Our review of Bitbuy crypto platform: 4.7/5

Why trust Hellosafe?

HelloSafe is an expert in financial products, advising more than a million users every month. Our experts have tested the services of dozens of brokers around the world, opening accounts and carrying out real transactions. Discover our full review of this platform.

Bitbuy in brief

Our opinion of Bitbuy

We appreciated Bitbuy’s strong regulatory compliance, as it is registered with FINTRAC, CSA, and OSC, ensuring a trustworthy and legally compliant trading environment for Canadian users. The platform’s user-friendly interface makes it accessible for both beginners and experienced traders, with Express Trade simplifying transactions and Pro Trade offering advanced charting tools. Deposits and withdrawals in CAD are fast and reliable, with Interac e-Transfer and wire transfers providing seamless funding options.

Security is a standout feature, with 95% of assets stored in cold wallets and insurance coverage protecting users against potential breaches. The fee structure is transparent and competitive, making it easy for traders to understand costs upfront. Customer support is responsive and available via email and live chat, which enhances the overall experience.

However, the platform could benefit from a wider selection of cryptocurrencies, as it currently supports just over 50 assets, which is less than many global exchanges. The absence of staking and lending services limits passive income opportunities for users holding crypto long-term. Additionally, there is no crypto card for spending digital assets directly and no integrated NFT marketplace, which some traders may find restrictive.

Who is Bitbuy best for?

Bitbuy is best suited for Canadian traders who value security, regulation, and an easy-to-use platform over a vast selection of cryptocurrencies or advanced DeFi features.

Let's find out more about our test results on Bitbuy.

Reliability and Security 4.7/5

Founded in 2016, Bitbuy is one of Canada’s most established cryptocurrency exchanges, designed to provide a secure, regulated, and user-friendly trading experience. With over 400,000 registered users, it has positioned itself as a trusted platform for buying, selling, and trading cryptocurrencies in Canada. Over the years, Bitbuy has gained recognition for its compliance with Canadian regulations and has been named one of Canada’s Top Growing Companies by The Globe and Mail.

For Canadian traders, Bitbuy stands out as a fully regulated exchange, registered with the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA). It is also regulated by FINTRAC as a Money Services Business (MSB), ensuring compliance with anti-money laundering (AML) laws. However, it does not hold specific registrations with BCSC or ASC but operates within regulatory guidelines across Canada.

To enhance security, Bitbuy offers 95% cold storage for digital assets, insurance protection for crypto holdings, two-factor authentication (2FA), and rigorous identity verification processes to prevent fraud and unauthorized access.

Cryptocurrencies Available 3.8/5

Bitbuy is a Canadian-focused cryptocurrency exchange that prioritizes security, regulation, and ease of use over an extensive selection of assets. While it provides access to major cryptocurrencies and popular altcoins, its overall asset diversity is more limited compared to global exchanges like Binance or Coinbase.

The platform does not yet offer NFTs or a wide range of DeFi tokens, making it more suitable for traders focused on buying and selling established digital assets rather than those looking for niche investment opportunities.

Below is a table comparing Bitbuy’s available crypto assets with the market average:

Our opinion on Bitbuy's offerings

Bitbuy provides a solid selection of major cryptocurrencies and altcoins, ensuring access to popular digital assets. However, its limited number of supported coins and the lack of NFT trading place it behind competitors that offer broader investment options.

Services and Tools 3.5/5

Bitbuy is designed primarily as a secure and regulated crypto trading platform, catering to Canadian users who prioritize compliance and reliability. While it offers a solid trading experience, its range of additional services is more limited compared to global exchanges.

• OTC Trading: ✅ Available – High-volume traders and institutions can access Over-the-Counter (OTC) trading, allowing for large trades with personalized support.
• Business Accounts: ✅ Available – Bitbuy provides corporate and institutional accounts, catering to businesses that need crypto exposure.
• Advanced Trading: ✅ Available – The Pro Trade platform offers advanced charting tools and order types, making it a strong option for experienced traders.

