Bitbuy review
- Fiat currencies
- 1
- Supported assets
- 39
Our verdict
Buy and sell crypto with 400,000 other Canadians on Bitbuy, a Canadian-owned cryptocurrency platform.
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.
Pros
- Very high level of security.
- Approachable and easy-to-navigate UI.
- Good customer support.
- Complies with the Financial Transactions and Reports Analysis Centre regulations in Canada. FINTRAC is the peak body for regulating cryptocurrency exchanges in Canada which requires Bitbuy to comply with laws and regulations that are intended to provide certain protections for users.
- Trade with multiple fiat currencies. Bitbuy allows you to trade with CAD.
Cons
- Fees and minimums on withdrawals.
- Lacks earning protocols and tools.
- Advanced KYC information required for account creation.
- Only 39 cryptocurrencies supported. Bitbuy supports a smaller variety of assets than some of its competitors. This isn't necessarily a bad thing, but if you're looking for a large range of altcoins you may want to compare other platforms.
- CAD deposits and withdrawals are not supported. Bitbuy does not support CAD trading accounts. You may still be able to purchase crypto using a credit or debit card via the platform's instant purchase feature, although foreign exchange fees might apply.
Details
Product details
| Product Name | Bitbuy Digital Currency Exchange |
| Fiat Currencies | CAD |
| Cryptocurrencies | BTC,ETH,USDC,ADA,SOL,DOGE,XRP,DOT,MATIC,UNI & 29 more |
| Deposit Methods |
Cryptocurrency Interac e-Transfer Wire transfer |
| Trading Fee |
Maker (Spread fee): 0.00-2% Taker (Spread fee): 0.10-2% |
| Deposit Fees |
Cryptocurrency: free; blockchain network fees apply Interac e-transfer: free Wire transfer: free |
| Withdrawal Fees |
Cryptocurrency: varies depending on digital asset; blockchain network fees apply Interac e-transfer: 1.5% Wire transfer: 1.5% |
Ratings methodology - how we scored Bitbuy
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Staking/earn | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
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 score 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.
About Bitbuy — company background
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.
Listed Bitbuy crypto exchange assets
Bitbuy supports over 39 cryptocurrencies, but some notable assets are missing. Namely, Tether, BNB and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 13 of the top 20 cryptos are available on Bitbuy.
Popular assets on BitbuyBitbuy fees
Bitbuy Wire transfer, interac e-transfer and cryptocurrency deposits are free for folks in Canada.
Deposit & withdrawals fees
| Transaction type | Fee |
|---|---|
| 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% |
Bitbuy uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee.
| Type | Fee |
|---|---|
| Maker | 0.00-2.00% |
| Taker | 0.10-2.00% |
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.
Bitbuy deposit methods
- Cryptocurrency
- Interac e-Transfer
- Wire transfer
How to sign up on Bitbuy exchange
Before you can even get started trading on Bitbuy, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Bitbuy's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Bitbuy account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Bitbuy.
Using the Bitbuy app
The Bitbuy app is available for Android or iOS devices. It offers many of the same features as the full desktop version.
Is Bitbuy safe?
Bitbuy 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.
Keeping your crypto secure
All centralized exchanges, including Bitbuy, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Bitbuy customer support
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.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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Iain Finder
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