Bitbuy Review (Dec 2022) + $50 Bonus Inside

November 7, 2022
Reviews
Bitbuy Crypto Exchange

Bitbuy is one of our top-rated Canadian crypto exchanges, and for good reason: it supports 25+ cryptocurrencies, verifies most accounts instantly, and provides extra security for your coins through top-of-the-line cold storage. New Bitbuy users can use our Bitbuy referral code to get a $30 bonus when signing up and depositing $250 or more with our unique signup bonus link.

For a better overall trading experience with significantly lower fees, I recommend opening an account with ZenGo, my #1-ranked Canadian crypto exchange. ZenGo has 250,000+ satisfied users, charges very low trading fees, and is offering a 0% trading fees up to $1,000 signup bonus from now until December 9, 2022.

SECURE MY CRYPTO FOR FREE
Sign up by December 9, 2022.

What Is Bitbuy?

Bitbuy is a fast-growing, highly popular cryptocurrency exchange based in Toronto. It stands out from the rest of the field due to its low fees, great customer support, and easy to use trading platform.

Bitbuy has invested heavily to ensure that its users' crypto assets are always stored safely and that they can trade with the lowest possible spreads. To start off this Bitbuy review, let's look a bit deeper at Bitbuy's pros, cons and features so you can get a better feel for what they have to offer.

Strong Security

Trading fees: 1.5% (High)
Security: 99% cold storage
Signup bonus: $30

Higher fees, strong security.

★★★★

Rated 4.1/5

Bitbuy Pros & Cons

Bitbuy Pros

  • Narrow spreads on trades (around 0.3%)
  • Quick, helpful customer support team
  • 99%+ of crypto assets are held in cold storage and insured
  • Robust Bitbuy Pro platform for advanced traders
  • Instant account verification for most users
  • Easy to use web platform and Bitbuy app
  • Supports 25+ cryptocurrencies
  • Fiat deposits are free
  • Registered Money Services Business with FINTRAC
  • $30 signup bonus using our link

Bitbuy Cons

  • High trading fees (1.5%)
  • Fiat withdrawals cost 1.5%
  • Crypto withdrawals cost around $1 – $20 in mining fees
  • Only available for Canadian citizens and permanent residents
  • Only accepts Canadian dollars as fiat (no USD, EUR, etc.)
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Bitbuy Features

1. Bitbuy Is A Regulated Canadian Crypto Marketplace

Bitbuy is both a registered marketplace and an investment dealer, which means that when you trade with Bitbuy, your orders are fulfilled by Bitbuy and will never be outsourced to a third-party entity.

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

2. Bitbuy Offers Great Customer Support

Bitbuy doesn’t currently offer telephone support, but their team is quick to reply to support tickets and emails. All of my customer support experiences with Bitbuy have been great: they're quick to reply and helpful in their responses. There are three primary ways you can reach Bitbuy's customer support team:

  • Email (support@bitbuy.ca)
  • Support page
  • Support icon

Bitbuy is also active on social media platforms like Twitter and Reddit, so you can reach out to them there as well, but I recommend just sending them an email if you need to get in touch. Getting my account verified was quick and easy, and only required scanning a piece of ID and taking a selfie with it. Overall, I’m very happy with Bitbuy’s customer support.

3. Bitbuy Pro—Bitbuy's Advanced Trading Platform

One of the things Bitbuy users (myself included) love is its advanced trading platform, which has a sleek, futuristic look.

Here are some of the things you can do inside Bitbuy's Pro Trade platform:

  • Watch the order book update in real time, with the spread calculated in real time as well
  • Place stop orders, limit orders and other advanced order types
  • Trade with extremely low fees (0.1% for Makers, 0.2% for Takers)
  • Integrate with Trading View charts for indicators and signals
  • Trade dozens of unique trading pairs

If you'd rather just buy and sell a bit of Bitcoin without using the advanced trading platform, you can do that, too; Bitbuy's Express Trade option makes buying and selling crypto easy in just a couple of clicks. Trades made via Express Trade carry a flat fee of 0.2%.

4. Bitbuy Offers Strong Security Measures

Bitbuy maintains a 99% cold storage policy, which means at least 99% of its users’ crypto is held offline. This goes a long way in protecting users’ crypto assets from hackers and bad actors, and is becoming the norm among Canada’s premier exchanges. Bitbuy is also a registered Money Services Business with FINTRAC, and it follows all Canadian regulations.

From a technological security perspective, Bitbuy's servers are secured across several disaster recovery locations and cloud providers that are SOC, ISO and FIPS 140-2 compliant. All things considered, trading with Bitbuy is very secure.

5. Bitbuy's App Is Well-Rated

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 core features of the desktop version—including buying, selling and transferring cryptocurrency—and also supports biometric security measures to keep your coins safe.

