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The best part about it, you don’t need an account to see what it looks like. If you’re looking to express trade cryptocurrencies on bitbuy review Bitbuy, the fees are quite simple. And Keep in mind that although this may be frustrating, this is practically par for the course.
- Users can’t deposit other fiat currencies like USD or EUR.
- If you’re just investing in popular cryptocurrencies like Ethereum and Solana, Bitbuy is a reliable exchange.
- Additionally, you can purchase BTC, ETH, and USDC using your credit card, and the exchange has plans to add more coins soon.
- We know all too well about the damages that can be caused when a hacker is able to penetrate an exchange’s system.
- Coinsmart has two additional funding options (bank draft and credit/debit card).
- This is because Bitbuy uses Tradingview charting technology.
Bitbuy has developed an API application designed to automate high-frequency trading. The exchange also developed an option to help onboard corporations to learn how to add Bitcoin to their treasuries. The Bitbuy OTC service also offers lower fees on these high-volume orders. The Express Trade interface facilitates one-click buy and sell orders that execute in real-time — a highly convenient, accessible way to buy cryptocurrency. In 2019, the platform also conducted a proof of reserves audit via Cipherblade, a US-based forensics, investigative, and cybersecurity company. For Canadians, the ability to exchange cryptocurrency for CAD is a crucial feature of exchanges like Bitbuy.
Fees for withdrawal are 1% to 1.5% depending on method of withdrawal. On Coinbase, they could be as little as 1%, but could also go upto 5% for Bitcoin, because they also charge network fees. Quarterly financial audits and monthly security audits are conducted across all departments by trusted third-party auditors.
Bitbuy Review | Buy & Sell Crypto in Canada | Fees, Pros, Cons
Besides, it is regulated by Canadian federal authorities as it is registered with the Financial Transactions and Reports Analysis Centre of Canada and acts as Money Services Business . I have been using this company and have sent funds back and forth and all of the sudden I am not allowed to withdraw my funds. I was interigated and was made felt like my money was being held captive. I then had to sign a waiver that oliver from support sent through.
Most importantly, it holds at least 95% of assets in cold storage. Cold storage means holding assets offline rather than on an exchange or crypto wallet, making it practically impossible for hackers to access and drain Bitbuy’s funds. If you’re just investing in popular cryptocurrencies like Ethereum and Solana, Bitbuy is a reliable exchange. You should also use Bitbuy if you’re struggling with low trading limits on exchanges like Coinbase and need a Canadian-run exchange.
However, this issue only appears when depositing fiat money. If you’re into buying, selling and storing cryptocurrencies, one of the things that you should consider is the number of supported cryptocurrencies that the platform offers. Bitbuy supplies its users with a cryptocurrency wallet as part of its services. However, if you prefer to use your personal cryptocurrency wallet, that option is also available. Bitbuy understands the need for convenience for the crypto market, so it has an intuitive mobile app for its users. Through the app, you can buy and sell crypto from anywhere in the world at any time.
Bitbuy’s Consumer Ratings, Reports & Reviews on Other Platforms
Currently the Contact page on the website and the support article regarding contacting Bitbuy only states that they can be contacted via email at For those who are not familiar with the concept of cold storage, it is the practice of taking a wallet off line and storing it in an air-gapped environment. It really just means that the exchange is making sure that the private keys of their wallets are inaccessible from digital threats.
Express trades on the Bitbuy platform are charged at a 0.20% rate while pro platform trades attract 0.10% and 0.20% maker-taker fees, respectively. The exchange uses a maker-taker pricing model within its Pro trading platform, with fees charged at a flat rate of 0.10% and 0.20%, respectively. Depending on the settings, an API can give authority to open and close trades and initiate asset transfers. Sophisticated bots can even perform more advanced functions such as portfolio rebalancing and derivative orders even when the platform does not support them. It took me 24hrs to have my funds available to me after I funded my account using the interact online method.
Compare Bitbuy against other exchanges
To lodge a support request or ask a question, you can use the “Submit a request” button within the support section of Bitbuy’s site. Bitbuy also offer live chat support and quick response times via telephone and email. Bitbuy also has an address listed on its website, with an office located in downtown Toronto, Ontario.
