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Bitbuy Review 2021

BitbuyReview

Bitbuy is an online crypto exchange designed to support the buying, selling, depositing, and withdrawing of cryptocurrencies.

Currently, the Bitbuy platform supports 7 cryptos. Bitbuy also offers the most CAD to crypto pairings of any exchange. More cryptos are going to be added in the very near future.

Bitbuy delivers a simple to use exchange for those looking to gain access to the crypto market in Canada.

Initially founded in 2013 and incorporated in 2016 as a Money Service Business (“MSB”), Bitbuy is headquartered in Toronto, Canada. Bitbuy is registered with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) as an “MSB”. Please see link here for more details.

“FINTRAC” is a Canadian Government regulatory body mandated to facilitate, the detection, the prevention, and the deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control.

The Bitbuy exchange is known for its simple to use platform that caters to both novice and more seasoned investors and traders. The exchange for everyone provides a transparent and low fee model, with charts, API connectivity, and a live order book.

Contents

Bitbuy Video Review

Bitbuy Platform Attributes

Key attributes of the Bitbuy platform include:

  • Fast and easy registration process. Bitbuy’s new automated sign-up and onboarding process has made the entire account opening procedure even faster.
  • Simple to use platform catering to both novice and experienced traders. A new “username” feature enables a faster login experience.
  • No minimum deposits of cryptos.
  • Also supports the deposit and withdrawal of Canadian Dollars. Bitbuy supports instant CAD etransfers.
  • Multiple platforms and order types on offer for crypto investors and traders.
  • Generous referral and affiliates program.
  • Traditional trading features. These include charts, with the required tools to carry out technical analysis.
  • 2 Factor Authentication and cold storage in place to protect investor assets. Users have multiple 2FA options to accommodate for individual preferences.
  • Bitcoin holdings are fully insured.
  • Same day customer support response.

Bitbuy stands out from its competitors with its extensive Canadian Dollar – crypto pairings available to trade via the Pro Trade platform. More importantly, Bitbuy is the only exchange that offers 1:1 full BTC insurance with Knox to all users at no extra cost to them. Additionally, the simple to use platform gives even the most novice investor access to the crypto market.

The Pros and Cons

Pros

  • High Security Focus: High Focus on Security with Knox Insurance (BTC) partnership and 95% cold storage.
  • Compliant & Transparent: Bitbuy is a registered MSB by FINTRAC and does not have any hidden fees.
  • Customer Support: Users may contact customer support by email or by raising a support ticket. Responses are given sameday.
  • Fiat Integration: Users may deposit and withdraw supported cryptos and Canadian Dollars.
  • Instant verification: Opening a Bitbuy account takes minutes and registration is a particularly simple process. KYC is mandatory under FINTRAC and is designed to protect users from potential scam and to also prevent illegal funding.
  • Low Fees: Fees are competitively low:
  • Low Latency Machine Engine: Bitbuy places a high emphasis on platform performance, ensuring speed of execution to minimize slippage.
  • Multiple Order Types: Users may place market orders or limit orders via the Pro Trade platform.

Other positives include

  • Third-Party Auditors: Bitbuy routinely conducts audits across all departments using trusted third parties. Additionally, Bitbuy conducts quarterly financial audits, monthly security audits, as well as performing transaction reporting audits under the requirements of the PCMLTFA.
  • Generous Referral Program: Bitbuy pays $20 bonuses for every referral. Conditions do apply, please view the referrals link here for more details.
  • Affiliate Program: By joining the Bitbuy affiliate program, established affiliates can earn up to 40% commission on all fees by promoting Bitbuy.
    • Upon approval, affiliates will gain access to a personal dashboard, tracking software, and Bitbuy promotional assets.
    • Affiliates can promote Bitbuy through embedded links in reviews, content, banner ads, YouTube videos, and more, etc.
    • There is a generous payouts model that incentivizes long-term loyalty, comprehensive reporting, and scheduled monthly payouts.
    • Two-tier payout structure:
      • Less than 1,000 people: 20% commission on all fees.
      • Greater than 1,000 people: Up to 40% commission on all fees, depending on performance over time.