Here are a few screenshots from inside the Bitbuy app:

Cryptocurrencies On Bitbuy

Bitbuy currently supports 25 cryptocurrencies and is adding more each month. Here's a list of the coins they currently support:

Bitcoin (BTC)EOS (EOS)Cardano (ADA)Decentraland (MANA)Curve DAO (CRV)
Bitcoin Cash (BCH)Aave (AAVE)Uniswap (UNI)USD Coin (USDC)Basic Attention Token (BAT)
Ethereum (ETH)Chainlink (LINK)SushiSwap (SUSHI)ApeCoin (APE)Compound (COMP)
Litecoin (LTC)Dogecoin (DOGE)Polygon (MATIC)Terra (LUNA)Fantom (FTM)
Stellar Lumens (XLM)Polkadot (DOT)Solana (SOL)Maker DAO (MKR)Axie Infinity Shards (AXS)

Bitbuy Fees

Bitbuy's fees used to be competitive compared to other Canadian crypto exchanges, but that's no longer the case. Today, users need to pay 1.5% in trading fees for trading with Bitbuy, which is extremely high relative to the other exchanges we recommend. If you're a frequent trader—or investing more than $1,000—Bitbuy's fees are going to eat a significant portion of the funds you invest.

Bitbuy Deposit & Withdrawal Fees

Cryptocurrency deposits are free with Bitbuy, though crypto withdrawals are subject to the following fees (most range from $1 to $20 per crypto withdrawal):

CryptocurrencyWithdrawal Fee
Bitcoin (BTC)0.00025 BTC
Ethereum (ETH)0.007 ETH
Litecoin (LTC)0.001 LTC
Bitcoin Cash (BCH)0.0001 BCH
Stellar Lumens (XLM)0.00003 XLM
EOS (EOS)0.0005 EOS
Avalanche (AVAX)0.05 AVAX
Chainlink (LINK)0.8 LINK
Dogecoin (DOGE)5 DOGE
Polkadot (DOT)0.2 DOT
Cardano (ADA)0.3 ADA
Uniswap (UNI)1.5 UNI
SushiSwap (SUSHI)2 SUSHI
Polygon (MATIC)15 MATIC
Solana (SOL)0.01 SOL
Shiba Inu (SHIB)1,000,000 SHIB
Decentraland (MANA)4 MANA
USDC3 USDC

Here are Bitbuy's fees for fiat (Canadian dollars) deposits and withdrawals:

Fiat transaction typeFeeProcessing Time
INTERAC e-Transfer Deposit 0%Near instant
INTERAC e-Transfer Withdrawal 1.50%2-3 business days
Bank Wire Transfer Deposit0%24 hours
Bank Wire Transfer Withdrawal1.50%2-3 business days
Credit Card Deposit6.50%Instant

In my experience, INTERAC e-transfers are processed quickly; the last deposit I made took exactly 30 minutes, which was the amount of time it took the INTERAC system to send the transfer. In other words, e-transfer deposits carry no delay on Bitbuy's side. INTERAC withdrawals are also processed quickly: Bitbuy says within 24 hours, though the last withdrawal I made took less than 4 hours to show up in my account.

I haven't made any bank wire transfers (either deposits or withdrawals) with Bitbuy yet.

Bitbuy Spreads

Bitbuy's spreads, which are essentially another form of trading fee, are fairly tight. I’m in the middle of researching the spreads on every Canadian exchange, and Bitbuy is performing reasonably well relative to other exchanges.

However, Bitbuy's high trading fees (1.5%) make trading with them expensive overall, especially when you factor in withdrawal fees (another 1.5%). If you're looking for a low-fee exchange, you're much better off with ZenGo instead.

How To Withdraw Money From Bitbuy

To withdraw funds from your Bitbuy account, just follow these simple steps:

  1. Navigate to the “Wallet” section of your account.
  2. Select the fiat currency or cryptocurrency to withdraw.
  3. Complete your withdrawal request.

Fiat withdrawals cost 1.5%, while crypto withdrawals are subject to the withdrawal fees in the table above.

In Summary

Bitbuy is one of our top-rated Canadian crypto exchanges, and for good reason: it supports 25+ cryptocurrencies, verifies most accounts instantly, and provides extra security for your coins through top-of-the-line cold storage. New Bitbuy users can use our Bitbuy referral code to get a $30 bonus when signing up and depositing $250 or more with our unique signup bonus link.

For a better overall trading experience with significantly lower fees, I recommend opening an account with ZenGo, my #1-ranked Canadian crypto exchange. ZenGo has 250,000+ satisfied users, charges very low trading fees, and is offering a 0% trading fees up to $1,000 signup bonus from now until December 9, 2022.

SECURE MY CRYPTO FOR FREE
Sign up by December 9, 2022.

Bitbuy FAQs

Is Bitbuy Safe?

