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Bitbuy Review 2025: A Top Canadian Crypto Exchange

bitbuy review

This is a lesser selection than some of the leading exchanges such as Binance and Coinbase. However, it is an ideal option for Canadian investors looking to diversify their portfolios with the popular crypto assets. Perhaps the most important question to ask when dealing with an online bank or investment company, is whether or not they are safe.

Bitbuy vs. NDAX vs. CoinSmart vs. Wealthsimple Crypto

Bitbuy stores 99% of its crypto assets in cold storage offline with a comprehensive insurance policy provided by BitGo, so the chances of a hack are slim. Bitbuy is a safe and reliable cryptocurrency exchange with a user-friendly interface, competitive fees, and excellent customer support. 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.

Additional trading pairs, more than 20 in total, are available through the Bitbuy ProTrade service. Buying and selling cryptocurrencies used to be complicated, not to mention shady. Nowadays, there are dedicated crypto exchanges and platforms where you can quickly – and safely! – trade all the popular crypto coins, or even stake them and earn more over time. For starters, Bitbuy is the first regulated Canadian cryptocurrency exchange by the Ontario Securities Commission (OSC), so it’s more than just a restricted dealer.

These questions ask you about your net worth, income, and projected income for the next year. The purpose of this financial profile is to assess your “suitability” for investing in crypto. To get verified you will need to provide your ID, financial statement, utility bill, selfie whilst holding your ID.

How Does Bitbuy Compare to Other Canadian Crypto Brokers?

OTC crypto trading is ideal for huge trades where one wants to get the best deal and minimize the risk of market volatility which can lock in the order price. Our findings show that Bitbuy provides OTC trading if investing over $50,000 for BTC and ETH, and $20,000 for any other coin. You automatically unlock this feature when you fund your Bitbuy account with $50,000 worth of ETC/BTC equivalent or Canadian dollars. Bitbuy is specially designed for both novice and experienced traders.

Bitbuy Fees

The Bitbuy Advanced trading platform has a sleek and futuristic look, specially designed for experienced traders. In all, Bitbuy is a very secure, well-respected location for trading cryptocurrency. This is particularly true for Canadian traders and is shown in the number of users that the company has. They continue to pursue innovation on the trading side, as well as quality regulation and a safe trading environment which is of great importance.

Crypto Assets Available on Bitbuy

  • In this review, we’ll explore what the site has in store and analyze whether it really is the best destination for Canadian crypto traders.
  • The withdrawal fee is also cheaper when compared to conventional withdrawal methods.
  • Most importantly, Bitbuy states it holds 99% of     crypto in cold storage, which is offline storage that’s not vulnerable to hackers.
  • Drawing from our experience, Bitbuy is one of the best and most popular online crypto exchanges supporting Canada’s buying, selling, depositing, and withdrawing crypto assets.
  • But if you want more control over your orders and more market data, you need to use Pro Trading.
  • However, it’s more than enough for Canadian investors to diversify their portfolios with popular cryptos.
  • It works the same as paying for services using debit or credit cards, or via bank transfer.

Bitbuy requested all my bank financial transactions to clear my wire transfer. They wanted to know where I transferred the bitcoin I had already purchased. They then required I send them a copy of all transactions in my cold wallet. It stated I had 5 days to clear everything out from my account with bitbuy. Anything that was in the account in 5 days I would forfeit to bitbuy. Bitbuy held the transfer money for 9 days before returning to my account and charged me $35.

Trading Experience

  • If this fails, you complete verification manually by uploading documents like a utility bill, government ID, or bank statement.
  • 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.
  • However, it states it guarantees prompt responses to questions, and judging by Trustpilot reviews, Bitbuy backs up this guarantee.
  • Although Bitbuy covers everyday investors, you can also create a Bitbuy Corporate account if you want to add Bitcoin to your Company’s balance sheet.
  • Of course, you won’t get locked out of the Express Trade tool if you go Pro.
  • Below are some of the notable measures followed by Bitbuy Canada to offer utmost safety and security for their client funds.

The fees in this account are also less when compared to the Express account. The Pro Trade option is cheaper when compared to the Express Trade. A maker fee of 0.1% and a taker fee of 0.2% is charged to buy/sell cryptos. 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 minimum amount that you can withdraw is $50 and $20k with Interac e-transfer and bank wire transfer, respectively. The former takes about 24 hours to complete the withdrawal whereas the latter method takes about 2-3 working days.

The exchange conducts a Proof of Reserves Audit and discloses its fee system openly. Bitbuy has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Reddit, TikTok and YouTube. Manual Verification- If your account fails to get automatic verification, you can verify your account by uploading verification documents. Yes, Bitbuy is exclusively for Canadian citizens and permanent residents. You must have a verified address in Canada and a North American phone number in order to use Bitbuy.

bitbuy review

In this Bitbuy review, we are going to take an in-depth look at the crypto exchange. We’ll review the key features, including how it works, its pros and cons, and how you can use it to trade cryptocurrency. Their goal is to help customers buy, sell, and spend their digital currency with ease.

For more specific issues, you may expect a slightly longer response time, but the promptness of their support is something I appreciated. Bitbuy has a well-organized support page on its website, where you can find guides and answers to common queries about topics like account verification and deposit methods. If you can’t find what you need, you can easily submit a support request via an online form or reach out to their support team directly at email protected. The fees will be clearly displayed during the process, so you’ll know exactly what you’re paying.

You can actually use Express and Pro Trading through the mobile app. Savvy New Canadians is one of Canada’s top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, bitbuy review invest smartly, maximize rewards, and earn extra cash.