Preferred Affiliate Qualifications include:

  • Experience in working with affiliate programs in the past.
  • Cryptocurrency or finance-related website with minimum 5,000+ website monthly visitors.

Cons

  • Bitbuy is currently only available in Canada and users must have a Canadian mobile phone number to register.
  • Only 7 cryptocurrencies are supported on the Bitbuy platform. Bitbuy does offer the largest number of Canadian Dollar – Crypto trade pairings, however, and also supports amongst the largest cryptos by market cap. Additionally, Bitbuy will soon be supporting more of the major cryptocurrencies.

Brokerage Services, Supported Cryptocurrencies & Payment Methods

Bitbuy provides an online platform supporting the investing and trading of cryptos.

Investors and traders are able to purchase cryptos by depositing Canadian Dollars via Interac e-Transfer or by Bank Wire Transfer. Alternatively, investors and traders are also able to deposit already held Bitbuy supported cryptos to fund trading and investing activity.

Users who already own Bitbuy supported cryptos may transfer these to the compatible crypto wallets provided on the Bitbuy platform.

Registration

To open an account, go to the Bitbuy homepage and click on the ” Get Started” icon as shown below:

Complete the requested information. This includes email address, password, phone number, and referral code, if you have been referred. Certify that you are 18 years of age and older and accept Bitbuy’s Privacy Policy and T&C and then click “Create account.”

We recommend that you don’t save your password in your Google Account and save it somewhere safe.

Upon creating an account, you will need to verify your email address, after which you will be prompted to verify your phone number.

Once you have verified your email address and phone number you will need to provide further personal information. The information is needed in order to verify your identity via Bitbuy’s automated 3rd party identity verification service.

In event that your account does not pass the automated verification process, you will need to provide the following 4 documents:

    • Financial Statement (Credit Card or bank statement or loan account statement).
    • Utility Bill.
    • Photo of Government Issued ID (Passport or driver’s license) or other acceptable IDs as listed under Annex 4.
    • Selfie with your ID.

Upon completion of the verification process, you are ready to start trading.

Post Registration Deposit

At this stage, you will now need to make a deposit to begin trading and investing.

You may deposit Canadian Dollars via the Accounts page or the Wallets page. For those looking to deposit Bitbuy supported cryptos, you will need to go to the Wallets page.

In order to deposit Canadian Dollars, go to the “Accounts” page and click on “Add Funds” as shown by the arrow below:

You are then prompted to select your payment method.

Options available include e-Transfer and Wire Transfer. Please see below for minimum transfer amounts, fees, and transfer times.

In order to send your e-Transfer, sign in to your online banking platform and send your e-Transfer. You will need to include the required security question and answer in order to avoid potential delays in funding the Bitbuy account.

Please do ensure that the security question and answer exactly match. For those making a first e-Transfer, you will need to add Bitbuy as a recipient using the name and email address provided. See below:

Supported Cryptocurrencies

Bitbuy gives investors and traders access to the most popular cryptos in the market place.

These include Bitcoin (“BTC”), Bitcoin Cash (“BCH”), EOS (“EOS”), Ethereum (“ETH”), Litecoin (“LTC”), Ripple’s XRP (“XRP”), and Stellar’s Lumen (“XLM”).

In order to select your preferred crypto-crypto or crypto – CAD pairing, go to the “Bitbuy Pro Trade” page. To view the available pairings, click on the dropdown menu on the top left-hand side of your page, as shown by the arrow below:

Pairings on offer include, but are not limited to:

BCH/BTC, BTC/CAD, XLM/CAD, LTC/CAD, XRP/CAD, ETH/CAD, EOS/BTC, XLM/BTC, XRP/BTC, ETH/BTC, LTC/BTC, and EOS/CAD.

As shown below, you may narrow the pair listing by selecting the crypto that you wish to purchase or trade. Alternatively, you may enter the name and select your preferred pairing. Do note that any names entered must be in short form. For Bitcoin, this would be BTC.

The Details

Bitbuy supports the investing and trading of cryptos. In addition to providing traders with crypto-crypto pairings, Bitbuy also offers traders the largest number of crypto-Canadian Dollar pairings in the crypto marketplace.

Bitbuy currently supports Bitcoin, Bitcoin Cash, EOS, Ethereum, Litecoin, Ripple’s XRP, and Stellar’s Lumen.

