Users are required to use 2 Factor Authentication to secure their account, this is compulsory during sign-up. We have used other platforms but Bitbuy is by far the most user friendly and simple to use. Our contact, Vit, has been very responsive, helpful, and an absolute pleasure to work with. For investors who pre-own Bitbuy supported cryptos, Bitbuy users may also deposit and sell cryptos on the Bitbuy exchange. Do note that there are minimum and maximum amounts in Canadian Dollars per transaction.
Furthermore, Bitbuy has digital asset insurance provided by BitGo which covers losses from events like hacks, private key theft, and loss of keys. Bitbuy offers OTC trading if you’re investing $50,000 or more. Once you fund your account with $50,000 worth of Canadian dollars or BTC/ETH equivalent, you unlock this feature.
Bitbuy does not list questionable crypto assets either – only the most popular and time-proven cryptocurrencies get listed on its exchange. If you’re in a hurry, express buy will cost you a 0.2% fee per every CAD/CRYPTO trade. Express cryptocurrency sale will cost you 0.2% per trade, too. Today, the company cemented its position in the cryptoverse as leading Canada’s cryptocurrency exchange Hedge due to its customer-oriented focus and transparency. Besides, it is regulated by Canadian federal authorities as it is registered with the Financial Transactions and Reports Analysis Centre of Canada and acts as Money Services Business . 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.
Crypto Trading And Wallet
Bitbuy is a cryptocurrency exchange located in Toronto, Canada, that originally launched as Instabit in 2013. It has rebranded since then, expanding its operations, securing venture capital funding, and expanding the selection of cryptocurrencies that you can exchange in its platform. Bitbuy is leading Canada’s cryptocurrency exchange for a reason, and focused, reliable, and customer-oriented are the right words to define it. Bitbuy hasn’t experienced any hacks in the past and remains a highly secure and trusted cryptocurrency exchange.
This makes it easy to develop as a trader and crypto investor. Bitbuy also offers a 1 to 1 insured Bitcoin platform for users to store their holdings in an offline Famous traders vault that is protected by an insurance policy. Customers can have peace of mind when using Bitbuy that their funds are protected by value-matched insurance.
As for the fee structure, the trading fee is slightly on the higher side, although it is unlikely to become a deal-breaker for the majority of traders. Bitbuy also offers OTC trading for those looking to directly buy huge crypto stashes from a counterparty. BitBuy is a legitimate cryptocurrency platform and it has been registered with the FINTRAC as a Money Service Business . You can follow the company and get to know about latest features and offers. BitBuy has an active customer support team that will help you resolve any complaints you might have.
I really like that they are no trying to pretend there are no fees, and instead are focused on providing liquidity and low fees as a reputable exchange should. The maker fee is comparable to the popular altcoin trading exchange Binance, however, the liquidity on Bitbuy Pro is low which may become an issue for high net-worth individuals. Shilpa is a freelance tech writer and journalist who is deeply passionate about artificial intelligence and pro-freedom technologies such as distributed ledgers and cryptocurrencies. Her expertise lies in turning complicated technical concepts into easy-to-read, informative articles without distorting or diluting facts. She’s a full-time foodie, semi-skilled musician, and wannabe horror writer. The customer support experience is decent — not the best-in-class, but above average for sure.
Creating An Account With Bitbuy
After the account has been set up, you can start funding your account by bank wire, by depositing crypto, or through an e-transfer. Technically speaking the web-based platform will work anywhere in the world, but it is only of use to Canadians. To sign-up, you require a North American telephone number plus the only fiat currency support is the Canadian dollar.
Your account will be ready in no time, and you can start trading immediately after the verification is complete. For receiving or sending funds in CAD, use any one of the payment methods listed below. All users must note that the processing times are just indications and may vary depending on the bank provider. OTC or Over-the-counter is another product developed for vast trades of over $50,000 in CAD or ETH or BTC equivalent. It offers you to operate directly with experienced traders in Bitbuy. The company’s main objective is to offer safe and secure access to popular cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens, Ripple, and EOS.
Bitbuy Trading Fees
However, given that EOS and Stellar Lumens are relatively recent additions, it does show that they are willing to add further coin support. They have promised AAVE and LINK are coming soon, so it does look like velocity broker the number of choices is improving. The move was made by Bitbuy as part of their commitment to best practices in the cryptocurrency exchange industry while awaiting greater regulatory clarity in Canada.
Some users are super happy with the platform while others not so much. The referral program pays the referee $20, for every person who signs up using that referral code. It also pays the person who has signed up using the code a $20 welcome bonus. You will have to pay 0.50% for buying and selling orders on Express Trade if you are using the platform for its one-click functionality. For signing up you have to provide your email address and password. Bitbuy offers access to 7 coins which include, Bitcoin, Bitcoin Cash, Ethereum, and Ripple.
- The Canadian exchange also has been transparent with information to their customers.
- For example, you have a great deal more charting functionality than you have on the Express Trade.
- Note that both these account types offer access to Bitbuy Express and Bitbuy Pro trading platforms as well as to their renowned OTC desk.
For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find broker finexo when visiting a financial institution, service provider or a specific product’s website. The fees for withdrawing CAD is the same as depositing depending on the payment method you choose. However, while Kraken is available in Canada, certain traders are not allowed.
Bitbuy Review 2022: Canadian Cryptocurrency Exchange
The company’s email support is quick and responsive, replying to queries in under 12 hours, even on a weekend. Users will pay a relatively high 3.5% deposit fee for an extra fast Express Interac e-Transfer. 2FA is the gold standard, and works by using two forms of authentication, a password and a smartphone, for a single action such as an account login or executing a trade. Leverage, in the highly competitive world of forex trading, can either work for or against a trader.
How To Invest In Index Funds
Get $40 using the Bitbuy Referral Code or clicking the referral link. In addition to crypto trading, Shakepay allows peer-to-peer transfer of funds between users and a Shakepay Card, with bitcoin cash-back will be available soon. You can get on the waitlist for the card when you sign up for a Shakepay account.
Key Features Of Bitbuy
Large volume traders and institutional investors can make use of Bitbuy’s OTC trading platform. Tom Blake is a personal finance writer with a passion for making money https://forexaggregator.com/ online, cryptocurrency and NFTs, investing, and the gig economy. Like OTC trading, you work with a Bitbuy expert to invest in cryptocurrency for your business.
And, when you consider the range of trading options for beginner and experienced crypto investors alike, this popularity isn’t too surprising. In January 2022, WonderFi, the Kevin O’Leary-backed DeFi company, also announced its acquisition plans for Bitbuy. Between the OSC regulation and acquisition, it’s clear that Bitbuy is quickly asserting itself as one of the best crypto exchanges in Canada.