Bitbuy Review 2022: A Top Canadian Crypto Exchange

There are plenty of cryptocurrency exchanges to choose from no matter where in the world you live.

However, if you live in Canada and want a Canadian platform, your options are a little more limited.

That’s not to say there aren’t good choices available. This Bitbuy review will focus on what this crypto exchange has to offer and how it compares with other platforms.

Our Verdict
Bitbuy Review
9/10Our Score

Bitbuy

Cryptocurrency exchange

Bitbuy is a reputable, reliable, and secure Canadian cryptocurrency exchange.

Pros
  • Supports CAD
  • 98% of all user assets are kept in cold storage
  • Mobile app available on iOS and Android
  • Solid option for both beginner and experienced traders
  • Quick verification process
Cons
  • Could support more cryptocurrencies

What is Bitbuy?

Bitbuy is a Toronto-based cryptocurrency exchange that launched almost a decade ago in 2013. Initially, the platform was called Instabit, offering crypto enthusiasts a quick and easy way to purchase Bitcoin.

Obviously, it has since rebranded as Bitbuy and has expanded its operations to include buying, selling, and trading a variety of cryptocurrencies.

Three years after its launch, Bitbuy became an MSB (Money Service Business) in Canada. The platform is also registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

That means the exchange adheres to Canadian regulatory guidelines that deter money laundering and other unsavoury behaviours.

Overall, Bitbuy is known for providing users with an easy-to-use exchange that’s ideal for both beginner and experienced traders and investors.

With a transparent model and low fees, Bitbuy has made a name for itself in the crypto exchange industry.

Bitbuy Products and Services

Bitbuy mobile application

There are several products and services available on the Bitbuy platform. Here are a few of the more commonly used features.

Bitbuy mobile application

If you want to buy, sell, and trade while you’re away from your laptop or PC, you can use the Bitbuy mobile app. It’s available on all smart devices with an iOS or Android operating system.

The mobile app gives users all the features they have on the web version of the site, which includes transferring CAD or crypto or buying and selling your favourite digital assets.

Bitbuy takes security seriously, which is why it integrates several protective measures into its app.

These include biometric functionalities that give you access to the app when you use your fingerprint or 2FA (two-factor authentication) that requires a code from a third-party app.

Trading using CAD

With its Express Trade capabilities, customers using Bitbuy can buy and sell their digital assets using Canadian fiat currency. Using CAD makes depositing funds into your Bitbuy account quick and easy.

Users simply fund their account with CAD, then use it to buy their preferred cryptocurrencies.

Bitbuy wallet

With your Bitbuy wallet, you can store all your cryptocurrencies in one place. Plus, Bitbuy says that it keeps 98% of all user funds in cold storage, which means they’re offline and inaccessible to hackers and other nefarious people.

Additionally, Bitbuy has insurance on its cold storage that protects user assets. With this feature, Bitbuy can confidently say all funds on the platforms are safe and secure.

Bitbuy Fees

  • Deposits: Free – no fees
  • Trades: Between 0% and 1.5%
  • Withdrawals: Between 0% and 1.5%

Bitbuy Trading Fees

TiersTrading volumeMaker feeTaker fee
Tier 1< $250k1.50%1.50%
Tier 2$250k – $1m0.50%0.75%
Tier 3$1m – $5m0.15%0.25%
Tier 4$5m+0%0.10%

There are also fees for trading, which will vary depending on whether you’re the maker or the taker in the trade. In the majority of trades, fees for the maker are less than the fees charged to the taker. Some platforms even give makers a negative fee for a trade, which is called a rebate.

If you’re unfamiliar with trading, you might be wondering what maker and taker mean. It’s not too complicated. The maker is the person creating the market order. They’re looking to add liquidity to the crypto market.

Takers, on the other hand, are looking to take the liquidity off the book. They complete the order.

The good news is that if you’re sending cryptocurrency to your Bitbuy account, the platform won’t charge you a fee. When withdrawing crypto, you’ll have to pay a withdrawal fee, but that amount will depend on the type of asset you’re moving.

