• Trading Fee: Flat 0.50% fee
  • Accepted Currencies: CAD, BTC, ETH and 20+ currencies
  • Device Compatibility (Android/iOS): iOS, Android
  • Withdrawal Time: Interac e-Transfer: 24 hrs/ Bank Wire: 2 to 3 business days
  • Licence: Canadian Securities Regulators, registered under FINTRAC

Bitbuy Reviews: Pros and Cons [Reviewed in 2022]

Bitbuy is one of the oldest Canadian crypto exchanges, offering 25+ currencies and some of the lowest trading fees around.
What do online Bitbuy reviews say about the platform though? And how does it compare to the competition?

Stick around as we explore the platform’s key features and more!

  • Trading Fee: Flat 0.50% fee
  • Accepted Currencies: CAD, BTC, ETH and 20+ currencies
  • Device Compatibility (Android/iOS): iOS, Android
  • Withdrawal Time: Interac e-Transfer: 24 hrs/ Bank Wire: 2 to 3 business days
  • Licence: Canadian Securities Regulators, registered under FINTRAC

Best For

Advanced Crypto Trading

Strengths

  • Suitable for beginners & advanced traders
  • Registered with FINTRAC
  • Instant verification
  • Slick mobile app
  • Great customer support
  • No hidden fees

Weaknesses

  • Available only to Canadian investors
  • Only Canadian dollars accepted
  • No live-chat

Overview

What is Bitbuy?

Bitbuy is a crypto exchange platform founded in Toronto in 2016. It currently has over 400.000 users and is one of the most secure cryptocurrency trading platforms. 

Bitbuy provides low trading fees, a wide range of coins, great customer support, in addition to some unique features, such as Express Trade and Bitbuy Pro Trade that make this platform a great option for both beginners and advanced investors. 

Bitbuy reviews also praise this feature-packed platform for its ease of use and advanced security features. In fact, Bitbuy is one of the safest crypto exchange platforms around. Not only is it a registered Money Services Business with FINTRAC, but it also stores over 95% of client assets in cold storage, keeping them secure against a possible data breach. 

Features 

Let’s go over Bitbuy’s key features.

Bitbuy Cryptocurrencies

Bitbuy offers 25+ of the most in-demand crypto assets, including Bitcoin, Dogecoin and Ethereum, as well as less-popular cryptos such as Cardano and Solana.

For the full list of crypto assets available on Bitbuy, click here.

Bitbuy Express Trade

This is the platform where users can actually buy and sell crypto. Bitbuy’s Express Trade dashboard is incredibly user-friendly and convenient to use, giving newbie investors quick and easy access to Bitcoin and many other popular cryptocurrencies. 

Once you purchase an asset you can store it on your Bitbuy account or transfer it to your Bitbuy digital wallet

Bitbuy Pro Trade

This product gives traders access to more advanced options, such as TradingView charts, order status and history, as well as sophisticated market orders, including stop and limit orders. 

The order book style is very similar to how Binance and Coinbase operate and is updated in real-time, giving more experienced investors all the tools they need to actively trade in crypto. 

Bitbuy Corporate Solutions 

This product is designed to help Canadian companies looking to add Bitcoin to their corporate treasury. Bitbuy provides customized onboarding support for your business as you get started as well as a dedicated account manager and professional accounting assistance to help you along the way.

Bitbuy Private Wealth 

Bitbuy Private Wealth clients get access to the platform’s OTC trading desk. Reserved for high-volume trades, OTC prevents price slippage and gives you the best rates on BTC and other coins. This feature also connects you to live traders seven days a week for instant quotes as well as your own account manager. 

Keep in mind that a minimum investment of $25,000 is required to get started with OTC trading. 

Bitbuy API

Perfect for businesses that want to automate their crypto trading activity, Bitbuy’s API is available to companies, individuals, cryptocurrency ATMs and algorithmic traders, connecting them to the company markets and their CAD-to-crypto and crypto-to-crypto pairs trading data. 

Bitbuy Referral Program

The platform has a great referral program that rewards you and your friends with $20 every time the friend you refer deposits at least $250.  

Simply send the automatically generated referral code you get when you open an account to as many friends as you like to get your bonus. 

Bitbuy Mobile App

Bitbuy is available on Google Play and the App Store through a super convenient & user-friendly app that comes with all the features of the desktop version, including access to the Pro Trade and Express Trade.

