BitBuy Comprehensive Review: Is Bitbuy Safe & Legit?

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The hype around cryptocurrencies has taken a different form in recent years. Nowadays, everyone wants to get involved in the crypto rush because of the revolutionary idea behind a decentralized digital currency. Consequently, the number of crypto users and exchanges has increased significantly in the past years. 

However, with so many crypto exchanges with everyone claiming to be the best, finding the right platform for you can be very challenging. The only effective way to navigate this complexity is extensive research and a better understanding of the crypto world. Besides that, one must also get into the details of what every platform offers. 

With so many crypto exchanges, BitBuy is one of those that manage to stand out in the crowd. Many reasons fuel the growing popularity of this Canada-based crypto exchange launched in 2016. Catering to only Canadian users, BitBuy has certainly earned itself a name for its worth. 

But when it comes to crypto investments, you cannot just jump the gun on someone else’s words. You are investing your hard-earned money, so you must understand the platform’s offerings. This will make it much easier to determine if this is a suitable crypto exchange to cater to your requirements. 

So continue reading to acquaint yourself with the nuances of the BitBuy crypto exchange and determine if this is the right platform for you.

Pros

  • Low Trading Fees
  • Robust Customer Support
  • Unmatched Security
  • BitBuy Pro
  • Access to over 25 cryptocurrencies
  • Registered Money Services Business with FINTRAC
  • User-friendly Mobile Application

Cons

  • Access Limited To Canadian Citizens
  • Supports Only One Fiat Currency
Official Website  https://BitBuy.ca/ 
Headquarters  Toronto, Canada 
Founded in  2016
Number of listed cryptocurrencies  25+
Supported fiat currencies  CAD
Minimum deposit NA
Trading fees Makers - 0.1%Takers - 0.2% 
Withdrawal fees 0.5% to 1.5%
Customer support  Tickets and Email

BitBuy Overview 

BitBuy is one of the leading crypto exchanges based in Canada. The platform came into being in 2016, with its headquarters in Toronto, Ontario. Initially, the platform was founded in 2013 by Adam Goldman, who named it Instabit. However, Instabit went through a rebranding in 2016, giving birth to BitBuy as you know it today. 

Furthermore, WonderFi again acquired BitBuy in 2022, but there have not been any changes in its function as a crypto trading platform. Nonetheless, BitBuy now has seamless access to more resources enabling it to deliver even better services to its traders. 

BitBuy is Canadian because the platform only caters to the citizens of Canada and only accepts Canadian dollars for fiat deposits. Currently, the platform offers twenty-five different cryptocurrencies and a user-friendly interface that makes it very easy to trade cryptos on BitBuy.      

bitbuy

One of the best qualities of BitBuy is that the platform is designed with both beginners and advanced traders in mind. Therefore, regardless of your experience or understanding of crypto trading, getting started with BitBuy is as easy.  

Cryptocurrencies Supported By BitBuy

As mentioned earlier, BitBuy supports twenty-five different cryptocurrencies. This list of cryptos might appear more petite than most other crypto exchanges. But the good news is that the platform is constantly adding more cryptocurrencies to the list. 

 

Check out this table to better understand the different cryptocurrencies BitBuy currently offers. 

 

Aave (AAVE) Chainlink (LINK) Terra (LUNA)  EOS (EOS) Compound (COMP)
Ethereum (ETH) Litecoin (LTC) Stellar Lumens (XLM) Polkadot (DOT) Solana (SOL)
Maker DAO (MKR) Basic Attention Token (BAT) Axie Infinity Shards (AXS)  Bitcoin Cash (BCH) Cardano (ADA)
USD Coin (USDC)  Fantom (FTM) Decentralized (MANA) Uniswap (UNI) ApeCoin (APE)
Dogecoin (DOGE)  SushiSwap (SUSHI) Bitcoin (BTC) Polygon (MATIC) Curve DAO (CRV)

 

Besides, the platform is also known for being innovative with its token choices! This makes BitBuy the perfect spot for experimental investors. Furthermore, since the platform is open to accepting new crypto projects with powerful potential, users aiming for meaningful projects might consider signing up for BitBuy. This way, they’ll also be saved from opening their accounts under different exchanges.    

Key Features of BitBuy 

BitBuy has a lot to offer its traders, making it one of the finest crypto trading platforms in the Canadian market. However, out of all the offerings, certain specific features best define the platform and help it stand out from competitors. Therefore, continue reading to learn more about these features and understand how they can benefit you as a crypto trader. 

Suited For a Wide Range of Traders

Not everyone shares the same level of understanding of the crypto market. Cryptocurrencies are relatively new and complex. However, once you start acquainting yourself with the nuances of this market, it becomes much easier to understand all aspects associated with it. Consequently, some people might have mastered crypto trading while others might just be getting started. 

