Review: Bitbuy digital currency exchange
Buy, sell and trade multiple popular cryptocurrencies on this Canadian-owned and operated cryptocurrency exchange.
- Great for funding your account with Canadian dollars
- Not so great as it only offers a limited number of cryptocurrencies
|Product Name||Bitbuy Digital Currency Exchange|
|Cryptocurrencies||BTC, BCH, ETH, LTC, XRP, XLM, EOS|
Pro: Maker 0.1%, Taker 0.2%
Interac e-Transfer: 1.5%
Wire transfer: 0.5%
Interac e-Transfer: 1.5%
Wire transfer: 1%
Cryptocurrency: Fees vary
What is Bitbuy?
Founded in Toronto, Bitbuy is a Canadian owned and operated discount cryptocurrency exchange offering customers immediate access to Bitcoin, Bitcoin Cash, Ether, Litecoin, Ripple, EOS, DAI and Stellar marketplaces. 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.
Aside from serving as a cryptocurrency exchange, Bitbuy also has a new wallet solution. In addition, 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.
What's in this guide?
Which fiat and cryptocurrencies are supported?
- Supported fiat currencies: CAD
- Supported cryptocurrencies: 7 cryptocurrencies
Which payment methods are accepted?
- Interac e-Transfer
- Wire transfer
What’s it like to use Bitbuy?
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 both platforms, 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.
The Bitbuy app, available for Android and iOS, also has many of these features, letting you easily access the market on the go.
Fees and limits
The fees below are accurate as of 20 July 2020.
Platform trading fees
Here are the fees for Express Trade:
Here are the fees for the advanced trading platform Pro Trade:
Deposit and withdrawal fees
Here are the deposit fees for Canadian dollars:
|Wire transfer||0.50% (deposit)|
|Interac e-Transfer||1.50%||$100||$10,000 every 24 hours|
How fast will my funds be available?
|Deposit method||Funding time||Verification Required?|
|Wire Transfer||1-2 days||Yes|
|Interac e-Transfer||Within 4-6 hours||Yes|
|Express Interac e-Transfer||Within 2 hours||Yes|
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.
Is Bitbuy safe to use?
- Regulation. 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.
- Year founded. Bitbuy was founded in 2013. Bitbuy is a Canadian company, with headquarters located in Toronto, Ontario.
- Safety features. 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.
- Company security. In early 2019, Bitbuy completed a Proof of Reserve and Security Audit to evaluate Bitbuy’s cryptocurrency storage methodologies, asset segregation, solvency and security. In addition, all management and staff faced a team risk test. The results, according to Bitbuy, were that the sum of digital assets held by Bitbuy cold and hot wallets matched the total amount of digital assets held across Bitbuy user accounts, resulting in a 1:1 match of custodial assets. Bitbuy also passed the third party audit of cold storage procedures, client information handling, company registration, licensing and team background checks.
How do I create a Bitbuy account?
In a nutshell
- Search for competitive rates across multiple exchanges
- Fund your account with Canadian dollars
- Quick CAD withdrawals
- Express Interac e-Transfer two hour funding
- Choose from several payment options
- High deposit limits through bank wire
- Pre-purchase transaction pricing calculator
- OTC service for orders of $25,000+
- Offers advanced trading platform called Pro Trade
- Only offers BTC, BCH, ETH, LTC, XRP, EOS, DAI and XLM.
- Doesn’t compare rates from all cryptocurrency exchanges
Ready to sign up?