If you are reading this Bitbuy review, chances are that you are familiar with the idea of cryptocurrency exchange. Probably, you have already explored the most popular crypto exchanges, and now looking for a new, better place to begin trading your digital assets. If it is so, you have come to the right place — with this Bitbuy review, we will get you acquainted with a great reliable crypto exchange platform called Bitbuy.
But before we delve into the details of its functioning, let us briefly cover some history. Bitbuy is a platform for a crypto exchange that was established in 2016 in Toronto. Since then, more than 350 thousand people became its active users, applying its features in their trading solutions. However, this is not the newest cryptocurrency exchange — such platforms started their path of development in 2013.
The idea of cryptocurrency as such is also not a fresh one. The first solutions in this area appeared in the 90s, however, they did not move far. The truth is that for a long time people were thinking of alternatives to fiat currencies. Fiat options are not always convenient and are not accepted everywhere. In comparison to the fiat ones, cryptocurrencies have moved much further. Now, you do not even have to leave your house to replenish the funds.
Besides, the crypto world is a safer place: blockchain technology reduces the number of frauds, and nobody will just steal your wallet. You cannot lose your wallet either — everything is kept virtually. But, losing the keys and passwords is indeed dangerous since you might lose access to your funds forever. You are required to be attentive and responsible — this is how you can protect your money.
But let us get back to the BitBuy. The platform is proud of being a transparent and reliable ally of all cryptocurrency traders, starting with the beginners and finishing with the experienced traders. For the newbies, it suggests a simple and intuitive design, attractive interface with a clear structure. For experienced users, it comes with a set of advanced tools for more complicated professional trading.
Where Can I Use This Crypto Exchange?
In a sense, it does not really matter in which country you are now. You can try to access it from any point of the world, but it is not that simple.
Bitbuy is a Canadian exchange platform, that is why it will work only for Canadian citizens. To become a part of Bitbuy trading, Canadian users provide their phone number (no other phone number will fit), and the only fiat currency supported here is the Canadian dollar.
This means with without a corresponding number and Canadian dollars you will not access this platform and enjoy its functionality. Speaking of the latter, let us proceed to the next section of this Bitbuy review.
Canadian users can access Bitbuy cryptocurrency exchange in two ways: as a mobile app, or as a platform on the Internet. Both mobile app and web-based exchange provide complete functionality for the users.
Once you enter Bitbuy, you run into a user-friendly design. Even if you are new to the crypto trade, it will not take much effort to figure out the main functions of the platform. The interface is simple and attractive, so, already in minutes, you will understand how it operates.
What Does It Suggest?
Bitbuy users can trade their crypto assets here, just like on any other crypto exchange. They can trade their digital assets and exchange them for Canadian dollars as well with the trading fees equal to 0.2%.
Bitbuy is also a pro-trade platform because it suggests functions of the pro-trade. Under pro-trade, we usually understand advanced approaches to the crypto trade with complicated analytical tools. A couple of years ago Bitbuy received a range of features allowing for the so-called “pro-trade”. Since then, it is almost nothing different from any other pro-trade platform, be it Binance or Coinbase Pro.
When Bitbuy received its advanced trading interface, more and more advanced traders from Canada began choosing it for their technical analysis.
Or, if you are just at the beginning of your cryptocurrency trading path, you do not have to stick to the advanced trading platform features. You can practice express trade or any other activity of your liking.
You can create a Bitbuy wallet to keep your digital assets, and not worry about their safety. As Bitbuy states, 95% of all assets are kept offline in the storage. This cryptocurrency exchange provides two-factor authentication to increase safety — using it is obligatory for all Bitbuy exchange users.
If you prefer apps, you can easily download one from Google Play or App Store — it is available on both platforms. With this version, no Bitbuy functions will be lost.
You can get a deeper understanding of how fees function while practicing or while reading the corresponding literature (of course, the latter approach is less useful and is rather outdated, but you can still try it). With Bitbuy, you will also have to pay fees — let us take a closer look at how much you might be paying:
- Pro-trade: Maker & Taker — 0.1% & 0.2% correspondingly
- Express trade: Sell & Buy — 0.2% & 0.2%
- Deposit and withdrawal fees: e-Transfer & Bank Wire transfer (10 thousand dollars min) — 1.5% & 1% correspondingly.
On the Bitbuy cryptocurrency exchange official website, you can get acquainted with the full list of withdrawal fees. The idea is that you can withdraw cryptocurrency by paying a certain amount of this cryptocurrency. Say, for Ethereum, you pay 0.005 Eth, or, to withdraw bitcoin holdings, you give 0.00025 BTC.
Deposit and withdrawal payments are obligatory for cryptocurrency exchanges. You cannot get your assets from the wallet without paying the fee.
Payment Methods Bitbuy Suggests
Continuing with our Bitbuy review, let us move to the payment methods available on this Canadian exchange.
Unfortunately, with Bitbuy, a customer can use neither debit nor credit cards. But, there are other approaches to financial transactions available. Among these are Interac e-Transfer, Express Interac e-Transfer, and Bank Wire Transfer. These are the options for the Canadian dollar.
If you are Canadian, chances are that you have heard about Interac e-Transfer. Interac is a company that provides users with transaction services. People use Interac e-transfer to perform a bank transfer between personal and commercial accounts.
Before you start trading, you will have to deposit Canadian dollars into your account, and these ways might help you with it.