Investors can purchase supported cryptos via the “Express Trade” platform by either depositing Canadian Dollars or pre-owned Bitbuy supported cryptos.

For traders, Bitbuy offers traders a wide range of crypto-crypto and crypto-Canadian Dollar pairings via its Bitbuy Pro Trade platform.

Trade pairings on offer include:

BCH-CAD, BCH-BTC, BTC-CAD, XLM-CAD, LTC-CAD, XPR-CAD, ETH-CAD, EOS-BTC, XLM-BTC, XRP-BTC, ETH-BTC, LTC-BTC, and EOS-CAD.

Designed to cater to both novice and experienced crypto investors and traders, Bitbuy delivers fast transaction speeds in a secure trading environment.

For the more advanced crypto traders, the “Pro Trade” platform offers charts with an array of indicators to support technical analysis.

It is worth noting that there are also no limits on crypto deposits or withdrawals. There are limits for Canadian Dollar deposits and withdrawals, however. Please see the Fees and Charges section for details.

Charts

The Bitbuy platform provides investors and traders with charts, which include candlesticks and volumes. Users are able to adjust chart parameters, including time periods.

Charts are available for viewing on the Pro Trade page. Interactive charts, powered by TradingView, are available on Bitbuy’s Pro Trade page.

Here, users can adjust time periods, draw lines, and also include indicators to facilitate technical analysis.

History

Bitbuy provides users with all the necessary tools in order to track existing transactions and trades as well as review historical activity.

Users may view “Orders”, “Transaction”, and “Crypto Transaction” histories via the “History” page.

Orders

Here, “Orders” are broken down by Completed, Open, Cancelled, and OTC.

As shown below, details by order type include date, order ID, market, quantity, price, value, and fee.

Transactions

Users may view transaction histories by deposits, withdrawals, and referrals.

As shown below, information provided includes transaction type, date, bank, amount, payment method, and status.

Crypto Transactions

Users may also view crypto transaction histories.

As shown below, details provided include data, transaction type, amount, coin, status, and blockchain record.

Balances

Additionally, users may view CAD and digital currency balances via the “Accounts” or “Wallets” pages.

Accounts

On the accounts page, users may view their individual account balances for Canadian Dollars and each individual crypto balance.

As shown below, users are provided with a reserved balance and balance in Canadian Dollars. Additionally, users are provided with account balances for each crypto. Bitbuy also provides a total crypto balance in Canadian Dollar equivalent.

Wallets

In addition to the Accounts page, users may also view balances on the Wallets page.

As shown below, users may view available balance, total balance, approximate CAD value, and a total holdings value in CAD equivalent.

Users may also view trade histories and more on the Pro Trade page.

For traders using the Pro Trade platform, Bitbuy provides market trading histories in addition to a trader’s orders. This is broken down into Open, Filled, and Cancelled orders with a Fees summary also provided.

Fees and Charges

Bitbuy provides users with a transparent fee schedule. The platform also offers convenient ways to fund Canadian bank accounts.

There are no hidden fees embedded within coin prices.

Trading Fees

Trading fees are summarized below:

Deposit and Withdrawal Fees

For Deposits and withdrawals of Bitbuy supported cryptos, there are no fees in order to fund Bitbuy supported crypto wallets

Additionally, there are no minimum or maximum limitations. As summarized below, processing times do vary by crypto, however.

While there are no digital currency deposit and withdrawal fees, there are mining fees as shown below:

In the case of fiat money, there are fees and limits for the deposit and withdrawal of Canadian Dollars. Additionally, there are minimum and maximum limits, depending upon payment or withdrawal method. Processing times also vary. These can be summarised as follows:

Bitbuy Wallets

Bitbuy has a dedicated page providing users with Bitbuy supported crypto compatible wallets and a Canadian Dollar wallet.

Users can easily transfer cryptos between their external wallets and their Bitbuy wallets.

Crypto investors and traders can:

  1. Hold their digital assets within personal wallets outside of the platform.
  2. Deposit Bitbuy supported cryptos, for the purposes of trading and investing.

