Canada is among the top 20 countries in crypto adoption, and crypto revenue is expected to grow by 8.37% annually, as reported by Statista. So, if you are a Canadian looking to diversify your portfolio with digital assets, the Bitbuy crypto exchange is a perfect choice for exploring the crypto industry. In this Bitbuy review, we will explore the exchange features, fees, security measures, and overall user experience.
Key Takeaways:
- Bitbuy is a secure and reliable FINTRAC-registered crypto exchange in Canada, allowing you to buy and sell popular digital assets like Bitcoin, Ethereum, and over 46 others.
- Bitbuy offers advanced features, including limit orders for precise buying and selling, OTC trading for large transactions, staking to earn passive income on your crypto holdings, and an API for automated trading.
- Bitbuy’s trading fees are quite high, with a standard rate of 2% maker/taker for regular users (discounts available for high-volume traders) and up to 2.95% for credit card purchases.
Bitbuy Review: Overview
| Name | Bitbuy |
| Type | Cryptocurrency Exchange |
| Founded | 2016 |
| Headquarters | Toronto, Canada |
| Supported Countries | Canada Only |
| Trading Features | Buy/sell, staking, OTC trading, limit orders, etc. |
| Supported Cryptocurrencies | BTC, ETH, SOL, and 46+ more |
| Supported Fiat Currency | CAD only |
| Payment Methods | Interac e-Transfer, bank transfer, Apple Pay, and credit/debit cards |
| Trading Fees | 2% maker/taker |
| Mobile App | Android and iOS |
| Customer Support | Support centre and support forum (email) |
What Is Bitbuy?
Bitbuy is a leading Canadian cryptocurrency exchange that allows users to buy and sell digital assets. Headquartered in Toronto, it was founded by Adam Goldman and Ademar Gonzalez since 2016. It was originally known as “InstaBT” and is a subsidiary of the First Ledger Corporation. Bitbuy is now only available in Canada, with over 900,000 registered users.
With Bitbuy, you can trade over 46 cryptocurrencies, including popular coins like BTC, ETH, SOL, and some new meme coins like PEPE and BONK. Bitbuy provides two trading interfaces: Bitbuy Express for beginners and Bitbuy Pro for advanced traders with features like live order books and limit orders. It also has some extra services like staking, OTC trading, corporate accounts, and API trading.
Bitbuy’s platform is designed to be user-friendly, even for beginners. Canadian traders can easily deposit and withdraw funds using Interac e-Transfer or bank wire transfer. The exchange is also secure with 90% cold storage, Proof of Reserve and security audit, FINTRAC registered, and 2FA. You can also install the mobile app for easy on-the-go trading.
Pros of Bitbuy
- Highly secure due to registration with FINTRAC and Canadian Securities Administrators
- OTC marketplace for high-volume or institutional traders
- Easy-to-use interface for beginners with a mobile app
- Staking services to earn up to 11.23% APY on your idle digital assets
- Multiple payment methods to deposit CAD, including bank transfer, Apple Pay, and credit and debit cards
Cons of Bitbuy
- It is only available in Canada
- Limited supported cryptocurrencies with only 46 assets available
- No advanced features like futures trading and margin trading
Bitbuy Fees
Bitbuy Trading Fees
As discussed above, Bitbuy offers two different trading interfaces: Express Trade for beginners and Pro Trade for experienced traders. Therefore, each trading portal has different fees.
For Express Trade, it charges a flat 2% fee for each buy and sell order. For Pro Trade, it charges fees based on your ‘Tier’. The fees change depending on your 90-day trading volume. Here is a quick overview:
| Tiers | 90-Day Trading Volume | Maker Fee | Taker Fee |
| Tier 1 | < $250k | 2% | 2% |
| Tier 2 | $250k – $1m | 0.5% | 0.75% |
| Tier 3 | $1m – $5m | 0.15% | 0.25% |
| Tier 4 | $5m + | 0% | 0.1% |
Bitbuy also charges staking fees. These fees are calculated as a percentage of the staking rewards you earn. Currently, there is a 25% commission on Ethereum staking rewards and a 28% commission on Solana staking rewards.
You can check the full Bitbuy fee structure here.
Bitbuy Deposit and Withdrawal Fees
- Deposits via Interac e-Transfer are free.
- Wire transfers for depositing Canadian Dollars (CAD) also come with zero fees.