While Bitbuy excels in regulatory compliance and trading tools, it lacks staking, lending, farming, and a crypto card, which could limit its appeal to users looking for passive income opportunities. 

Fees and Commissions 4/5

Bitbuy positions itself as a transparent and secure Canadian exchange, offering a clear fee structure that varies based on trading volume. While its Pro Trade platform offers competitive fees for high-volume traders, smaller traders using Express Trade may find the costs higher compared to global competitors. Below is a comparison of Bitbuy’s trading fees with the market average:

Other Fees:

• Deposit Fees: Free for Interac e-Transfer and bank wire deposits
• Withdrawal Fees: 1.5% for wire withdrawals; free for Interac e-Transfer
• Crypto Withdrawal Fees: Varies by network
• Conversion Fees: Included in Express Trade pricing
• Inactivity Fees: None

Our opinion on Bitbuy's fees and commissions

Bitbuy’s fee structure is well-suited for Canadian traders, especially those executing high-volume trades on Pro Trade, where fees decrease as trading volume increases. However, casual traders may find Express Trade’s built-in spreads more expensive compared to international exchanges.

Customer Reviews 1.6/5

Bitbuy has a Trustpilot rating of 1.6/5 based on 411 reviews, reflecting a mix of positive feedback regarding its security and regulation, alongside criticisms about withdrawal times and customer support responsiveness.

Here are some recent reviews from Canadian users:

• Daniel M (January 10, 2024): "I chose Bitbuy because I wanted a Canadian exchange with strong security and compliance. Setting up my account was smooth, and deposits via Interac e-Transfer were processed within minutes. However, when I tried to withdraw my funds, it took four business days, which felt longer than expected. Customer support responded to my inquiry, but it took 48 hours to get a reply. The platform is reliable, but withdrawal speed needs improvement."
• Sophie L (February 25, 2024): "I like Bitbuy’s Pro Trade platform—it offers solid charting tools and lower fees for higher trading volumes. The fee structure is transparent, which I appreciate. That said, I wish they had more cryptocurrencies available. Some of the altcoins I wanted to trade aren’t listed, and I had to use another exchange. It’s a good option if you’re focused on Bitcoin and Ethereum, but not great if you're looking for variety."
• Justin R (January 8, 2025): "Security is the main reason I use Bitbuy, and I feel safe knowing they keep 95% of assets in cold storage. However, I had an issue with two-factor authentication when logging in, and customer support took almost a week to resolve it. It was frustrating not having access to my funds during that time. If they improve response times, I’d feel much more comfortable relying on them for my trades."

How does Bitbuy compare to other Crypto brokers?

Bitbuy competes with some of the largest cryptocurrency platforms, offering a regulated and secure trading experience tailored for Canadian users. Below is a comparison of its features against three other major brokers.

Conclusion of our analysis of Bitbuy

Bitbuy provides a highly secure and regulated trading environment, ensuring compliance with Canadian financial authorities. It offers fast CAD deposits and withdrawals, making it a trusted choice for Canadian traders. However, its limited cryptocurrency selection and lack of additional services like staking, NFTs, and a crypto card make it less competitive for users looking for diverse investment options.

For those seeking a simple and reliable crypto trading platform focused on security and compliance, Bitbuy remains a strong choice. However, traders looking for a broader asset selection, futures trading, or passive income options may find other exchanges more suitable.

Before opening an account on Bitbuy, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Bitbuy?

Bitbuy offers different account types designed to meet the needs of both casual and advanced traders. Below is a comparison of the available account levels, highlighting their key features and differences.

Each account type offers different features suited for specific trading needs. Whether you're a casual trader, business user, or institutional investor, Bitbuy provides tailored options for a seamless experience.

Personal Account

The Personal Account is designed for individual traders looking for a secure and user-friendly crypto trading platform. Users can access both Express Trade for quick transactions and Pro Trade for more advanced features. The account supports CAD deposits via Interac e-Transfer and bank wire transfers, with standard trading fees applied based on transaction volume. Security features such as 2FA and cold storage protection ensure a safe trading experience.

