BitBuy.ca Review 2023 – Pros and Cons of Using BitBuy in Canada
- High liquidity
- Most trusted CA crypto exchange
- Regulated marketplace
- High security
- Transparent fee structure
- Excellent customer support
- Very beginner-friendly
- Great usability
- No leverage
- Limited assets
Bitbuy is the first Registered Investment Dealer AND Marketplace for cryptocurrencies and crypto assets in Canada, based in Toronto. Regulated by the Ontario Securities Commission, the trading platform is thus the first of its kind in the state of Canada and differs significantly from other crypto platforms that are merely broker dealers.
The BitBuy company was founded in 2016 and therefore has several years of experience in the field of crypto trading and related security measures. At the present time, the company can already look back on a total trading turnover of over 4 billion US dollars. Currently, the company has just over 350,000 Canadian customers.
Cryptocurrencies on Bitbuy.ca
The following cryptocoins can currently be gakought and sold on Bitbuy.ca:
- BTC (Bitcoin)
- ETH (Ethereum)
- LTC (Litecoin)
- BCH (Bitcoin Cash)
- XRP (Ripple)
- XLM (Stellar Lumens)
- LINK (Chainlink)
The regulated trading exchange allows the purchase of cryptocurrencies via Interac and bank transfer for Canadian citizens. Users can connect their fiat money accounts with their Bitbuy account after successful ID verification.
Security at BitBuy.ca
As is customary in the industry, the regulated Canadian trading exchange keeps its clients’ cryptocurrencies, i.e. private keys, in cold storage. Over 99% of the traded coins are securely stored offline, making them inaccessible to hackers.
Moreover, since it is a regulated trading exchange, deposits are protected by comprehensive deposit coverage, which is regulated by law.
Bitbuy is registered and regulated with FINTRAC as a money services business, as well as with the Ontario Securities Commission as the first Canadian marketplace for cryto assets. A fact the company is justifiably proud of.
Because such registration means that customers do not have to fear any hidden fees and the company has to act absolutely transparent.
Of course, the Canadian crypto exchange platform uses the most secure login method currently available, known as two-factor authentication. Here, a password is requested for login and at the same time a code that is issued via a smartphone app.
Fees at Biybuy.ca
As usual with trading platforms, there are different types of fees. On the one hand, trades cost a small percentage fee per executed order. Bitbuy applies the maker-taker model here, as is standard in the industry. Makers pay 0.1% on their trade while takers have to pay double, i.e. 0.2% of their trading volume.
For traders with a very high trading volume of over 1.5 million USD per year, reduced trading fees apply. Such so-called Liquidity Providers pay no fees as Makers and only 0.1% as Takers, i.e. half of the usual Taker fee.
Deposits to the Bitbuy account are no longer subject to fees, only for withdrawals you have to pay a small surcharge. The most straightforward way to send money to Bitbuy is via Interac e-Transfer. There is a low minimum deposit of $50 and a maximum of $10,000 can be deposited per 24 hours. Interac e-transfers are almost instant.
Bank transfers have a minimum deposit of $20,000 and a maximum of $500,000. However, bank transfers take 2-3 business days.
As already mentioned, certain fees only apply to withdrawals. Interac e-transfers are made within 24 h after request.
Of course, digital coins can also be deposited or withdrawn directly, again without an additional fee from the platform. In this case, only the corresponding network fees are incurred, which have nothing to do with the trading platform itself. Different payout floors apply to cryptoassets. For Bitcoin (BTC), for example, it would be 0.001%.
Bibuy can be used both at home on a large desktop PC and on the go on a mobile device such as a smartphone. The company offers different interfaces for different customer needs. For beginners, a particularly easy-to-understand and straightforward interface is offered for uncomplicated buying and selling of digital coins. But advanced Canadian crypto traders also get their money’s worth at Bitbuy.
The exchange also offers a state-of-the-art trading interface for professionals, with a running order book, candlestick chart, market depth chart and a widget that displays your orders.
For those who have not yet used this type of interface, a clear Pro Tutorial is available via the menu in the upper right corner.
The interface can be set to light or dark mode as desired.
For mobile devices there are own apps available, which can be downloaded from the corresponding app stores for Android or iOS.
On the registration page, only a few details are initially requested for the free account creation, such as private or business account, username, email, and phone number. Once the account is created, full personal details including address information and ID verification are required. This is the only way to enable a trading account top-up with fiat money.
Absolute Beginners at Bitbuy.ca
The professional, regulated trading exchange is especially suitable for absolute beginners who have never bought cryptocurrencies before. The handling of crypto purchases on Bitbuy.ca is designed so simply that even absolute beginners can quickly get their first coins without any problems.
By the way, all cryptocurrencies offered can be bought even with small amounts. What many actually still do not know: You do not have to buy a whole Bitcoin to own Bitcoins. After all, the current value of a single BTC is well over USD 50,000. Conveniently, even the smallest fractions of a Bitcoin can be bought, because Bitcoins can be split into smaller units. Instead of 1 BTC, for example, you can buy 0.01 BTC, which is just one hundredth, or 0.002, which is two thousandths. At most, one BTC can be split into 100,000,000 individual units. Such a smallest unit is called 1 Satoshi. (Like cents in the case of the dollar, except that a dollar can only be split into 100 parts). This is just a small digression for absolute crypto newbies.
OTC for Professionals and Institutions
Being a large regulated trading exchange with high liquidity, Bitbuy is also used by professional investors and institutions for large orders. So-called Over-The-Counter (OTC) deals with a stake of at least $50,000 can be settled on Bitbuy around the clock.
Through OTC orders, investors get the current trading price and avoid the slippage that would otherwise occur. – This is the price jump that larger orders otherwise generate when they are traded through the order book.
Customers can have customer service contact them directly by phone to process an OTC deal.
Bitbuy.ca Customer Service
There are several ways to get help at Bitbuy. First of all, the support center offers clear answers to all common questions. Typical topics for customer questions include account registration and verification, details in the customer account, deposits and withdrawals, trading functions, and general questions about the company and its offerings.
However, if you do not find your question answered here, you can of course contact the customer service directly. An email ticket system is available for this purpose. Simply fill out the inquiry field online and send it together with your email address. Explanatory documents can also be attached there.
You can also send an email directly to support[a]bitbuy.ca.
Whether via ticket support through the website or directly via email – the support is quick to respond and competent, around the clock.
Bitbuy Social Accounts
As a reputable and well-known company, the Canadian crypto exchange is also represented on Facebook, Linked-In, Twitter and Instagram.
The regulated cryptocurrency exchange Bitbuy is the place to go for Canadians who want to invest in cryptocurrency in an easy and secure way.