Yes, trading with Bitbuy is completely safe. They have a 99% cold storage policy, enforce 2-factor authentication, and follow all Canadian regulations as a registered Money Services Business with FINTRAC. Bitbuy is registered as both a marketplace and an investment dealer, and works with outside auditors regularly to look through its financial transactions and highlight any possible suspicious activity.

Bitbuy's third annual “Proof of Reserve and Security Audit” was performed by Blockchain Intelligence Group, with the results released in mid-2021. In the audit, it was discovered that Bitbuy is exceeding its cold storage mandate, maintains low “transactional risk scores”, and that senior management has no background flags, all positive things that make Bitbuy that much more safe.

Is Bitbuy Legit?

Yes, Bitbuy is legit for a number of reasons: they store 99% of users' coins offline to keep them safe from hackers, are backed by some of Canada's top investors (including Kevin O'Leary), and are trusted by 400,000+ Canadian users. If you're looking for a legitimate, trustworthy crypto exchange in Canada, get your $30 signup bonus with Bitbuy here.

Has Bitbuy Ever Been Hacked?

No, Bitbuy has never been hacked, and it's extremely unlikely that it will be hacked in the future. It has a series of advanced security measures in place, and routinely passes security audits performed by third-party financial security firms.

Even if Bitbuy were to get hacked, though, customer funds wouldn't be impacted due to Bitbuy's 99% cold storage policy, which means that 1% or less of its funds are held online. If hackers were to gain control of Bitbuy's systems, then, they'd only be able to access 1% or less of its total holdings, which would be more than covered by Bitbuy's $100 million insurance policy from Lloyd’s of London.

Is Bitbuy Legal In Canada?

Bitbuy is a completely legitimate cryptocurrency exchange: it's a Money Service Business registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), which means it is required to follow all Canadian regulations.

How Trustworthy Is Bitbuy?

Bitbuy is a very trustworthy crypto exchange because it's a Money Service Business registered with FINTRAC, hires external auditors to regularly audit its financial statements, and is trusted by more than 400,000 Canadian crypto investors. Bitbuy also performs monthly security audits and daily and weekly suspicious activity reviews to ensure no fraudulent or suspicious activity is taking place.

Is Bitbuy Good For Seniors?

Yes, Bitbuy is an ideal crypto platform for Canadian seniors because its app is extremely easy to use (easier than most online banking apps), its customer support team is responsive and committed to solving your problems, and it's an all-around secure platform that regular passes third-party security audits with flying colours.

If you're not familiar with cryptocurrency but still want to invest, Bitbuy is an excellent way to do so.

Is Bitbuy A Wallet?

Bitbuy is both an exchange and a wallet, which means you can buy and sell crypto using its trading platform, but you can also store your coins, too. Bitbuy stores 99% of its users' coins in cold storage, making it an extremely safe crypto wallet for long-term storage.

Are Bitbuy Fees High?

Yes, Bitbuy's fees are high: they charge 1.5% in trading fees and another 1.5% to withdraw your fiat back into your bank account. Bitbuy used to have competitive fees, but that's no longer the case, and fee-conscious consumers are moving to ZenGo instead.

How Long Does Bitbuy Verification Take?

Bitbuy verifies most accounts instantly, though if your account needs to go through the manual verification process for some reason, there are four documents you'll need to provide:

  1. Financial statement from the past 3 months: credit card statement, bank statement, mortgage statement, etc.
  2. Utility bill: electricity bill, water bill, internet bill, phone bill, property tax assessment, vehicle registration, T4 statement, etc.
  3. Photo of government-issued ID: Canadian passport, driver's license, or permanent resident card
  4. Selfie of you holding your ID

Is Bitbuy Good For Canadians?

Yes, Bitbuy is good for Canadians because it has some of the lowest fees in Canada, an easy to use app and web trading platform, and great customer support.

What Is Bitbuy Pro?

Bitbuy Pro is Bitbuy's advanced trading platform, where users can place advanced order types and get even lower trading fees. Limit orders made using Bitbuy Pro cost just 0.1% in trading fees, while market orders made using Bitbuy Pro cost 0.2% in trading fees, the same as market orders placed via Bitbuy's Express Trade option.

Can I Buy Dogecoin With Bitbuy?

Yes, you can buy and sell Dogecoin using Bitbuy. To do so, open your Bitbuy account, scroll down to Dogecoin on the main screen and click Buy.

Is Bitbuy Insured?

Yes, Bitbuy's crypto holdings are held by BitGo, a well-respected cryptocurrency custodian whose wallets are insured by Lloyd’s of London for $100 million.

Does Bitbuy Report To The CRA?

Yes—as a Money Services Business registered with FINTRAC, Bitbuy is required to report to the Canada Revenue Agency (CRA).

Bitbuy Referral Program

If you came here for a Bitbuy promo code, you'll be happy to know that you don't need a code to get your $30 signup bonus. Simply use this signup bonus link and then deposit $250 or more into your account and you'll receive the $30 automatically.

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