Updated Bitbuy Review: is it Safe to Use or Not? 2023

We strive to present all the information & pricing as accurately as possible, but we cannot ensure that the data is always up to date. Now it’s time to check your email address, you should have received a letter from Bitbuy. If it’s not there, you should click “Resend Verification Email”. It’s time to move to another part of this Bitbuy review – the cons of the platform. It goes against our guidelines to offer incentives for reviews.

bitbuy review

You will select the coin in question and you will hit “Deposit”. This will populate the wallet box with the deposit address where you should send the crypto. Therefore, Bitbuy has not ventured into the territory of a number of other altcoins that are being offered by Canadian exchanges. However, given that EOS and Stellar Lumens are relatively recent additions, it does show that they are willing to add further coin support. Hopefully we can see another altcoin in their offering soon.

Key features

The more liquid a crypto exchange is, the less likely there will be unexpectedly high transaction costs. Bitbuy is only suitable for Canadian residents, but Canadians are able to access the trading platform outside of Canada. Yes, Bitbuy is a legitimate cryptocurrency exchange founded in Toronto in 2016. 1) Express Trade feature makes it extremely easy to buy and sell 17 different cryptocurrencies using Canadian Dollars, even for beginners.

If you have decided that you would like to try Bitbuy then you will need to create an account and complete their registration process. If you were going to be withdrawing your funds in CAD then the following fees would apply. The primary operation of First Ledger Corporation is the Bitbuy exchange although they do offer other solutions. These include the likes of digital currency merchant solutions as well as blockchain consultation. The combination of pairings available, the option to deposit and withdraw Canadian Dollars, and a strong local presence, all make Bitbuy an attractive option in the Canadian crypto market. After your phone number has been confirmed and your Bitbuy account has been verified, you can switch your two-factor authentication method toGoogle Authenticator.

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On the other hand, when compared to its rivals in both of these respects, Bitbuy is in a superior position. The biggest advantage to using the Pro trade feature is that traders have more control over the price at which they enter or exit their positions and how much they pay for the trades. Additionally, traders can save on trading fees as the Pro trade feature is much cheaper than the Express trade. The Express trade feature supports local Canadian dollars through which the transactions are settled. The service is advantageous as it involves fewer steps to buy or sell digital assets compared to using the pro service. Bitbuy enables its users to buy and sell any of the supported cryptocurrencies directly to and from the platform without having to interact with the sophisticated pro trading interface.

While trading fees are slightly higher, their deposit and withdrawal fees make up for it. One of the most important requirements for regular cryptocurrency users is the fees that are charged by the exchange. These include fees that are charged when sending / withdrawing currency as well as the fees that one could be charged for merely buying and selling. For any less common questions, Bitbuy has an email-based direct customer support line, allowing users to create a ticket to receive assistance via email.

The first notable element is a customer support phone line which is usually a scarcity. Adding to this, email support is quick and responsive, replying to queries in under 12 hours, even on a weekend. Deposits can be made in all of the above fiat and cryptocurrencies.

Bitbuy is a Canadian cryptocurrency exchange that began in 2016. The company operates out of Toronto, Ontario and currently has over 350,000 users and has processed over $4 billion in crypto. However, Canadians still have several options to easily invest in crypto using the Canadian dollar. One of these options is Bitbuy, a cryptocurrency exchange currently serving over 350,000 users.

bitbuy review

Our concerns are unique and mine was based on the fact that I am new to crypto. I was not happy about the fact that no one was responding to my requests. However, I got a response the following day with an explanation why the process was taking long. In hind site, I am forever https://forex-review.net/ grateful for the steps they took to save me from loosing a lot of money. I use 4 other wallets to get the smaller/higher Risk tokens and coins. A subsidiary of First Ledger Corporation, Bitbuy is a transparent company that does not appear to conceal information from customers.

There is no BitBuy minimum deposit, while the BitBuy minimum withdrawal and BitBuy withdrawal fee varies from coin to coin. There are also a couple of headings at the top of the page, including products, currencies, prices, and resources. The feature has the standard order types- stop orders, limit orders, and other types.

