Additional trading pairs, more than 20 in total, are available through the Bitbuy ProTrade service. This collection is anticipated to expand over time to give users in the Canadian market access to a more varied selection of cryptocurrencies. While the selection of cryptos on Bitbuy is limited, the available assets are some of the most liquid and popular digital currencies by market capitalization. Bitbuy is one of the few crypto exchanges offering insurance on crypto holdings. Funds stored on Bitbuy are secured in offline cold storage with insurance up to the total value. This feature is made possible through a partnership with BitGo, a world-class institutional custody provider with a comprehensive insurance policy that extends to customer funds.
Relatively Low Fees
The platform also provides detailed FAQs and knowledge base resources for fast self-service solutions. Bitbuy does not provide DeFi staking or on-chain yield farming products. For users, this means direct access to decentralized staking pools or automated DeFi protocols is not available through the platform. Investors seeking higher yields or more experimental DeFi strategies will need to look to external, non-custodial solutions. All in all, Bitbuy really deserves the title of Canada’s leading crypto trading platform. Withdrawal fees for CAD are at a flat 1.5% rate, while crypto withdrawals are subject to a mining fee – the exact rates depend on your cryptocurrency of choice.
The company quickly recognized the growing demand among Canadians for a straightforward and secure way to access cryptocurrencies. Bitbuy maintains multiple channels through which its users can get help and support. The company maintains social media pages, an informational YouTube channel, and a dedicated support page that also allows customers to submit support tickets for more customized help. Therefore, in the thank-you popup screen that loads after you confirm the phone number, click on the Verify account button to start the ID verification process. Users looking to take advantage of its benefits need to contact Bitbuy’s customer support to request access.
Products
- The app accommodates various trading activities, from swift market transactions to carefully placed limit orders, offering extensive features readily accessible on your device.
- Should any problems arise with a user’s account, they can anticipate quick resolution (typically within 24 hours).
- The exchange conducts a Proof of Reserves Audit and discloses its fee system openly.
Instead, you must sell an asset for CAD, which will trigger a taxable event. Additionally, Express Trade’s fees are 2% per transaction, which makes it an expensive way of cashing out your crypto for CAD. So although Bitbuy seems to be working to develop its staking service, as it stands, there are better options for Canadian investors.
If you decide to buy Bitcoin, Ethereum, or other cryptocurrencies, you should know that the easiest way to do that is using fiat money. It works the same as paying for services using debit or credit cards, or via bank transfer. There’s a third-party involvement, they follow rules and regulations, and you do not have autonomy over your wallet. While centralized exchanges can be considered safer, there’s an increasing number of decentralized platforms that are coming into the market. The best and safest way to buy Bitcoin is with a credit or debit card and on an exchange or platform that provides its clients with immense security, low fees, and customer convenience.
Is BitBuy a reliable platform? (new to crypto investing)
Bitbuy is known for serving the Canadian market, while bitbuy canada review Coinbase is a widely recognized platform with a global user base. Bitbuy distinguishes itself through its commitment to transparency and adherence to regulations, which are signs of a trustworthy platform. Being a registered Money Services Business governed by the Ontario Securities Commission, Bitbuy conforms to Canadian financial regulation standards.
User Security Features
Bitbuy exclusively serves Canadian customers, accepting only Canadian Citizens or Permanent Residents, and exclusively uses Canadian dollars for funding, withdrawals, and trading pairs. It offers robust customer support, ensuring the process of acquiring top cryptocurrencies is simple, swift, and convenient. Even though this is quite a limited selection, the exchange often makes additions to their assets selection based on the relevant cryptocurrencies available in the market. They also provide good liquidity with a growing number of traders having traded more than $4 billion in cryptocurrency through the platform to date.
In most cases, fees for makers tend to be lower than the ones for takers. Some exchanges even offer a negative-fee model for market makers. Bitbuy is very serious about security, so their built-in wallet is also one of the more reliable ones.
The exchange’s core mission is to offer its fellow Canadians an easy, reliable, and safe avenue to Bitcoin and other cryptocurrencies, effectively demystifying the crypto trading process. As we embark on this review, we’ll delve into the features and offerings that have made Bitbuy a trusted choice for over 250,000 Canadian investors. The platform is highly regulated by FINTRAC and the Ontario Securities Commission (OSC). It employs a 95% cold storage policy to secure its customer assets, fully insures BTC holdings, and outsources large custody of its corporate clients’ holdings to a reputable service provider BitGo. Users can also enable multi-factor 2FA authentication to help secure their accounts. Bitbuy provides staking options for select cryptocurrencies, allowing users to earn rewards by locking up assets in the platform’s staking program.
Welcome to one of the best Canadian cryptocurrency trading platforms. Get low fees & top security at Bitbuy.ca when you buy Bitcoin, Ethereum, Litecoin & more. What sets Bitbuy apart from other exchanges is our low fees, excellent 24/7 customer support, and our UI experience. Yes, Bitbuy is a legally registered business in Canada, just like many other cryptocurrency platforms popular among Canadians.
Fees, Spreads and Commissions
Bitbuy offers two ways to deposit Canadian dollars; bank wire transfer and Interac e-Transfer. While withdrawals will incur a 1.5% fee, no depositing costs exist. Toronto-based Bitbuy is the first registered crypto marketplace in Canada.
- Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews.
- Deposit and withdrawal times vary depending on the payment method.
- The platform is transparent about its fee schedule and displays all charges before order confirmation.
- For more information on our company policies, read the Affiliate Disclosure, Privacy Policy, and Terms & Conditions.
No one wants to be paying out unnecessary fees on crypto trades. Evaluate how much commission you provide to your crypto exchange when you buy and sell crypto. Platforms that claim high trading costs can reduce your profits. The best crypto exchanges will offer reasonably low trading fees.
We advocate for you to do your own research and make educated financial decisions. Evan Jones was introduced to cryptocurrency by fellow CryptoVantage contributor Keegan Francis in 2017 and was immediately intrigued by the use cases of many Ethereum-based cryptos. He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing. The mobile app is available for both iOS and Android devices, offering seamless trading and portfolio management wherever you go.
