Bitbuy is a Canadian cryptocurrency exchange platform that offers a secure and easy way to buy, sell, and trade digital assets. Today, we’ll concentrate on Bitbuy’s review and evaluation of the platform based on all of the most important factors.
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What is Bitbuy?
Bitbuy is a leading Canadian cryptocurrency exchange platform founded in 2013 by Adam Goldman in Toronto. It is a secure and easy-to-use platform that supports popular cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, Ripple, Litecoin, Stellar Lumens and EOS. Bitbuy was originally called InstaBT but was re-branded to its current name as the company expanded. The main goal of the company is to provide Canadians with easy and secure access to Bitcoin and other cryptocurrencies. As the platform continues to improve, more cryptocurrencies will be added in the near future.
Key Features of Bitbuy
Key features of Bitbuy include:
Exchange only for Canadian dollars (CAD). Bitbuy is only available to Canadian citizens and residents and is not available in any other country.
Simple to use. Bitbuy has two platforms available: Express and Pro. Pro trading caters to experienced traders, whereas Express allows you to buy cryptocurrencies quickly and easily.
The ability to buy and sell 25 different cryptocurrencies. Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and many others are digital assets that are revolutionizing the way we transact and store value.
Regulatory compliance. Bitbuy is a regulatory-compliant platform that is registered as a Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
OTC desk. Bitbuy’s OTC trading platform is available to high-volume traders and institutional investors.
Excellent customer service. Bitbuy provides direct email customer support and responds within 12 hours or less.
Key Advantages of Bitbuy
Bitbuy crypto exchange has quite a lot to offer, so let’s take a look at each of the aspects separately and see what it’s all about.
Security is a top priority
Bitbuy is one of the most secure and reliable cryptocurrency exchanges in Canada. It is registered by FINTRAC as a Money Services Business (MSB) and is responsible for meeting all obligations under the PCMLTFA and associated Regulations. Every Bitbuy user has to confirm its identity, meaning that the platform ensures there are no fake accounts and scammers on the platform. Bitbuy is also responsible for keeping certain records and have to complete reports related to suspicious transactions, terrorist property, large cash transactions, and electronic funds transfers.
Centralized and decentralized cryptocurrency exchanges both have their advantages and disadvantages. Centralized exchanges are similar to banks and can be considered safer, but there’s a third-party involvement and you don’t have full autonomy over your wallet. Decentralized exchanges, on the other hand, don’t involve a third party and you have full control over your assets. To ensure your security, whether you’re using a centralized or decentralized exchange, you should always keep your assets in a secure wallet, such as a hardware one.
Buy & Sell Major Cryptocurrencies
Bitbuy is a cryptocurrency platform that supports all major coins, including Bitcoin (BTC), Stellar Lumens (XLM), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), EOS (EOS), Ripple (XRP), Decentraland (MANA), Chainlink (LINK), AAVE, Dogecoin (DOGE), Cardano (ADA), Polkadot (DOT), Uniswap (UNI), SushiSwap (SUSHI), Polygon (MATIC), and Solana (SOL). With 17 different coins to choose from, Bitbuy is a great option for those looking to buy, sell, and store cryptocurrencies. However, if you’re looking for less popular tokens, you may want to look elsewhere. Ultimately, it all depends on your personal needs.
Fiat Support (CAD)
Bitbuy is a Canadian cryptocurrency exchange that allows users to purchase Bitcoin, Ethereum, and other cryptocurrencies using fiat money. It supports Canadian dollars only, but users can also fund their accounts with cryptocurrencies. Bitbuy is a reliable platform with a variety of positive reviews, making it a great choice for Canadians looking to buy cryptocurrencies.
Useful Products & Services
It is easy to use and provides clear navigation with the Express Trade platform, perfect for beginners. PRO Trade platform is created for advanced traders, with additional features such as in-depth market charts, advanced orders, and live order book. Bitbuy OTC is suitable for big trades, allowing you to work directly with one of Bitbuy’s experienced traders and get a live price quote. Bitbuy API is for experienced developers, providing access to 10+ markets with CAD-to-crypto and crypto-to-crypto pairs. Bitbuy also makes it easier by providing automated sign-up and onboarding processes, as well as a new “username” feature for a smoother experience.”
Built-In Wallets for Every Account
Bitbuy is a Canadian exchange that takes security seriously. They offer an insured built-in wallet and have partnered with BitGo to provide an offline vault. For those looking for an extra layer of security, hardware wallets like the Ledger Nano X, Trezor Model T, and KeepKey are recommended. These wallets provide a secure way to store cryptocurrencies and are worth the investment for those looking to protect their digital assets. Bitbuy is committed to providing users with the best security measures available, so they can rest assured that their funds are safe.