Crypto & Fiat Currencies
The simplest and clearest thing about Bitbuy is that among the entire variety of currencies (taking only fiat into consideration), it only operates with the Canadian dollar. However, it does not make this platform “bounded” — “specified” would be the correct term. And when we deal with something specified, we know that it functions better.
As for cryptocurrencies, Bitbuy supports many of those. Among them are
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- and some others
To start trading, you will only have to create a Bitbuy account and add funds.
To review the Bitbuy platform fully, we also have to cover the buying limits a user will inevitably face if working with this only exchange.
Let us discuss the express trade limit first. With the express trade, one can only buy no more than 25 thousand dollars. However, bigger transactions are possible. For that, you will have to either address the Bitbuy OTC desk or use the possibilities of the pro-trade.
There are also limits for both withdrawals and deposits — they are the same. The maximum deposit goes as 10 thousand dollars per day (with e-Transfers), for bigger amounts customers are advised to use wire transfers. With a wire transfer, the maximum limit goes up to 500 thousand dollars.
Customer Support Bitbuy Provides
Without stretching a point, Bitbuy provides one of the best customer support services among the whole range of exchange platforms. Technitioners on their direct customer support line are always ready to solve the problems of their users, regardless of what kind of problem a person addresses them with.
Experienced traders claim that they have always received the required answers, even if they asked for help on Saturday or Sunday. Bitbuy customer support is also one of the quickest. In less than half of a day, your problem will be eliminated. In other words, if you get into trouble and ask the local customer support team for help, you will not only receive it at all, you will also receive it as quickly as possible.
Online Bitbuy Review
On the Internet, Bitbuy managed to create an impression of a strong and trustworthy crypto exchange platform, with clear terms and reliable support service.
If we compare the place Bitbuy occupies on different comparison ratings, it is always relatively high. We also got acquainted with Bitbuy social media and figured out that they are always active and useful, providing current information on the life of the service.
For example, Bitbuy has a Facebook account, and if you are a regular cryptocurrency trader from Canada, we strongly recommend signing up for it. There, you will find the freshest news about the crypto world in general, and about the life of Bitbuy in particular. It is regularly updated, and thanks to it, you can stay up to date with the events of the cryptocurrency field.
Besides the fact that it is indeed a user-friendly platform, it is also completely legal in the territory of Canada. It reports Analysis Centre of Canada (it is a Canadian government regulatory body) as a money service business and is registered with the Financial Transactions.
Bitbuy security measures are rather reliable for the crypto world. Providing cold storage (under cold storage we usually understand offline storage with no virtual access) and obligatory 2-factor authentication, Bitbuy attracts more and more experienced traders to keep their assets on its basis.
However, in rare cases, if you cannot verify your identity with the help of Google Authenticator Bitbuy has, you might have to provide some additional documents to complete verification. Among those are the Financial Statement, Utility Bill, and a couple of other papers. But, as we already stated, this does not happen frequently.
In simple words, more and more people in Canada are choosing this trading platform for clear reasons.
The Final Word
We hope that after this review, Bitbuy and its possibilities became much clearer. It is a nice option for beginners, with its intuitive operation and regulatory compliance.
Just like the majority of platforms, it suggests crypto and bank transfer types, with the possibility of electronic funds transfer. Here, you can make CAD deposits, practice express cryptocurrency sale and get real trading experience.
Bitbuy definitely stands out among the other Canadian crypto platforms for several reasons. Remember, it is considered to be one of the best crypto trading platforms in Canada.
Firstly, Bitbuy suggests insurance. This decision is connected with the fact that all digital assets are transferred to BitGo Trust Company, which is under the insurance policy. In other words, your assets have never seen such a safe and secure place as this one.
Secondly, it provides constant support to its users. The rare platform boasts such a trustworthy and quick customer support system.
And, finally, the Bitbuy express feature allows its users to buy and sell assets in moments.
To conclude, this is the perfect option for Canadian traders. If you are one, do not hesitate to try it.
Frequently Asked Questions (FAQ)
Is Bitbuy better than Coinbase?
Comparing the two best crypto exchanges, it is necessary to follow several of their features. The main ones of those are functionality and security. A couple of years ago Bitbuy almost achieved Coinbase level, so, in functionality, they do not differ much. If you are new to the crypto market, chances are you will not notice the difference. None of these crypto exchange platforms were hacked, so, they both are rather secure.
Was Bitbuy hacked?
Bitbuy is considered to be one of the safest cryptocurrency exchanges. It has been functioning for years now, and it has never been hacked. It claims to be keeping 95% of users’ assets in offline storage. This fact even increases its trustworthiness and reliability.
Are Bitbuy fees high?
Each user decides on how much one can pay as a fee, so, each person will have a subjective view on whether Bitbuy fees are high or not. It is a fact that Bitbuy has slightly higher fees in comparison to other platforms, however, not the highest of those.
Do you own crypto on Bitbuy?
Bitbuy allows you to store your assets in the wallet. There, you can sell and buy cryptocurrencies, and exchange them as well. You are allowed to create crypto-crypto pairings or crypto-CAD pairings on Bitbuy. You can trade such crypto as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and others.
Is Bitbuy regulated?
Yes, the Bitbuy platform is regulated as Money Services Business. It complies with the Financial Transactions and Reports Analysis Centre of Canada. In other words, you can safely create a Bitbuy account and trade various currencies from Bitcoin Cash to Ethereum, while all your real funds will be kept in cold storage.