Investors and traders simply need to go to the “Wallets” page to access the respective wallets. Here, users may also view a summary of balances held across the respective wallets.

Do note that, for each wallet, Bitbuy also provides an approximate Canadian Dollar balance in addition to total crypto balance and available balance.

Users are also able to deposit and withdraw Canadian Dollars. Please refer to the Deposits and Withdrawals section for more details.

In addition to the key wallet features, users may also view 24-hour chart movements and bid and ask prices for each individual crypto, as shown below.

Deposit & Withdrawal Options

Bitbuy supports the deposit and withdrawal of cryptos and Canadian Dollars.

Fiat Money

Deposits

Fiat money deposits: Users may make deposits by way of Wire Transfer or Interac e-Transfer.

  • Interac e-Transfer: This a funds transfer service between personal and business accounts at participating Canadian banks and other financial institutions, offered through Interac Corp.
    • Transfers are completed within 1-4 hours, if made between 8:00 am and 11:59 pm EST.
    • If made between 12:00 am and 7:59 am EST, transfers are completed within 4-6 hours.
    • There is a minimum transfer of C$100.00 and maximum transfer of C$10,000. There is also a transfer fee of 1.5%.
  • Wire transfer:
    • Wire transfers are normally completed within 2-3 business days.
    • There is a minimum deposit of C$20,000 and a transfer fee of 0.50%.

Withdrawals

Users may withdraw Canadian Dollars by way of the following payment methods:

  • Interac e-Transfer
  • Electronic Bank Transfer (“EFT”)
  • Bank Wire Transfer

In order to make a Canadian Dollar withdrawal, go to the “Wallets” page and then click the “Withdraw” icon located on the right-hand-side of the CAD wallet.

  • Choose your withdrawal method, enter the CAD amount that you wish to withdraw, and the name of the bank. (There is a minimum withdrawal amount of C$50).
  • Click “Next” when you are ready and enter your 2-FA code to complete your withdrawal request.
  • Do note that transfer times vary depending upon the payment method selected. Transfer times are as follows:
    • Interac e-Transfer – 48 hours. Your withdrawal will be sent via Interac e-Transfer to the email address linked to your Bitbuy account.
    • Electronic Funds Transfer – 2 to 4 days. Upon submission of a withdrawal request, a Bitbuy representative will be in touch for your banking information.
    • Wire Transfer – 3 to 5 days. Upon submission of a withdrawal request, a Bitbuy representative will be in touch for your banking information.
    • Express Bank Transfer – 1 to 2 days. Upon submission of a withdrawal request, a Bitbuy representative will be in touch for your banking information.

Cryptocurrencies

Bitbuy supports the deposit and withdrawal of Bitbuy supported cryptos.

Users can make deposits and withdrawals from the Bitbuy Wallet page as shown below:

Deposits

Do note that, in order to make deposits, you will need to go through the registration process in order to open a Bitbuy account. (See Registration Process for details). You must also be located in Canada and have a Canadian mobile phone number.

Investors and traders already holding Bitbuy supported cryptos can make a wallet-to-wallet transfer.

In the case of transferring already held cryptos, select the appropriate crypto wallet listed on the “Wallets” page and click the deposit option. For demonstrative purposes, we have chosen Litecoin (“LTC”).

Once you have selected the deposit option, copy the wallet address to your external wallet or scan the QR code and complete the transfer.

Your Litecoin deposit will be credited to your Bitbuy wallet after 6 confirmations on the blockchain. You may also track its progress in the Deposits section of your “History” page.

(In order to avoid making an error in entering the address details, it is recommended that you scan the QR code to transfer from your private wallet to your Bitbuy wallet).

Withdrawals

For withdrawals, traders and investors are able to withdraw cryptos by transferring out from your Bitbuy wallet to another compatible wallet.

In order to withdraw your crypto, select the wallet from which you wish to withdraw your crypto and click the Withdrawal icon.

Paste your destination wallet address, enter the number of coins you wish to withdraw, and click “Withdraw Request”.

Ensure that you have entered the correct information. Incorrect information could lead to the permanent loss of your crypto assets.

Trading Platform

Bitbuy provides multiple interfaces offering investors and traders an effective and simple way to invest and trade in cryptos.