Keeping that in mind, BitBuy provides its traders with specific interfaces to match their level of expertise. For instance, if you are someone just getting started with crypto trading, you can use the Express version. On the other hand, if you are a seasoned trader, you can reap the benefits of the Pro version. The Pro version allows traders to trade their crypto assets through the limit or market order. 

Excellent Customer Support         

Customer support becomes a significant concern when trading cryptocurrencies in this highly competitive market. However, the most prevalent crypto exchanges in the market often fail to offer adequate customer support. This can pose many challenges for experienced and novice crypto traders who encounter any issue. 

Thus, BitBuy provides its crypto traders with unmatched customer service. While the platform does not yet offer telephonic support, they have an agile team who will instantly reply to emails and tickets. There are three ways you can avail of customer support from BitBuy: the support page, email, and the support icon. Besides that, you can also access support through social media platforms such as Reddit and Twitter.  

Highly Regulated

Many crypto exchanges have earned a great reputation over the past couple of years. However, security is still hindering the crypto market’s growth as traders are still wary of frauds. Fortunately, this is not a concern with BitBuy, as the platform leaves no stone unturned regarding security. 

The platform is registered both as an investment dealer and a registered marketplace. This means BitBuy can never outsource your trading details at any time. Additionally, this offers greater transparency and liquidity to benefit you as a trader. More importantly, unlike other crypto exchanges, there is no hassle of running into annual caps with BitBuy. 

Mobile App

Times have changed even since the advent of the first cryptocurrency over a decade ago. Just as stock traders shifted from phones to computers, even crypto traders are now most likely to use their phones for trading. This is understandable given technological mobility is more accessible and affordable today. 

BitBuy has met your requirements even on this front, as you can access the BitBuy mobile app. The platform will have all the features and functionalities you would get from the desktop version of BitBuy. In addition, the application also supports biometric security features to ensure your safety even when trading on the go.     

[maxbutton id=”3″ url=”https://bitbuy.ca/” text=”Trade with Bitbuy” ]         

Additional Features of BitBuy

Apart from the aforementioned key features of BitBuy, the platform has much more to offer. Moreover, with BitBuy, you get seamless access to additional features you ought to know about. So let’s get a better understanding of what these features have to offer. 

 

  1. Security: One of the best things about crypto trading with BitBuy is that the platform ensures unmatched security and safety for its traders. Apart from being registered with many credible and reliable authorities, the platform also leverages the cold storage mechanism. 95% of all crypto assets in BitBuy are stored in cold or offline storage, keeping them safe from hackers and fraudsters. 
  2. Dedicated Canadian Crypto Exchange: One of the primary reasons why BitBuy has made such a name in Canada is because it is wholly designed to cater to the needs of Canadian users. This means only Canadian citizens can reap the platform’s benefits, and fiat deposits are only possible with Canadian dollars (CAD). No resident from any other country can use the platform and benefit from its offerings.
  3. OTC Desk: The other unique characteristic of BitBuy is the platform also offers an OTC desk to traders. This makes it much easier to facilitate large-volume trades with no hassle whatsoever. Additionally, the OTC desk provides traders with live price quotes to ensure no slippage can cost the trader. 
  4. Low Trading Fees: With so many crypto trading platforms available in the market, finding one with affordable trading fees can be challenging. This is also why BitBuy has long been known for offering some of the most competitive trading fees from its traders. According to BitBuy’s website, the platform charges just 0.2% for Takers and 0.1% for Makers. 
  5. User-Friendly Interface: Imagine using a crypto trading platform that makes it almost impossible to navigate through it. Well, the great thing is that you need not worry about the user interface. Both the desktop and the mobile application offer unmatched usability, so navigating through BitBuy is easy for even people without any knowledge of crypto.     

Trading Experience

BitBuy provides its users with different trading platforms, each designed to cater to the unique requirements of different traders. Therefore, let’s check out each of these platforms to help you find the one that best suits your requirements. 

Express Trade With BitBuy

The Express Trade platform allows you to trade all cryptos supported by BitBuy. This page has a simplistic design best suited for traders just starting with crypto trading. All one needs to do is visit the page, select the crypto of their choice and make the purchase using cryptocurrencies or Canadian dollars (CAD). Thus, if you are a beginner in the crypto sphere, it is highly recommended you try out the Express Trade platform. 

Pro Trade With BitBuy

The Pro trade page is better suited for users with more experience in the crypto sphere. The platform has a wide range of features and functionalities best suited for more advanced traders. Additionally, you can use the Pro trade platform to leverage the limit and market orders for trading your cryptos. The Pro trade page also offers you a deeper insight into the crypto market, helping you make the most of every opportunity that comes your way. 