- Funding your account with a debit card incurs a 1.95% fee, while credit cards have a higher fee of 2.95%. Both deposit methods have a minimum deposit of $50 and a daily maximum of $10,000.
- Withdrawing CAD through Interac e-Transfer comes with a 1.5% fee.
- Wire transfer withdrawals also have a 1.5% fee.
- Bitbuy does not charge any fees on crypto deposits. However, there can be network fees (also known as gas fees) for withdrawals. You can check the full fee schedule here.
Note: You can not withdraw funds via credit or debit cards. There is also a $5,000 per day withdrawal limit for Interac e-Transfers.
Supported Coins on Bitbuy
Bitbuy currently supports only 46 cryptocurrencies, which is a relatively low number compared to other crypto apps. This means their focus is primarily on established, high-market-cap coins. So, if you’re interested in trading new or niche crypto projects, you might find Bitbuy’s selection limiting. Alternatively, you can consider using the Coinbase crypto exchange.
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Bitcoin Cash (BCH)
- Solana (SOL)
- Dogecoin (DOGE)
- Polkadot (DOT)
- Fantom (FTM)
- Avalanche (AVAX)
Bitbuy’s Features
Bitbuy Mobile App
Bitbuy offers the best Bitcoin buying app for both Android and iOS devices. The app lets you buy and sell popular cryptocurrencies like Solana, Cardano, and Ethereum, or stake your holdings to earn rewards.
The Bitbuy app is user-friendly and offers most of the features available in its desktop version. With the Bitbuy app, buying and selling crypto is quick and easy, and deposits and withdrawals can be made using Interac e-Transfer or bank wire. Additionally, you can set up crypto price alerts and receive push notifications.
Bitbuy Wallet
Bitbuy offers a built-in wallet for your cryptocurrency. This means you can buy and sell cryptocurrencies, and store them safely within your Bitbuy account. It’s like having a digital bank account for your crypto.
Bitbuy stores only a small amount of user funds in its exchange wallet. The rest, up to 90%, are stored in cold storage wallets.
Staking Program
Bitbuy is also among the top crypto apps for staking in Canada. Staking lets you earn rewards for holding certain cryptocurrencies on their platform. These cryptocurrencies are called Proof-of-Stake tokens. By holding these tokens, you can earn interest on them, like a savings account.
The interest rates can be up to 11.23% annually. Some of the popular tokens you can stake on Bitbuy include Polkadot, Ethereum, Polygon, Solana, and Cardano. For example, you can earn up to 2.89% on ETH and 10.07% on DOT.
OTC Trading
Bitbuy OTC trading is a service for investors who want to buy or sell large amounts of cryptocurrency. You get your own personal account manager who helps you with trading. You can connect with Bitbuy’s OTC traders 24/7. They provide instant quotes for your trades. You can also set up your own limit order, which means zero price slippage.
When you trade with Bitbuy’s OTC desk, the minimum amount for Bitcoin and Ethereum is $50,000. For other coins, it’s $20,000. The exchange claims to handle trades up to $100 million. The best part is there are no fees for your deposits and withdrawals via bank wire transfers in CAD.
Steps to Set Up Your Bitbuy Account
Step 1: Create a Bitbuy Exchange Account
First, visit the Bitbuy website. Once you’re there, click the “Get Started” button in the top right corner. They will ask you for your email address, and you’ll need to agree to their terms and conditions. Click “Sign Up” and create your password on the next page.
Once you’ve done all that, Bitbuy will send you a confirmation email, so check your inbox and click on the link. Now, you will be redirected to confirm your phone number (this is mandatory). Provide a legitimate North American mobile phone number (including the +1 country code) and verify it by entering the SMS code sent to your phone.
Step 2: KYC Verification
Now, you will see an identity verification message pop up on your screen. Click on “Verify Account”. To do this, you have two options:
- Automatic verification: A third-party service checks your personal details, such as name, address, and date of birth. This confirms your identity and activates your account right away.
- Manual verification: If automatic verification doesn’t work, you must scan your ID, such as a Driver’s License or Identity card, and take a selfie for identity confirmation.
Step 3: Deposit Funds
To add money to your Bitbuy account, go to the dashboard and click “Deposit CAD”. Pick Interac e-Transfer as the way to deposit and click “Use e-Transfer”. Bitbuy will give you a recipient’s name and email. Follow your bank’s steps to send an Interac e-Transfer using this info. Usually, deposits happen right away, and you’ll see your CAD in your account within minutes.
