Bitbuy Review (Jan 2022): An Excellent Canadian Crypto Exchange

January 11, 2022
Reviews
Bitbuy Crypto Exchange

Bitbuy is one of our top-rated Canadian crypto exchanges, and for good reason: it supports 14 cryptocurrencies, verifies many accounts instantly, and provides extra security for your coins through top-of-the-line cold storage. New Bitbuy users can get a $20 bonus when signing up and depositing $250 or more with our unique referral link below.

Users like Bitbuy for its excellent customer support, slick mobile app, and extremely low trading fees. If you’re looking to trade major coins like Bitcoin and Ethereum or smaller altcoins like Cardano and Solana, we highly recommend signing up with Bitbuy today.

CLAIM YOUR $20 BONUS
Free account, instant verification

What Is Bitbuy?

Bitbuy is a cryptocurrency exchange located in Toronto, Canada, that originally launched as Instabit in 2013. It has rebranded since then, expanding its operations, securing venture capital funding, and expanding the selection of cryptocurrencies that you can exchange in its platform.

It was developed to allow buyers easy access to many cryptocurrencies that you can buy using the Canadian dollar. The exchange has competitive fee rates and can be used by both beginners as well as advanced cryptocurrency traders in Canada.

Bitbuy Features

1. The First Regulated Crypto Marketplace in Canada

Many of the other crypto exchanges in Canada have been getting registered as “investment dealers” or “brokers,” while Bitbuy is both a registered marketplace and investment dealer. This means that when you trade with Bitbuy, your orders are fulfilled by Bitbuy and will never be outsourced to a third-party entity that may not be unregulated in Canada.

It also means that you receive better trading transparency and deeper liquidity, which leads to better prices. You also won’t run into annual trading caps on altcoins, while many other exchanges are legally obligated to enforce trading caps of $30,000 on certain coins.

2. Excellent Customer Support

Bitbuy’s customer support is excellent. The platform offers email support as well as a comprehensive FAQ section and web page.

Some of the ways you can reach Bitbuy for customer support inquiries are as follows:

  • Email (support@bitbuy.ca).
  • Support page (via the “Support” page)
  • Support icon

It’s also worth noting that Bitbuy has an active social media presence, and you can reach the company through, Facebook, LinkedIn, Twitter, and YouTube as well.

3. Intuitive User Interface

The interface is fast and accessible for traders across all walks of life, and it comes with two primary modes.

Express Trade lets users buy and sell cryptocurrency with Canadian dollars, making it the easiest way for users to deposit funds.

Pro Trade (shown above) offers advanced traders a live trading view as well as more advanced orders. Here are some of the benefits of Pro Trade:

  • Advanced trading platform comparable to Binance
  • Extremely low trading fees (0.1%-0.2%)
  • 20+ trading pairs
  • Integration with Trading View charts for indicators and signals

4. Strong Security Measures

It’s also worth mentioning that Bitbuy has a cold storage policy in place, which means that they keep 95% of all their digital asset resources under cold storage.

This is an excellent way to keep your funds secure because cold storage is much more difficult to hack and/or steal. Besides, if you’re worried about your account getting hacked and/or stolen, you can also set up 2-factor authentication on the platform.

5. Well-Rated Mobile App

Bitbuy’s mobile app has received excellent reviews, with a 4.6/5 rating on the App Store from 6,000+ reviews.

The app lets you access all of the features of the desktop version, including buying and transferring cryptocurrency. It also supports biometric security measures to keep your coins safe.

Cryptocurrencies On Bitbuy

Bitbuy offers a wide range of cryptocurrencies to trade, including:

Bitcoin (BTC)Bitcoin Cash (BCH)Dogecoin (DOGE)
Ethereum (ETH)EOSPolygon (MATIC)
Litecoin (LTC)Chainlink (LINK)Cardano (ADA)
Solana (SOL)AAVESushiSwap (SUSHI)
Stellar (XLM)Polkadot (DOT)

Bitbuy Fees

Trading fees are competitive compared to other crypto exchanges in Canada if you use the “Pro Trade” platform.

The fees applied will be 0.10% when you place limit trades and 0.20% when you place a market order.

The “Express Trade” platform comes with a fixed price of 0.20% for buy and sell orders when using its one-click functionality.

All cryptocurrency deposits are free. But once you withdraw, these withdrawal fees will apply:

CryptocurrencyFee
Bitcoin (BTC)0.00025 BTC
Ethereum (ETH)0.005 ETH
Litecoin (LTC)0.02 LTC
Bitcoin Cash (BCH)0.001 BCH
Stella (XLM)0.02 XLM
Ripple (XRP)0.02 XRP
EOS0.02 EOS
Aave (AAVE)0.03 AAVE
Chainlink (LINK)0.3 LINK

On the other hand, these are the fees that will apply for fiat deposits and withdrawals:

Fiat transaction typeFee
INTERAC e-Transfer Deposit 1.50%
INTERAC e-Transfer Withdrawal 1.50%
Bank Wire Transfer Deposit0.50%
Bank Wire Transfer Withdrawal1.00%

In Summary

Bitbuy is one of our top-rated Canadian crypto exchanges, and for good reason: it supports 14 cryptocurrencies, verifies many accounts instantly, and provides extra security for your coins through top-of-the-line cold storage. New Bitbuy users can get a $20 bonus when signing up and depositing $250 or more with our unique referral link below.

Users like Bitbuy for its excellent customer support, slick mobile app, and extremely low trading fees. If you’re looking to trade major coins like Bitcoin and Ethereum or smaller altcoins like Cardano and Solana, we highly recommend signing up with Bitbuy today.

CLAIM YOUR $20 BONUS
Free account, instant verification

Bitbuy FAQs

How To Withdraw From Bitbuy

Withdrawing funds from your Bitbuy account is pretty straightforward. All you have to do is follow these simple steps:

  1. Navigate to the ‘Wallet’ section of your account.
  2. Select the fiat currency or cryptocurrency you are withdrawing.
  3. Complete your withdrawal request.

Is Bitbuy Safe?

One thing to keep in mind is that cryptocurrency trading and investing is risky no matter what cryptocurrency exchange in Canada you use.

However, Bitbuy strives to provide its users with the best security possible — this is done through a 95% cold storage policy, as well as allowing users to set up 2-factor authentication for increased account security.

Is Bitbuy Legal In Canada?

Bitbuy is a legitimate cryptocurrency exchange: it’s a Money Service Business registered in the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

However, it’s worth pointing out that Bitbuy is not a member of the Canadian Investor Protection Fund (CIPF), meaning that your funds won’t have protection if the company becomes insolvent. It is also not a member of the Investment Industry Regulatory Organization of Canada (IIROC).

Bitbuy Referral Codes

If you sign up for Bitbuy using our referral link, you’ll get a $20 bonus when you deposit $250 or more into your account.

Does Bitbuy Report To The CRA?

Yes. Considering Bitbuy is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), it must report to the Canada Revenue Agency (CRA) as well.

The Best Crypto Exchanges In Canada

#1 CoinSmart

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry
  • 24/7 customer support

Signup Bonus: $20 when you deposit at least $100

#2 Bitbuy

  • Supports 15 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

Signup Bonus: $20 bonus when you deposit $250 or more

#3 Crypto.com

  • Supports 100+ cryptocurrencies
  • Trade with up to 10x leverage
  • Earn daily interest by staking your coins

Signup Bonus: $10 of CRO when you stake $1,000 of CRO