Here’s a look at what you’ll pay for each cryptocurrency for withdrawal:

  • Bitcoin (BTC) – 0.001 BTC
  • Ethereum (ETH) – 0.02 ETH
  • Stellar (XLM) – 26 XLM
  • Litecoin (LTC) – 0.05 LTC
  • EOS (EOS) – 0.03 EOS
  • Bitcoin Cash (BCH) – 0.01 BCH

These fees are pretty standard across the market, so if you use any of these digital assets regularly, you can expect to pay a small fee when moving them off the exchange.

Supported Cryptocurrencies

One of the things you’ll want to consider as you look for a cryptocurrency exchange is whether or not it supports the digital asset you want to use. Bitbuy supports 25 different cryptocurrencies.

Here are some of the digital assets you can buy, sell, and trade when using Bitbuy:

  • Bitcoin (BTC)
  • Ethereum (ETC)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Stellar (XLM)
  • Polkadot (DOT)
  • Cardano (ADA)
  • Dogecoin (DOGE)
  • AAVE (AAVE)
  • EOS (EOS)
  • Chainlink (LINK)
  • Decentraland (MANA)
  • Solana (SOL)
  • Polygon (MATIC)
  • Uniswap (UNI)
  • Sushiswap (SUSHI)

Obviously, this list isn’t close to supporting all the cryptocurrencies out there, but these are some of the more popular coins in the market.

If you want more niche altcoins, you may have to visit bigger platforms like Binance or Kraken, but for the most common digital assets, Bitbuy will work just fine.

Fiat currency

When you’re ready to buy any of the cryptocurrencies that Bitbuy supports, the quickest way to do so is through fiat currency.

You can do this by using your credit or debit card or through wire or bank transfer.

Not all exchanges will support fiat currency, however, Bitbuy does. Because it does, you don’t have to mess with buying crypto through another platform and then sending it to Bitbuy.

You can simply use your CAD and purchase all the crypto you want.

Bitbuy Alternatives

If you don’t think Bitbuy is the right exchange for you, here are a few alternatives you should consider.

Wealthsimple

Wealthsimple is a great alternative to Bitbuy. This platform is also located in Toronto and offers double the cryptocurrencies. The exchange is also quite popular with over one million regular traders.

Trading fees are a little more through Wealthsimple than they are through Bitbuy, but they’re still pretty competitive.

Users also get 24/7 support when using Wealthsimple. Customers can either send an email to the support team or chat with a live representative.

Not very many exchanges offer live chat support, so if getting help when you need it is important, Wealthsimple is a solid option.

The platform also offers a stock exchange, which means you can buy, sell, or trade stocks whenever you want and then switch over to do the same with your crypto. It’s a very convenient feature.

Cryptocurrencies supported

Wealthsimple supports the following cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Cosmos (ATOM)
  • Cardano (ADA)
  • Litecoin (LTC)
  • Polygon (MATIC)
  • Chainlink (LINK)
  • And many more!

CoinSmart

CoinSmart

If you want an exchange that focuses on security, CoinSmart might be the way to go, especially given the volatility of the crypto market.

As an OSC (Ontario Securities Commission) Registered Marketplace, CoinSmart goes the extra mile by regularly having its platform audited by outside companies.

CoinSmart offers one less digital asset than Bitbuy, but so long as you prefer to buy, sell, and trade the most popular cryptocurrencies, you shouldn’t have any problems. Creating an account with CoinSmart is free and the site is intuitive and easy to use.

You won’t pay a lot in trading fees on CoinSmart as they start at just 0.2% per trade. Users can also have their accounts verified instantly so they can begin trading immediately.

That means you won’t have to wait on CoinSmart. You can get to trading as soon as possible.

