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Traders in Canada will need to find a leveraged trading platform supported in their country to take a long or short Bitcoin position. The Bitbuy Exchange has two methods for depositing Canadian dollars to convert into digital assets, bank wire transfer and Interac e-Transfer. While withdrawals will incur a 1.5% fee, there are no costs to deposit funds. Yes, Bitbuy has been known to freeze accounts or hold deposits and withdrawals. Since Bitbuy is fully regulated, anything suspicious can be flagged.
CoinSmart’s fees are just 0.2% and they offer the ability to trade any crypto to crypto without having to sell to Bitcoin or Ethereum first. There are several other Canadian crypto exchanges to choose from and I recommend CoinSmart as a good alternative to Bitbuy. The wallet page has large, colourful buttons which makes it easy to deposit funds.
Bitbuy is perfect for beginners because there is an option to Express Trade which makes it extremely easy to buy and sell cryptocurrency. Simply select which coin you want to buy or sell, and the amount, and your order will be filled straight away. There is no need to deal with markets, or setting advanced order types.
When it comes to buying digital assets, Bitbuy clients can choose from a range of payment options, including Interac, e-Transfer and Bank Wire. Bitbuy fees are competitive in line with the rest of the industry with an easy-to-understand structure in place across the board for traders. This fee structure varies depending on how you trade with the exchange. If you are using their Express Trade function then a flat fee of 0.2% on buying and selling applies to all cryptocurrencies. Bitbuy is a Canadian cryptocurrency exchange that is proudly focused on serving Canadian traders. The exchange was established in 2016 and has grown to become a popular and trusted marketplace for Canadian crypto-traders with now more than 350,000 users.
However, when it comes to Stellar Lumens, Ripple and EOS processing, it’s almost instant. What is more, when it comes to usability, Bitbuy makes it even easier by providing https://forex-review.net/ you with automated sign-up and onboarding processes. Moreover, they have a new “username” feature for an even smoother experience, especially when it comes to logging in.
Brokerage Services, Supported Cryptocurrencies & Payment Methods
For the experienced traders, Bitbuy has a Pro Trade feature that displays much more information than the Express Trade option. It includes advanced charts by TradingView, as well as limit and market orders. 3)Bitbuy has an intuitive mobile app available for iOS and Android devices, enabling you to buy and sell no matter where you are. It is easy to use, so it’s perfect for beginners with limited experience with cryptocurrencies.
Unfortunately, at the moment, Bitbuy does not offer real-time customer support through either phone or online chat. The exchange uses a maker-taker pricing model within its Pro trading platform, with fees charged at a flat rate of 0.10% and 0.20%, respectively. The cost is calculated based on your trading history within the past 90 days.
User Experience
For the average user looking to use e-Transfer combined with express trade, it works out as a total fee 1.70% for a deposit and purchase. We like the fact that they have a responsive customer support desk, however it was disappointing to learn that they no longer answer requests via telephone. We also thought that their verification and KYC times were some of the lowest in Canada.
Deposits to the platform are free of charge for both fiat and crypto as of July 2022. On the other hand, crypto processing takes time according to the network in question – from 3 to 12 confirmations . Bitbuy is known to be a user-oriented platform that makes buying top cryptocurrencies easy, fast, and convenient. Instead of being a one-stop-shop for all sorts of crypto-related services, it focuses on building trust by being user-friendly, regulatory compliant, and focused cryptocurrency exchange. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges.
HOW TO OPEN AN ACCOUNT AND START TRADING
These are the top 3 reasons why I think Bitbuy is an excellent exchange, and a great choice for beginners to the crypto market. If you’re trying to invest in cryptocurrency as a Canadian, it’s sometimes easier said than done. Many leading crypto exchanges aren’t available in Canada or don’t provide high starting trading limits for international bitbuy review users. All in all, Bitbuy offers competitive fees for its users, which is somewhat unusual for the platforms that are focusing on user-experience. Even so, you can find better trade rates at other international exchanges but there are always trade-offs – they are either unregulated, has worse UX, or lacks proper customer support.
- It doesn’t provide any additional, unnecessary tools that would make your experience more confusing.
- While, yes, you’ll only be able to use Canadian dollars, it’s still a fantastic platform for Canadians who want to either start investing in crypto or elevate their portfolios.
- We use dedicated people and clever technology to safeguard our platform.
