The best crypto trading platform for security? Our review of Bitbuy Canada

James Rodriguez James Rodriguez  updated on 2022-06-20

There are plenty of choices on the internet today for Canadians looking for a platform through which to enter into the dynamic world of cryptocurrency trading, and you might feel a sense of information overload when trying to choose the best one for you.

Which company offers better rates when I am considering Bitbuy vs Shakepay? Who wins out in a newton vs Bitbuy showdown? What about Binance vs Bitbuy, or Bitbuy vs Ndax? Then there is Bitbuy vs Coinberry, and how about Bitbuy vs Coinsquare?

In this article, we will provide you with a detailed introduction to Bitbuy, including information about rates, and a breakdown of the Bitbuy pros and cons.

What is Bitbuy?

Bitbuy is one of the largest and most well-established cryptocurrency exchanges in Canada and is only available to Canadian residents and citizens. It was founded in 2016 as a solution for people looking for a quick, reliable, safe and uncomplicated way to buy and sell Bitcoin and other major cryptocurrencies. The company is a fully regulated exchange with full oversight from the Canadian federal authorities, so their customer’s crypto assets are kept in as safe a pair of hands as possible. Its top features include the ability to trade in 19 of the most used cryptocurrencies* directly in the Canadian dollar and BTC-based pairs, an advanced trading platform, Bitbuy Pro, with advanced charts by TradingView, and an OTC desk to support large trades of over $50,000. They also pride themselves on offering industry-leading customer services. 

*BTC, ETH, LTC, BCH, XLM, EOS, AAVE, LINK, DOT, DOGE, ADA, SOL, MATIC, UNI, SUSHI, MANA, TERRA, APE and USDC. Further on in this guide, we have included a table pertaining to all of the rates for Bitbuy coins.

Our Bitbuy review:

Bitbuy is user-friendly and secure, which makes it easy for Canadians to buy and sell crypto with simple CAD deposit methods. The platform is regulated by the government and routinely audited by trusted third-party industry bodies. The company’s servers are secured across different global cloud providers and disaster recovery locations. It has a slick and responsive desktop trading platform, Bitbuy Pro, and it has received praise for its mobile application for iOS and Android, as well as its customer services provision. As a result, the platform has proved particularly popular with beginner traders, due in part to the simplicity of the Bitbuy express trading. Conversely, Low trading fees of only 0.2% for Express Trades and 0.1% / 0.2% Maker/Taker fees in the Pro Trade option means that the company has also remained popular with cryptocurrency professionals. Check out our breakdown of the pros and cons of using Bitbuy, below: 

Advantages: 

  • Closely regulated by the Canadian Government as well as third-party organizations. 
  • Very competitive rates.
  • A Powerful pro trading software platform.
  • Great for beginners, with competitive pricing that remains attractive to the pro traders. 

Disadvantages: 

  • Bitbuy only offers trading in 19 Cryptocurrencies, whereas some of its competitors, such as Binance, offer support for more than 600. 
  • Bitbuy is only available to Canadians, and only offers trades between the 19 currencies they support and CAD. 

Ready to start trading? Click below to see which platform is best suited to you:

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What coins are available on Bitbuy?

Bitbuy offers Canadians the ability to trade in 19 of the most widely traded cryptocurrencies today. This includes  Bitcoin, (BTC),  Etherium ETH, Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM) , EOS, AAVE, Chainlink (LINK), Polkadot (DOT), DOGE, Cadano (ADA), Solana (SOL), polygon (MATIC), Uniswap (UNI), Sushiswap (SUSHI), Decentraline (MANA), and USDC, Apecoin (APE) and Terra (LUNA).

How much are Bitbuy fees? 

Below, we have collated a few tables to inform our users of the Bitbuy trading fees. The company has received industry acclaim by providing consumers with very competitive rates. 

Bitbuy Trading Fees

Express Trade (All Markets): Flat 0.50% fee on all buys and sells.

Other Bitbuy Products, (All Markets): Pro Trade* / API Client 0.10 % Maker, 0.20% Taker.