Mobile App Available
Bitbuy is a Canadian cryptocurrency exchange that offers users the ability to buy, sell and trade 7 different cryptocurrencies. The provider offers both a desktop platform and a mobile app that is available for both iOS and Android users. The mobile app features a clear design, is easy to use and navigate and offers the same functionality as the desktop version. Users can fund and withdraw CAD using Interac e-Transfer or bank wire. Bitbuy reviews have praised the platform for its user-friendly design and features, making it a great choice for both beginner and experienced traders.
It has a 98%+ cold storage policy, 2FA on all transactions, 1:1 Bitcoin insurance, and a recent audit by a third-party blockchain security firm. The platform allows users to fund, buy, sell, and withdraw cryptocurrencies quickly and securely. It also has features that allow users to track currency market prices, orders, and view history. Bitbuy is also launching a new platform that will allow users to modify 2FA options based on their personal preferences. With its strong security and wide range of features, Bitbuy is a great choice for anyone looking to buy, sell, or trade cryptocurrencies.
Fees are Relatively Low
Bitbuy is a crypto exchange that supports fiat currencies and offers low deposit fees. When depositing or withdrawing Canada dollars, you will pay from 0.50% to 1.50% depending on the type of deposits and withdrawals – Bank Wire or Interac e-Transfer. Fees for trading are different for market makers and takers, with makers usually paying lower fees than takers. Market makers add liquidity to the market and increase the market depth, while market takers seek liquidity and take it off the book. Bitbuy is a great choice for those looking for a reliable and secure crypto exchange with low fees.
Bitbuy is a Canadian cryptocurrency exchange platform that offers competitive trading fees. The standard fee is 0.25%, however, when using the ‘Bitbuy PRO’ version, the fee for makers is 0.10% and for takers – 0.20%. When using the ‘Express Trade’ feature, you will only pay 0.20% for each instant trade. Digital cryptocurrency deposits and withdrawals are free, however, processing times vary. Bitcoin deposits take 3 confirmations, Ethereum – 12 confirmations, while Stellar Lumens, Ripple and EOS processing is almost instant. Withdrawal fees vary depending on the currency, for example, Bitcoin (BTC) – 0.001 BTC, Stellar Lumens (XLM) – 26XLM, Bitcoin Cash (BCH) – 0.01 BCH, Ethereum (ETH) – 0.02 ETH, Litecoin (LTC) – 0.05 LTC, EOS (EOS) – 0.03 EOS and Ripple (XRP) – 25 XRP. Bitbuy’s fees are on par with the industry standard and get lower when using Bitbuy PRO.
Key Disadvantages of Bitbuy
It’s time to move on to the next section of this Bitbuy review: the platform’s drawbacks.
A Small Number of Cryptocurrencies
Bitbuy is a cryptocurrency exchange platform that offers 17 options to choose from, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, EOS, Ripple, Stellar Lumens, LINK, and AAVE. While this is enough for those looking to buy the most popular coins, it is much less than other international cryptocurrency exchange platforms such as Coinbase, Binance, and Kraken, which offer more than 30, 150, and 37 supported cryptocurrencies respectively. Therefore, if you’re looking for a platform with more options, then you should consider other options.
How to Use Bitbuy?
If this Bitbuy review convinced you that this platform is exactly what you’re looking for, I’d like to give you a head start by providing you with a step-by-step guide on how to create an account on Bitbuy as well as how to make a deposit to begin trading.
How to Create an Account on Bitbuy?
- Step 1. The first thing you need to do is go to the Bitbuy main page and click “Sign Up to Get Started”.
- Step 2. You must now enter the required information: email address, password, and referral code (optional). After that, click “Create an account.”
- Step 3. Check your email address; you should have received a letter from Bitbuy. If it isn’t there, click “Resend Verification Email.”
- Step 4. Open the Bitbuy email you received and click “Verify My Email.”
- Step 5. You can sign up for Bitbuy after your email has been verified.
How to Make a Deposit on Bitbuy?
- Step 1. Sign in by clicking “Your Account” in the top right corner of the page.
- Step 2. After signing in, click the “Add Funds” button.
- Step 3. You have two funding options: e-Transfer or wire transfer. Remember that wire transfers take longer.
- Step 4. Enter the amount to be transferred and click “Next.”
- Step 5. Complete the transaction by logging in to your financial institution’s or online banking platform.
Conclusion
Bitbuy is a Canadian cryptocurrency exchange founded in 2013. It offers a secure platform for buying and selling major cryptocurrencies, a built-in wallet, and a mobile app. However, it has relatively high fees, is only available to Canadian citizens, and has some concerning reviews online. It is suitable for beginners but may not be as good for experienced traders. Before buying cryptocurrencies, it is important to also get a secure wallet for your assets. Popular models include Ledger Nano X and Trezor Model T.
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Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.
