Bitbuy
Bitbuy is a leading cryptocurrency exchange in Canada best suited for Canadian residents and citizens (and only!). Founded in 2016 with a mission to provide a quick, safe and easy way to buy and sell bitcoin and other top cryptocurrencies, today Bitbuy is a fully regulated exchange with oversight from Canadian federal authorities. Its top features include the ability to trade 25 cryptocurrencies (BTC, ETH, LTC, BCH, XLM, EOS, AAVE, LINK, DOT, DOGE, ADA, SOL, MATIC, UNI, SUSHI, MANA, USDC, APE, LUNA, MKR, CRV, BAT, COMP, FTM, and AXS) directly in the Canadian dollar and BTC based pairs, advanced trading platform, and OTC desk, and excellent customer service.
Key features
Bitbuy is known to be a user-oriented platform that makes buying top cryptocurrencies easy, fast, and convenient. Instead of being a one-stop-shop for all sorts of crypto-related services, it focuses on building trust by being user-friendly, regulatory compliant, and focused cryptocurrency exchange.
General info
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Pros & Cons
ScreenshotsKey features of Bitbuy include:
All in all, Bitbuy is a relatively small, yet extremely dedicated and trustworthy platform for Canadians. Background reviewBitbuy is a well-established platform with a large baggage of experience in the industry. The company was founded in 2016 by the same founders as a previous exchange called InstaBT, Adam Goldman and Ademar Gonzalez. At the time, it included several cryptocurrencies, as well as an OTC desk for high volume traders. In 2018, the company has upgraded and relaunched its platform, making it more user-friendly and easier to use. Today, the company cemented its position in the cryptoverse as leading Canada’s cryptocurrency exchange 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 (FINTRAC) and acts as Money Services Business (MSB). Although its services are still limited to the Canadian market, it is likely to scale the business to foreign markets in the future. If you’re unsure about the cryptocurrency market in Canada and want to learn more about its latest developments, you can follow its latest updates at Bitbuy’s resources section on its website.
Bitbuy feesBitbuy charges fees for fiat and crypto trades and both fiat and crypto withdrawals from the platform. Deposits to the platform are free of charge for both fiat and crypto as of July 2022. On the other hand, crypto processing takes time according to the network in question – from 3 to 12 confirmations (however, XLM and EOS deposits are nearly instantaneous). Much like Coinbase and Coinbase Pro, Bitbuy offers two types of trades – express and pro. Pro trades occur in the advanced trading platform. For all spot trading pairs, maker and taker fees are calculated based on a tiered fee structure, which means that the bigger your trading volume over the past 90 days, the smaller the amount you will owe in fees for each trade. They range between 0% and 1.5% for maker fees, and 0.1% and 1.5% for taker fees (see table below). Withdrawal fees at Bitbuy vary according to the withdrawal method. If you want to withdraw cryptocurrency, the fees tend to vary per different cryptocurrencies. Here’s the current Bitbuy’s crypto withdrawal fees table:
Speaking of fiat withdrawal fees, they vary from 0.5% to 1.5%, based on the withdrawal method. Simple bank transfers and wires currently stand at 0.5%, while Interact e-Transfer will cost you 1.5%. All in all, Bitbuy offers competitive fees for its users, which is somewhat unusual for the platforms that are focusing on user-experience. Even so, you can find better trade rates at other international exchanges but there are always trade-offs – they are either unregulated, has worse UX, or lacks proper customer support. Bitbuy security measuresAs a transparent and regulated exchange in Canada, Bitbuy is a secure service for your cryptocurrency activities. It has recently been registered under FINTRACa as a money service business (MSB). The exchange is also in the process of registering with provincial security commissions, to be followed by the Investment Industry Regulatory Organization of Canada (IIROC). Two senior staff members, Torstien Braaten and Dean Skurka, are also on the IIROC crypto asset working group. Bitbuy does not list questionable crypto assets either – only the most popular and time-proven cryptocurrencies get listed on its exchange. Speaking of platform security, Bitbuy offers the following security measures:
As a compliant and transparent exchange, Bitbuy leads by example on how to deal with crypto-security issues. Aside from regular third-party audits, it also conducts third-party security checks and actively monitors its on-platform activities. Besides, its team has passed background and client information handling checks, meaning it runs a highly competent service. The only issue may be an SMS-based 2FA user account security system, which was proven to be insecure in the past. Bitbuy hasn’t experienced any hacks in the past and remains a highly secure and trusted cryptocurrency exchange. Design and usabilityBitbuy has two trading interfaces – Pro and Express. Express trading is trading made simple – all you need to do is select the crypto assets you’d like to buy, enter the dedicated amounts and click the purchase button. It is an ideal option for novice traders who are just entering the world of cryptocurrencies yet it also charges higher fees (as mentioned above). Pro trading is designed for more experienced traders who are looking for advanced orders, charts, order books, market trade history windows, and other handy tools such as market depth charts. Essentially, it allows you to execute your trading strategy with more precision and control. Besides, the trades are cheaper there – but it might be too overwhelming for inexperienced users. Both platforms allow you to trade fast and quickly. Large volume traders and business clients can also make use of Bitbuy’s OTC trading desk (for bigger than CAD 25,000 trades). One of the best-known Bitbuy’s strengths is its excellent customer support service. The support is reachable via email and phone, which is highly convenient and not offered by many exchanges. The email response time can take up to 12 hours on any day of the week, which is relatively fast, especially if compared with competing exchanges. Bitbuy trading platform is accessible via browser but you can also trade on the go if you download its mobile app. It is available on both Android and iOS devices and allows you to perform the main features of the web platform. In sum, it is clear that a happy client is Bitbuy’s priority. Both starting and seasoned traders may enjoy the platform and the way it is designed, which makes up a pleasant trading experience. Although experienced traders may find some aspects of the platform limited, newcomers are surely likely to enjoy a smooth and frictionless cryptocurrency buying and selling process. Deposit and withdrawal methodsRegarding Bitbuy’s deposit and withdrawal methods, it allows you to move your funds in and out of the platform by wire transfer or Interac e-Transfer. Additionally, you can purchase BTC, ETH, and USDC using your credit card, and the exchange has plans to add more coins soon. The transfer times depend on your chosen method. Bank wire typically takes between 2 and 3 days. Most Interac e-Transfers will settle within the same day, and, in some cases, several hours. ConclusionBitbuy is leading Canada’s cryptocurrency exchange for a reason, and focused, reliable, and customer-oriented are the right words to define it. Instead of being a global conglomerate, it concentrates on fostering its local user base, regulatory compliance and smooth functioning of the exchange, which is exactly what most beginners are looking for in a cryptocurrency exchange of their choice. |