Bitbuy currencies deposit fees:

Bitbuy coinsMinimmumMaximumFeeProcessing
Bitcoin (BTC)NoneUnlimitedNo Fee3 Confirmations
Ethereum (ETH)NoneUnlimitedNo Fee12 Confirmations
Litecoin (LTC)NoneUnlimitedNo Fee6 Confirmations
Bitcoin Cash (BCH)NoneUnlimitedNo Fee6 Confirmations
Ripple (XRP)NoneUnlimitedNo FeeNear Instant
Stellar Lumens (XLM)NoneUnlimitedNo FeeNear Instant
EOS (EOS)NoneUnlimitedNo FeeNear Instant
AAVE (AAVE)NoneUnlimitedNo Fee12 Confirmations
Chainlink (LINK)NoneUnlimitedNo Fee12 Confirmations
Dogecoin (DOGE)NoneUnlimitedNo Fee40 Confirmations
Polkadot (DOT)NoneUnlimitedNo Fee25 Confirmations
Cardano (ADA)NoneUnlimitedNo Fee15 Confirmations
Uniswap (UNI)NoneUnlimitedNo Fee12 Confirmations
SushiSwap (SUSHI)NoneUnlimitedNo Fee12 Confirmations
Polygon (MATIC)NoneUnlimitedNo Fee12 Confirmations
Solana (SOL)NoneUnlimitedNo Fee30 Confirmations
ApeCoin (APE)NoneUnlimitedNo Fee12 Confirmations
Terra (LUNA)NoneUnlimitedNo FeeNear Instant
Decentraland (MANA)NoneUnlimitedNo Fee12 Confirmations
USD Coin (USDC)NoneUnlimitedNo Fee12 Confirmations
Maker (MKR)NoneUnlimitedNo Fee12 Confirmations
Curve DAO Token (CRV)NoneUnlimitedNo Fee12 Confirmations
Basic Attention Token (BAT)NoneUnlimitedNo Fee12 Confirmations
Compound (COMP)NoneUnlimitedNo Fee12 Confirmations
Fantom (FTM)NoneUnlimitedNo FeeNear Instant
Axie Infinity (AXS)NoneUnlimitedNo Fee12 Confirmations
Bitbuy trading fees

Bitbuy currencies withdrawal Fees:

Digital Currency Withdrawal TypeMinimum WithdrawalWithdrawal Mining Fee
Bitcoin (BTC)0.001 BTC0.00025 BTC
Ethereum (ETH)0.05 ETH0.005 ETH
Litecoin (LTC)0.5 LTC0.02 LTC
Bitcoin Cash (BCH)0.01 BCH0.001 BCH
Ripple (XRP)10 XRP0.02 XRP
Stellar Lumens (XLM)26 XLM0.02 XLM
EOS (EOS)1 EOS0.02 EOS
AAVE (AAVE)0.75 AAVE0.03 AAVE
Chainlink (LINK)8 LINK0.3 LINK
Dogecoin (DOGE)25 DOGE3 DOGE
Polkadot (DOT)1 DOT0.1 DOT
Cardano (ADA)10 ADA1 ADA
Uniswap (UNI)2 UNI0.75 UNI
SushiSwap (SUSHI)5 SUSHI2 SUSHI
Polygon (MATIC)13 MATIC10 MATIC
Solana (SOL)0.1 SOL0.005 SOL
ApeCoin (APE)2 APE2 APE
Terra (LUNA)0.5 LUNA0.1 LUNA
Decentraland (MANA)20 MANA10 MANA
USD Coin (USDC)35 USDC15 USDC
Maker (MKR)0.04 MKR0.01 MKR
Curve DAO Token (CRV)22 CRV8 CRV
Basic Attention Token (BAT)80 BAT20 BAT
Compound (COMP)0.85 COMP0.15 COMP
Fantom (FTM)75 FTM25 FTM
Axie Infinity (AXS)1.5 AXS0.5 AXS
Bitbuy withdrawal

  • XRP price Bitbuy is unavailable at this time as the platform has discontinued its support for the currency. 

Bitbuy withdraw & Bitbuy deposit fees, CAD:

CAD Deposit TypeMinimumMaximumFeeProcessing
Interac e-Transfer$50.00$10,000.00/ 24 Hrs.1.50%Near Instant*
Bank Wire$20,000.00$500,000.000.50%2-3 Business Days
CAD deposit fees
CAD Withdrawal TypeMinimumMaximumFeeProcessing
Interac e-Transfer$50.00$10,000.00/ 24 Hrs.1.50%Within 24 Hours
Bank Wire$20,000.00$500,000.001.00%2-3 Business Days
CAD withdrawal fees

Is Bitbuy safe?

