BitBuy Review 2023: Is This Canadian Crypto Platform Worth It?

One way Bitbuy does this is by confirming and verifying the identity of anyone that uses the exchange. That means there are no scammers or fake accounts using the exchange. Trading fees are a little more through Wealthsimple than they are through Bitbuy, but they’re still pretty competitive. You can simply use your CAD and purchase all the crypto you want.

Because such registration means that https://forex-reviews.org/s do not have to fear any hidden fees and the company has to act absolutely transparent. Capterra is free for users because vendors pay us when they receive web traffic and sales opportunities. Capterra directories list all vendors—not just those that pay us—so that you can make the best-informed purchase decision possible. MetaMask is a crypto wallet software that also serves as a gateway to blockchain applications.

Pro Trade – This is aimed at experienced traders who really want to play the crypto market. With it, you’ll have access to different tools and charts to help you analyze your trades such as market history, order books and market depth charts. Pro Trade also allows buyers to place order limits, which is great for those who want to buy or sell at a particular price. Founded in 2016, Bitbuy is a Toronto-based crypto trading platform that’s owned and operated in Canada. Their exchange is now one of the most popular in the country and was the first crypto platform to become fully regulated as a marketplace and as a restricted dealer. If you’re looking to express trade cryptocurrencies on Bitbuy, the fees are quite simple.

bitbuy canada review need a Canadian mobile number to register and trade. Bitbuy exclusively provides services to Canadian citizens. Platforms like Coinbase and Binance have an international presence while also catering to Canadian customers. You can make an Interac transfer between 8 am and 11.59 pm. There is a minimum limit of C$100 and a maximum limit of C$10,000.

This may influence which products we compare and the pages they are listed on. Partners have no influence over our editorial staff. Bitbuy in cold storage are insured by BitGo Trust Company. Provides an easy-to-understand user interface and a safe way through which to buy cryptocurrencies.

Final Verdict: Is Bitbuy Good?

In a few seconds only, you’ll see your newly acquired crypto on your account. Bitbuy has an extremely in-depth FAQ support center, to the point where you’ll rarely need to contact customer service anyways. 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. Since then, Bitbuy has been ranked one of the fastest growing start-up in Canada. As such, many Canadians are looking for an easy way to trade cryptocurrencies like Bitcoin, Ethereum, Dogecoin and more.

It means that no one can tamper with the code without getting reported. Bitbuy servers are secured by ISO, SOC and FIPS compliant cloud providers with multiple disaster recovery locations. You can sort through transactions based on transaction type, date, amount, bank, method and status. Orders are displayed with order type, order ID, date, quantity, price, value and fee. Orders are classified as Completed, Open, Cancelled and OTC.

Great for beginners, with competitive pricing that remains attractive to the pro traders. Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange. As of recent, she has been studying some non-mainstream stocks in Canada. When I’m not immersed in numbers, I like to spend time with my dog and plan my next trip.

Refusing to release my crypto & liquidating me

Yes, Bitbuy has been known to freeze accounts or hold deposits and withdrawals. Since Bitbuy is fully regulated, anything suspicious can be flagged. Sometimes people who trade a larger than usual amount, or deposit more frequently than usual may have their funds put on hold while Bitbuy investigates. If this happens to you, you can contact the support team to get it resolved. When trading with Bitbuy, it’s best not to do anything unusual for your account. Coinbase is a global crypto platform that’s popular in the US.

Depending on your level of expertise, one will cater to you better than the other. Withdrawing and depositing CAD requires a settlement period that varies depending on the type of transfer. Under this scenario, an investor submits a market order, but only a portion of the order is filled at the price they select. As such, it acts as a vital onramp to the crypto ecosystem regardless of which wallet is in use.

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Since his arrival in Canada, he’s built his credit score from nothing. Use the HARDBACON promo code to get $20 when you open a free KOHO account and make a purchase. Depositing funds on Bitbuy can take anywhere between 0 to 6 hours. Newton, on the other hand finishes the process in 5-30 minutes and Shakepay gets it done almost instantly.