Investors and traders can place buy and sell orders in one of four ways:

  • Express Trade
  • Wallet / Accounts
  • Pro Trade
  • OTC

Express Trade

Through the Express Trade page, investors are able to buy and sell Bitbuy supported cryptos.

Simply go to the Express Trade page and select the crypto that you wish to buy or sell from the dropdown menu as shown below.

Enter the amount that you wish to buy (CAD equivalent) or sell (crypto amount) and click the Buy or Sell icon.

Do note that there are minimum and maximum amounts in Canadian Dollars per transaction. The maximum shown is per transaction, however, so you are able to make consecutive trades. Bitbuy maintains limits to ensure that users receive the best price when buying and selling through Express Trade. Each transaction goes through Bitbuy’s live order book. Alternatively, users can submit Limit Orders on the Pro Trade exchange.

For transactions greater than $50,000, users may contact the Bitbuy OTC Trading Desk at otc@bitbuy.ca.

Crypto Wallet / Accounts Page

From the individual crypto wallets / accounts, investors may also purchase and sell cryptos via the Accounts or Wallet pages

Simply select the crypto you wish to purchase/sell, open the wallet, and click “Buy” or “Sell” as shown below.

You will then be redirected to the Express Trade page to complete your crypto purchase or sale.

Pro Trade Page

Here, users may trade crypto-crypto and crypto-Canadian Dollar pairings.

Users can either place market or limit orders for the pairings on offer.

  • In order to place a market order, select the crypto-crypto or crypto-Canadian Dollar pairing that you wish to trade. In order to select the preferred pairing, click the list icon on the top left-hand side of the Pro Trade page.
  • Select the pairing by scrolling down or entering the crypto you are looking to trade or simply click the crypto icon below the search box.

  • Enter the amount that you wish to purchase/sell and click “Buy” or “Sell”. (When you enter the number of coins that you wish to purchase/sell, Bitbuy then gives you the expected Canadian Dollar value).
  • Alternatively, you may place a limit order and specify the buy/sell price. The expected (CAD) value is based on your limit order price.
  • You also have the option to select “Use Best Ask” or “Use Best Bid”.

Once you have placed the trade, the order will appear within the “My Orders” section located on the bottom right-hand-side of the page.

OTC

Finally, Bitbuy also provides OTC trading for transactions of greater than $50,000. The benefits of trading OTC for trade sizes of $50,000 or greater include:

  • Work directly with Canada’s top crypto OTC desk that gives access to competitive rates set by real-time global markets.
  • A live price quote on a large amount of “digital assets” for a fixed price, removing slippage.
  • Settlement with sameday outbound wire transfers to any bank in Canada.
  • Licensed Money Service Business operating under FINTRAC.

In order to trade OTC, users will need to sign up and get verified before depositing $50,000 in CAD or equivalent in BTC or ETH.

Once the account has been funded, users can contact the OTC desk by email. A Bitbuy trader will be in touch on the same day.

Key features of the Bitbuy platform include:

Trading Features

Express Trade: A simple to use interface for investors and traders, where users can buy or sell Bitbuy supported cryptos.

Pro Trade: A more advanced trading platform supporting the trading of crypto-crypto and Canadian Dollar-crypto pairings. Users have the option to buy and sell by placing market orders or limit orders.

WALLETS: Bitbuy users can make deposits and withdrawals, view history, or simply check balances.

Tracking Options

History: Provides a full history of all transactions, including deposits, withdrawals, and completed, open, and cancelled trades.

Pro Trade – My Orders: Bitbuy traders can view Open, Filled, and Cancelled orders from the Pro Trade page.

Wallets – Balances: Users may view their respective wallet balances on the Wallets page.

Earning Options

Affiliate and Referral Programs: Bitbuy users can earn income through the affiliate and referral programs.

Communication

SUPPORT: Users are able to raise a support ticket or contact customer support by email at support@bitbuy.ca.

Social Network Platforms: Bitbuy has a presence on YouTube, Twitter, LinkedIn, and Facebook.

Privacy and Security

Bitbuy delivers traders and investors with a multi-tiered security platform.

2-Factor Authentication (2FA): 2FA is in place across the entire Bitbuy network, for both users and employees to prevent unauthorized access. 2FA works by using two forms of authentication, a password and a smartphone for a single action such as an account login or executing a trade.

