Bitbuy Review

What is Bitbuy?

Bitbuy is a Canadian cryptocurrency exchange founded in 2016 by Adam Goldman and Ademar Gonzalez. The platform offers a secure, transparent, and user-friendly environment for trading many digital currencies. Over the years, Bitbuy has evolved to include various trading options, such as "Express Trade" for novices and "Pro Trade" for seasoned traders, each designed to meet the specific needs of its diverse user base. 

The platform also offers Over-The-Counter (OTC) trading services for large-volume transactions and has recently introduced a mobile app for trading on the go. One of Bitbuy's standout features is its commitment to security; it employs industry-leading practices like cold storage wallets to safeguard users' assets. Additionally, the exchange is fully compliant with Canadian financial regulations, further solidifying its reputation as a reliable and trustworthy platform. 

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Bitbuy Key Features

Bitbuy offers a range of features to make buying, selling, and trading cryptocurrencies easy and secure, such as staking and trading services, plus an OTC Desk. Some of the key features offered on Bitbuy include:

1. User-Friendly Interface: Bitbuy's platform is designed for beginner and advanced users with a simple and intuitive interface.
2. Three Deposit 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 utilizes top-notch security measures to protect users' funds and personal information, including two-factor authentication, SSL encryption, and Proof-Of-Solvency.
6. Bitbuy PRO: For more experienced traders, Bitbuy offers a PRO trading platform with advanced features, such as 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.

Is Bitbuy Regulated?

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 registered marketplace for crypto assets and is federally approved as a restricted dealer.

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Fees Schedule

It has the lowest fees among any Canadian 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 a 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 photo below for a detailed summary of Bitbuys Fees.

Supported Cryptocurrencies

Bitbuy brings you an assortment of the country's most frequently traded and liquid digital currencies. The platform is compatible with more than 39 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, and rising stars such as Chainlink, Polkadot, and Uniswap. This broad spectrum of digital assets offers traders of all levels multiple avenues for investment, all within the framework of a safe and reputable exchange.

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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.

Customer Support

Bitbuy offers multiple ways for users to contact their support team for assistance. The support team can be reached 24/7 and offers 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 at +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.

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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), Cardano (ADA), and Cosmos (ATOM) in late 2023. Their staking yields are some of the highest currently available. However, they 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.

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What is Bitbuy Pro?

Bitbuy Pro is an advanced trading platform for more experienced traders. It is designed for users looking for pro trading features and higher trading limits compared to the standard platform. It also offers lower overall fees and better liquidity for larger orders.

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.

Final Thoughts

To summarize, 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 and easy-to-use tools for beginners.