Bitbuy review

Buy and sell crypto with 400,000 other Canadians on Bitbuy, a Canadian-owned cryptocurrency platform.

  • Great for funding your account with Canadian dollars
  • Clean easy-to-navigate UI
  • Withdrawal fees
  • Limited cryptocurrencies available

Finder.com’s rating: 4 / 5.0

★★★★

1

Fiat currencies

24

Cryptocurrencies

Details

Product Name Bitbuy Digital Currency Exchange
Fiat Currencies CAD
Cryptocurrencies BTC, BCH, ETH, LTC, XLM, EOS, AAVE, LINK, DOGE, DOT and 10+ more
Deposit Methods Cryptocurrency
Interac e-Transfer
Wire transfer
Trading Fee Express Trade: 0%-1.5%
Pro Trade: 0%-1.5%
Deposit Fees Interac e-Transfer: 0%
Wire transfer: 0%
Cryptocurrency: 0%
Withdrawal Fees Interac e-Transfer: 1.5%
Wire transfer: 1.5%
Cryptocurrency: Mining fees only
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.
Deal

Get CAD$40 sign-up bonus

Limited time only: Free $40 when you sign up and fund your Bitbuy account

What is Bitbuy?

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 aquisition 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. The exchange itself offers 15 different cryptocurrencies for users to exchange along with an approachable UI that is easy to navigate for both new and experienced traders.

  • If this is your first exchange: Bitbuy is an easy-to-navigate UI that is approachable for new traders.
  • Bitbuy offers a Pro Trade option along with over the counter (OTC) accounts for large volume and institutional traders, but it has fewer products than its competitors.

Pros and cons of Bitbuy

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

Verdict: Is Bitbuy any good?

Bitbuy is a great introductory cryptocurrency exchange while still offering enough features to experienced traders to make it worth choosing over other exchanges. The exchange doesn’t offer as many cryptocurrencies or earning features as other exchanges that emerged around the same time. However, due to its compliance-focused approach to regulators, it does provide a highly secure and reliable option for traders.

What to know about Bitbuy

The exchange offers multiple trading options. The Express Trade option is great for users new to cryptocurrency where they can buy and sell their preferred cryptocurrency instantly. There is a Pro Trade option for experienced traders looking for additional trading functions like limit trading, and OTC accounts for large volume and institutional traders ($50,000 or more).

Bitbuy has developed an API application designed to automate high-frequency trading. The exchange also developed an option to help onboard corporations to learn how to add Bitcoin to their treasuries.
Bitbuy boasts over 400,000 users but is less competitive with other exchanges on the market due to several factors. Its withdrawal and deposit fees and minimums, lack of earning tools, and moderate offerings of cryptocurrencies make it less of an attractive option for some traders.

Finder Ratings for Bitbuy

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Bitbuy’s Supported cryptocurrencies

Bitbuy offers a decent selection of cryptocurrencies including a selection of ERC-20 tokens, layer one blockchain coins, DeFi tokens, and the option of a meme coin in DOGE. While not a terrible offering of supported cryptocurrencies, other exchanges that emerged around the same time have significantly larger offerings.

A full list of cryptocurrencies that are offered on Bitbuy includes:

BTC
ETH
BCH
EOS
LTC
ADA
XLM
MKR
DOGE
BAT
LINK
MANA
DOT
UNI
FTM
USDC
MATIC
COMP
SOL
CRV
SUSHI
AAVE
AXS
APE

Ripple (XRP) was delisted from Bitbuy on January 13, 2022.

Transferring fiat and cryptocurrency

Bitbuy is a Canadian-based exchange that is currently only available to Canadians with fiat deposits only possible in CAD. E-Transfer is nearly instant for deposits, while withdrawals can take up to 24 hours. Bank wires take 2-3 business days.

Bitbuy fees and costs

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.

Fiat withdrawal and deposit fees
DepositWithdrawal
Interac e-Transfer0%
$50 minimum /
$10,000 / 24 hours
maximum
1.50%
$50 minimum /$10,000/ 24 hours maximum
Near instant (deposit)
< 24 hours (withdrawal)
Bank wire0.0%
$20,000 minimum /
$500,000 maximum
1.00%
$20,000 minimum /
$500,000 maximum
2-3 business days
Crypto withdrawal and deposit fees
DepositWithdrawal
$0Varies
CryptocurrencyMinimum withdrawalWithdrawal mining fee
Bitcoin (BTC)0.001 BTC0.00025 BTC
Ethereum (ETH)0.05 ETH0.005 ETH
Litecoin (LTC)0.5 LTC0.02 LTC
Bitcoin Cash (BCH)0.01 BCH0.001 BCH
Ripple (XRP)10 XRP0.02 XRP
Stellar Lumens (XLM)26 XLM0.02 XLM
EOS (EOS)1 EOS0.02 EOS
AAVE (AAVE)0.75 AAVE0.03 AAVE
Chainlink (LINK)8 LINK0.3 LINK
Dogecoin (DOGE)25 DOGE3 DOGE
Dogecoin (DOGE)25 DOGE3 DOGE
Polkadot (DOT)1 DOT0.1 DOT
Cardano (ADA)10 ADA1 ADA
Uniswap (UNI)2 UNI0.75UNI
Sushiswap (SUSHI)5 SUSHI2 SUSHI
Polygon (MATIC)13 MATIC10 MATIC
Solana (SOL)0.1 SOL0.005 SOL

Bitbuy’s tiered fee structure (as of July 20, 2022)

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What is it like to use Bitbuy?

Does Bitbuy have good customer support?

There are a couple of ways users can contact Bitbuy’s customer service. There is a Bitbuy support page that has an easy-to-navigate UI with frequently asked questions. Bitbuy also has a chat option that can be located in the bottom right-hand corner of the user’s accounts page. The chat option is run by an automated bot that helps quickly find solutions based on frequently asked questions from the support page.

If users wish to talk directly to a customer service representative, they can submit an email request through the form provided. The response time varies but is typically within 1-2 business days.

Bitbuy Image 6

List of services on Bitbuy

Trading on Bitbuy

The trading system on BitBuy has a rate ranging from 0%-1.5%.

Promotions on Bitbuy

Bitbuy trust rating

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 is also FINTRAC registered as a money services business (MSB) 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 the third-party insurance provider BitGo.

Signing up on Bitbuy

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Frequently asked questions about Bitbuy

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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