Cryptocurrencies supported

CoinSmart supports the following cryptocurrencies:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Cardano (ADA)
  • Polkadot (DOT)
  • Dogecoin (DOGE)
  • Stellar (XLM)
  • Chainlink (LINK)
  • Solana (SOL)
  • Polygon (MATIC)
  • Shiba-Inu (SHIB)
  • And others

Bitbuy Security

Bitbuy Security

There are plenty within the crypto industry who believe that security is the most important feature of any exchange or platform.

After all, what good does it do you to be able to perform transactions with every cryptocurrency in existence if it’s just going to get stolen? For many, security is paramount.

This begs the question, is Bitbuy a secure platform? The answer is yes. Bitbuy is a secure and reliable exchange. The site implements plenty of features to ensure its users’ funds and assets are always protected.

One way Bitbuy does this is by confirming and verifying the identity of anyone that uses the exchange. That means there are no scammers or fake accounts using the exchange.

Not only does this protect user assets, but it also keeps customer accounts from being impersonated.

Additionally, since Bitbuy is an MSB and is registered with FINTRAC, it follows all regulations and guidelines that involve money transferring, dealing on exchanges, redeeming money orders, and dealing with virtual currencies.

Bitbuy also stores 98% of user funds in cold storage, which means it’s offline and not accessible to anyone trying to hack or break into the exchange. Even if a breach occurs, the vast majority of the funds on the platform are protected.

Lastly, Bitbuy highly recommends all users set up and use 2FA (two-factor authentication). With 2FA, users have to take an extra step to access their accounts.

This is usually through a code sent via text message or through an authentication app.

How to Register with Bitbuy

How to Register with Bitbuy

It’s very easy to create an account with Bitbuy. Just follow these simple steps.

Step 1 – Visit the Bitbuy home page and click on the “Sign up to get started” link.

Step 2 – Next, you need to enter the necessary info. Bitbuy requests your password, email address, and lets you fill in a referral code if you have one. When you’ve filled everything in, select “Create Account.”’

Step 3 – Open your email account and watch for an email from Bitbuy. Once you get the email, open it and look for a verification link. Click it to verify your account. If you don’t get one, return to Bitbuy and select “Resent Verification Email.”

Step 4 – When your email address and account information is verified, you can sign in to your Bitbuy account. That’s it. You’re ready to start buying and trading crypto!

FAQs

FAQs

Here are some frequently asked questions about the Bitbuy cryptocurrency exchange.

Is Bitbuy a good exchange?

Bitbuy is a good exchange for those who are looking for a reliable and secure platform to buy, sell, and trade the most popular cryptocurrencies. The site is easy to use and offers plenty of features to keep user assets safe.

Is Bitbuy safe?

Bitbuy is considered a safe platform to use. The site employs plenty of security features to keep assets safe and also requires account verification to prevent scammers and fake accounts.

How does Bitbuy work?

Bitbuy is a cryptocurrency exchange that allows users to buy, sell, and trade the most popular cryptocurrencies. The site is easy to use and offers plenty of features to keep user assets safe.

What is the Bitbuy app?

The Bitbuy app is the mobile version of the Bitbuy website. It allows users to buy, sell, and trade the most popular cryptocurrencies on the go.

Conclusion

Bitbuy Review

Bitbuy is an excellent crypto exchange for anyone who lives in Canada. When it launched, it was developed with Canadians in mind, which is a big reason why CAD is the only fiat currency the platform supports.

While you won’t find hundreds of cryptocurrencies on Bitbuy, you will find most of the popular ones.

The exchange also offers a mobile application, a built-in wallet, and plenty of security features. It’s easy to register for an account with Bitbuy, and once you’re in, the platform is intuitive and simple to use.

You have to decide whether Bitbuy is the right crypto platform for your needs, but if you reside in Canada, this might be an exchange worth a visit.

Photo of author
Author Bio - Christopher Liew is a CFA Charterholder with 11 years of finance experience and the creator of Wealthawesome.com. Read about how he quit his 6-figure salary career to travel the world here.

Check Out These Posts:

Leave a Comment