Over-The-Counter (OTC) With BitBuy

One of the most distinct characteristics of BitBuy is you also get access to an OTC trading platform. This is the trading platform you choose for crypto transactions over $50000. Trading on this platform offers wide benefits, including real-time competitive rates set by global markets, live price quotes, and more. Therefore, if trading in volume is your thing, you must consider using the BitBuy OTC trading platform.

Fee Structure Of BitBuy

One of the primary reasons people prefer BitBuy over its competitors is its competitive trading fees. The platform operates over a maker-taker fee structure where it charges you a 0.10% maker’s and 0.20% taker’s fee per transaction. 

The maker’s fee is less because they add liquidity to the market while the takers remove liquidity from the market. However, traders using the Express platform need to pay a flat fee of 0.20% on every crypto trade on the platform. However, given its competitive nature, you’re better at reducing the fees by increasing your monthly volume. 

Deposits And Withdrawal Fees

Every deposit you make on BitBuy with cryptos will attract no fees. However, the same is not the case with withdrawals, as they are subjected to fees based on the crypto you are withdrawing. 

Cryptocurrency Withdrawal Fee
Stellar Lumens (XLM) 0.00003 XLM
Litecoin (LTC) 0.001 LTC
EOS (EOS) 0.0005 EOS
Ethereum (ETH) 0.007 ETH
Bitcoin Cash (BCH) 0.0001 BCH
Bitcoin (BTC) 0.00025 BTC
Dogecoin (DOGE) 5 DOGE
Polygon (MATIC) 15 MATIC
Polkadot (DOT) 0.2 DOT
Solana (SOL) 0.01 SOL

As mentioned earlier, BitBuy only accepts fiat deposits in Canadian dollars (CAD). In addition, there are different ways to withdraw and deposit funds on the platform. Thus, the fee is also charged based on the type of transaction as depicted below:

 

Transaction Mode Deposit Fee Withdrawal Fee
INTERAC e-Transfer 1.50% 1.50%
Bank Wire Transfer 0.50% 1.00%

   How Safe is BitBuy?

Security is one of the primary factors that played a crucial role in slowing the growth of the crypto market. This is probably why BitBuy goes beyond the lengths to ensure the safety and security of its traders and their digital assets. Several security features allow BitBuy to stand out as a trusted and reliable crypto trading platform in the country. 

Here are some additional security measures that BitBuy aligns with: 

  • Custody: One of the major security features you can enjoy with BitBuy is the platform does not rely on any third party for its custodial service. Every crypto wallet you see on the platform is designed to ensure traders’ safety, keeping them fully separate from BitBuy’s network. Additionally, traders also get 1:1 insurance from Knox. 
  • 2-Factor Authentication: Every platform aspect is secured with a 2-factor authentication mechanism. This helps users prevent unauthorized access to their BitBuy accounts, ensuring better safety and security. 
  • Regulatory Compliance: Crypto regulation has become important for most modern crypto traders. But this is not an issue with BitBuy as the platform is regulated by Money Services Business which falls under the authority of (the Financial Transactions and Report Analysis Center of Canada (FINTRAC). Thus, traders have nothing to fear when trading their cryptos with BitBuy. 
  • Cold Storage: As the number of cybercrime cases is on a steep rise, traders are often worried about storing their cryptos in hot wallets. Fortunately, BitBuy stores 95% of its crypto assets on cold storage, so there is barely any room for hackers to access your digital assets.         

How To Open An Account On The BitBuy Platform? 

Opening an account on BitBuy is as simple as it gets. Traders just need to adhere to a couple of simple steps and create their crypto trading platform in no time. These steps include;

Step 1: Open the BitBuy homepage and click on “Sign Up”

Step 2: Provide your email address and set a password

Step 3: Verify the email address through the email 

Step 4: Add your North American phone number

Step 5: Verify the number and provide further credentials

Step 6: Verify your ID with a selfie

Step 7: Provide other relevant documentation and click on “Request Verification” 

Step 8: The platform will verify your information and approve your account at the earliest.

Once all the steps have been followed thoroughly, the process generally takes between 24-72 hours. Upon approval, you can get started with crypto trading in no time. 

Customer Satisfaction

BitBuy is one of those few crypto trading platforms that always strives to enhance its offerings for its customers. Given these extensive efforts, the platform has never disappointed its customers with anything. Be it the platform’s user-friendly interface or any other aspect, BitBuy has always sustained its performant reputation. 

But besides the interactive user interface, the platform offers unmatched customer support with speedy replies. Furthermore, when it comes to security, the platform takes many measures to ensure the security of its users and their assets. Finally, the trading fees that BitBuy charges are among the most competitive in the market.

All these factors and many more combine to enhance customer satisfaction and make BitBuy a favorable platform. Thus, it is fair to say that BitBuy has customers who are mostly satisfied with what the platform offers. 

