BitBuy Review 2022: Is It Legit & Safe? Honest Analysis

Bitbuy says that they operate a policy of 95% cold storage of coins. This is the standard among cryptocurrency exchanges and protects the bulk of user’s assets from hackers. Now, you should know that not all crypto exchanges support fiat currencies. It means that you have to purchase them on the other platforms first and then transfer your coins to that specific platform that you want to continue using for trading. The main company’s goal was and still is to provide easy and secure access to Bitcoin and other popular cryptocurrencies. Apart from Bitcoin, Bitbuy’s supported cryptocurrencies include Bitcoin Cash, Ethereum, Ripple, Litecoin, Stellar Lumens and EOS.

• This is because Bitbuy uses Tradingview charting technology.
• WonderFi is also acquiring Coinberry, setting Bitbuy’s Web3/FinTech group as a leader in Canada and employing the most Web3 professionals in the country.
• A subsidiary of First Ledger Corporation, Bitbuy is a transparent company that does not appear to conceal information from customers.
• We should note that Bitbuy integrates several cybersecurity features to protect user funds.
• Approval of accounts is near instant, with BitBuy using an automated ID verification system that also adheres to Canadian KYC regulations.

Since then, Bitbuy has been ranked one of the fastest growing start-up in Canada. BitBuy does not offer a crypto wallet mobile bitbuy review app or web browser extension wallet. BitBuy withdrawal time will vary based on the fiat method or cryptocurrency used.

If a large number of cryptocurrencies is important to you, you can check out some alternative crypto exchanges such as Binance (over 600+ coins), or KuCoin (over 700+ coins). Bitbuy is asserting itself as one of the best Canadian cryptocurrency exchanges. Overall, this exchange provides a simple way to invest in popular cryptocurrencies, and it also caters to individual investors and businesses. Bitbuy was acquired by WonderFi in March 2022 but continues to offer its crypto-trading platform.

Pricing & Fees

Sophisticated bots can even perform more advanced functions such as portfolio rebalancing and derivative orders even when the platform does not support them. Although if you would like to make a larger transaction the Bitbuy OTC desk is happy to help you personally. Yes, Bitbuy is a legitimate crypto exchange platform registered with FINTRAC as a Money Service Business. Finally, the account is set up, and you can start by funding your account either by bank wire, crypto or e-transfer. Yes, Bitbuy is a legitimate cryptocurrency exchange founded in Toronto in 2016. It is registered with FINTRAC as a Money Services Business.

While not a terrible offering of supported cryptocurrencies, other exchanges that emerged around the same time have significantly larger offerings. Newbies can place one-click trades using its “Express Trade” platform, while expert traders can access advanced charting and multiple order types using its “Pro Trade” platform. Bitbuy’s fees used to be some of the cheapest of any crypto exchange at 0.2%. Now, there are no deposit fees and they have implemented a tiered trading fee structure based on your trading volume over the last 90-day period. For volume under $250k, the maker/taker fees are 1.50%, which is quite high in comparison to other exchanges.

However, if you’re looking for more trading options, the company has come out with Bitbuy Pro Trade, which is a platform made available for more advanced users. The best part about it, you don’t need an account to see what it looks like. If you’re looking to express trade cryptocurrencies on Bitbuy, https://forex-review.net/ the fees are quite simple. It’s quite impressive to watch this company grow, and is one of the number one crypto trading platforms we recommend to Stocktrades Premium members. BitBuy is the Canadian crypto exchange you’ll want to use if you prioritize security, low fees, and superb customer service.

How do I withdraw from Bitbuy?

Had an issue regarding upgrade to Gold taking longer than I wanted (it wasn’t really taking that long, I was just super impatient to get going). Support ticket was answered and the situation resolved right away. Interface is easy to use, transactions completed well within acceptable time; this is going to be my go-to site for crypto.

The option to use interac e-transfer makes it super convenient and we also really like that you can send your crypto from BitBuy to any wallet. This way if you want to send money to Coinbase, or a service like BlockFi or Celsius you can! When you fund your account via e-transfer you’ll see the money deposited within 30 minutes, and usually faster. Express trades on the Bitbuy platform are charged at a 0.20% rate while pro platform trades attract 0.10% and 0.20% maker-taker fees, respectively.

Don’t use this company, they are clearly not aware of customer experience and by the end you’ll be frustrated. I have purchased 10’s of thousands of various crypto and withdrew 1000’s just as quickly. Keep up the good work Bitbuy.ca I recommend it 100 percent.

How to create an Account on Bitbuy?

The user who shared the referral link will also receive $40 directly into their Bitbuy account. Bitbuy OTC is the exchange’s over the counter service designed for large volume and institutional traders. A user is required to have a minimum of CAD$50,000 or equivalent BTC or ETH in their user account before they can access the OTC desk. The Bitbuy blog is a key resource for new and experienced traders alike.

His reports were cited by many influential outlets globally like Forbes, Financial Times, CNBC, Bloomberg, Business Insider, Nasdaq.com, Investing.com, Reuters, among others. The first step to creating a Bitbuy account is to visit the exchange’s website and begin the sign-up process. Cryptogeek.info needs to review the security of your connection before proceeding.

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.

Fiat Support (CAD)

Regardless of your choice, you can store Bitbuy assets in your wallet temporarily or long term. Maker fees are less expensive than taker fees because makers add liquidity to the market while takers remove liquidity from the market. If you’re unsure which coin to buy, this is the best place to be. We’ve reviewed all the mainstream (and a couple of off-beat) coins to make your decision as easy as possible. There isn’t much more to say about Bitbuy than I’ve stated in this review. In my eyes, it’s the best platform in the country to trade Cryptocurrency.

Bitbuy is a safe bet when it comes to trading cryptocurrency. It is fully regulated, has a secure platform that has never been hacked, and is suitable whether you’re a beginner or an experienced trader. Regarding Bitbuy’s deposit and withdrawal methods, it allows you to move your funds in and out of the platform by wire transfer or Interac e-Transfer. Additionally, you can purchase BTC, ETH, and USDC using your credit card, and the exchange has plans to add more coins soon. Bitbuy trading platform is accessible via browser but you can also trade on the go if you download its mobile app. It is available on both Android and iOS devices and allows you to perform the main features of the web platform.

Got a restrictive notice for withdrawing an amount for $380. This isn’t any of their business where I spend my money and freezing my account concerns me for the future for bigger amounts. I am now restricted and cannot withdraw or deposit any funds. This is not the customer experience that we want our users to have. I have reached out to you directly via the open support thread for more details regarding this ongoing issue. Steve has been writing for the financial markets for the past 7 years and during that time has developed a growing passion for cryptocurrencies.