, Bitbuy is tailored specifically for Canadians, offering both a beginner-friendly platform and advanced tools for experienced investors. Their transfer fees are ridiculous, do not use this platform. Welcome to one of the best Canadian cryptocurrency trading platforms. Bitbuy charges a 0% fee for wire transfer deposits, 0% fee for interac e-transfer deposits and a 0% (network fees apply) fee for crypto deposits.
I’m afraid to start the process over because I’m feeling like I’m dead in the water here. I tried to get a sizable amount off the exchange recently via cold storage wallet without success. I opened a Bitbuy account last year and started buying btc.
Businesses
One of the main flaws related to centralized cryptocurrency exchanges that support fiat currencies is high deposit fees. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. Bitbuy enables its users to buy and sell any of the supported cryptocurrencies directly to and from the platform without having to interact with the sophisticated pro trading interface. The platform primarily supports CAD to crypto trading pairs, but you can also trade Bitcoin against other popular cryptocurrencies like Ethereum, Stellar, Bitcoin Cash, EOS, and Litecoin. If you’re into buying, selling and storing cryptocurrencies, one of the things that you should consider is the number of supported cryptocurrencies that the platform offers.
- It’s not a fee though, so I guess that’s all good.
- While we cover a range of products, our comparison may not include every product or provider in the market.
- When creating an account on Bitbuy, you no longer need to think about a wallet – it’s already built into your account.
- The fees will be clearly displayed during the process, so you’ll know exactly what you’re paying.
Services
This fee structure varies depending on how you trade with the exchange. Bitbuy fees are competitive in line with the rest of the industry with an easy-to-understand structure in place across the board for traders. Top registered and regulated crypto trading platform for Canadians.
To make a purchase on Bitbuy’s Pro Trade platform, click on the BTC-CAD pair in the top-left corner. This gives you a clear overview of the trading activity happening in real time. Bitbuy’s Pro platform is visually appealing, featuring an attractive color scheme that you can customize to suit your preferences. You’ll then be shown all the necessary details to complete the transfer.
It’s easy to use, very good security,support and they still get better Bitbuy is one of my favorite exchange because of its security!!!! BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. All things considered, it’s for you to decide whether Bitbuy crypto exchange is exactly what you’re looking for.
Compared to other leading cryptocurrency exchanges Bitbuy may not be the best option, however, it all depends on your personal needs. Talking about decentralized cryptocurrency exchanges, there’s no third-party involvement and you have full autonomy over your wallet. While centralized exchanges can be considered safer, there’s an increasing number of decentralized platforms that are coming into the market.
HelloSafe.ca offers site visitors information on insurance and personal finance products in compliance with applicable laws. The details and bonus amounts can vary, so check the referral section of your account for the latest terms. The platform also provides detailed FAQs and knowledge base resources for fast self-service solutions. Customers can reach Bitbuy’s support team via email and through a web-based help center, with support available during Canadian business hours.
Trading Platform
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. The platform is based in Toronto, Ontario, serves more than 400,000 Canadians, and supports over 15 cryptocurrencies. Bitbuy is a Canadian cryptocurrency trading platform launched in 2016 by Adam Goldman. 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.
Is Coinbase Safe? Read Before You Sign Up
While many new millionaires have been minted from Bitcoin, many have also lost money. Whether Bitcoin is a good investment will depend on its uptake as a store of value and/or its uses as a means of exchange over time. It is also registered as a marketplace and restricted investment dealer in Canada with OSC approval. You can put your crypto coins to work and earn interest on Bitbuy. Provide your cell phone number to activate and set up your account with two-factor authentication and enter the other personal information required. Even if you bitbuy canada review are a newbie, their “Express Trade” feature makes it super-easy to begin trading.
For trades of more than $50,000, you can utilize the Bitbuy OTC trading desk. This is available in your web browser, or on mobile and offers a simple way to quickly buy and sell crypto with few complications. The most user-friendly and streamlined trading platform is Express Trade. There are several trading platform options available at Bitbuy. For liquidity providers, the maker and taker fees are also 0.1% and 0.2% respectively if you have accumulated under $1.5m CAD in total maker fees paid in the previous 12 month period.
Bitbuy demonstrates a strong commitment to regulatory compliance as one of the first Canadian crypto exchanges registered as a Restricted Dealer under Canadian Securities Administrators (CSA) oversight. Its mobile app will enable users to trade on the go keeping up with their trading activities. Bitbuy maintains an exhaustive section offering support services, including guides, tutorial articles, FAQs, and informative articles on cryptocurrencies. Its company headquarters are based in Toronto, Ontario, Canada, and currently serves more than 400,000 Canadians with support for 15 cryptocurrencies. In this review, we will look at Bitbuy, a popular Canada-based cryptocurrency exchange. If you are new to the crypto world, we’d recommend checking these best crypto exchanges in Canada.
Staking
If you are a Bitbuy ProTrade user or using an API client to trade, then there is a 0.1% maker fee along with a 0.2% taker fee. More than 99% of crypto on the exchange is held in cold storage. Device and 2FA Authentication via Google Authenticator and Authy are in place for those trading through the platform. When it comes to security while trading with Bitbuy, they are also conscious of creating a secure environment.
Users looking to take advantage of its benefits need to contact Bitbuy’s customer support to request access. There is also a minimum trade value of CAD 25,000 on the Private Wealth desk, meaning that the service is specifically designed to facilitate large orders. Previously referred to as the OTC desk, this feature helps prevent price slippage since large orders can affect the market price of an asset if listed on the open marketplace. Bitbuy’s Private Wealth feature facilitates high-volume trades for retail and institutional investors. 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.