Note: Bitbuy is a feature-packed platform, however, those interested in even more tools, can take a look at Coinberry which offers some extra features, such as allowing you to set up recurring purchases and getting paid in BTC with Coinberry Pay.

Eligibility and Application Process

To be able to use this platform, you must meet the following criteria: 

  • Be a resident of Canada, 
  • Be 18 years of age or older,
  • Have a valid North American cell phone number 

If you meet the requirements, you can start using the services of the platform.

These are the steps to follow to get started. 

1. Open an Account

Opening an account with Bitbuy is a straightforward process.

  1. First, go to Bitby.ca and click Sign up
  2. Enter your email in the empty field
  3. Create a password 
  4. Choose a username
  5. If you have one, you can type in a referral code 
  6. You will receive an email from Bitbuy for confirmation of your email address
  7. Enter your phone number and confirm it by entering the SMS code sent to your phone.

2. Verify Your Identity 

Bitbuy has a verification procedure to ensure the safety and protection of the platform and its clients. 

However, unlike other platforms where verification takes one to three business days, Bitbuy has an Express Verification feature that, as the name suggests, verifies accounts within minutes.

If for some reason you are not able to use this feature, the company will manually verify your identity, which should not take longer than 24 hours (so still pretty fast). 

These are documents you would need to get verified with Bitbuy:

  • A photo/scan of your Government Issued ID, such as passport or driver’s licence;
  • A selfie with your ID; 
  • A utility bill from the past 3 months; 
  • A bank statement from the last 3 months.

3. Complete the Risk and Financial Profile 

After you are done with the verification process, you can proceed with completing the risk and financial profile, which is a requirement for all Canadian crypto exchange platforms

For this step, you will be required to answer some questions that will determine if your profile is suitable to start trading on the Bitbuy platform. Some of the questions relate to

  • Your risk tolerance
  • Your investment objectives
  • Your knowledge of cryptocurrencies
  • Your investment time horizon 

Note: Crypto trading may not be the right fit for everyone. If you are more comfortable trading stocks and ETFs, you might want to check out a more traditional investment platform like Qtrade

4. Fund Your Account 

Now it’s time to put money in your account and start trading. Below you will find a detailed explanation of how to deposit (and withdraw) funds from your Bitbuy account. 

Deposit and Withdrawal Methods & Bitbuy Fees

When it comes to depositing and withdrawing fiat currencies, there are two options: Interac e-Transfer and bank wire.

Here is a breakdown of CAD deposit and withdrawal fees. 

Min.-Max Deposit & withdrawal amount  Bitbuy deposit fees Bitbuy withdrawal fees Bitbuy deposit time   Bitbuy withdrawal time  
Interac e-Transfer $50-$10,000 1.50% 1.50% Instant  In 24 hours
Bank transfer  $20,000-$500,000 0.50% 1.00% 2-3 days 2-3 days

When comparing the two, e-transfers are a much more convenient payment method. They might come with higher deposit and withdrawal fees, but funds are processed instantly and you won’t be required to make an in-person visit to your bank to transfer the funds. 

Note: Bitbuy only supports CAD. If you want to make deposits in other fiat currencies such as USD and EUR, you should consider other options. Netcoins for instance supports USD deposits, while Coinsmart allows you to trade in EUR, USD and CAD. 

Digital Currency Deposits and Withdrawals

Bitbuy does not charge any crypto deposit fees, however, there are fees on withdrawing BTC and other assets. These typically range from $1 to $20 per crypto withdrawal and vary depending on the amount you withdraw and the currency you choose. 

The crypto mining charge imposed by Bitbuy is one of the biggest downsides to the platform. If you want to avoid paying this fee, take a look at Shakepay (no withdrawal fees) or Newton (covers mining fees up to CAD$5). 

Bitbuy Trading Fees

With a flat fee of 0.50% on all buys and sells, Bitbuy prices are one of the lowest on the market. 

However, this fee only applies to Express Trade, while Pro traders will need to pay a 0.10% maker and 0.20% taker fee. 

Is Bitbuy Safe? 

Bitbuy reviews have this pegged as one of the most secure crypto exchange sites in Canada. 

The company is officially recognized by the Ontario Securities Commission and regulated as a marketplace and crypto broker of crypto assets in Canada as of December 1, 2021. This means that all your orders are fulfilled by Bitbuy instead of being outsourced to third parties.