An active dividend and growth investor, Dan has been involved with the website since its inception. And finally, Bitbuy uses a “KYC” model, which is short for Know Your Customer. This verification process, primarily done through the exchange of documents proving your identity, is one of the main ways the company prevents things like crypto related fraud.

How do I contact Bitbuy customer service?

2 Products with instant approval have a provisional decision within 60 seconds. However, approval of your application is not guaranteed. The credit provider’s final decision is made at their discretion, subject to decisioning criteria. 1 The use of “featured”, “popular”, “best” and “top” on Finty do not constitute a product rating or recommendation and are subject to our general disclaimer. Calculations in comparison tables will vary based on personal data input. Users can exchange CAD for a variety of different cryptocurrencies.

• Deposits to the Bitbuy account are no longer subject to fees, only for withdrawals you have to pay a small surcharge.
• Bitbuy has an extremely in-depth FAQ support center, to the point where you’ll rarely need to contact customer service anyways.
• Make sure to enter all of the information including the security question and answer.
• Once you are through, your account is ready for use.
• At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry.

In-demand crypto assets, including Bitcoin, Dogecoin and Ethereum, as well as less-popular cryptos such as Cardano and Solana. Also praise this feature-packed platform for its ease of use and advanced security features. That make this platform a great option for both beginners and advanced investors. Technical storage or access that is used exclusively for anonymous statistical purposes. Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon.

Security and Safety

The exchange is also quite popular with over one million regular traders. One of the things you’ll want to consider as you look for a cryptocurrency exchange is whether or not it supports the digital asset you want to use. Yes, Bitbuy is a federally regulated company that’s registered as a Money Service Business with the Financial Transactions and Reports Analysis Center of Canada . They’re also the first crypto asset platform to be approved by the Ontario Securities Commission to act as a marketplace and restricted investment dealer. In addition, all the providers they work with are ISO, SOC and FIPS compliant. If you’re an advanced trader looking to invest more than $50,000, then Bitbuy’s OTC feature can benefit you.

Whether it’s credit cards, banking products, or travel tips, Tom shares his insight as a financial analyst and as the writer behind the award-winning MapleMoney. Staking is a way to verify and secure transactions on blockchains that are built on a proof of stake model. Proof of stake is more energy efficient than other types of blockchain methods, like proof of work. When you stake, you delegate a specific amount of crypto and, in turn, are rewarded by Coinbase.

You will need to upload a picture of your ID using your computer’s webcam or by taking a picture with your mobile phone. You have to decide whether Bitbuy is the right crypto platform for your needs, but if you reside in Canada, this might be an exchange worth a visit. Lastly, Bitbuy highly recommends all users set up and use 2FA (two-factor authentication).

Welcome to one of the best Canadian cryptocurrency trading platforms. Get low fees & top security at Bitbuy.ca when you buy Bitcoin, Ethereum, Litecoin & more. The regulated trading exchange allows the purchase of cryptocurrencies via Interac and bank transfer for Canadian citizens. Users can connect their fiat money accounts with their Bitbuy account after successful ID verification. Bitbuy has taken numerous steps to ensure your security. When you open your account, you’re required to set up two step-verification , using your mobile phone.

• Visit their official website for more information and claim free $20.
• Over the last few years, cryptocurrency trading has become a common way to invest in digital assets.
• Hot wallets, which are connected to the internet, and cold wallets, which you could store offline on, for example, a USB key.

It is known for its competitive trading fees and excellent customer support. When you own crypto, your private key is your proof of ownership of your currency. The key holds the unique digital codes you need to access your assets. It does so by locating your cryptocurrency on the blockchain and matching it with your key. Hot wallets, which are connected to the internet, and cold wallets, which you could store offline on, for example, a USB key.