Bitbuy Review: We Spent $100 To Fully Test Their Platform

But you need to be trading $50,000 or more to use BitBuy OTC. The Bitbuy platform charges two different fees depending on whether you are using the Express or Pro-trade option. If you choose the pro-trade, you will have to pay 0.1% as maker fees and 0.2% as taker fees for buying and selling cryptocurrencies.

To get started, you can sign up here, provide your email address and password, and confirm your email address by clicking on the link sent to your email. Even if you are a newbie, their “Express Trade” feature makes it super-easy to begin trading. Get a $20 bonus when you buy or sell at least CAD$50 in digital currency. Iain has been involved in cryptocurrency since the end of 2020. He completed a study on Bitcoin, blockchain technology and cryptocurrencies at Dalhousie in 2021. Most Interac e-Transfers will settle within the same day, and, in some cases, several hours.

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. For instance, Express Interac e-transfers and rushed bank transfers carry hefty fees of 3.50% and 3%, respectively. You could reduce fee expenses by using standard Interac e-transfers and wire transfers, which have a flat 1.5% fee. However, it will take several days to complete the transfer.

Therefore, they offer a built-in crypto wallet that keeps all the assets secured. In addition, it is partnered with Knox that allows the users to store their Bitcoin holdings safely. Thankfully, Bitbuy takes numerous measures to increase its security.

Pros And Cons Of Using Bitbuy

OTC trading exists for regular stocks and commodities, and with companies like Bitbuy, you can also OTC trade crypto. You also get a more comprehensive dashboard rather than just a quote screen. This provides more in-depth trading data and you can also add different indicators if you’re doing technical analysis. However, Bitbuy still offers many leading cryptocurrencies, which is perfect for Canadians looking to diversify their portfolios. The platform is much cheaper than Coinbase and it supports Interac e-Transfers, making it extremely easy for Canadians to deposit funds.

  • Bitbuy also has a comprehensive insurance policy in place from BitGo for coverage in the event of any loss and works with top Canadian banks to accept Canadian Dollar fiat deposits.
  • Many leading crypto exchanges aren’t available in Canada or don’t provide high starting trading limits for international users.
  • And even followed up after the problem was resolved…everything one would need from an excellent customer service or tech support.
  • 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.
  • Was asked if I worked with other people which I said no to and was told that the crypto would be accredited back to my account balance and now it says I have zero balance.

Once this has been completed you can move onto the verification stage. It is great to see an exchange engage in such transparency and the bitbuy review ecosystem would do well if more exchanges followed suit. Bitbuy has recently also completed a proof of reserves and security audit.

That protects users from being impersonated or scammed in the future. Bitbuy crypto exchange has quite a lot to offer, so let’s take a look at each of the aspects separately and see what it’s all about. During Bitbuy’s short history, it has become Canada’s first regulated crypto exchange. Its compliance and user-friendly interfaces helped expand the country’s use and knowledge of Bitcoin in its earliest days.

Highest security and encryption protocols to protect your data and funds, including 2FA, identity verification and daily encrypted backups. The platform also monitors your transaction data for suspicious activity. Have this pegged as one of the most secure crypto exchange sites in Canada. Netcoins for instance supports USD deposits, while Coinsmart allows you to trade in EUR, USD and CAD. Canadian companies looking to add Bitcoin to their corporate treasury.

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

API tools are useful because they provide live exchange rates and let you automate trades or trade at high frequencies. Bitbuy is a Toronto-based cryptocurrency exchange that began in 2016. It’s also one of the most established exchanges in the country and is helping Canadians get more access to crypto investing. This Bitbuy review covers its fees, pros, cons, safety, referral program, and competitors like CoinSmart, Coinsquare and more. The Bitbuy referral program is a commission-based promotion to attract new users to the exchange. Any new user who signs up through your referral link and deposits $250 or more onto the exchange will be rewarded with an additional $40.

bitbuy reviews

When comparing the two, e-transfers are a much more convenient payment method. They might come with higher deposit and withdrawal fees, but funds are processed instantly and you won’t be required to make an in-person visit to your bank to transfer the funds. Bitbuy is one of the oldest Canadian crypto exchanges, offering 25+ currencies and some of the lowest trading fees around. This is a risk and financial assessment step that identifies what level of trading and access a user will have on the exchange.

Their servers are secured across multiple world class cloud providers and disaster recovery locations. 2) Zero deposit fees means that you can get started straight away, without losing money just to deposit funds into the platform. Bitbuy previously charged to deposit, but they have waived that fee now. For trades of more than $50,000, you can utilize the Bitbuy OTC trading desk. Here you will have your own dedicated account manager and OTC desk trader to assist and support you where needed.

The government doesn’t consider Bitcoin or other cryptocurrencies as money you can use in shops or pay bills. So, the country’s financial institutions offer no protections for cryptocurrency transactions. However, the rise of cryptocurrency popularity proves to the Canadian government that a regulatory framework would benefit its citizens.

You and your friends with $20 every time the friend you refer deposits at least $250. Keep in mind that a minimum investment of $25,000 is required to get started with OTC trading. For the full list of crypto assets available on Bitbuy, click here. The content on this site is for informational and educational purposes only and is not intended as a substitute for professional financial advice. Always consult with a licensed financial or tax advisor before making any decisions based on the information you read on this blog.

Over 95% of client assets in cold storage, keeping them secure against a possible data breach. Also praise this feature-packed platform for its ease of use and advanced security features. As per its website, it utilizes “industry-leading security systems” to protect your account, including a 95% cold-storage policy and 2-factor authentication. The sign-up link automatically applies the $20 promotion offer when you meet the eligibility requirements (i.e. an initial $250 deposit). If you are on the hunt for the next Bitcoin digital asset or want to start trading cryptocurrencies in general, Bitbuy is one option to check out.

Eligibility and Application Process

One of these options is Bitbuy, a cryptocurrency exchange currently serving over 350,000 users. 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.

bitbuy reviews

For a market order, simply enter how much of the crypto you wish to purchase and click “buy”. Note, you will need to have sufficient funds in your account first. To make a deposit, go to your account dashboard and hit the “deposit” button.

Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs, investing, and the gig economy. Bitbuy works with third-party providers to verify customers. In some cases, you still upload government ID or documents like bank statements to prove your identity, but most verification occurs automatically.

Pros of Bitbuy

To do this, many or all of the products featured here may be from our partners. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Like many cryptocurrency exchanges, Bitbuy generates a profit from the fees they charge on trading, deposit, and withdrawal transactions.

On deposits and withdrawals, there is a $50 minimum deposit with Interac e-Transfer and a $10,000 maximum in a 24-hour period. The minimum bank wire deposit is $20,000 with a $500,000 maximum and a fee of 0.5%. The same minimum and maximum limits apply to withdrawals with a 1.5% fee on Interac e-Transfer withdrawals and a 1% fee on withdrawal via bank wire. All information contained herein should be independently verified and confirmed. We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services.

While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products. Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us. compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services.

It applies both to the internal mechanisms and to the transfers. On the second though, don’t bother with calculating volatility for the specific coin market you’re working with. What you need is to understand how liquid it is, and it’s not exactly hard. The spreads float, so you’ll have to take a lot of things into account, including the volatility of the deal you’re currently making.

Maker fees are less expensive than taker fees because makers add liquidity to the market while takers remove liquidity from the market. If you’re unsure which coin to buy, this is the best place to be. We’ve reviewed all the mainstream (and a couple of off-beat) coins to make your decision as easy as possible.

Leave a Reply

Your email address will not be published. Required fields are marked *

× How can I help you?