Also, you get all the needed features that allow you to track the currency market prices, your orders, view history, and so much more. That said if you decide to use the platform after reading this Bitbuy review, make sure to also get the mobile version as well. It was created for reliable partners to be able to connect to Bitbuy’s 10+ markets that offer a variety of CAD-to-crypto and crypto-to-crypto pairs. This service can be used for crypto-based businesses that want to automate their trading processes.

I took the time to put Bitbuy through its paces using my own funds—buying and selling crypto, navigating both desktop and mobile platforms, and directly testing all of its main features. I paid close attention to how clear and competitive the fees were, how responsive customer support was, and whether account funding and withdrawals happened as smoothly as promised. My experience involved checking Bitbuy’s trading tools and seeing if both beginners and experienced traders would find what they need. Bitbuy was founded in 2016 by Adam Goldman who studied political science and later became a full stack developer. Goldman is the cofounder of InstaBT where users could buy Bitcoin with their debit cards through INTERAC Online. Goldman founded Bitbuy to provide Canadians the most convenient, dependable, and secure way to access digital currencies.

How Long Do Deposits Take with BitBuy?

Its clear interface, fast funding, and focus on the most established coins make it worth a try for both newcomers and those seeking a reliable trading experience. For anyone considering this exchange, comparing it with other platforms is key to finding the right fit. Our comparative Bitbuy review articles dive deep into features, fees, and user experience to help you see exactly where they stand among today’s top exchanges. The account dashboard is also well organized, so I can quickly track my portfolio or make deposits and withdrawals without hassle. Overall, this platform keeps my trading experience smooth and intuitive. The platform feels refreshingly straightforward, whether I’m using the mobile app or the desktop version.

• So, unless you send Bitbuy some form of identity and proof of address you cannot use them.
• If you decide to buy Bitcoin, Ethereum, or other cryptocurrencies, you should know that the easiest way to do that is using fiat money.
• While we cover a range of products, our comparison may not include every product or provider in the market.
• This feature is made possible through a partnership with BitGo, a world-class institutional custody provider with a comprehensive insurance policy that extends to customer funds.
• Yes, the Express Trade platform has a 0.50% fee for buying and selling all available cryptocurrencies.

For those who can remember, 2013 was still a relatively bitbuy canada review new time in the crypto markets and exchanges to easily buy Bitcoin were few and far between. The first fully-regulated cryptocurrency exchange in Canada. Processing Bitcoin deposits takes 3 confirmations, Ethereum – 12 confirmations. However, when it comes to Stellar Lumens, Ripple and EOS processing, it’s almost instant.

Enhanced Wallet Infrastructure

• Bitbuy has a built-in wallet in each user’s account that you can use to store your SHIB safe and securely.
• We’ve integrated with a third party partner with enhanced fraud and intrusion detection tools, in order to keep our platform safe and secure.
• When it comes to digital cryptocurrency deposit and withdrawal fees, they’re completely free.
• The first step to creating a Bitbuy account is to visit the exchange’s website and begin the sign-up process.

One of the most exceptional aspects about it is that Bitbuy is the only one Canadian exchange that insure their users’ Bitcoins. First of all, every Bitbuy user has to confirm its identity, meaning that the platform ensures there are no fake accounts and scammers on the platform. That protects users from being impersonated or scammed in the future.

Bitbuy is considered to be one of the most popular and reliable crypto exchange platforms in Canada. However, to figure out how good it actually is, this Bitbuy review will cover such aspects as security, fees, available cryptocurrencies, functionality, including Bitbuy PRO, and even more. There is no monthly fee for account maintenance or platform access. You only pay trading fees, withdrawal fees, and payment-specific charges when conducting transactions.

I tried to sell bitcoin this morning to…

This is a great way for them to get a 20% boost on a relatively modest portfolio. So, all in all, a nifty piece of technology which could help Bitbuy secure the lucrative high skilled trader niche. Of course, in order to supplement the technical analysis you are going to need more order functionality. Thankfully, this platform has the option to place limit as well as market orders. If you would like to convert your personal account into a business account, you will be requested additional information. Amongst them, Bitbuy might request the business articles of incorporation along with other corporate documentations.

