Updated Bitbuy Review: is it Safe to Use or Not?

OTC trading exists for regular stocks and commodities, and with companies like Bitbuy, you can also OTC trade crypto. You also get a more comprehensive dashboard rather than just a quote screen. This provides more in-depth trading data and you can also add different indicators if you’re doing technical analysis. If you want more control over your trading, Bitbuy’s Pro Trading feature provides an alternative to simple Express Trading. However, Bitbuy still offers many leading cryptocurrencies, which is perfect for Canadians looking to diversify their portfolios.

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. If you’re not investing a significant amount of money in crypto, exchanges like Coinbase and Gemini are better on fees and also support significantly more coins. Exchange fees are one of the most important considerations when deciding where to purchase crypto. After all, it doesn’t matter if an exchange has an excellent user experience and high trading limits if fees eat into your potential profits. For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure.

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If you have used an online trading platform to buy and sell investment assets before, you will find Bitbuy to be straightforward. The platform is available on all devices and also offers mobile apps for iOS and Android devices. The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Large volume traders and business clients can also make use of Bitbuy’s OTC trading desk .

bitbuy review

I cannot recommend their services due to the delays and unnecessary requests for information. Our Bitbuy review was relatively straight forward and it seems as if this exchange “does what it says on the tin”. It is a simple and effective way for you to convert your CAD into crypto.

However, 90% of cryptocurrency exchanges these days have this requirement so it is not so much of a surprise. In May 2020 Bitbuy partnered with Knox to offer fully-insured cold storage of Bitcoin holdings for all Bitbuy users. Bitbuy was the very first Canadian exchange to offer such cold storage and insurance to their clients, marking a significant positive development for the Canadian cryptocurrency industry. Deposit fees are an unfortunate expense when trading at Bitbuy.So from the above it seems as if the most affordable method for you to fund your account is with a good old wire transfer.

Deposits / Withdrawals

According to feedback from BitBuy this fee will be reduced to 0.2% once they launch with their new user interface in the coming weeks. One of the most important requirements for regular cryptocurrency users is the fees that are charged by the exchange. These include fees that are charged when sending / withdrawing currency as well as the fees that one could be charged for merely buying and selling. Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

I am surprised they are still allowed to operate this shady business here in Canada. Steve has been writing for the financial markets for the past 7 years and during that time has developed a growing passion for cryptocurrencies. In summary, Bitbuy is a great exchange for Canadian users who are looking for the easiest way to get their hands on some cryptocurrency. Firstly, while Bitbuy supports most of the top cryptocoins, there are still a number of coins that we would have liked to see on their platform.

bitbuy review

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. The online reputation is strong across all boards, some regard it as the number one Canadian cryptocurrency exchange. It makes for happy reading, these places are usually breeding grounds for disgruntled users. Bitbuy’s customer service is one of the best in the cryptocurrency industry. The first notable element is a customer support phone line which is usually a scarcity.

Bitbuy is very bad site I made a…

To make a deposit, go to your account dashboard and hit the “deposit” button. Bitbuy does, however, offer corporate accounts for businesses with dedicated account managers. In addition, in the latest Proof of Reserves Audit that was released on July 2021, BitBuy surpassed their cold storage policy for an average of 98.12%. I withdrew almost $100 worth of Bitcoin to a hardware crypto wallet.

You can also use exchanges like Coinbase to keep your crypto investing simple. Bitbuy does not offer Live Chat support, they only have an automated bot and email support. Some people are not too bothered about the lack of Live Chat, so it is more of a personal preference whether you find this an issue or not. If you find customer support a priority, I recommend VirgoCX, one of Canada’s bestcrypto exchanges, which supports Live Chat.

  • Today, we’ll focus on Bitbuy review and evaluate the platform based on all the aspects that matter the most.
  • In comparison, a flat fee of 0.5% is charged for using the Express trade option to either buy or sell the available cryptocurrencies.
  • The cost is calculated based on your trading history within the past 90 days.
  • Although the platform is user-friendly, the 1.5% trading fee drastically reduces the platform’s usability.

There was not really any discrepancy which means that Bitbuy was indeed being honest in their pricing of the coins. Easy, streamlined registration process.Here you should insert your bitbuy review details. If you were referred by a friend and they did not give you a link then you can use their referral code. We will cover this in more detail below in the referral section.

Bitbuy isn’t an exception, and it actually has a very lucrative referral program compared to most exchanges. Another Bitbuy feature that’s useful for serious cryptocurrency traders is its API tool. API tools are useful because they provide live exchange rates and let you automate trades or trade at high frequencies. Thankfully, Bitbuy provides Canadian investors with a much easier way to invest in cryptocurrencies. This Canadian-based exchange is one of the most popular ones in Canada, and it lets you buy and sell over a dozen cryptocurrencies.

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The first step to creating a Bitbuy account is to visit the exchange’s website and begin the sign-up process. Before you proceed with this tutorial, it’s worth noting that only Canadian residents are allowed on https://forex-review.net/ the Bitbuy platform. If you do not live in Canada, there are other options that you may want to consider. Purchase top-rated Ledger products and get it shipped to you completely for FREE, wherever you are!

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. Bitbuy features a spot exchange for customers to buy and sell cryptocurrency assets on the platform. There is currently no derivatives or futures market to trade digital currencies with leverage or margin. Traders in Canada will need to find a leveraged trading platform supported in their country to take a long or short Bitcoin position.

If you are new to the crypto world, we’d recommend checking these best crypto exchanges in Canada. There are several other Canadian crypto exchanges to choose from and I recommend CoinSmart as a good alternative to Bitbuy. Especially when compared to other popular crypto apps Bitbuy has WAY lower fees for Canadians. Bitbuy Wallets show you all current holdings across all currencies. The company claims to hold 95% of users funds in cold-storage (i.e. offline) to optimize security. Users are required to use 2 Factor Authentication to secure their account, this is compulsory during sign-up.

While we like to do thorough reviews, it’s sometimes hard to get a full picture of an exchange or service without having used it for an extended period of time. Hence, we sometimes like to get the perspective from other users on the platform. The Pro Trade interface delivers advanced features.This is because Bitbuy uses Tradingview charting technology. This is well known in the trading community for being one of the best charting packages on the market. You can do extensive crypto technical analysis with their tools and technical overlays.

It’s worth mentioning that you can only trade a limited selection of cryptos this way, but it’s still a great starting point and works like a charm. This offers maximum security for user funds and increases reliability of the exchange. The minimum amount that you can withdraw is $50 and $20k with Interac e-transfer and bank wire transfer, respectively.

Bitbuy enables its corporate customers to keep Bitcoin within their balance sheets by buying and holding the asset within their hosted wallet. All things considered, it’s for you to decide whether Bitbuy crypto exchange is exactly what you’re looking for. However, if you live in Canada, you should definitely check this platform out.

It also gives you a list of exciting topics and trending events. If you’re a crypto newbie, the beginner’s category is where you should start. This section offers all the learning materials you need to learn crypto basics.