Business Account

The Business Account is suited for corporate and institutional users who need access to a compliant, high-security crypto trading environment. This account provides access to Express Trade and Pro Trade, along with business-tiered pricing that adjusts fees based on volume. Businesses can deposit and withdraw funds via Interac e-Transfer and wire transfer, ensuring seamless fiat transactions.

OTC Account

For high-net-worth individuals and institutions, the OTC Account offers a customized trading experience with priority support. Users gain access to a dedicated OTC desk, allowing them to execute large transactions with custom pricing and deeper liquidity. This account type is designed for trades exceeding $50,000 CAD and requires wire transfers for fiat deposits and withdrawals.

Bitbuy ensures that each account type caters to different trading needs, from individual investors to businesses and institutional traders, maintaining a secure and regulated trading environment.

How do deposits and withdrawals work with Bitbuy?

Bitbuy offers multiple deposit and withdrawal methods for Canadian traders, ensuring fast and reliable fiat transactions. Below is a breakdown of the available options, including supported currencies, processing times, and associated fees.

Bitbuy provides fast and free CAD deposits, especially through Interac e-Transfer, making it a convenient choice for Canadian users. The lack of credit or debit card deposits may be a drawback for some traders who prefer instant funding.

Compared to global competitors, Bitbuy offers competitive fiat deposit options, but withdrawal fees for bank wires are higher than on some other platforms. Despite these minor drawbacks, the platform ensures a secure and transparent deposit/withdrawal process for Canadian traders.

Does Bitbuy offer crypto staking?

Bitbuy does not currently offer staking services for its users. Unlike some global exchanges that allow users to earn passive income by locking up their cryptocurrencies, Bitbuy remains focused on providing a regulated trading environment for Canadian users. Traders looking for staking opportunities will need to transfer their assets to an external platform that supports staking rewards.

Bitbuy does not provide crypto lending services, meaning users cannot lend their assets to earn interest or borrow against their holdings. This may be a limitation for users looking for additional ways to generate passive income from their crypto investments.

Below is a comparison of staking and lending features on Bitbuy versus the market average:

Bitbuy focuses on secure crypto trading rather than passive income services. While this ensures a regulated and transparent trading environment, users interested in staking or lending will need to explore alternative platforms.

How are revenues generated by Bitbuy taxed?

Taxation of Crypto Trading on Bitbuy in Canada

In Canada, income generated from cryptocurrency trading on Bitbuy is subject to taxation under the Income Tax Act. The Canada Revenue Agency (CRA) classifies crypto-related earnings as either capital gains or business income, depending on trading habits and intent.

• Capital Gains Tax: If trading is occasional or for investment purposes, only 50% of the profit is taxable at the individual's marginal tax rate. This applies when users buy and hold crypto before selling at a profit.
• Business Income Tax: If trading is frequent or speculative, earnings are considered business income, meaning 100% of profits are taxable. Factors such as high-frequency trading, leveraging funds, and operating like a day trader may classify gains as business income.

How to declare crypto income in Canada

To report income from trading on Bitbuy:

• Track Transactions: Maintain a record of all crypto trades, including purchase price, sale price, transaction dates, and trading fees. Bitbuy provides transaction history exports to simplify record-keeping.
• Calculate Gains and Losses: Determine whether earnings fall under capital gains or business income based on trading behaviour.
• Report on Tax Return:
• Capital gains should be declared on Schedule 3 of the T1 General Tax Return.
• Business income should be reported under self-employment income on Form T2125.
• Declare Staking or Interest Income: If crypto is earned through staking or interest (on other platforms), it must be declared as taxable income at the time of receipt.

Watch out!

Failure to report crypto income can lead to audits, penalties, or interest charges from the CRA. Keeping detailed records and using tax software or consulting a professional can help ensure compliance.

Contact: How to contact Bitbuy customer service?

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.