Bitbuy Reviews Read Customer Service Reviews of bitbuy ca 3 of 14

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BitBuy is overall a safe crypto exchange that leverages several security protocols. The firm allows users to activate two-factor authentication (2FA) through Google Authenticator. 99% of users’ cryptocurrencies are held in BitGo, a crypto custodian company that provides cold storage and is insured by Lloyd’s of London for $100 million. But recently, they’ve fallen off – especially customer support and specifically a customer service interaction with Prit who just ignored my concerns. They’re quick to take your money, let you purchase a coin but withdrawing your coins to an external wallet takes forever – hours.

Express will set you back a 0.2% fee for every CAD to crypto trade, and each sale will have a 0.2% fee per trade. The full value of digital assets in Bitbuy’s cold storage are insured with BitGo Trust Company, the world’s first qualified custodian, purpose-built for storing digital assets. I emailed Bitbuy describing the problem that I was experiencing.

And Keep in mind that although this may be frustrating, this is practically par for the course. Most cryptocurrency platforms have fees to deposit, trade and/or withdraw money. This is why we decided to publish this in depth Bitbuy review, so you can decide if the platform is worth getting started with cryptocurrency. In our opinion, this is one of the best crypto trading platforms in the country. The platform’s simplicity with its Express Trade feature for beginners and its more advanced option Bitbuy Pro Trade makes Bitbuy appealing to any cryptocurrency investors of all levels.

  1. The most recent audit showed that Bitbuy surpassed their own 95% cold storage policy for an average of 98.12% in the major coins.
  2. Bitbuy’s overall mission is to simplify the trade of digital assets for all Canadians.
  3. This includes the option to buy / sell and deposit / withdraw.

Hi Karim, I’m happy that Brennan was able to resolve your referral request! Bitbuy’s virtual support was very quick to respond & resolve an issue I had with some crypto I transferred going to ‘lala-land’. They were able to retrieve it and transfer it into my account. If you are still experiencing issues, please submit a ticket to and our team can investigate. We’re experiencing a high volume so your patience is appreciated. Click on the [Submit] button to finish the ID verification process.

When withdrawing crypto, you’ll have to pay a withdrawal fee, but that amount will depend on the type of asset you’re moving. There are also fees for trading, which will vary depending on whether you’re the maker or the taker in the trade. In the majority of trades, fees for the maker are less than the fees charged to the taker.

Its company headquarters are based in Toronto, Ontario, Canada, and currently serves more than 400,000 Canadians with support for 15 cryptocurrencies. I’ve heard that the process is just as quick and easy as most other platforms in Canada, but I cannot speak to this myself. WonderFi, Bitbuy’s parent company, bought CoinSmart and user accounts were automatically transferred to the Bitbuy platform. I just signed into Bitbuy with my CoinSmart credentials and all my assets were there. If you plan to make very large trades or want to earn passive income on your digital assets, Bitbuy offers an Over the Counter trading desk and staking options.

This is about the standard waiting time for non-automated verifications. For those who are not familiar with the concept of cold storage, it is the practice of taking a wallet off line and storing it in an air-gapped environment. bitbuy canada review It really just means that the exchange is making sure that the private keys of their wallets are inaccessible from digital threats. When it comes to withdrawal of cryptocurrencies, Bitbuy says that these are free.

Bitbuy Trading Fees

Learn everything you need to know about Bitcoin in just 7 days. Social media account present plenty of activity, helpful information, quick replies and complete company information. There were of course a few things that we thought warranted improvement. However, given that Bitbuy are constantly looking for feedback, it is likely that these improvements could be in the pipeline. For the Bitbuy deal, if you refer a friend and they sign up and buy $250 of cryptocurrency then both you and your referral will get $20 for the introduction. This is a great way for them to get a 20% boost on a relatively modest portfolio.