BitBuy Vs. Competition

BitBuy is one of the finest crypto trading platforms one can find in the Canadian markets. However, many other platforms strive to enhance their offerings and provide their customers with the best. As a crypto trader, you need to understand the offerings of those platforms and make an informed decision. 

CoinSmart has long been one of the primary competitors of BitBuy. Thus, you must understand the differences between both platforms. 

BitBuy Vs. CoinSmart

Like Bitbuy, CoinSmart is a crypto exchange aiming to keep a conventional fee structure. The platform introduces numerous crypto projects for its users. Here’s a detailed overview of both platforms, starting from their supported cryptos to other unique features. 

Criteria BitBuy CoinSmart
Cryptos supported  25+ 15+
Trading Fees 0.10% to 0.20% 0.20% to 0.30%
Deposit Fee 0% to 1.5% 0 to 1.5%
Withdrawal Fee 1.00% to 1.5% 0% to 1.5%
Account Verification 1-2 days Instant
Fiat Deposit  CAD only 5 Fiat Currencies
Allowed in the US No Yes
Launch Year 2016 2017
OTC Trading Yes Yes

Looking at this insightful BitBuy vs. CoinSmart review, it’s clear that BitBuy takes the lead in several places over CoinSmart. While the latter also picks up its fiat deposits and overall account verification, BitBuy stands out as a clear winner in the comparison. 

Final Verdict

BitBuy has many such qualities that set this platform apart from most other crypto platforms available in the market. However, it would be unfair to say that BitBuy is free of all shortcomings. Just as the platform has some of the greatest pros, there are also some cons you need to know about. 

Should You Consider Using BitBuy?

BitBuy has many pros that set the platform apart from most of its competitors in Canada. So let’s check out some of the platform’s most beneficial pros. 

  • Low Trading Fees: BitBuy’s trading fees are among the lowest in the Canadian crypto market. The platform only charges 0.1% makers fees and 0.2% takers fee from its traders. Additionally, BitBuy charges a flat fee of just 0.20% from its Express users who are getting started with their crypto journey.  
  • Customer Support: When it comes to customer support, there is no comparison with BitBuy. While the platform is yet to offer telephonic support, its existing support mechanism works fine. You can reach the support executives through live chat or email and resolve your queries in no time. 
  • Security: The other great quality of BitBuy is the platform never compromises the safety and security of its traders. 95% of crypto assets on BitBuy are stored in cold storage to prevent unauthorized access. Additionally, the platform is also regulated by Money Services Business with FINTRAC.
  • BitBuy Pro: BitBuy certainly cares for all its users regardless of their familiarity with crypto trading. The platforms offer an Express trading platform for novice traders and a Pro trading platform for advanced traders. Thus, everyone can enjoy an unmatched crypto trading experience at all times.     

Shortcomings Of BitBuy

Similar to the perks, BitBuy also has cons that many users are primarily concerned about. While working on these shortcomings could transform the platform for good and benefit many, here’s an overview of the same: 

  • Access Limited To Canadian Citizens: One of the most significant drawbacks of the BitBuy platform is only Canadian citizens can access it. As a result, the platform has to deal with many implications while traders from other countries lack access to the platform. 
  • Supports Only One Fiat Currency: Another drawback that traders in BitBuy have to navigate through is the platform only accepts fiat deposits in CAD. This needs to change for good because most of BitBuy’s competitors support many other fiat currencies such as EUR, USD, and more. 

Looking at the insightful review, it’s evident that BitBuy stands out from its competitors for its features and functionalities. Overall, the platform prioritizes security, customer services, and low fees, making it an ideal option for users of every type. 

With this, we come to the end of our BitBuy comprehensive review! Now that you have an idea of all the different perks, cons, functionalities, and fee structures, we hope you’ll be able to make a sound decision when signing up for the platform. 

FAQs

 Are BitBuy trading fees high?

The trading fees BitBuy charges from its users are the opposite of high. The platform charges some of the lowest trading fees in the Canadian crypto market. The maker’s fee at BitBuy is just 0.1%, while the taker’s fee is just 0.2%.

 Does BitBuy leverage cold storage?

BitBuy takes all necessary measures to ensure the safety of its users. Consequently, the platform stores 95% of its crypto assets in cold storage to ensure no hackers can access your valuable assets. Thus, you never need to worry about stealing your cryptos from BitBuy.

 Is BitBuy legit?

BitBuy is as legit as it can get. The platform is licensed as a Money Service Business by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC). Therefore, you can be assured the platform will always abide by all the Canadian authorities' rules and regulations.

 Does BitBuy offer different trading modes for advanced traders?

BitBuy offers three different trading modes where users can use the one that best serves their distinct needs and requirements. The BitBuy Pro platform is designed to cater to the advanced needs and requirements of advanced traders. On the other hand, novice traders can benefit from the Express trading platform of BitBuy.

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