If you take your security seriously and are thinking about buying cryptocurrencies, always make sure to also get a secure wallet for your assets. In case you don’t know where to start, check out Ledger Nano X and Trezor Model T first. The good news is that whilst using Bitbuy you won’t miss out on anything. The provider offers the ability to trade not only using the desktop platform but also their mobile app that’s available for both iOS and Android users. Talking about decentralized cryptocurrency exchanges, there’s no third-party involvement and you have full autonomy over your wallet. The main company’s goal was and still is to provide easy and secure access to Bitcoin and other popular cryptocurrencies.

We also thought that their verification and KYC times were some of the lowest in Canada. You also have users who found their customer service greatly helpful and others who found that their verification times in the January 2018 Bull run were some of the fastest. Bitbuy has two trading platforms on offer at their exchange. All you have to do is head on over to your “Wallet” section. You will select the coin in question and you will hit “Deposit”. This will populate the wallet box with the deposit address where you should send the crypto.

Bitbuy Fees

However, the downsides include its new, higher trading fees and a lengthy verification process. While the increased regulation and compliance measures can offer peace of mind, some users find the detailed requests for financial status, employment, and investing goals a bit intrusive. The platform primarily supports CAD to crypto trading pairs, but you can also trade Bitcoin against other popular cryptocurrencies like Ethereum, Stellar, Bitcoin Cash, EOS, and Litecoin. This variety provides you with flexibility when choosing which assets to trade. Bitbuy’s app provides the same user-friendly experience as its Express platform, making it easy for beginners to navigate. The iOS app has a strong 4.6-star rating from 6,000 reviews, reflecting its smooth user experience.

Company details

Additionally, an educational hub provides resources and guides for beginner and advanced traders. Bitbuy, a unique cryptocurrency exchange born and bred in Canada, caters to a diverse set of traders, from novices to the more seasoned ones who need a complex interface. Established with the aim of making cryptocurrency trading uncomplicated and user-friendly, Bitbuy has become a go-to platform for those taking their first steps into the crypto universe. The platform is highly regulated by FINTRAC and the Ontario Securities Commission (OSC). Users can also enable multi-factor 2FA authentication to help secure their accounts.

Finder Score for crypto exchanges

This consists of an intricate process that requires enormous energy and computing power, involving a computer to solve a mathematical problem with a 64-digit answer. Yes, it is perfectly legal to purchase Bitcoin in most parts of the world. Although most jurisdictions do not treat the virtual token as legal tender, you can still legally buy, sell, trade, and spend Bitcoin. It is generally viewed as a commodity that can be utilized to pay for goods and services. E-Transfers are typically processed within a few hours, though in some cases it can take up to one business day for funds to appear. Bitbuy’s history begins in 2013 when it was founded by Adam Goldman in Toronto, originally under the name InstaBT.

Fees, Spreads and Commissions

Users can sometimes work around this by using a VPN connected to a Canadian service, but this is not always a definite solution. On top of Bitbuy’s policy with BitGo (which includes crime coverage), the company has partnered with Coincover to 100% protect any operational funds stored in hot wallets. Additionally, all fiat funds managed by Bitbuy are secured by custodians with a Financial Insurence Bond, adding further protection.

One of the biggest threats to exchanges and their users are hackers. We know all too well about the damages that can be caused when a hacker is able to penetrate an exchange’s system. If you were going to be withdrawing your funds in CAD then the following fees would apply. 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. You are likely to get them on the exchange in about the same time as a standard Interac funding will take. InstaBT was created as a way for Canadians to quickly and easily get their hands on Bitcoin.

It operates on the Ethereum blockchain as an ERC-20 token and offers accessibility with its low price per token and abundant supply. An API allows developers to gather information from Bitbuy’s servers as well as send automated commands to the exchange. No automation software is available for users who do not use the API. Please note that for security reasons, certain areas outside of Canada are blocked from accessing the Bitbuy platform.