The latter is perhaps your best bet as it makes sure that the user has indeed signed up with you as the referral. If you have been using Bitbuy and you found the experience great then you can easily refer your friends and acquaintances and earn a referral commission. This could also be a great solution for those users who command a strong following online. The Pro Trade platform also has your standard market depth charts. These are helpful as they give you an overview of the bullish / bearish sentiment in the market. This order flow can also complement the technical analysis that you are doing on the charts.

Supported Cryptocurrencies

The crypto market is highly volatile and Bitbuy manages this volatility while maintaining the requirements of FINTRAC. I feel confident in this trading platform based on my experience. When you apply for a Loans Canada service, our website simply refers your request to qualified third party providers who can assist you with your search. Loans Canada may receive compensation from the offers shown on its website. They also have a comprehensive insurance policy with the BitGo Trust Company, which covers all crypto holdings and adds an extra layer of security coverage for your digital assets. Moreover, as a subsidiary of the First Ledger Corporation, Bitbuy provides the utmost in terms of transparency and cyber-security for its consumers.

The OTC desk facilitates transactions of over $50,000 CAD to prevent volatility and minimize feeds. Once you register, you need to email the OTC desk for a Bitbuy account manager to get in touch with you. It displays interactive charts with candlesticks and volumes. You can look at data in specific time frames and through particular indicators. There are many customizable charting indicators available, though not as many compared to Coinbase or Kraken. When you add the markup to the trading fee, this trade cost me a total of 2.16% to execuute on Bitbuy.

Mobile Functionality

You don’t have to pay anything to deposit money, and if you want to withdraw cash, it costs 1.5% of the amount. For trades between $250k and $1 million, you pay 0.50% to 0.75%. These rates are based on your trading over the last three months. As we embark on this review, we’ll delve into the features and offerings that have made Bitbuy a trusted choice for over 250,000 Canadian investors.

BitBuy Core Features

When it launched, it was developed with Canadians in mind, which is a big reason why CAD is the only fiat currency the platform supports. The platform also offers a stock exchange, which means you can buy, sell, or trade stocks whenever you want and then switch over to do the same with your crypto. Not all exchanges will support fiat currency, however, Bitbuy does. Because it does, you don’t have to mess with buying crypto through another platform and then sending it to Bitbuy. 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. There are several products and services available on the Bitbuy platform.

Are Lottery Winnings Taxable in Canada?

Reputable crypto platforms, such as Bitbuy makes it possible for Canadians to invest in crypto. Whether you’re a beginner or an advanced crypto trader, find out how Bitbuy can help you invest in digital coins and tokens online. Regulated and insured, Bitbuy — streamlined for Canadian traders — gives its users peace of mind. While standard fees are comparable, Bitbuy Pro users get access to some of the most competitive fees on the market.

In his spare time, he maintains a passion for editing, writing screenplays, staying fit, and travelling the world in search of the coolest sights our planet has to offer. If you register using the button below and deposit at least $250 into your account (the minimum requirement), you’ll receive $40 extra for free for a limited time only (no code needed). The peer-to-peer decentralized digital token maintains a maximum supply of 21 million coins. Approximately 18.8 million bitcoins have been mined to date, leaving about 2.1 million coins left to be mined. Eighty-nine per cent of Bitcoins have been issued, and 900 new Bitcoins are produced every day.

What Cryptocurrencies Are Available on Bitbuy?

Bitbuy is a Toronto-based cryptocurrency exchange that launched almost a decade ago in 2013. Initially, the platform was called Instabit, offering crypto enthusiasts a quick and easy way to purchase Bitcoin. If you’re looking to express trade cryptocurrencies on Bitbuy, the fees are quite simple. It’s quite impressive to watch this company grow, and is one of the number one crypto trading platforms we recommend to Stocktrades Premium members. In Express Trade, users don’t have to worry about maker-taker fees as all trades carry a 0.50% fee. In Pro Trade, however, the initial maker fee is 0.10% for buy and sell orders, while takers pay 0.20%.