BitBuy Review 2023: Is This Canadian Crypto Platform Worth It?

If you’re serious about trading cryptocurrency, you’ll want to have a Bitbuy account to do so. The initial sign up requires only a few things from you, like a username, a password, and a North American phone number (+1). Yes, Bitbuy is to this day only available to Canadian residents. With Bitbuy’s Express Trade feature, beginners who simply want exposure to cryptocurrency in seconds can do so. If that’s you, with Express Trade, all you have to do is enter the amount of CAD you want to invest in a certain cryptocurrency and click “Buy”. In a few seconds only, you’ll see your newly acquired crypto on your account.

When you open your account, you’re required to set up two step-verification , using your mobile phone. According to Bitbuy, 95% of assets are stored offline in cold storage, and they’re registered with FINTRAC, Canada’s financial intelligence unit. If you need help, you can reach them by email or by phone. Their response time is faster than other cryptocurrency exchanges, many of whom don’t offer phone support at all. Self-serve assistance is available via the support page of the Bitbuy website.

Unfortunately, Bitbuy does not offer staking, crypto cards, or any additional features you might see elsewhere. Bitbuy’s focus, for now, is offering their users the best trading experience. These questions ask you about your net worth, income, and projected income for the next year. The purpose of this financial profile is to assess your “suitability” for investing in crypto. Qualified accredited investors get access to higher limits.

Ten Safest Cities In Canada – Safest Cities in Canada 2023

Provide your cell phone number to activate and set up your account with two-factor authentication and enter the other personal information required. In the end, every provincial and territorial regulator approved the Bitbuy acquisition through the Canadian Securities Administrators. Both types of technology handle cryptocurrencies, albeit through differing mechanisms and applications. We assume no liability for the completeness or accuracy of the information.

And finally, Bitbuy uses a «KYC» model, which is short for Know Your Customer. This verification process, primarily done through the exchange of documents proving your identity, is one of the main ways the company prevents things like crypto related fraud. However, cryptocurrency brokerages are different, and many investors are worried that their money may be at risk. Fortunately, Bitbuy’s security is some of the best in the country. Since then, Bitbuy has been ranked one of the fastest growing start-up in Canada. Bitbuy’s fees are some of the best around, and it has a plethora of information available in its FAQ, so you can navigate the platform with ease.

Security is paramount when we are investing, more so with cryptocurrencies. In fact, crypto fraud cost people more than $1.2 billion in 2019 alone. 2 Products with instant approval have a provisional decision within 60 seconds. However, approval of your application is not guaranteed. The credit provider’s final decision is made at their discretion, subject to decisioning criteria.

bitbuy review

Keep in mind that a minimum investment of $25,000 is required to get started with OTC trading. More advanced options, such as TradingView charts, order status and history, as well as sophisticated market orders, including stop and limit orders. Be the first to hear about the best offers, promo codes and latest news.

Life Insurance

The platform’s primary goal is to make the trading process easier and more accessible to the public. They offer dependable, convenient, and secure access to Bitcoin, Ethereum, and other cryptocurrencies. The platform is designed for new traders who are seeking a simple interface.

  • Hit ‘Next’ when you are ready and enter your two-factor authentication code to complete your request.
  • The Bitbuy exchange offers a concierge OTC service for those looking to conduct high-volume trades without slippage.
  • You should have a Canadian mobile number to register with this crypto trading platform.

Not wasting your time waiting for clearance or verification or fraud money laundering bs which they require on other platforms. Buy sell, and get it deposited rightaway via e-transfer. Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges.

Inside this review

They refuse to refund me for the transaction fees on the rejected e-transfers. Meaning I paid $88.68 in transaction fees for 3 transactions, but should have only paid $44.34. Firstly, every transaction I make now they take 1 cent off (if you try to make a trade for, say, $200, you will only receive $199.99). Send, receive and exchange Bitcoin and other cryptocurrencies. MetaMask is a crypto wallet software that also serves as a gateway to blockchain applications.

Bitbuy is one of the most popular cryptocurrency exchanges in Canada. It was founded in 2016 and has its headquarters in Toronto. As already mentioned, certain fees only apply to withdrawals. Moreover, since it is a regulated trading exchange, deposits are protected by comprehensive deposit coverage, which is regulated by law. The API is available to individuals, businesses, algorithmic traders, cryptocurrency ATMs, and other companies that want to automate their trading activity. The platform offers several different service levels, each catering to another segment of the crypto market.

bitbuy review

Despite operating as a centralized cryptocurrency exchange, Bitbuy leverages advanced technology to secure user funds. The first thing you’ll notice about Pro Trade is the sophisticated user interface, which employs plenty of in-depth charts and real-time market data. Customization is available so you can choose how you want to view your trading screen. Bitbuy offers an OTC trading desk for Pro users who wish to make large trades of $25,000 and up.

OKX Wallet

They offer the most popular coins, including Bitcoin, Ethereum, and Polygon. However, the accessibility is still limited for users who want to invest in multiple crypto assets. One fact that sets the platform back from other crypto trading platforms in our Bitbuy review is the payment restrictions.

Excellent Customer Support

Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing. Get home insurance in 5 minutes for as little as $12/month. Best of all, Hardbacon users receive a $20 account credit when they choose Square One. Users need a Canadian mobile number to register and trade. Bitbuy exclusively provides services to Canadian citizens.

You should have a Canadian mobile number to register with this crypto trading platform. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new bitbuy review crypto assets. CoinSmart is another reputable exchange with low fees, free deposits and some of the most popular cryptocurrencies. Yes, Bitbuy offers Over-The-Counter trading for large crypto trades.

The platform stands out from other trading platforms due to its unique fee structure. Newton has over 100,000 registered users on its platform. Bitbuy not only offers an easy-to-use platform with a straightforward design but also gives you access to additional functionality. This section of the Bitbuy review will discuss the different products and services this trading platform offers. Bitbuy makes it easier for Canadians to sell and buy cryptocurrencies with easy CAD deposit methods. Only a few other platforms provide this instant payment method.

If this happens to you, you can contact the support team to get it resolved. When trading with Bitbuy, it’s best not to do anything unusual for your account. Bibuy can be used both at home on a large desktop PC and on the go on a mobile device such as a smartphone. The company offers different interfaces for different customer needs.

With the express trade option, you can place an order for a cryptocurrency. This is an easy-to-use option with straightforward navigation. There are no additional and unnecessary tools that might confuse the new traders. If you are looking for a trustworthy crypto exchange, this Bitbuy review might be helpful for you.