Bitbuy Review 2022: Pros, Cons, Fees, and Alternatives

When it comes to withdrawal of cryptocurrencies, Bitbuy says that these are free. They are still likely to apply a network or miner fee to your transaction so you should keep that in mind. So from the above it seems as if the most affordable method for you to fund your account is with a good old wire transfer.

  • 3)Bitbuy has an intuitive mobile app available for iOS and Android devices, enabling you to buy and sell no matter where you are.
  • However, you can always use Pro Trading to place market or limit orders if you want a bit more control over when your trades execute.
  • They’ve made the sign-up and onboarding process entirely automated, resulting in you trading crypto faster.
  • The deposit fee for bank transfer (0.5%) is cheaper compared to the Interac e-transfer (1.5%).

Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders. But when the coin is up, all of a sudden they are fast with transactions. Basically they want to give you coins when they are up, stagnent, or rising.

The only real complaint we found is that the mobile app will frequently log users out, requiring them to re-enter their log-in information. While this is certainly inconvenient, it is also in place for security purposes. In this case we think a little inconvenience is worth it for the added safety. There are also a host of other features that they have packed into this advanced trading platform. For example, you have a great deal more charting functionality than you have on the Express Trade. I suppose we’ll have to wait and see if that includes a new phone contact or online chat feature.

Is There a Bitbuy Mobile App Available?

Collectively we have over 25 years of experience in cryptocurrency and we are passionate about guiding people through the complex world of crypto investing. There is no BitBuy deposit fee for cryptocurrencies, though you’ll likely pay a transaction fee towards whatever blockchain you’re using. Many of the negative reviews describe a customer’s account being randomly locked and bitbuy canada review their funds confiscated or unable to be withdrawn. To BitBuy’s credit, they have responded to many of these negative reviews, asking the customer to reach out to their support email to resolve their issues. BitBuy is a registered Money Services Business with FINTRAC and is the first Canadian registered marketplace for crypto assets, federally approved as a Restricted Dealer.

bitbuy canada review

These are the top 3 reasons why I think Bitbuy is an excellent exchange, and a great choice for beginners to the crypto market. Unlike many other crypto exchanges on the market, Bitbuy values its customers and reputation. As such, it offers several customer support solutions to assist users with concerns and questions on various topics, from trading cryptocurrencies to operating their dashboard. You can buy and sell cryptocurrencies and make deposits and withdrawals through the Express Trade Platform.

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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. Reputation – Bitbuy not only maintains a stellar security record owing to its relatively long stay in the marketplace but also inherits its reputation from its parent companies. First Ledger Corp. is a federally regulated entity, while WonderFi is a publicly-listed tech company on the NEO exchange.

You can buy crypto on Bitbuy using interac e-transfer or wire transfer. 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.

Bitbuy only accepts deposits in CAD and the supported cryptocurrencies. Bitbuy enables withdrawals and deposits in all supported digital currencies. The Bitbuy exchange offers a concierge OTC service for those looking to conduct high-volume trades without slippage. Bitbuy users can deposit or withdraw CAD or any supported cryptocurrency. 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 caters to high-volume cryptocurrency traders by ensuring there is enough liquidity to fulfill each order at one price.

Create Your Online Store

When you go to the Express Trade page, choose a cryptocurrency from the dropdown menu. There is a minimum and maximum limit for CAD deposits so that traders can buy and sell at the best price. However, you can make multiple transactions, one after the other. The downsides are its new, higher trading fees and the lengthy verification process. While crypto regulation and compliance can be a good thing, it seems rather intrusive to have to provide details about your financial status, employment and investing objectives. Bitbuy offers Canadians the ability to deposit Canadian dollars into their fiat wallets via Interac e-Transfer or bank wire.

bitbuy canada review

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. They have promised AAVE and LINK are coming soon, so it does look like the number of choices is improving. Bitbuy requires all of their users to enable two factor authentication by default.

Bitbuy Reviews

The company also allows you to store your bitcoin holdings in an offline vault, protected by value matched insurance. The company routinely conducts financial audits using trusted third parties, and suspicious activities are tracked on a weekly and daily basis. When you’re buying up large amounts of cryptocurrency, you can scoop up a lot of the open orders and end up paying a much higher price than the current “market” price. So, if you purchase $10,000 worth of Bitcoin, you’ll pay $20 to purchase. If you decide to sell that Bitcoin, and it is now worth $20,000, you will pay $40 to sell. As such, many Canadians are looking for an easy way to trade cryptocurrencies like Bitcoin, Ethereum, Dogecoin and more.

Plus, both Coinbase and Gemini are branching into NFTs, so the platforms will have even more options to invest in digital assets. Here’s how Bitbuy stacks up against Coinbase and Gemini in terms of supported cryptos, trading fees, and interest and staking options to earn rewards. However, Bitbuy largely makes up for this fact by making it easier for Canadians to invest in crypto. While international exchanges like Coinbase and Gemini have more investing options, Canadians usually have low daily trading limits. Overall, this double-dipping fee structure means you’re paying for the luxury of using a Canadian-friendly exchange.

But they charge high fees for depositing and withdrawing fiat money. For example, there is a 1.5% deposit fee for Interac transfers and 0.5% for wire transfers, while Newton and Shakepay charge no fees. Bitbuy stands on the expensive side in terms of deposit fees.

That’s probably because most Canadian banks like RBC do not allow crypto transactions. Bitbuy is one of the few Canadian crypto exchange platforms where you can use to buy, sell or deposit cryptocurrency. Founded in 2013 as InstaBT, the company decided to rebrand as Bitbuy three years later. Bitbuy is incorporated as a Money Service Business and is registered with Financial Transactions and Reports Analysis Centre of Canada with headquarters in Toronto, Canada. The Bitbuy cryptocurrency platform caters to both beginners and experienced investors.

It took me 24hrs to have my funds available to me after I funded my account using the interact online method. Once I had my fund available I then bought ETH and now I’ve been waiting over 24hrs for my withdrawl to be approved which is still pending. My first transaction went smooth but with that one I bought LTC. Bitbuy is one of the best crypto exchanges in Canada with a passion for transparency. Despite offering an excellent reading experience, Bitbuy is yet to have a custom mobile application. The consequence is that you can only use a web-based interface through your mobile device.

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