BitBuy does not offer leverage trading; many United States and Canada exchanges have moved away from leverage trading. Exchange tokens usually offer a trading discount if such a token is used to pay the trading fee. BitBuy shines with its easy-to-use trading interface but doesn’t support staking, futures, or a wallet.
Bitbuy operates solely as a Canadian cryptocurrency exchange and does not support international trading, buying, or selling. It only backs Canadian dollar deposits from Canadian financial institutions. You would need to find another crypto exchange if you live outside of the country or want to use payments in U.S. dollars, British pounds, or other non-Canadian currency. But recently, they’ve fallen off – especially customer support and specifically a customer service interaction with Prit who just ignored my concerns. They’re quick to take your money, let you purchase a coin but withdrawing your coins to an external wallet takes forever – hours.
Cryptocurrency Withdrawal Fees
Once had to deal with customer service for an issue and it was resolved quickly. I like how they have Google authenticator as an option for 2 step verification. I have purchased 10’s of thousands of various crypto and withdrew 1000’s just as quickly.
I understand you may not have enough time to read my full BitBuy review, so here is an actionable summary to help you.
If you want to learn more, have a look at our guide about the best platforms to buy cryptocurrency in Canada. Just like Shakepay, Bitbuy conducts proof of reserves auditing and insurance for certain crypto holdings. If you’re serious about trading cryptocurrency, you’ll want to have a Bitbuy account to do so. They’ve added more 2FA options, so you can secure your account even more.
As a result, some investors with a long-term outlook may opt to transfer their funds to a non-custodial wallet like Bread or Edge in between trades. This dynamic requires that users share their private wallet keys with the exchange to execute trades. The platform is much cheaper than Coinbase and it supports Interac e-Transfers, making it extremely easy for Canadians to deposit funds.
Yes, Bitbuy is one of the most secure and reliable cryptocurrency exchanges in Canada. If a provider is incapable of protecting your assets, then there’s no difference if it offers extensive features or very low fees. In this part of Bitbuy review, we’ll focus on the positive aspects. We’ll take a look at the security measurements, supported cryptocurrencies, functionality, fiat money support, digital wallet, and even more.
Binance offers over 600+ cryptocurrencies, and plenty of trading markets, including derivatives. Bitbuy is perfect for beginners because there is an option to Express Trade which makes it extremely easy to buy and sell cryptocurrency. Simply select which coin you want to buy or sell, and the amount, and your order will be filled straight away. There is no need to deal with markets, or setting advanced order types. Even if you have no experience with cryptocurrencies, you will be able to use Bitbuy’s intuitive platform.
Bitbuy Customer Support
If you are sending / receiving funds in CAD then you can use one of the payment methods that we listed in thefees section. It is however important to point out that those processing times are mere indications and will vary greatly depending on your banking provider. So, unless you send Bitbuy some form of identity and proof of address you cannot use them. However, 90% of cryptocurrency exchanges these days have this requirement so it is not so much of a surprise.
The platform provides a highly transparent fee schedule and doesn’t include fees in digital currency market prices — fees are always separate. Bitbuy is one of the most convenient https://forex-reviews.org/ and safest online exchange platforms for Canadians. It is a great option for those who are just starting out in the world of crypto as well as more experienced investors.
It is registered with FINTRAC as a Money Services Business. For investors that are looking to place orders over $50,000, Bitbuy’s around the clock OTC service is an excellent way to trade. Using the OTC desk means that you can avoid slippage and get live price quotes on large amounts of a cryptocurrency for a fixed price. Save up to $600 by signing up to our banking products and services for 3 years. While other platforms like Coinbase and Binance do accept card payments, you’re probably not going to be able to fund them with your Canadian credit card.
In the submission form, provide a detailed explanation of your issue and provide an attachment if necessary. Makers are parties that introduce liquidity to the marketplace while takers perform opposite actions. If you place a limit order to either buy or sell an asset, you are considered a maker, but if you execute a market order, then you are a taker. Our goal at MapleMoney is to present readers with reliable financial advice and product choices that will help you achieve your financial goals. Tom Drake is the owner and head writer of the award-winning MapleMoney. With a career as a Financial Analyst and over a decade writing about personal finance, Tom has the knowledge to help you get control of your money and make it work for you.
