Bitbuy digital currency trading platform review

Bitbuy Digital Currency Trading Platform

• Buy cryptos with CAD
• Multiple payment methods
• 95% cold storage policy
• Established in 2013

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Buy, sell and trade Bitcoin, Bitcoin Cash, Ether, Litecoin and Ripple on this Canadian-owned and operated cryptocurrency exchange.

Founded in Toronto, Bitbuy is a Canadian owned and operated digital currency trading platform. Aside from finding traders competitive on-the-spot deals for buying, selling and trading cryptocurrency from around the world, the exchange also provides solutions for businesses to accept bitcoin and Ether as payment and offers guaranteed two hour funding when customers use Express Interac e-Transfer as a payment method (during specified business hours).

We’ve included everything you need to know about using this platform to buy, sell and receive Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Litecoin (LTC) and Ripple (XRP). Read on to decide if Bitbuy is the right cryptocurrency exchange for your needs.

What is Bitbuy?

Bitbuy.ca

$20 bonus when you create a new account

Get a $20 bonus when you buy or sell at least CAD$100 in digital currency. T&Cs apply.

Last verified 18 Sep 2018

Get deal

Bitbuy is a discount cryptocurrency broker offering customers immediate access to Bitcoin, Bitcoin Cash, Ether, Litecoin and Ripple marketplaces around the world. Using trading algorithms, the platform scours the Internet for the lowest market prices and connects traders directly to what it establishes as the most cost-effective deals worldwide. Additionally, the service offers Canadian traders access to an advanced trading platform known as Pro Trade and an OTC service for trades of $25,000+. In September 2018, Bitbuy also had a redesign of its platform, which offers a single screen interface on both mobile and desktop views — allowing you to buy, sell, withdraw and deposit cryptocurrency all from the same view.

Bitbuy offers two trading interfaces: Express Trade and Pro Trade. While Express Trade was designed for amateur traders looking for a simple and convenient interface, Pro Trade is best suited for more advanced traders who are looking for lower fees, access to charts and market stats, and the ability to make quick trades on the platform. On the Pro Trade platform, users can get verified within seconds and begin trading on an advanced trading interface. Features of the Pro Trade platform include lower buying and selling fees, limit and market orders and access to a live order book. You’ll also get access to charts, your order status and trading history, as well as live trading and market statistics.

Here is the typical process to buy, sell or receive Bitcoin, Bitcoin Cash, Ether, Litecoin and Ripple through Bitbuy:

• Fund your account with Canadian dollars through bank wire, Express Interac e-Transfer, Interac e-Transfer or Flexepin voucher.
• Search the global marketplace for BTC, BCH, LTC, ETH and XRP.
• Select the crypto you’re after and purchase it using fiat currency or cryptocurrency, depending on what you’ve deposited into your account.
• Move your coins to your Bitcoin, Ether, Litecoin or Ripple wallet.

Aside from serving as a cryptocurrency exchange, Bitbuy also has a new wallet solution. It also offers solutions to businesses and merchants, allowing them to accept Bitcoin and Ether as payment, and specializes in creating software that is used in the financial sector.

Bitbuy recently added an Express Interac e-Transfer feature, allowing users to fund their account with Canadian dollars in just two hours. This service is available Monday to Friday from 8am until 8pm and is one of the fastest ways to add funds to your account and begin buying cryptocurrency on the global marketplace.

Which cryptocurrencies can I buy and sell?

At the time of writing in April 2019, Bitbuy offers the following cryptocurrencies:

• Bitcoin
• Bitcoin Cash
• Ether
• Litecoin
• Ripple

Available countries

Bitbuy is a Canadian company, with headquarters located in Toronto, Ontario.

Its services can be used by Canadian traders across the country.

Which payment methods are accepted?

Bitbuy accepts the following payment methods:

• Bank wire
• Interac e-Transfer
• Flexepin vouchers
• Express Interac e-Transfer

How much will it cost me to use Bitbuy?

Bitbuy offer some of the lowest fees in Canada.

Note that you can withdraw your cryptocurrency free of charge.

Here are the fees for Express Trade:

Here are the fees for the advanced trading platform Pro Trade:

Bitbuy limits

How fast will my funds be available?

First-time purchases will be held for one to three business days for security reasons.

If you are a verified member and have made more than three transactions on Bitbuy, your funds will be available in real time.

How do I become a verified member?

Becoming a verified member entitles you to use any of the payment methods offered to fund your Bitbuy account.

To become a verified member, sign in and click the “Account” menu and then “Member Profile”. Input your account information and then click the “Verification” link back in the “Account” menu to upload your documents.

You must provide the following documents:

• A copy of your passport or driver’s licence must be uploaded in colour
• A copy of a bank statement or utility bill showing your name and proof of address
• A photo of yourself holding your government-issued ID
• If you have a business account, you must provide additional documents proving authority to act on behalf of a corporation.

Verification generally takes between one to three business days.

Is it safe to use Bitbuy?

Bitbuy is a division of First Ledger Corp, which is a Toronto based blockchain and digital currency company. In the “About Us” section on the Bitbuy website, there is no further information regarding the founders of the exchange; however, the site does mention that it complies with all Canadian laws.

Bitbuy uses Secure Socket Layer (SSL) technology to protect users. In addition, two-factor authentication and KYC verification provides additional security. While you can move your cryptocurrency into your own wallet, Bitbuy operates with a 95% cold storage reserve for all digital currencies held on the site and executes daily encrypted and distributed backups to avoid any implications or attacks.

Customer support

To lodge a support request or ask a question, you can use the “Submit a request” button within the support section of Bitbuy’s site. Bitbuy also offer live chat support and quick response times via telephone and email.

Bitbuy also has an address listed on its website, with an office located in downtown Toronto, Ontario.

Pros and cons

Next steps

If you’ve compared your options and are ready to get started with Bitbuy, sign up for a free account by providing your email address and creating a password.

To become a verified member and begin trading, you’ll need to provide the required identification documents. As a fully verified member, you’ll be able to fund your account with Canadian dollars and begin browsing Bitbuy’s cryptocurrency marketplace.

FAQs

• Does Bitbuy offer its own wallet?

  Yes, Bitbuy offers a new wallet solution.

• What business products does Bitbuy offer?

  Aside from being a cryptocurrency broker, Bitbuy also creates financial services software. The company has developed Bitcoin and alternative payment systems, including an Ethereum payment system, that allows businesses to accept Bitcoin and Ether as payment. It claims to be one of the first companies to enable businesses to accept Ether as payment.

  Its product features custom POS (point-of-sale) terminal integration, where customers can pay for goods and services using cryptocurrency. These POS systems are located both online and in brick-and-mortar companies.

• Where can I purchase Flexepin vouchers?

  Flexepin vouchers can be purchased from Canadian Tire Gas stations across the country. Ask at the counter for a Flexepin voucher and follow the steps to load money onto the card. You can top up and reuse your Flexepin card as needed.

• What wallets can I use to store my coins?

  Since Bitbuy deals with Bitcoin, Bitcoin Cash, Ether, Ripple and Litecoin, you can use any supported BTC, BCH, ETH, LTC or XRP wallet. There are plenty of wallets out there that support these coins.