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Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Our take on Bitbuy
Bitbuy is a great introductory cryptocurrency exchange though it still offers a variety of features for experienced traders.
However, the exchange doesn’t offer as many cryptocurrencies or earning features as other Canadian exchanges to its over 400,000 users.
Because the exchange takes compliance seriously, it’s a highly secure and reliable option for all levels of traders.
4
Finder Rating
★★★★★
Supported cryptocurrencies
★★★★★
Transferring money or assets
★★★★★
Fees and costs
★★★★★
Ease of use
★★★★★
Customer service
★★★★★
Features
★★★★★
Staking/earn
★★★★★
Trustworthiness/security
★★★★★
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.
Our rating and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
Bitbuy pros and cons
Pros
Very high level of security
Approachable and easy-to-navigate UI
Good customer support
Compliant with regulators
Cons
Limited availability of cryptocurrencies and features
Only available in Canada
Fees and minimums on withdrawals
Lacks earning protocols and tools
Advanced KYC information required for account creation
About Bitbuy – company history and background
Bitbuy is a Canadian cryptocurrency exchange that was founded in 2016 and is based out of Toronto, ON.
The exchange was originally founded by Adam Goldman as Instabit in 2013 before rebranding to Bitbuy in 2016.
Bitbuy was acquired by WonderFi in March 2022 but continues to offer its crypto-trading platform.
WonderFi’s acquisition has provided Bitbuy with additional resources to continue building on its current products for its customers.
To date, Bitbuy has operated as a Canadian cryptocurrency exchange, only catering to Canadian citizens or residents and only accepting Canadian dollars.
Listed Bitbuy crypto exchange assets
Bitbuy supports over 34 cryptocurrencies, but some notable assets are missing. Namely, Binance USD, BNB and Cosmos Hub, which are in the top 20 cryptos by market cap. In total, 10 of the top 20 cryptos are available on Bitbuy.
Popular assets on Bitbuy
Bitbuy supports
Avalanche (AVAX)
Bitbuy does not support
Binance USD (BUSD)
Bitbuy supports
Bitcoin (BTC)
Bitbuy does not support
BNB (BNB)
Bitbuy supports
Cardano (ADA)
Bitbuy does not support
Cosmos Hub (ATOM)
Bitbuy does not support
Dai (DAI)
Bitbuy supports
Dogecoin (DOGE)
Bitbuy supports
Ethereum (ETH)
Bitbuy does not support
LEO Token (LEO)
Bitbuy does not support
Lido Staked Ether (stETH)
Bitbuy supports
Polkadot (DOT)
Bitbuy supports
Polygon (MATIC)
Bitbuy supports
Ripple (XRP)
Bitbuy does not support
Shiba Inu (SHIB)
Bitbuy supports
Solana (SOL)
Bitbuy does not support
Tether (USDT)
Bitbuy does not support
TRON (TRX)
Bitbuy supports
USD Coin (USDC)
Bitbuy does not support
Wrapped Bitcoin (WBTC)
BTC
ETH
XRP
BCH
EOS
LTC
ADA
XLM
MKR
DOGE
BAT
LRC
LINK
MANA
ENJ
DOT
UNI
XTZ
FTM
USDC
MATIC
ALGO
CHZ
COMP
SOL
YFI
CRV
AVAX
SUSHI
AAVE
NEAR
AXS
GRT
1INCH
APE
Bitbuy fees
There are withdrawal and deposit fees associated with fiat currency, and varying withdrawal fees associated with cryptocurrencies.
Both fiat and cryptocurrency deposits and withdrawals have minimums which vary depending on the method.
Maker and taker fees vary based on trading volume.
Cryptocurrency: varies depending on digital asset; blockchain network fees apply Interac e-transfer: 1.5% Wire transfer: 1.5%
Bitbuy trading fees
Type
Fee
Maker (Spread fee)
0.00-2%
Taker (Spread fee)
0.10-2%
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
How to sign up on Bitbuy
Get started
To start the account creation process users can click on the 'Get started' tab in the top right of the home screen. From there they will need to register an email account and user name. Once they have completed that step, they will need to click the verification link in their email inbox.
Create an account
Once they have completed the email verification, users can begin account creation. This step begins by asking for the account type (personal/business), and some basic contact information. Users are then asked to submit a government-issued ID along with a live photo/video through a provided link.
Verification
Users will then have to proceed through an identity verification stage. This step operates as a security screening protocol and ensures the user creating the account is the person who will be accountable for it.
Financial assessment
This is a risk and financial assessment step that identifies what level of trading and access a user will have on the exchange. It requires users to submit an accurate assessment of both their and their spouse's income levels, assets, liabilities, and recent tax filings. This information is not shared but helps identify suspicious trading activity and is required for Bitbuy's continued regulatory compliance as a restricted dealer and money services business.
The Bitbuy app is available for Android or iOS devices. It offers many of the same features as the full desktop version.
Is Bitbuy safe?
Bitbuy is a very reliable cryptocurrency exchange.
It is a compliance-driven exchange, so while users are required to submit more information than most other exchanges require during the account creation process, the exchange has never been hacked and their KYC information is securely stored.
Past hacks. Bitbuy has been operating since 2016 and has never been hacked.
Security audits. Bitbuy conducts routine financial audits, monthly security audits, and transaction reporting audits using trusted third parties. The exchange maintains a Chief Anti-Money Laundering Officer and conducts daily and weekly suspicious activity reviews. Bitbuy registered as a money services business (MSB) with FINTRAC and is federally approved as a restricted dealer for digital assets in Canada. Bitbuy’s security providers are ISO, SOC and FIPS 140-2 compliant and require all users to set up 2-factor authentication (2FA) before being allowed to execute trades.
Insurance. Bitbuy exceeds its cold-storage self-mandate of having 95% of all digital assets secured in cold storage. The exchange also has a comprehensive insurance policy run through digital asset security company BitGo.
Bitbuy customer support
There are a couple of ways users can contact Bitbuy’s customer service staff.
There is a Bitbuy support page that features answers to frequently asked questions.
Bitbuy also has a chat option that can be located in the bottom right-hand corner of the page.
The chat option is run by an automated bot that helps find solutions based to frequently asked questions from the support page.
If users wish to talk directly to a customer service representative, you can submit an email request through the form on the site. The response time varies but you will typically receive a response within 1-2 business days.
Iain Taylor is a cryptocurrency writer for Finder. Iain has been involved in cryptocurrency since the end of 2020. He completed a study on Bitcoin, blockchain technology and cryptocurrencies at Dalhousie in 2021.
Canadian cryptocurrency exchange NDAX allows you to trade Bitcoin, Ethereum and other major digital currencies with Canadian dollars. Find out more about the platform’s fees and features in this comprehensive review.
With head offices in New York, Gemini is a regulated digital currency exchange offering trading and storage services for your Bitcoin and Ethereum tokens.
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