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Review: Bitbuy digital currency exchange

Last updated:  

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

1

Fiat currencies

8

Cryptocurrencies

Details

Product Name Bitbuy Digital Currency Exchange
Fiat Currencies CAD
Cryptocurrencies BTC, BCH, ETH, LTC, XRP, XLM, EOS, DAI
Deposit Methods Cryptocurrency
Interac e-Transfer
Wire transfer
Trading Fee Express: 0.5%
Pro: Maker 0.1%, Taker 0.2%
Deposit Fees Interac e-Transfer: 1.5%
Wire transfer: 0.5%
Cryptocurrency: None
Withdrawal Fees Interac e-Transfer: 1.5%
Wire transfer: 1.5%
Cryptocurrency: Fees vary

Pros

  • Competitive rates
  • 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

Cons

  • Only offers BTC, BCH, ETH, LTC, XLM, EOS, DAI, and XRP
  • Doesn’t compare rates from all cryptocurrency exchanges
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.

What is Bitbuy?

Bitbuy.ca Bitbuy.ca

$20 bonus when you create a new account

Get a $20 bonus when you deposit at least CAD$250. T&Cs apply.

Last verified

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.

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: CAD
  • Supported cryptocurrencies: 8 cryptocurrencies
  • BTC
  • ETH
  • XRP
  • BCH
  • EOS
  • LTC
  • XLM
  • DAI

Which payment methods are accepted?

  • Cryptocurrency
  • Interac e-Transfer
  • Wire transfer
Go to Bitbuy's website

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.

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Fees and limits

The fees below are accurate as of 20 July 2020.

Platform trading fees

Here are the fees for Express Trade:

Fee amount
Buying fee0.50%
Selling fee0.50%

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

Fee amount
Maker fee0.1%
Taker fee0.2%

Deposit and withdrawal fees

Here are the deposit fees for Canadian dollars:

Deposit/withdrawal methodFeeMinimumMaximum
Wire transfer0.50% (deposit)

1.50% (withdrawal)

$20,000$500,000
Interac e-Transfer1.50%$100$10,000 every 24 hours
CryptocurrencyBlockchain feesNoneUnlimited

How fast will my funds be available?

Deposits

Deposit methodFunding timeVerification Required?
Wire Transfer1-2 daysYes
Interac e-TransferWithin 4-6 hoursYes
Express Interac e-TransferWithin 2 hoursYes

Withdrawals

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?

Go to Bitbuy's website
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In a nutshell

Pros

  • 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

Cons

  • Only offers BTC, BCH, ETH, LTC, XRP, EOS, DAI and XLM.
  • Doesn’t compare rates from all cryptocurrency exchanges

Ready to sign up?

Go to Bitbuy's website
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Compare Bitbuy against other exchanges

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Credit card,Debit card,Interac e-Transfer,Bank Wire,Bank Draft
CAD

10
cryptocurrencies

Get a $20 bonus in BTC when you open an account and deposit at least CAD$100. T&Cs apply.
Buy and sell cryptocurrency quickly and easily, with instant verification and 24/7 customer support, on this Canadian exchange.
Credit card,Debit card,Interac e-Transfer,Wire transfer
CAD

6
cryptocurrencies

Get a $20 bonus when you buy or sell at least CAD$50 in digital currency. T&Cs apply.
Buy and sell cryptocurrency with Canadian dollars on this beginner-friendly Canadian exchange.
Cryptocurrency,Interac e-Transfer,Wire transfer
CAD

8
cryptocurrencies

Get a $20 bonus when you open an account and deposit at least CAD$250. T&Cs apply.
At this Canada-based cryptocurrency exchange, you can pay in CAD through bank wire, Interac e-Transfer or Flexepin.
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FAQs

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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