Step 4: Trade Crypto
Now that you have money in your account, you can start trading crypto. Click on “Express Trade” and choose the crypto you want to buy (like Bitcoin or Ethereum) and pick whether you want to spend Canadian dollars (CAD) or some of your existing crypto.
Take a moment to check the details of your trade, including the current price and any fees. If everything looks good, confirm the purchase by clicking “Buy Crypto” and you’re done.
Customer Support
Bitbuy has awesome customer support. Its comprehensive support centre has articles and answers to many common questions. You can search the articles by topic or browse through the categories to find what you’re looking for.
If you can’t find the answer to your question in the support centre, you can contact Bitbuy’s support team directly. They are available 24/7 by submitting a request form online. There is also phone support, but it’s only for OTC traders and not for general traders.
Bitbuy Exchange has a commendable 4.5/5 rating on the App Store and but a less impressive 1.8/5 score on Trustpilot. Notably, it lacks a live chat feature, a preferred support option for many exchanges.
Bitbuy Security: Is It Safe?
Bitbuy employs a number of security measures to keep your account and funds safe. This includes:
- Secure network: It utilizes servers secured across multiple reputable cloud providers and disaster recovery locations. All the cloud providers are ISO, SOC, and FIPS compliant.
- Two-factor authentication (2FA): This adds an extra layer of security by requiring a second verification code. You can either use Google Authenticator or SMS verification.
- Cold storage: 90% of the user’s funds are stored in cold wallets, with only small portions kept in hot wallets for regular transactions.
- Insurance: Bitbuy also holds an insurance policy provided by BitGo. This insurance helps mitigate the risk of loss in case of a security breach.
- Security audits: This includes financial audits, monthly security audits, and transaction reporting audits conducted by trusted third-party firms. These audits assess the platform’s financial health and security posture.
- Data encryption: The site employs Secure Sockets Layer (SSL) technology to protect information when it transfers from your browser to their servers. This stops unauthorized people from accessing your sensitive data.
- Compliant and Regulated: It is approved by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA). The platform is also registered with FINTRAC.
- Proof-of-reserves: All custodied digital assets are backed 1:1. This means the exchange is 100% solvent. You can check its PoR audits publicly.
Conclusion
To conclude our Bitbuy review, it is a good choice for Canadians who want to buy and sell cryptocurrency using bank transfers. It offers a variety of features, including staking services, OTC desk, and trading API.
However, it does have some limitations, such as higher fees than some other exchanges and a limited selection of cryptocurrencies. Plus, some advanced features such as leverage trading or margin trading are not available.
Bitbuy Canada Review: FAQs
Is Bitbuy legit?
Yes, it is legit, with over 900,000 Bitbuy users in Canada. It is approved by the OSC and CSA and registered with FINTRAC as a Money Services Business (MSB). This registration signifies Bitbuy’s compliance with anti-money laundering and terrorist financing regulations. Bitbuy is also completely transparent, providing 100% Proof of Reserves (PoR) data.
Does Bitbuy report to CRA?
Yes, since Bitbuy is a registered MSB, they are required to report financial transactions to the Canada Revenue Agency (CRA) as per regulations, if asked. In Canada, the CRA considers Bitcoin and other cryptocurrencies as investments similar to stocks. This means any gains or losses you make from buying and selling crypto are taxed just like stock investments. Therefore, you will pay taxes on 50% of your capital gains or 100% in the case of day trading profits.
Is Bitbuy better than Coinbase?
Bitbuy is better than Coinbase in terms of depositing funds directly through bank transfer, which Coinbase does not support. However, Coinbase is way better in many respects. Coinbase shines with lower trading fees, 0.4% maker and 0.6% taker, compared to Bitbuy’s fees, which can start at 2% maker/taker.
Coinbase also supports over 240 coins, whereas Bitbuy has a limited selection of 46 crypto assets only. As discussed above, Bitbuy is only available for Canadian users, while Coinbase is available in over 100 countries, including Canada.
Is Bitbuy regulated in Canada?
Yes, Bitbuy is the first Canadian registered marketplace to trade crypto assets. The exchange is registered under the Ontario Securities Commission and the Canadian Securities Administrators. Additionally, they are registered with FINTRAC, a group that watches over money service businesses. This means Bitbuy plays by the rules and keeps your funds safe.