Custody: Bitbuy does not rely on third parties for custodial services. Bitbuy hot, warm, and cold wallets are segregated away from the core network, designed to protect Bitbuy and its customers. Bitbuy has also has a 1:1 insured Bitcoin platform. Users can store their Bitcoin holdings in an offline vault, protected by value matched insurance.

Information Security: Bitbuy’s privately maintained codebase keeps core components closed source. This ensures that user intellectual property is safe from prying eyes.

Regulatory Compliance: Bitbuy is a regulated Money Service Business in Canada under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act governed by FINTRAC.

Secure Network: Bitbuy servers are secured across multiple leading cloud providers and disaster recovery locations. All providers are ISO, SOC, and FIPS 140-2 compliant.

Third-Party Auditors: Bitbuy conducts audits across all departments using trusted third-party auditors. There are quarterly financial audits and monthly security audits. Additionally, Bitbuy performs daily and weekly suspicious activity reviews and transaction reporting audits.

Customer Support

Bitbuy provides support via email. Additionally, there is a comprehensive support page and FAQ section to assist in navigating the platform and addressing general queries.

Email: For any customer support queries, send an email to support@bitbuy.ca.

Support Page: Via the “Support” page, investors and traders are also able to “submit a request”.

Support Icon: Through the support icon, users may also make contact with customer support by clicking “Support” and then “Contact Us”.

Social Media: Bitbuy also has a social media presence.

Facebook: facebook.com/bitbuyCA

LinkedIn: linkedin.com/company/bitbuyca

Twitter: twitter.com/Bitbuy

YouTube: There is also a Bitbuy YouTube page providing viewers and subscribers with detailed educational videos and more.

Additional Information

FAQ

Some of the more frequently asked questions available on Bitbuy include:

How do I get verified?

There are two ways to get verified on Bitbuy, automatically and manually.

  • Automatic Verification: When creating your Bitbuy account, the personal information you enter (name, address, date of birth, etc.) gets passed through our third-party identity verification service, which will confirm your identity and verify your account instantly.
  • Manual Verification: In the case where your account does not pass automatic verification, Bitbuy requires you to upload verification documents in order to verify your account. Please click here for more information on the verification documents.

I don’t have a cell phone, can I still sign up?

You will need a cell phone with a North American phone number (+1 country code) to activate and use our two-factor authentication security protocol.

The two-factor authentication code cannot be sent to a non-North American phone number, landline, VoIP/Internet phone number, or email address.

After your phone number has been confirmed and your Bitbuy account has been verified, you can switch your two-factor authentication method to Google Authenticator.

How do I contact Bitbuy?

If you need assistance signing up, depositing funds in your account, or using our platform, please feel free to get in touch. We guarantee prompt, friendly service from one of our dedicated customer service team members.

To reach us by email, please email: support@bitbuy.ca

Conclusion

With a more than a 7-year track record, Bitbuy is a seasoned cryptocurrency exchange. Delivering a user-friendly cryptocurrency exchange, Bitbuy caters to both novice and experienced traders and investors.

The simple to use platform gives investors and traders access to the crypto market’s largest cryptocurrencies.

Bitbuy also supports Canadian Dollar funding and Canadian Dollar-crypto trading. This removes many of the obstacles that investors and traders face across the market.

For investors who pre-own Bitbuy supported cryptos, Bitbuy users may also deposit and sell cryptos on the Bitbuy exchange.

The combination of pairings available, the option to deposit and withdraw Canadian Dollars, and a strong local presence, all make Bitbuy an attractive option in the Canadian crypto market.

Low fees, high transaction speeds, and a high emphasis on transparency and security simply improve Bitbuy’s position in the market.

BitbuyUser Reviews

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BitbuyFeatures

Coins Available
  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • Stellar
  • EOS
  • Ripple
Accepted Countries
  • Canada

Payment Method

Deposit Options
Wire Transfer
Withdrawal Options
wire-transfer
Company Information
Exchange DetailsInfo
Headquarters CountryCanada
Foundation Year2013
Typeexchange
Trading AllowedYes
Contact Information
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