How To Log In To Bitbuy
Here's the simple two-step process to sign in to your Bitbuy account from a desktop computer or mobile browser:
- Go to Bitbuy.ca and click Sign in in the top menu.
- Enter your email address and password.
Once you're logged in, you'll see your dashboard, which looks like this (with your available balance on the right side):
Note: If you haven't already signed up for a Bitbuy account, you can get a $50 bonus by using my special referral link here. Offer ends October 5, 2022.
Signing into Bitbuy usually just takes a second or two, though it's worth noting that you won't be able to log in from outside of Canada. If you're abroad and want to sign in to your Bitbuy account, it's best to use a VPN to change to a Canadian IP address, which will get you around the issue.
How To Log In To The Bitbuy App
- Download the Bitbuy app from Google Play Store or the App Store.
- Open the app and enter your email address and password.
Why I Recommend Using Both Bitbuy & CoinSmart
#1 Significantly Lower Fees
Here’s something you may not have considered: by using two or more crypto exchanges together, you can capitalize on the strengths of each while ignoring their weaknesses. One area where this becomes particularly prevalent is with fees.
For example, if you only have a CoinSmart account, you have to pay a 1% fee on cash withdrawals, with a minimum fee of $15. If you move that money into your Bitbuy account first, though, you can withdraw it for free.
The table below shows how much you’d pay in fees by using only CoinSmart vs. using both Bitbuy and CoinSmart. In this example, I’ll assume you have $10,000 of Bitcoin that you want to convert into cash and withdraw into your Canadian bank account.
|Only CoinSmart||Bitbuy & CoinSmart|
|$10,000 Transfer From CoinSmart To Bitbuy (in Bitcoin)||N/A||0.00025 BTC (fixed fee)|
|$10,000 Cash Withdrawal||1% (fixed fee)|
As you can see, working with both Bitbuy and CoinSmart saves you 95% of the fees on this transaction. And it works the other way, too; on some transactions, having both accounts is much more advantageous than having just a Bitbuy account.
#2 Tax Advantages
In Canada, any crypto transactions greater than $10,000 need to be reported to the Canada Revenue Agency by the crypto platforms directly. This subjects the investor (you) to additional scrutiny during tax season, and requires quite a bit of additional tax paperwork that you may not want to deal with.
If you use multiple exchanges, though, you can stay below the $10,000 limit and make more transactions without falling under the watchful eye of the CRA. Of course, you’ll need to file your taxes appropriately regardless of the number of exchanges you use, but submitting your tax obligations to the CRA on your own will generally save you quite a bit of headache down the road.
#3 Greater Security & Stability
Bitbuy and CoinSmart both take security extremely seriously: they’re Money Services Businesses registered with FINTRAC, store the vast majority of their users’ crypto offline in cold storage, and work with third-party security firms to undergo rigorous security audits. But the reality is that no exchange is 100% safe, and millions of crypto investors have lost billions of dollars to security flaws in the past.
That’s why it’s a good idea to avoid putting all your eggs in a single basket; the odds of two exchanges getting hacked are exponentially smaller than the odds of one. I keep my investments spread across both exchanges to minimize my risk, and I strongly recommend you do the same.
If you don’t already have accounts with both CoinSmart and Bitbuy, click the buttons below to get a $50 signup bonus for each, exclusive to Yore Oyster readers.
CLAIM MY $50 BONUSOffer ends soon.
CLAIM MY $50 BONUSOffer ends October 5, 2022.
Bitbuy Login FAQs
Why can't I log in to my Bitbuy account?
If you can't log in to your Bitbuy account, it's probably because you're outside of Canada. Bitbuy uses IP detection software to flag your browser if you're outside Canada's borders, since it's a platform only for Canadian users.
To solve this issue, use a VPN to change your IP address to a Canadian one.
How do I set up 2-factor authentication for my Bitbuy account?
To set up Google Authenticator for your Bitbuy account, follow these steps:
- Download the Google Authenticator app from the Google Play Store or the App Store.
- Inside the Bitbuy app, click the + sign in the bottom-right.
- Scan the QR code Bitbuy gives you for your account.
- Enter the code that the app gives you to sign in to your Bitbuy account.
Moving ahead, you’ll need to enter a 2FA code from Google Authenticator every time you log in to Bitbuy or make a withdrawal.
What is Bitbuy Pro?
Bitbuy Pro is Bitbuy's advanced trading platform, which offers up-to-the-second price action and advanced order types. Bitbuy Pro offers the lowest spreads of any crypto trading platform in Canada, making it an inexpensive, convenient way to buy and sell crypto.