Bitbuy review: The safest & best for Canadian traders?


FINTRAC is the Canadian Government regulatory body that handles the detection, prevention, and deterrence of money laundering and ensures the protection of personal information. Still, not every platform is perfect for every user. Below, we have collated a few tables to inform our users of the Bitbuy trading fees.

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If you’re interested in privacy, you won’t get it with Bitbuy. They require a lot of information before you can trade. Finally, you’ll need to upload a financial document such as a bank statement and a utility bill such as an internet bill. Signing up to Bitbuy is quite a long process due to their compliance process.

bitbuy canada review exclusively provides services to Canadian citizens. Platforms like Coinbase and Binance have an international presence while also catering to Canadian customers. The Express Trade platform is for people who just want to buy cryptocurrency and hold it as an asset instead of making daily purchases and sales.

This may influence which products we compare and the pages they are listed on. Partners have no influence over our editorial staff. Users can exchange CAD for a variety of different cryptocurrencies. Strong reputation for exceptional customer support, with a knowledgeable and responsive team. Reasonable prices when it comes to maker and taker fees, especially on Bitbuy Pro.

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At Finty we want to help you make informed financial decisions. We do this by providing a free comparison service as well as product reviews from our editorial staff. Bitbuy does indeed offer a wallet service, which will enable you to store cryptocurrencies. Another Canadian exchange offering a variety of different cryptocurrencies. As the name suggests, Bitbuy Express is a feature that enables you to purchase cryptocurrencies easily and without friction.

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Customers can have customer service contact them directly by phone to process an OTC deal. Being a large regulated trading exchange with high liquidity, Bitbuy is also used by professional investors and institutions for large orders. So-called Over-The-Counter deals with a stake of at least $50,000 can be settled on Bitbuy around the clock.

New users can register and complete verification within a few minutes. On the Express Trade platform, you will be charged 0.5% fees for every transaction. On the Pro Trade platform, the fee depends on the kind of order you place. You may also place a limit order, meaning that the transfer will execute only when the price falls to your specified number.

There isn’t much more to say about Bitbuy than I’ve stated in this review. In my eyes, it’s the best platform in the country to trade Cryptocurrency. They’ve added more 2FA options, so you can secure your account even more. They’ve created a new username feature, resulting in a more streamlined login process. The company’s codebase is privately maintained, meaning your intellectual property is safe from external eyes.

What services does Bitbuy offer?

Also, Bitbuy charges fees for depositing and withdrawing Canadian dollars. Trade histories are also visible on the Pro Trade page. Pro Trade users also have access to market trading histories. You can see a transparent fees summary for all transactions. BitBuy is one of the most popular crypto exchanges in Canada.

If this happens to you, you can contact the support team to get it resolved. When trading with Bitbuy, it’s best not to do anything unusual for your account. They wouldn’t let me withdraw to my wallet, they started to ask different personal questions that it was a customer relationship routine questions. After responding to them via email, up till this moment, they couldn’t resolve my case. My case is been handled by one Rebecca T. They asked for more details about the activity occurring in my binance wallet, which is wrong!

money has an extremely in-depth FAQ support center, to the point where you’ll rarely need to contact customer service anyways. The company also allows you to store your bitcoin holdings in an offline vault, protected by value matched insurance. The company routinely conducts financial audits using trusted third parties, and suspicious activities are tracked on a weekly and daily basis. However, cryptocurrency brokerages are different, and many investors are worried that their money may be at risk. Fortunately, Bitbuy’s security is some of the best in the country.

Bitbuy: Everything You Need to Know About Canada’s Top Crypto Platform

Bitbuy is a Canadian-based crypto exchange that offers transparent, competitive pricing and an excellent trading platform. Trading fees range from 0.10% to 0.20%, which is much cheaper than Coinbase. Once your ID has been verified, you must set up a funding method. Coinbase no longer accepts credit cards for account funding. In this Coinbase Review, I take a close look at one of the world’s most popular cryptocurrency exchanges.

  • Canadian users can provide a piece of government-issued photo ID, like a driver’s license or passport.
  • Pro Trade is more user friendly and has more tools than Coinbase Pro or Newton Pro Beta.
  • When you stake, you delegate a specific amount of crypto and, in turn, are rewarded by Coinbase.
  • 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.
  • When investors buy a large volume of cryptocurrency on a single exchange, there’s potential for slippage.
  • You need to click on the wallet from which you want to withdraw coins and click the withdrawal button.

If you need help, you can reach them by email or by phone. Their response time is faster than other cryptocurrency exchanges, many of whom don’t offer phone support at all. Self-serve assistance is available via the support page of the Bitbuy website.

Digital Currency Deposits and Withdrawals

Bitbuy is registered and regulated with FINTRAC as a money services business, as well as with the Ontario Securities Commission as the first Canadian marketplace for cryto assets. Bitbuy is the first Registered Investment Dealer AND Marketplace for cryptocurrencies and crypto assets in Canada, based in Toronto. Pro Trade – This is aimed at experienced traders who really want to play the crypto market. With it, you’ll have access to different tools and charts to help you analyze your trades such as market history, order books and market depth charts. Pro Trade also allows buyers to place order limits, which is great for those who want to buy or sell at a particular price.

The company was founded in San Francisco in 2012 but no longer maintains a central headquarters; its employees are fully remote. They’ve created new “Gold Account” status, allowing for faster and higher wire deposits and withdrawals. Bitbuy isn’t, nor is any other cryptocurrency trading platform.

If all you’re looking for is a quick purchase at market price, then Bibuy Express is the way to go. If, however, you’re looking for more advanced order types and charting and don’t mind a more advanced interface, then Bitbuy’s Pro platform might be for you. Coinbase is a global crypto platform that’s popular in the US.

You can access the available video courses from your crypto account. Buying and selling crypto is incredibly easy with Coinbase. Here are the steps to buy Bitcoin via the desktop app. What makes Bitbuy so great is that it makes life easy for newbies and pros alike. If you are a crypto newcomer, you can grow with Bitbuy; there’s no need to “graduate” to a different exchange as you become a more sophisticated trader.

canadian crypto traders

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. Those who are happy praise the customer support and the ease of use.

Interac e-transfers are made within 24 h after request. For traders with a very high trading volume of over 1.5 million USD per year, reduced trading fees apply. Such so-called Liquidity Providers pay no fees as Makers and only 0.1% as Takers, i.e. half of the usual Taker fee. Moreover, since it is a regulated trading exchange, deposits are protected by comprehensive deposit coverage, which is regulated by law. If you’re looking to automate your trades, you can do so using Bitbuy’s API feature. It allows individuals, algorithmic traders and institutions to automate trades while connecting with over 10 markets.

  • Moreover, as a subsidiary of the First Ledger Corporation, Bitbuy provides the utmost in terms of transparency and cyber-security for its consumers.
  • Bitbuy will send a code to your phone which you’ll need to access your account.
  • In a way, staking is kind of like a high-interest savings account for your crypto assets, without the principal guarantee.
  • Trading fees range from 0.10% to 0.20%, which is much cheaper than Coinbase.
  • Bitbuy was founded in 2013 with headquarters in Toronto.

Bitbuy will send a code to your phone which you’ll need to access your account. Before you can start buying crypto, you’ll need to go through the verification process. Is a Canadian cryptocurrency exchange that was founded in 2016. Specifically for Canadians, Bitbuy has both a beginner-friendly platform and a more advanced platform for experienced crypto investors. I signed up to Bitbuy and reviewed it to see if it’s worth using in 2023. Tom Drake is the consumer and credit expert at Retire Happy, sharing his knowledge on the best ways to get the most for your money.

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