Much assistance provided to facilitate getting my account re-verified. Today Santiago provided incredible assistance, exhibiting abundant patience, to get my account up and fully operational. BitBuy has a sleek and easy-to-use pro trading platform, as seen below. BitBuy only offers OTC and spot trading, and there is no support for NFTs, futures, or option trading. Some exchanges offer staking or interest-bearing accounts if you hold certain coins with them.

bitbuy reviews canada

Express trading is trading made simple – all you need to do is select the crypto assets you’d like to buy, enter the dedicated amounts and click the purchase button. It is an ideal option for novice traders who are just entering the world of cryptocurrencies yet it also charges higher fees . Bitbuy is a well-established platform with a large baggage of experience in the industry. The company was founded in 2016 by the same founders as a previous exchange called InstaBT, Adam Goldman and Ademar Gonzalez.

Bitbuy

This will populate the wallet box with the deposit address where you should send the crypto. If your business has the need to execute larger block trades with lower spreads / commissions then you can always use Bitbuy’s OTC solution. Over-the-Counter block trades allow for a more direct sale / transfer between the two parties.

To participate in Bitbuy trading, you must provide the platform with a copy of your government-issued photo ID to verify your identity. At the time of this Bitbuy review, the company does not bitbuy canada review appear to be adding other countries to its platform. For example, if you want to deposit funds using a wire transfer, the minimum deposit amount is $10,000, with a maximum of $500,000.

It doesn’t have anything to do with Trulioo, which is our 3rd party automated verification partner. We realize this excludes some people who live in Canada, and we hope to be able to expand our offering in the near future. If you’re serious about trading cryptocurrency, you’ll want to have a Bitbuy account to do so.

Choices for Canadian crypto exchanges remain somewhat limited. If you’re looking for one that accepts CAD transfers from your Canadian bank account, Interac or FIAT withdrawals, you don’t have a lot to work with. Bitbuy is a compliance-driven exchange that is the first Canadian registered marketplace for digital assets that is federally approved as a Restricted Dealer. The exchange is also registered as a money services business with FINTRAC.

Fees at Biybuy.ca

Platforms like Coinbase and Binance have an international presence while also catering to Canadian customers. Bitbuy supports seven cryptocurrencies, compared to Shakepay, which currently supports two. But there are other platforms that support much more, like Binance which supports 350+ cryptocurrencies and Coinbase that supports 40+. Bitbuy charges lower trading fees compared to rival platforms.

In fact, this crypto exchange has some of the lowest fees of any cryptocurrency exchange in Canada. Bitbuy’s trading fees are just 0.1% to 0.2%, its spreads are incredibly low (typically around 0.3%), and it is focused on continuing to lower these fees over time. Moreover, Bitbuy also offers an OTC desk with even lower fees. But you need to be trading $50,000 or more to use BitBuy OTC. Bitbuy’s overall mission is to simplify the trade of digital assets for all Canadians.

bitbuy reviews canada

The API is available to individuals, businesses, algorithmic traders, cryptocurrency ATMs, and other companies that want to automate their trading activity. The Bitbuy OTC service also offers lower fees on these high-volume orders. The Express Trade interface facilitates one-click buy and sell orders that execute in real-time — a highly convenient, accessible way to buy cryptocurrency. The platform offers several different service levels, each catering to another segment of the crypto market. In 2019, the platform also conducted a proof of reserves audit via Cipherblade, a US-based forensics, investigative, and cybersecurity company.

Final Verdict: Is Bitbuy Good?

Bitbuy fees depend on the type of trade with the option of Express or Pro Trade for customers alongside an over-the-counter desk for buys above C$20,000. Express Trade charges a higher fee at 0.5%, but it compensates for this by providing one of the simplest methods to buy and sell cryptocurrencies in a quick manner. This Bitbuy review covers its fees, pros, cons, safety, referral program, and competitors like CoinSmart, Coinsquare and more.

For Canadians, the ability to exchange cryptocurrency for CAD is a crucial feature of exchanges like Bitbuy. Have this pegged as one of the most secure crypto exchange sites in Canada. Which offers some extra features, such as allowing you to set up recurring purchases and getting paid in BTC with Coinberry Pay. Canadian companies looking to add Bitcoin to their corporate treasury.

Outstanding Service

Bitbuy is a Canadian cryptocurrency exchange founded in Toronto in 2016. 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. 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.

Polygon (MATIC) price prediction for November 30, 2022

So, should you really feel the need to access the platform on your phone you can still log in and perform the basic buys / sells even if you don’t have the mobile app installed. If you are sending / receiving funds in CAD then you can use one of the payment methods that we listed in thefees section. It is however important to point out that those processing times are mere indications and will vary greatly depending on your banking provider. So, unless you send Bitbuy some form of identity and proof of address you cannot use them.

Bitbuy is a Canadian cryptocurrency platform that originated from Toronto as a subsidiary of the First Ledger Corporation. Formerly known as Instabit in 2013 and rebranded Bitbuy in 2016, it has expanded its operations with more digital currency offerings including Eos and Ripple. Enoch Omololu is a personal finance expert and a veterinarian.

Save up to $600 by signing up to our banking products and services for 3 years. While other platforms like Coinbase and Binance do accept card payments, you’re probably not going to be able to fund them with your Canadian credit card. Depositing funds on Bitbuy can take anywhere between 0 to 6 hours.

We should note that Bitbuy integrates several cybersecurity features to protect user funds. As a result, some investors with a long-term outlook may opt to transfer their funds to a non-custodial wallet like Bread or Edge in between trades. This dynamic requires that users share their private wallet keys with the exchange to execute trades. The platform is much cheaper than Coinbase and it supports Interac e-Transfers, making it extremely easy for Canadians to deposit funds. On the other hand, Bitbuy is more transparent about fees and their cold storage policy.

Provide your cell phone number to activate and set up your account with two-factor authentication and enter the other personal information required. The sign-up link automatically applies the $20 promotion offer when you meet the eligibility https://broker-review.org/ requirements (i.e. an initial $250 deposit). It has been used by more than 400,000 Canadians to buy and sell over $5 billion worth of cryptocurrency assets. Overall, we found that the community was quite positive on Bitbuy.

For the average user looking to use e-Transfer combined with express trade, it works out as a total fee 1.70% for a deposit and purchase. You may be required to provide a copy of your driver’s license or passport, bank or credit card statement, CRA document , or a utility bill. After your identity is confirmed, you can activate your account by providing your mobile phone number and completing the 2-step authentication process.

Click on the button to finish the ID verification process. The first step to creating a Bitbuy account is to visit the exchange’s website and begin the sign-up process. Before you proceed with this tutorial, it’s worth noting that only Canadian residents are allowed on the Bitbuy platform.

Most of the platform’s desktop features carry over to the app for quick accessibility. Despite the added convenience of a mobile crypto trading app, some elements are not as simple to use, such as coin transfers to external wallets. As one of Canada’s first regulated crypto exchanges, Bitbuy goes to great lengths to protect its users. The exchange is registered with FINTRAC as a Money Services Business, and it complies with Know Your Customer and Anti-Money Laundering regulations. These affiliations give the company a level of credibility that many other exchanges don’t have.

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