Bitbuy Digital Currency Exchange Go to site
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.
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.
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
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.Deposit methods
|Deposit funds||Cryptocurrency: free; blockchain network fees apply
Interac e-transfer: free
Wire transfer: free
|Withdraw funds||Cryptocurrency: varies depending on digital asset; blockchain network fees apply
Interac e-transfer: 1.5%
Wire transfer: 1.5%
|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.
The Bitbuy app is available for Android or iOS devices. It offers many of the same features as the full desktop version.
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.
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.
|Google Play ratings||50K+ downloads|
|Apple Store ratings||4.6 stars; 6.5k ratings|
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