Mobile Functionality

We’ve already gone through some of the features of this platform and concluded that easy, near-instant trading is definitely one of the reasons why Bitbuy has gained such traction. However, the platform has tools and features that make it stand above the rest, as well. The site allows you to earn a passive income by buying a stake in some crypto. Currently, you can only do this for two Bitbuy coins – Ether and Solana – but the company plans to add support for Polygon, Polkadot, Cardano, and Cosmos in the near future. Pro Trade is Bitbuy’s advanced trading mode and a tool you’ll most likely switch to when you learn the crypto trading ropes. How and where the offers appear on the site can vary according to the partnership terms.

There are a lot of features of Bitbuy that make it popular amongst Canadians, and I have outlined the main advantages below. To learn more about any of the features, click on the corresponding jump links. If that wasn’t enough, Bitbuy is also a FINTRAC-registered business.

Because the source code used in the construction of the exchange is kept secret, there is no chance that it could ever be compromised. In addition, the platform stores 95% of all assets in cold storage, where they are protected from both physical theft and digital intrusion. The Pro Exchange platform gives customers bitbuy review the ability to trade cryptocurrencies for both Canadian Dollars and other cryptocurrencies as well as for Canadian Dollars. As a participant in the cryptocurrency ecosystem, Bitbuy provides its consumers with a variety of different services, which we will go over in more detail in the next section.

  • Bitbuy offers a slew of products and features that are desirable to all kinds of crypto traders, from beginners to advanced users.
  • You can do extensivecrypto technical analysiswith their tools and technical overlays.
  • Collectively, we have over 25 years of experience in the crypto world and are all passionate about guiding people through the complex world of crypto investing.

Anyone needing access to more advanced features can use the order book-based Pro Trade interface. Using the Pro platform, Traders can add technical indicators and overlay drawings to perform analysis on the charts. Unlike most other platforms, any chart overlays will remain when switching between trading pairs, which reset the analysis each time.

Customer Support

However, as the majority of users are unlikely to spend more than CAD 250,000 within 90 days, they will be stuck paying an extremely high 1.5% trading fee. Below, we’ve compared the default costs for transacting on Bitbuy with a few popular altcoin trading exchanges such as Binance, Kraken, and NDAX. For large investments, using a bank or wire transfer is best. Conversely, for Interac e-Transfers, the minimum spend is $50, and the maximum is $5,000. The time for the payment to reach Bitbuy can take between 1 to 3 business days, depending on the bank. Bitbuy delivers traders and investors with a multi-tiered security platform.

Bitcoin – Payment Settlement Instruction

For investors who pre-own Bitbuy supported cryptos, Bitbuy users may also deposit and sell cryptos on the Bitbuy exchange. The simple to use platform gives investors and traders access to the crypto market’s largest cryptocurrencies. Do note that there are minimum and maximum amounts in Canadian Dollars per transaction. The maximum shown is per transaction, however, so you are able to make consecutive trades. Bitbuy maintains limits to ensure that users receive the best price when buying and selling through Express Trade. Alternatively, users can submit Limit Orders on the Pro Trade exchange.

Registration & Verification Process

Bitbuy’s customer service is one of the best in the cryptocurrency industry, and includes a direct phone line which many other exchanges in the industry still do not offer. As mentioned above, Bitbuy has different fee structures for its two types of platforms. The Express platform is the simpler option, and involves selecting the desired crypto assets to buy, entering the designated amounts and placing the purchase.

Bitbuy also provides consumers with the option to contact customer service by phone if they want more individualised assistance or instructions to resolve their issues. Slippage is one of the most significant parts of trading that experienced traders need to be aware of and be prepared to account for when they are doing so. Advanced traders also need to be prepared to account for slippage. It was first established in 2013 by Ademar Gonzalez and Adam Goldman, and it provides trading solutions for investors of all experience levels, from novices to seasoned pros. Extremely fast, typically you can get cash from fiat to your favourite crypto exchange within 30 minutes to an hour.

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