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Bitbuy Review

Bitbuy Review

Andrew Chen
Fact Checked
Jan 31, 2023

Summary: Bitbuy is a Canadian Cryptocurrency exchange that was established in 2013 and is based in Toronto. It provides a user-friendly interface and is designed for both beginner and advanced users. Although the platform is based in Canada it supports multiple currencies such as CAD, USD, and EUR. It is considered the most secure Canadian exchange and is regulated by FINTRAC.

Table of Contents

Bitbuy Review

  • Multiple free Canadian Dollar (CAD) deposits via Interac e-Transfer, Bank Transfer & more.
  • Secure FINTRAC regulated platform and is approved by the Ontario Securities Commission.
  • Buy and sell 100+ Cryptocurrencies with low fees starting at 0.1% per trade.
A comprehensive review of the most trusted Cryptocurrency exchange in Canada, Bitbuy. Learn more about the platform's fees, features, security, and more.
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Audited Proof of Reserves
Audited Proof of Reserves

Bitbuy Key Features

Bitbuy offers a range of features to make buying, selling, and trading Cryptocurrencies easy and secure. Some of the key features offered on Bitbuy include:

  1. User-friendly interface: Bitbuy's platform is designed for both beginner and advanced users with a simple and intuitive interface.
  2. Three fiat currencies: Support for multiple fiat currencies including CAD, USD, and EUR.
  3. Multiple CAD payment methods: The platform offers a variety of CAD payment methods which include bank transfers, credit/debit cards, and Interac E-transfers.
  4. 24/7 Customer support: Bitbuy provides round-the-clock customer support through multiple channels including phone support, live chat, email and social media.
  5. Security: The exchange utilises top-notch security measures to protect users' funds and personal information, including two-factor authentication, SSL encryption and Proof-Of-Solvency.
  6. Bitbuy PRO trading platform: For more experienced traders, Bitbuy offers a PRO trading platform with advanced features including margin trading and real-time market data.
  7. OTC trading desk: Bitbuy provides an OTC (over-the-counter) trading desk for large trades, offering personalized service and faster transaction times.
  8. Staking Options: Earn high yields on multiple tokens on fixed staking terms.
  9. Regulation: Bitbuy is the first exchange to be registered as a marketplace for Cryptocurrencies in Canada that is both federally approved as a Restricted Dealer and is registered with FINTRAC.
  10. Wide range of Cryptocurrencies: Buy and sell over 100+ tokens including stablecoins, memecoins, altcoins, dogcoins, NFT coins and many more.
  11. Mobile app: Bitbuy also has a mobile app for trading on-the-go, available for both iOS and Android devices.
Bitbuy Exchange.
Bitbuy Exchange.

Is Bitbuy a safe Crypto exchange?

Bitbuy places a strong emphasis on the security of its users' assets and personal information. To achieve this, the exchange has implemented various security measures such as two-factor authentication, cold storage, SSL encryption, and regular security audits. Overall, its security measures are robust and it operates under regulatory oversight to provide a secure platform for its users.

Additionally, Bitbuy is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and adheres to anti-money laundering (AML) and know-your-customer (KYC) regulations to prevent any illegal activities. It was also the first Canadian-based registered marketplace for crypto assets and is federally approved as a Restricted dealer.

Bitbuy: Security.
Bitbuy: Security.

Fees Schedule

Bitbuy has the lowest fees among any Canadian Cryptocurrency exchange and is the only one that provides completely free deposits. Bitbuy does not charge any fees to deposit via any of their payment methods but for card deposits, Simplex, their third-party provider charges 6%. CAD withdrawals are 1.5% for all payment methods.

As for their trading fee, the costs vary depending on your tier. For users with high 90-day trading volume, the fees can get as low as 0%. However, for beginners that trade under 250k in a 90 day period, the fees are 1.5%. Refer to the below photo for a detailed summary of Bitbuys Fees.

Bitbuy: Fees Schedule.
Bitbuy: Fees Schedule.

What is Bitbuy Pro

Bitbuy Pro is an advanced trading platform for more experienced traders. It is designed for users who are looking for more advanced trading features and higher trading limits compared to the standard Bitbuy platform.

Some of the features of Bitbuy Pro include:

  • Advanced charting tools: Provides professional-grade charting tools to help users make informed trading decisions.
  • High trading limits: Users can trade larger amounts compared to the standard Bitbuy platform.
  • Live Order Book: Get access to live bids and asks as they happen.
  • Advanced order types: Supports advanced order types such as limit orders, stop-loss orders, and margin trading to give users more control over their trades.
Bitbuy Pro.
Bitbuy Pro.

Bitbuy Mobile App

In addition to their web trading platform, Bitbuy also provides a mobile version of their exchange that can be downloaded on both iOS and Android devices. The Bitbuy app offers the same functionality and UI of its web counterpart. It is rated 4.6 stars from 6.5K reviews and is ranked #119 in the Finance category on the Apple App Store. On the Google Play Store it is rated 4.8 stars from 20K reviews.

Bitbuy: Mobile App.
Bitbuy: Mobile App.

Customer Support

Bitbuy offers multiple ways for users to contact their support team for assistance. The support team can be reached 24/7 and offer both English and French speaking customer support. The following are the methods to reach out to Bitbuy's support team:

  • Live chat - Users can initiate a live chat session with a Bitbuy representative through the live chat button available on the home screen.
  • Email - Users can send an email to Bitbuy's support team at support@bitbuy.ca.
  • Phone - Bitbuy also offers phone support on +1 800-282-1376.
  • Online ticketing system - Users can also contact the team by filling out the online request form which accepts multiple file types.
  • FAQ - Bitbuy has a comprehensive knowledge base available on its website, which includes articles and tutorials on various topics related to Cryptocurrency trading. This is a good starting point for users looking for answers to common questions.
Bitbuy: Online Request Form.
Bitbuy: Online Request Form.

How to buy Crypto with Bitbuy

Buying Crypto on Bitbuy is a relatively easy process and only takes around 10 minutes to complete (including verification and deposit time). Follow this simple guide to get started.

  1. Open a free account on Bitbuy and complete the verification requirements.
  2. Deposit Canadian Dollars (CAD) via one of the supported payment methods.
  3. Find the cryptocurrency you want to buy (over 100 to select).
  4. Input the CAD amount you want to invest and execute your trade.
How to buy Crypto with Bitbuy.
How to buy Crypto with Bitbuy.

Crypto Staking Options

Bitbuy currently offers staking on three tokens which are Ethereum (ETH), Solana (SOL) and Polygon (MATIC). Additionally, they will be adding Polkadot (DOT), Cadano (ADA) and Cosmos (ATOM) in early 2023. Their staking yields are some of the highest currently available. However, they do take a 25% commission on all earnings, meaning if you earn $100 in yields, Bitbuy will take $25.

It's important to mention that Bitbuy also only offers fixed staking terms, meaning you have to lock up your tokens for a minimum of 1 month and a maximum of 36 months. The longer you lock your Crypto up for, the higher your yields. To see what your potential earnings could be, try using Bitbuys Staking Calculator.

Bitbuy: Staking Calculator.
Bitbuy: Staking Calculator.

Final Thoughts

Bitbuy is an excellent choice for Canadian crypto traders looking to buy, trade and stake digital assets. They have a wide variety of coins available and users can also benefit from their competitive fees and high security measures. Additionally, the platform offers advanced trading features for more experienced traders as well as easy-to-use tools for beginners.

Andrew Chen

Former Bitcoin Maximalist turned multi-chain enjoyer. I hunt down the best yields across AVAX, Solana, Fantom and other networks.

Andrew Chen
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