It is also registered with the  Financial Transactions and Reports Analysis Centre of Canada-FINTRAC as an MSB

In addition, it implements the highest security and encryption protocols to protect your data and funds, including 2FA, identity verification and daily encrypted backups. The platform also monitors your transaction data for suspicious activity. 

Finally, Bitbuy has a 95% cold wallet storage policy that ensures your assets are held offline and protected against cyber attacks.  

Bitbuy Customer Support 

Another feature that Bitbuy reviews appreciate is the company’s stellar customer support team. You can reach Bitbuy via:

Sadly there is no live chat feature, although the email service is very fast. Once you send your request, a member of the Bitbuy support team will assist you promptly as they are at your disposal 24/7. 

For those who need quick answers to more common questions, the site has an extensive support centre. 

Note: If you need help with Bitbuy Private Wealth or Bitbuy Corporate solutions, you can call the company at 1-888-770-COIN, from 9 am to 6 pm EST on business days, and Saturdays, from 10 am to 5 pm EST.

Want to Consider Other Options?

Even though Bitbuy is an outstanding crypto service, you might want to explore other platforms and see which one best suits your needs. 

NDAX vs Bitbuy

NDAX is another great Canadian platform that offers 30+ coins and a flat withdrawal fee of CAD$4.99. It also has a flat buy/sell fee of 0.2%, which is lower than Bitbuy.

On the other hand, Bitbuy is more transparent about fees and their cold storage policy. NDAX, for instance, does not specify how much of their assets are held in cold storage. 

Netcoins vs Bitbuy

Netcoins and Bitbuy are similar in many ways—both provide access to the most popular cryptocurrencies in the world and they both have a flat 0.5% trading fee. 

However, with Netcoins, users can fund their accounts without paying any transfer fees, plus enjoy live chat support. Netcoins also supports deposits in USD, in addition to Canadian dollars. 

Coinsmart vs Bitbuy

Coinsmart is one of the few Canadian crypto exchanges that have expanded to other markets as well. As a result, the platform offers several fiat currencies to choose from as well as low trading and deposit fees. Additionally, besides bank transfers and Interac e-Transfer, you can use a debit card to fund your account, for which you would need to pay a fee of up to 6%. 

However, there is a limited selection of coins on Coinsmart (16 assets), whereas Bitbuy coins number 25+.    

Final Verdict: Is Bitbuy Good?

Bitbuy might have slightly higher trading fees than some of its competitors and is only accessible to Canadian citizens, however, the platform is 100% transparent and secure, which means that you will not see any hidden fees or security breaches. 

What’s more, the company has something for beginners, advanced investors, companies and high-volume traders, plus a wide range of assets to choose from. Access to instant trading with flat Bitbuy fees on all trades, excellent 24/7 customer support and an easy-to-use mobile application, only confirm its reputability among users.  

All in all, Bitbuy is a great option for any investor who is looking for a reliable Canadian platform.

FAQ

Is Bitbuy legit?

Yes. Bitbuy is the only Canadian crypto platform that has been officially confirmed as a marketplace in December 2021 and is regulated by the Ontario Securities Commission, plus it’s a registered money service business with FINTRAC.

Is Bitbuy a wallet?

Bitbuy has a dedicated crypto wallet where you can store your digital currencies. 

Can I buy Dogecoin on Bitbuy?

Yes. To do this, first, you need to create an account. After that, you can add funds with a minimum of $50 Canadian dollars, and finally, select dogecoin as your preferred cryptocurrency to proceed with the purchase.  

Should I use Bitbuy?

Bitbuy is one of the most convenient and safest online exchange platforms for Canadians. It is a great option for those who are just starting out in the world of crypto as well as more experienced investors.

Was Bitbuy hacked?

No. In fact, you can rest assured that Bitbuy implements the highest security standards against any possible cyber attack. 

Is Bitbuy better than Coinbase?

Depends on what you’re after. Coinbase is one of the biggest crypto exchanges in the world and it supports a wide range of digital assets. However, according to several online Bitbuy reviews, the platform is much cheaper than Coinbase and it supports Interac e-Transfers, making it extremely easy for Canadians to deposit funds. 

ABOUT AUTHOR

Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange. As of recent, she has been studying some non-mainstream stocks in Canada. When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip.