BitBuy Review 2023
Established in 2016, Bitbuy Exchange stands tall as Canada's dedicated cryptocurrency platform. Whether you're a crypto novice or an experienced trader, Bitbuy has you covered.
But every coin has two sides, right? Dive in as we explore the ins and outs of this platform based on a hands-on BitBuy review.
Here, we’re going to analyze the following:
◆ How does the platform simplify quick cryptocurrency purchases for beginners, while the Pro platform offers a more intricate interface for advanced users?
◆ Is the verification process quick and smooth?
◆ Is Bitbuy Exchange suitable for privacy-focused individuals?
◆ Can it compete with Crypto.com and Binance?
◆ Given Bitbuy's high % cold storage rate of 97%, can it maintain its transaction speed and operational flexibility?
This article gives readers a clear overview of Bitbuy, its features, and if it meets their crypto and privacy needs
Table of content
Table of content
BitBuy Exchange Pros & Cons
As with any platform, Bitbuy brings its own set of strengths and limitations. Here's a quick overview of what stands out on both ends:
🟢 Competitive charges for individual and institutional traders.
🟢 The sole Canadian platform providing BTC coverage.
🟢 Outstanding digital customer assistance.
🟢 Publicly accessible yearly third-party evaluation.
❌ Restricted to Canadian users.
❌ Lacks credit card methods to buy digital currencies.
Bitbuy Exchange Specifics
Bitbuy platform is specifically designed for Canadian residents and offers two platforms: Express for beginners and Pro for experienced investors.
So, what features does it offer?
Broad Crypto Selection: Bitbuy provides a variety of popular cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, EOS, Stellar Lumens, AaVE, Chainlink, Litecoin, and recently added Solana, Cardano, Polkadot, Dogecoin, Uniswap, Sushiswap, and Polygon. They regularly expand their selection of coins.
Accessible for Canadians: While Bitbuy is only accessible to Canadian residents, Canadians can still use the platform outside Canada.
Versatility: Bitbuy Exchange is suitable for both beginners and experienced traders.
User-friendly interface: Express platform offers a user-friendly interface for quick purchases at market price.
Charting & Orders: Pro platform provides advanced order types and charting for more experienced users.
Long registration: Lengthy registration process due to compliance requirements.
Recently, we also analysed another popular crypto exchange. Readers should consider taking a look at our Coinmama review.
❓ What is BitBuy?
Bitbuy is a Canadian cryptocurrency exchange where users can buy, sell, and trade cryptocurrencies using Canadian dollars. The platform is user-friendly and designed to offer a secure and hassle-free experience to individuals looking to engage in cryptocurrency transactions.
❓ Who owns BitBuy?
BitBuy is owned by WonderFi Technologies Inc.
❓ How does BitBuy work?
Bitbuy works by providing a platform where users can create accounts, deposit Canadian dollars, and then use those funds to buy various cryptocurrencies at market prices. Users can also sell their cryptocurrencies on the platform, and Bitbuy facilitates the exchange and provides a secure wallet for storing digital assets.
❓ What coins does BitBuy support?
Bitbuy offers a variety of popular cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, EOS, Stellar Lumens, AaVE, Chainlink, Litecoin, and more recently added coins such as Solana, Cardano, Polkadot, Dogecoin, Uniswap, Sushiswap, and Polygon. They regularly expand their selection. BitBuy arguably is the best Canadian Bitcoin exchange.
❓ Where is BitBuy located?
BitBuy is located in Canada, Toronto's financial district.
How to Open an Account?
To open an account, you must provide your email address, phone number, and password. Bitbuy will send a code to your phone for account access. Verification is necessary before you can start buying cryptocurrencies.
Verification involves entering your name, date of birth, occupation, and full address.
If your account is not verified automatically, you must upload government-issued identification, such as a driver's license or passport, a selfie holding your ID, and a paper stating “for Bitbuy use only” and the current date.
Additionally, you must upload a financial document, such as a bank statement, and a utility bill, like an internet bill.
While the verification process can take up to two days, my documents were verified within one hour.
Privacy and Compliance with FINTRAC
Bitbuy is a safe option for Canadians. Transparency is important regarding offline storage, and Bitbuy's disclosure of holding 97% of assets in cold storage is impressive.
BitBuy Review: Regulations
Bitbuy, as a cryptocurrency exchange, must comply with FINTRAC regulations, meaning users must provide identity documents and proof of address. This is done to prevent suspicious activities like money laundering.
However, if privacy concerns you, Bitbuy may not be the ideal platform as it requires significant personal information before allowing you to trade.
Risk Profile and Suitability for Trading
Once your account is verified, you must complete a risk profile. This profile assesses your risk tolerance, understanding of cryptocurrency risks, and general trading strategies.
Its purpose is to determine if crypto trading is suitable for you. If you indicate a zero risk tolerance and low income, Bitbuy may not allow you to open an account.
Financial Profile and Trading Limits
Bitbuy asks about your financial situation, including net worth, income, and projected income for the next year. This helps assess your suitability for investing in crypto and determines your trading limits. Qualified accredited investors have access to higher limits.
BitBuy Fee Structure
Bitbuy used to have one of the lowest fee structures among crypto exchanges, charging only 0.2%. However, they recently changed their fee structure.
While there are no deposit fees, they now implement a tiered trading fee system based on your trading volume over the past 90 days.
For volume under $250k, the maker/taker fees are 1.50%, which is relatively high compared to other exchanges.
To illustrate the impact of fees, let's consider a $100 deposit used to purchase Bitcoin on Bitbuy. With a 1.50% trading fee, the resulting Bitcoin value would be $98.50.
It's worth noting that Bitbuy's new fee schedule may not have taken effect yet.
Regarding liquidity, Bitbuy has a score of 388/1000 for its Bitcoin market and 410/1000 for Ethereum, indicating sufficient liquidity.
In comparison, another Canadian exchange, CoinField, scores 159/1000 and 92/1000, respectively.
Deposit and Withdrawal
Bitbuy offers convenient deposit options for Canadians, including Interac e-Transfer and bank wire. Deposits made via Interac e-Transfer are particularly fast. Withdrawals to a hardware wallet are also quick. You should also consider using lightning wallet for faster transactions.
BitBuy Security Measures
Bitbuy takes precautions by storing 97% of its digital assets in cold storage, higher than most other exchanges. Additionally, Bitbuy offers a 1:1 Bitcoin insurance policy.
Bitbuy: A Regulated Bitcoin Exchange
Bitbuy exchange puts user security at the forefront. From its advanced cold storage measures and insurance policy to user-centric trading interfaces, Bitbuy prioritizes both novices and seasoned crypto enthusiasts.
Whether you're executing large trades or diving into detailed market analyses, this platform aims to streamline and secure your crypto journey.
Discover the nuances of Bitbuy's offerings:
- Secure Storage & Insurance: Bitbuy offers a secure offline vault for storing Bitcoin, backed by an insurance policy. They prioritize the security of users' funds and conduct regular financial audits.
To further enhance security, users can enable two-factor authentication on their accounts. Additionally, when signing in from a new device or browser, Bitbuy requires email verification and sends a code via text message for additional login verification.
- Reserve Audit & Cold Storage: In the recent Proof of Reserves Audit released in July 2021, Bitbuy exceeded its cold storage policy by an average of 98.12%.
This demonstrates their commitment to safeguarding users' assets. Bitbuy ensures that a significant portion of their funds is stored securely offline, minimizing the risk of hacking or theft.
- Trading Experience: While Bitbuy does not offer features like staking or crypto cards, its main focus is providing users with the best trading experience.
They strive to create a user-friendly platform that simplifies buying and selling cryptocurrencies. Bitbuy's goal is to make trading accessible to beginners and experienced users.
- OTC Trading for Major Trades: For large crypto trades, Bitbuy offers Over-The-Counter (OTC) trading with personalized account management and trading fee quotes.
This service is designed to cater to the needs of institutional investors and high-net-worth individuals. The minimum investment required for using the OTC Desk is $25,000.
Bitbuy provides a mobile app for iOS and Android users, offering a beginner-friendly interface. The iOS app has received positive ratings from users, with a 4.6-star rating from 6,000 ratings.
However, the Android app has faced occasional login issues, resulting in a lower rating. The mobile app and desktop platform make depositing funds and purchasing cryptocurrency easy.
Depositing Funds and Purchasing Cryptocurrency
Depositing funds on Bitbuy Exchange is a straightforward process.
To do so, follow these simple steps:
- Access Account Dashboard: Log in to your Bitbuy account and navigate to the account dashboard.
- Initiate Deposit: Click the “deposit” button.
- Select Currency: Ensure you're depositing in Canadian dollars, as Bitbuy only accepts this currency.
- Choose Deposit: If transferring under $10,000, opt for the Interac e-Transfer method.
- Follow Instructions: Follow the on-screen guidelines to execute the transfer using your online banking app.
- Check Transfer: Wait for the funds to reflect in your fiat wallet.
- Purchase Cryptocurrency: Choose your desired cryptocurrency and head to the Express Trade section.
- Confirm Fees: Check and acknowledge the displayed transaction fees before finalizing the purchase.
Remember to always keep your account details and security questions confidential for safety.
Pro Trade Platform
For experienced users who prefer advanced trading features, Bitbuy offers the Pro Trade platform. This platform includes live charting, price movements, order books, and advanced order types.
Users can perform technical analysis using indicators such as moving averages. They can view their orders, choose between limit or market orders, and see all market orders from other users.
Trading Pairs and Purchasing Options
Bitbuy Exchange offers a variety of trading pairs, mostly involving the Canadian dollar and various cryptocurrencies.
Users can trade Bitcoin against:
- Stellar, Bitcoin
- and Litecoin.
To purchase, you can select the BTC-CAD trading pair in the top-left corner and use the search bar to find the desired cryptocurrency.
Alternatively, they can view all available trading pairs. Users have the option to choose between limit orders and market orders.
For limit orders, they need to enter the preferred price, while for market orders, they simply enter the desired amount of cryptocurrency and click “buy.”
BitBuy Fees and Charges
Transaction costs: Pro Trade imposes a 0.10% maker charge and a 0.20% taker charge. Express Trade comes with a consistent 0.20% fee.
Account top-ups: Costs differ depending on the funding method.
You can use these payment methods for your transactions:
- Interac E-transfer
- Wire transfer
- Cryptocurrencies may also be sent and withdrawn.
Before Selling on Bitbuy
Before selling on Bitbuy, it is important to ensure that you have sufficient funds in your account. Enter the desired amount and click the “sell” button to initiate a sell transaction.
BitBuy Support and Assistance
Bitbuy offers a comprehensive support page on its website, where you can find answers to common questions regarding verification and deposits.
If you require further assistance, you can submit a request through an online form or contact their support team via email at
[email protected]. It is worth noting that response times for support tickets may vary.
Bitbuy has more “excellent” reviews than “bad” reviews on Trustpilot, indicating that most customers are satisfied with their experience. Happy customers often praise the customer support and user-friendly interface.
Concerns with Bitbuy
However, some customers have expressed dissatisfaction with Bitbuy due to the increased regulations and compliance with the Ontario Securities Commission.
It is important to note that any suspicious activity on your account may lead to it being frozen. Bitbuy has been known to freeze accounts or hold deposits and withdrawals.
This is because they are fully regulated, and any suspicious behavior can be flagged. You can contact the support team for assistance if your account is frozen.
It is advisable to avoid any unusual activity on your account while trading with Bitbuy.
Is Bitbuy trustworthy? Absolutely. Bitbuy stands out as a reliable platform for cryptocurrency transactions. It operates within regulations, offers a hack-proof platform, and caters to novices and seasoned traders.
However, it does have a few drawbacks, such as its recently increased trading fees and a detailed verification procedure. The need for in-depth personal financial information for compliance might feel excessive to some
Though Bitbuy features many popular cryptocurrencies, its selection of altcoins isn't the most expansive. But, if your primary concern is a dependable platform, Bitbuy Exchange is a solid choice.
Check out their official site for further details and to secure a free $20 bonus.
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