- This is more like your typical exchange with customer order books matched with an exchange “matching engine”.
- FINTRAC classifies the platform as a regulated MSB, which stands for money service business.
However, this issue only appears when depositing fiat money. If you decide to buy Bitcoin, Ethereum, or other cryptocurrencies, you should know that the easiest way to do that is using fiat money. It works the same as paying for services using debit or credit cards, or via bank transfer.
Bitbuy Private Wealth (OTC)
Digital assets are risky, check out the Risk Disclosure Document on your platform of choice for more details and consider getting advice from a professional. Hardware wallets like Ledger and Trezor are two popular choices, and you can read our Ledger review and Trezor review for more information. With Bitbuy, you work directly with a team member to develop a strategy to invest in crypto for your business. To get started, simply enter information about your business and request a call from Bitbuy’s corporate page. Corporations adding crypto to their balance sheets is a more recent development, and companies like Apple have already added millions in digital assets. You can actually use Express and Pro Trading through the mobile app.
Also, it’s fair to mention that if you use Bitbuy PRO, fees get lower. MSB includes foreign exchange dealing, money transferring, Issuing or redeeming money orders, traveler’s cheques, or anything similar, and of course, dealing in virtual currency. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. Rest assured that if we made a habit of carelessly blocking and off-boarding our customers then we wouldn’t be where we are today as a company. With that said, everything happens for a reason, but again, we’re sorry that we had to sever our relationship.
While international exchanges like Coinbase and Gemini have more investing options, Canadians usually have low daily trading limits. Many exchanges don’t charge fees for deposits, so you’re only paying potential bank fees. The bright side is a $50 funding requirement is reasonable, but a 1.50% Interac e-Transfer fee is painful. Another Bitbuy feature that’s useful for serious cryptocurrency traders is its API tool. API tools are useful because they provide live exchange rates and let you automate trades or trade at high frequencies. This feature isn’t useful for everyday traders investing under $50,000 in crypto.
They offer a simple and effective way for Canadian users to buy and sell cryptocurrencies with their CAD. In the parlance of the cryptocurrency community, Bitbuy is a “fiat gateway” for access to a few of the most popular coins. Bitbuy is a Canadian crypto exchange cryptocurrency exchange that lets residents buy Bitcoin and other digital currencies using CAD. The platform is strictly regulated by FINTRAC and only serves Canadian customers.
However, given that Bitbuy are constantly looking for feedback, it is likely that these improvements could be in the pipeline. We are aware that Bitbuy is making quite a few changes to their platform and technology as a result of their VC funding. Hence, we will eagerly await to see if these points have been addressed. If you wanted to refer people, then there were two options that you could consider. One is to give them your referral code for them to use when you are signing up and the other is to give them a referral link.
Bear in mind, the only fiat currency you can deposit is the Canadian dollar. Hit the deposit button and follow the simple steps to make a quick deposit. 2) Zero deposit fees means that you can get started straight away, without losing money just to deposit funds into the platform.
Moreover, mobile cryptocurrency trading is not for everyone. Many of the applications that have been put out by other exchanges have paled in comparison to the efficiency trading on PC or web-based interface. All you need to do is request a withdrawal on the platform, paste your receiving address and then confirm via 2-factor authentication. Bitbuy will send you the funds as a public transaction which will take time to propagate through the network. That’s why we found it disappointing that Bitbuy has removed the ability to contact their customer support team via telephone and via online chat.
Even though not all of them offer such an impressive number of digital currencies to choose from, it’s way more than Bitbuy provides. Partnership with BitGo allows Bitbuy users to store their bitcoin holdings in an offline vault. Also, the insurance covers up to the full price of your assets. Bitbuy is very serious about security, so their built-in wallet is also one of the more reliable ones.
I’ve been using bitbuy since 2013…
According to Bitbuy, thousands of Canadian businesses are following the same strategy, and it doesn’t matter if you’re a small business owner or international corporation. Express Trading is the fastest way to buy and sell crypto with Bitbuy. But if you want more control over your orders and more market data, you need to use Pro Trading. Those who are unhappy have several complaints including the amount of “red tape” now involved since Bitbuy became regulated and compliant with the Ontario Securities Commission. Anything slightly suspicious on your account will result in your account being frozen. Reached out using the support email with a general question and received a personalized response instantly.