BitBuy: Canada's Best Crypto Exchange?

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.

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.

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:

Ready to start trading? Visit BitBuy today to get started. When you sign up through the link below you'll get $40 free when you deposit $250. Start trading today.

What coins are available on Bitbuy?

Bitbuy offers Canadians the ability to trade 25+ of the most popular cryptocurrencies today. This includes:

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 currencies withdrawal fees:

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

Bitbuy withdraw & Bitbuy deposit fees, CAD:

Is Bitbuy safe?

Yes, Bitbuy is legitimate. It puts consumer safety and security first to offer a reliable and safe exchange. Trading cryptocurrency with Bitbuy is as risk-free as possible.

• Cold storage of funds: BitBuy requires 95% of users' funds and assets to be stored cold on offline servers. For Bitcoin, Litecoin and Ethereum the real numbers exceed 98%
• Two-factor authentication: BitBuy secures access to its users' accounts with 2FA.
• Secure SSL encryption: Every transaction is Secure Socket Layer encrypted.
• Daily encrypted backups: BitBuy performs daily encrypted data backups with ISO, SOC and FIPS 140-2 compliant providers.

Registered with FINTRAC: Bitbuy also follows all Canadian regulations as a registered Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Additionally, 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? It's easy and fast to sign up for Bitbuy today.

What services does Bitbuy offer?

BitBuy offers standard crypto exchange buying, selling and trading service. It does not have staking or NFT options at this time.

They propose three tiers of service for individuals:

• Express Trade: this tier is intended for beginners and is particularly simple with a good UX. It allows you to buy and sell cryptocurrencies quickly.
• Pro Trade: this tier is more appropriate for more experienced investors. It gives access to a customizable interface and more advanced tools and features.
• Bitbuy Private Wealth: this is Bitbuy’s OTC trading and services for individuals and institutional investors who make transactions of more than $25,000.

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 support contact number: 1-888-770-COIN.

Most simple queries are best taken care of via email, and Bitbuy offers rapid response rates to its customers at [email protected]

How do I get Bitbuy referral code?

If you are an existing customer you can send your friend a Bitbuy referral code. Every time a friend signs up you’ll both get $20 after they deposit $250 into their account. Just go to your account to get your unique referral code.

If you don't already have a Bitbuy account you can claim $40 when you sign up through our link below.

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.

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.

How does Bitbuy stack up to the alternatives?

Bitbuy is one of Canada's best crypto exchanges. Still, not every platform is perfect for every user.

Which company offers better rates when 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?

Here how Bitbuy compares to some of the most popular competitors.

BitBuy vs Binance

BitBuy VS Coinbase

BitBuy vs Coinsmart

BitBuy vs Kraken

BitBuy vs VirgoCX

You can compare Bitbuy and its competitors in more detail right here on HelloSafe.

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Alexandre Desoutter

Alexandre Desoutter has been working as editor-in-chief and head of press relations at HelloSafe since June 2020. A graduate of Sciences Po Grenoble, he worked as a journalist for several years in French media, and continues to collaborate as a as a contributor to several publications.