Bitbuy review

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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

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

Supported cryptocurrencies
Transferring money or assets
Fees and costs
Ease of use
Customer service
Staking/earn rating
Trustworthiness/security
Overall score

• How we rate our crypto exchanges and platforms

  Finder’s editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform’s strengths and weaknesses. You can read our full methodology here.

  Our rating and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.

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:

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

Crypto withdrawal and deposit fees

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

What is it like to use Bitbuy?

• Bitbuy blog

  The Bitbuy blog is a key resource for new and experienced traders alike. It’s a news and educational resource that regularly posts updates on the exchange and the cryptocurrency industry in general.

  

• Bitbuy API

  The Bitbuy API (application programming interface) allows for the introduction of simple code commands to the exchange. Users can utilise this technology to automate their trading activity. It is a useful tool for high-frequency traders.

  

• Bitbuy Corporate

  Bitbuy Corporate is a service that the exchange offers for corporations. It is a tailored onboarding service that educates corporations on how to add Bitcoin to their treasuries through the Bitbuy exchange.

  

• Bitbuy OTC

  Bitbuy OTC is the exchange’s over the counter service designed for large volume and institutional traders. A user is required to have a minimum of CAD$50,000 or equivalent BTC or ETH in their user account before they can access the OTC desk.

  

• Bitbuy Pro Trade

  The Bitbuy Pro Trade service is an option for advanced traders. Through the Bitbuy Pro Trade option, users can utilize live price charts and place limit or market orders on cryptocurrency pairs.

  

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.

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 referral program

  The Bitbuy referral program is a commission-based promotion to attract new users to the exchange. Any new user who signs up through your referral link and deposits $250 or more onto the exchange will be rewarded with an additional $40. The user who shared the referral link will also receive $40 directly into their Bitbuy account.

  

• Affiliate program

  With the Bitbuy affiliate program, you’re rewarded for promoting the Bitbuy exchange and having new users sign up using your provided affiliate link. The affiliate program rewards increase based on the number of new users that sign up to the exchange. Users are rewarded on a monthly payout once their commissions reach a minimum of CAD$500.

  

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

• Step 1

  To start the account creation process users can click on the “Get started” tab in the top right of the home screen.

  

  From there they will need to register an email account and user name. Once they have completed that step, they will need to click the verification link in their email inbox.

  

• Step 2

  Once they have completed the email verification, users can begin account creation. This step begins by asking for the account type (personal/business), and some basic contact information. Users are then asked to submit a government-issued ID along with a live photo/video through a provided link.

• Step 3

  Users will then have to proceed through an identity verification stage. This step operates as a security screening protocol and ensures the user creating the account is the person who will be accountable for it.

  

  

• Step 4

  This is a risk and financial assessment step that identifies what level of trading and access a user will have on the exchange. It requires users to submit an accurate assessment of both their and their spouse’s income levels, assets, liabilities, and recent tax filings. This information is not shared but helps identify suspicious trading activity and is required for Bitbuy’s continued regulatory compliance as a restricted dealer and money services business.

  

  

Compare Bitbuy against other exchanges

Sort by:

Name	Product	Deposit methods	Fiat Currencies	Cryptocurrencies
Netcoins Trading Platform		Cryptocurrency, Interac e-Transfer, Wire transfer	CAD, USD	11 cryptocurrencies	Buy Bitcoin and 10 other cryptocurrencies instantly using this straightforward broker.	Go to site View details	Compare	loading Fetching your data...
Kraken Cryptocurrency Exchange Finder Award		Bank transfer, Cryptocurrency, Wire transfer, Osko, SEPA, Apple Pay, Google Pay, SWIFT	USD, EUR, GBP, JPY, CAD, CHF, AUD	152 cryptocurrencies	Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.	Go to site View details	Compare	loading Fetching your data...
Crypto.com App Finder Award		Credit card, Cryptocurrency, PayPal, TransferWise, SEPA	USD, AUD, CAD, CHF, EUR, GBP, NZD, SGD, JPY, ZAR	290 cryptocurrencies	Buy 260+ cryptocurrencies, earn up to 14.5% p.a. on holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform.	Go to site View details	Compare	loading Fetching your data...

Disclaimer: Star ratings are only displayed for products with 10 or more reviews.

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Frequently asked questions about Bitbuy

• Is Bitbuy reliable?

  Bitbuy is a very reliable cryptocurrency exchange. It is a compliance-driven exchange, so while users are required to submit more information during the account creation process, the exchange has never been hacked and their KYC information is securely stored.

• Is Coinbase better than Bitbuy?

  It depends on what you are looking for in an exchange. Coinbase is a larger exchange that has more variety in cryptocurrencies and services. Coinbase charges higher fees but has additional earning protocols in place including a free learn-to-earn program. For more read our Bitbuy vs. Coinbase guide.

• What are Bitbuy fees, if any?

  Bitbuy charges withdrawal and deposit fees on fiat and withdrawal fees on cryptocurrencies. The exchange also charges varying trading fees depending on which trading tool a user is utilizing.

• Why does Bitbuy need so much information?

  Bitbuy is a compliance-driven exchange that is the first Canadian registered marketplace for digital assets that is federally approved as a Restricted Dealer. The exchange is also registered as a money services business with FINTRAC.

• What wallets can I use to store my coins?

  Since Bitbuy deals with Bitcoin, Bitcoin Cash, Ether, and Litecoin, you can use any supported BTC, BCH, ETH or LTC wallet. There are plenty of wallets out there that support these coins.

• Does Bitbuy offer its own wallet?

  Yes, Bitbuy offers a new wallet solution.

• How do I contact Bitbuy customer support?

  To lodge a support request or ask a question, you can use the "Submit a request" button within the support section of Bitbuy's site. Bitbuy also offer live chat support and quick response times via telephone and email. Bitbuy also has an address listed on its website, with an office located in downtown Toronto, Ontario.

• Does Bitbuy have an app?

  Yes. The Bitbuy app is available for Android or iOS, and offers many of the same features as the full desktop version.

• Is Bitbuy legit?

  Yes, Bitbuy is the First Regulated Crypto Marketplace in Canada. The Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA) announced that Bitbuy Technologies Inc. is the first Registered Marketplace and Restricted Dealer where Canadians can invest in crypto assets.

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