Yes, Bitbuy is legitimate. It puts consumer safety and security first. Trading cryptocurrency with Bitbuy is as risk-free as possible. The company has a 95% cold storage policy, and they enforce 2-factor authentication. Bitbuy also follows all Canadian regulations as a registered Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Bitbuy works with outside auditors regularly to look through its financial transactions and highlight any possible suspicious activity. 400,000 Canadians are already using the platform, and they offer a $50 sign-up bonus to further incentivize users with a show of good faith. 

Ready to start investing? Set up an account with Bitbuy today.

How do I withdraw from Bitbuy?

Please follow the steps below to make a withdrawal from Bitbuy. For the Bitbuy withdrawal fees, please check out our Bitbuy fees section, above. 

1. Sign in to your Bitbuy account and click on ‘Accounts’, located at the top of the page

2. To the right of ‘CAD’, click on the ‘Withdraw’ button. You must have a minimum Canadian dollar balance of $50 in order to make a withdrawal with Bitbuy.

3. Select your withdrawal method and enter the amount you are looking to withdraw, and the name of your bank. Hit ‘Next’ when you are ready and enter your two-factor authentication code to complete your withdrawal request.

You can also make withdrawals using Bitbuy’s IOS and Android app, by following the steps, below: 

1. Sign in to your Bitbuy account and click on ‘Withdraw’ 

2. Choose your preferred withdrawal method and enter the amount you are looking to withdraw, and the name of your bank. Hit ‘Next’ when you are ready and enter your two-factor authentication code to complete your request.

Please note for both web and app transactions, if you are withdrawing via Interac e-Transfer, Bitbuy will send it to the email address linked to your Bitbuy account.

If you are withdrawing via Bank Wire, a Bitbuy representative will contact you for your banking details after your withdrawal request has been made.

How do I log into Bitbuy?

Logging in to Bitbuy is simple and secure. When you sign up, you will be asked to provide a telephone number for two-factor authentication, so the Bitbuy sign-in process can be as safe as possible.

To log in on the app or online you can enter your Bitbuy ca login credentials, after which you will receive a 2FA code in a text message. Once you have entered the correct code, you will have passed security and will be able to make trades. 

How do I contact Bitbuy customer service?

You can learn about BitBuy’s private wealth services, or contact the Bitbuy OTC desk by dialling the Bitbuy contact number: 1-888-770-COIN.

Most simple queries are best actioned via email, and Bitbuy offers rapid response rates to its customers. 

[email protected]

How do I download the Bitbuy app?

The Bitbuy mobile app is only available on the Apple App Store and Google Play Store. To find Bitbuy’s app, simply search for Bitbuy: Buy Bitcoin Canada, from Bitbuy Inc. 

Consumers should always beware of third-party app stores or download sites that claim to offer official versions of mainstream cryptocurrency trading apps.

Is Bitbuy a wallet?

Bitbuy is a crypto exchange, not a crypto wallet. Although there are areas of overlap between the two services in terms of storage, the differences are essential to know before investing in Bitbuy crypto. In a nutshell, wallets are for storing currency, and exchanges are where you can trade them. 

When you own crypto, your private key is your proof of ownership of your currency. A crypto wallet is where those keys are kept. The key holds the unique digital codes you need to access your assets. It does so by locating your cryptocurrency on the blockchain and matching it with your key. There are two kinds of cryptocurrency wallets. Hot wallets, which are connected to the internet, and cold wallets, which you could store offline on, for example, a USB key. Cold wallets are the most secure means of storing cryptocurrencies, as they are not vulnerable to hackers. When you trade using Bitbuy, the company stores 95% of user currency in offline cold wallets. If you withdraw currency to hold yourself, Bitbuy recommends that you also make use of cold storage. They recommend ledger storage from Nano S. Ledger. 

Crypto investing comes with a whole new vocabulary that can be daunting for beginners! Luckily HelloSafe has a handy guide to crypto's terms and definitions.

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