Review: Bitbuy digital currency exchange

Last updated:  

Buy, sell and trade Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar and Ripple 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

6

Cryptocurrencies

Details

Product Name Bitbuy Digital Currency Exchange
Fiat Currencies CAD
Cryptocurrencies BTC, BCH, ETH, LTC, XRP, XLM
Deposit Methods Cryptocurrency
Express Interac e-Transfer
Interac e-Transfer
Wire transfer
Trading Fee Maker: 0.16%
Taker: 0.26%
Deposit Fees Interac e-Transfer: 1.75%
Express Interac e-Transfer: 3.5%
Wire transfer: 0.5%
Cryptocurrency: None
Withdrawal Fees Interac e-Transfer: 1.75%
Bank transfer: 2%
Wire transfer: 5% (USD)
Expedited bank transfer: 3%
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 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 buy or sell at least CAD$100 in digital currency. 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 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.

Learn more about:

Which fiat and cryptocurrencies are supported?

  • Supported fiat currencies: CAD
  • Supported cryptocurrencies: 6 cryptocurrencies
  • BTC
  • ETH
  • XRP
  • BCH
  • LTC
  • XLM

Which payment methods are accepted?

  • Cryptocurrency
  • Express Interac e-Transfer
  • 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.

Picture not described

Picture not described

Fees and limits

Platform trading fees

Here are the fees for Express Trade:

Fee amount
Buying fee 0.75%
Selling fee 0.50%

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

Fee amount
Buying fee 0.16%
Selling fee 0.26%

Deposit fees

There are no fees to deposit cryptocurrency.

Here are the deposit fees for Canadian dollars:

Deposit method Fee
Wire transfer 0.50%
Interac e-Transfer 1.75%
Flexepin 2.00%
Express Interac e-Transfer 3.50%

Withdrawal fees

Here are the withdrawal fees for cryptocurrency:

Withdrawal method Fee Minimum withdrawal Maximum withdrawal
Bitcoin (BTC) 0.0005 BTC 0.001 BTC $10,000 CAD equivalent every 24 hrs
Bitcoin Cash (BCH) 0.001 BCH 0.01 BCH $10,000 CAD equivalent every 24 hrs
Ethereum (ETH) 0.005 ETH 0.01 ETH $10,000 CAD equivalent every 24 hrs
Litecoin (LTC) 0.02 LTC 0.05 LTC $10,000 CAD equivalent every 24 hrs
Ripple (XRP) 0.02 XRP 25 XRP $10,000 CAD equivalent every 24 hrs

Here are the withdrawal fees for Canadian dollars:

Withdrawal method Fee Minimum withdrawal Maximum withdrawal
Bank transfer 2.00% $3,000 $50,000
Interac e-Transfer 1.75% $100 $5,000
Bank wire 2.00% $50,000 $500,000
Expedited bank transfer 3.00% $3,000 $50,000

Transaction limits

There are no maximum deposit limits for cryptocurrency. Here are the transaction limits for cryptocurrency:

Cryptocurrency Minimum deposit
Bitcoin (BTC) 0.005 BTC
Bitcoin Cash (BCH) 0.001 BCH
Ethereum (ETH) 0.01 ETH
Litecoin (LTC) 0.01 LTC
Ripple (XRP) 25 XRP

Here are the transaction limits for Canadian dollars:

Deposit method Fee Minimum withdrawal Maximum withdrawal
Bank transfer 0.50% $10,000 $500,000
Interac e-Transfer 1.75% $100 $10,000 every 24 hours
Bank wire 2.00% $50 $1,000 every 24 hours
Expedited bank transfer 3.50% $100 $10,000 every 24 hours

How fast will my funds be available?

Deposits

Deposit method Funding time Verification Required?
Bank wire 1-2 days Yes
Interac e-Transfer 24 hours Yes
Flexepin Vouchers Instant No
Express Interac e-Transfer Within 2 hours Yes

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
Back to top

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 and XLM.
  • Doesn’t compare rates from all cryptocurrency exchanges

Ready to sign up?

Go to Bitbuy's website
Back to top

Compare Bitbuy against other exchanges

Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Cryptocurrency
Express Interac e-Transfer
Interac e-Transfer
Wire transfer
CAD
BTC, BCH, ETH, LTC, XRP, XLM
Get a $20 bonus when you buy or sell at least CAD$100 in digital currency. T&Cs apply.
At this Canada-based cryptocurrency exchange, you can pay in CAD through bank wire, Interac e-Transfer or Flexepin.
Bank transfer
Credit card
Cryptocurrency
Debit card
Interac e-Transfer
SWIFT
Wire transfer
CAD
BTC, ETH, LTC
Buy cryptocurrency with CAD on this beginner-friendly Canadian exchange through credit card, wire transfer and several other payment options.
Electronic Funds Transfer
Bank transfer (SEPA)
Wire transfer
USD, EUR, GBP, JPY, CAD
BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, DASH, XMR & 15+ more
Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Bank transfer
Credit card
Flexepin
Interac e-Transfer
Bank transfer (SEPA)
Wire transfer
Wealth Gold Wire
Wealth Platinum Wire
Wealth Diamond Wire
CAD, USD, EUR, GBP, CHF
BTC, BCH, BSV, DASH, DOGE, ETH, ETC, LTC, XRP, XLM
Get a $20 bonus when you deposit CAD$100 or more. T&Cs apply.
Trade some of the most popular cryptocurrencies with competitive fees on this intuitively designed Canadian exchange.
Cryptocurrency
Debit card
Interac e-Transfer
Bank transfer (SEPA)
Wire transfer
CAD
BTC, BCH, ETH, LTC, XRP, EOS, ADA, XLM
NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.

Compare up to 4 providers

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.

Ask an expert

You must be logged in to post a comment.

Go to site