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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 cryptocurrencies and also offers the most CAD to crypto pairings of any exchange.

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

Initially founded in 2013, and incorporated with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) in 2016 as a MSB.

“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

Brokerage Services & Payment Methods

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

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

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

The Pros and Cons

Pros

  • 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.
  • 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

  • High Focus on Security: 95% cold storage policy and 2FA enabled on all transactions. Additionally Bitcoin balances are fully insured by Knox Custody.
  • 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, 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.

The Details

Bitbuy supports the investing and trading of cryptocurrencies. 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 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 and also from each individual crypto wallet. The complexity of the charts varies, however, depending on which page the charts are viewed.

When viewing charts from the individual crypto wallets, the charts are in a basic form. Users have the option to interchange the chart time periods and are also provided with bid and ask prices and 24-hour movements, as shown below:

More 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.

Balances and Trading History

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

For users investing in cryptos via the Express Trade page, Bitbuy provides users with:

  • Canadian Dollar Balance
  • Individual crypto balance
  • Approximate Canadian Dollar balance for each crypto wallet.
  • Reserved Balance for each crypto wallet. (The reserved balance is the portion of a user’s balance that is currently committed to open orders on Pro Trade or is pending in a deposit or withdrawal).
  • A total digital currency approximate balance in Canadian Dollars, see below:

Additionally, users may view their respective wallet balances by navigating to the Wallets page. Here Bitbuy provides:

  • Approximate Canadian Dollar Value of each wallet.
  • Total Balance for each wallet.
  • The available balance for each wallet.
  • Reserved Balance for each wallet. (The reserved balance is the portion of a user’s balance that is currently committed to open orders on Pro Trade or is pending in a deposit or withdrawal). See below:

In addition to viewing balances, users may also view trade histories and more on the History and Pro Trade pages.

On the History page, users can view historical transactions that are broken down into New, Archived, Orders, Deposits, Withdrawals, Referrals, Completed, Open, and Cancelled.

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.

Bitbuy Platform Attributes

Key attributes of the Bitbuy platform include:

  • Fast and easy registration process.
  • Simple to use platform catering to both novice and experienced traders.
  • No minimum deposits or withdrawals of cryptocurrencies.
  • Also supports the deposit and withdrawal of Canadian Dollars.
  • 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.
  • Bitcoin holdings are fully insured.
  • Sameday customer support response.

Bitbuy stands out from its competitors with its extensive Canadian Dollar – crypto pairings available to trade via the Pro Trade platform. Additionally, the simple to use platform gives even the most novice investor access to the crypto market.

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
  • Crypto Wallet
  • Pro Trade
  • OTC

Express Trade

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

In order to buy/sell, go to the Express Trade page and select the crypto that you wish to purchase/sell by scrolling down the page.

Click “Buy” or “Sell” and enter the required details in order to complete the purchase or sale as shown below:

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 $25,000, users may contact the Bitbuy OTC Trading Desk at otc@bitbuy.ca.

Crypto Wallet

From the individual crypto wallets, investors may also purchase and sell cryptos in the same way as via the Express Trade page.

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

Enter the Canadian Dollar amount of crypto you wish to purchase/sell and then complete the transaction.

As is the case with the Express Trade platform, minimum and maximum purchase/selling amounts are in place.

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 $25,000. The benefits of trading OTC for trade sizes of $25,000 or greater include:

  • Work directly with an experienced Bitbuy trader, with 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 $25,000 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. Additionally, users may also buy or sell cryptos and view charts from the individual wallets.

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, contact customer support by email, or via a toll-free number.

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

Deposit & Withdrawal Options

For investors and traders looking to deposit or withdraw funds, Bitbuy allows deposits and withdrawals in cryptocurrencies or 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 a transfer fee of 1.5%.
  • Wire transfer:
    • Wire transfers are normally completed within 1-2 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
  • Wire Transfer

Cryptocurrencies

Bitbuy supports the deposit and withdrawal of cryptocurrencies. Investors and traders can deposit and withdraw all 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 are able to:

  1. Make fiat money deposits by Interac e-Transfer or Wire Transfer.
  2. Investors and traders already holding Bitbuy supported cryptocurrencies can make a wallet to wallet transfer.

In the case of transferring already held cryptocurrencies, select the appropriate crypto wallet listed on the “Wallets” page and click the deposit option. For demonstrative purposes, we have chosen Ripple’s XRP.

Once you have selected the deposit option, you will then need to confirm that you understand the requirements to make a deposit. Review and click “I Understand”. If you do have any queries, simply click the “Support” icon at the bottom right of your screen.

Then copy and paste the wallet address to your external Ripple’s XRP wallet or scan the QR code, and copy and paste the destination tag, then click “Done”.

Your deposit will be automatically credited to your Bitbuy wallet after 1 confirmation 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 cryptocurrencies by transferring out from your Bitbuy wallet to another compatible wallet.

Bitbuy also supports the withdrawal of Canadian Dollars from your Bitbuy Canadian Dollar wallet.

In order to withdraw your cryptocurrency, select the wallet from which you wish to withdraw your cryptocurrencies and click the Withdrawal option.

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.

Fiat Money

When withdrawing Canadian Dollars, select your preferred withdrawal option from the dropdown menu shown below:

Enter the amount that you wish to withdraw and enter the bank name. Then click “Next.”

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.

Registration

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

Complete the requested information, which includes email address, password, and referral code if you have been referred. Click “Sign Up.” Don’t forget to confirm that you are not a robot.

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

Upon signing up you will see a pop-up message on your screen requesting you to verify your email address.

Go to your email inbox and click on the “Verify My Email” link provided to activate your Bitbuy account.

Once you have clicked on the “Verify My Email” link, you can then sign into the Bitbuy platform as shown below:

Once you have verified your email address, you will also need to link your mobile phone and set up a Google Authenticator to sign in.

Each time you sign in, you will be prompted to enter your 2 Factor Authentication Code, linked to your mobile.

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 Express Trade 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 “Express Trade” page and click on “Add Funds” as shown by the arrow below:

You are then prompted to select your payment method.

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

Once you have selected the desired payment method, you will see the below warning. For demonstrative purposes, we have selected Interac e-Transfer.

Click “I Understand” and complete the information requested and click “Submit and View Details”.

Upon completion of the information, click “Submit”. Once the funds have reached your Bitbuy account, you are ready to trade and invest in cryptos.

Fees and Charges

Bitbuy provides users with a transparent fee schedule, while also offering 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 summarized 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:

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.

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.

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.

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. In order 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.

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 and for 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, available balance, and reserve balance.

Users are also able to view their transaction histories. Users can view:

New, archived, orders, deposits, withdrawals, completed, open, and cancelled.

In addition to viewing transaction histories, each wallet also supports the buying and selling of cryptos, while also providing historical charts, with price information and percentage movements. Chart time periods are adjustable as shown below.

Customer Support

Bitbuy provides support via email and phone. 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.

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

Does Bitbuy use segregated bank accounts for customer deposited funds?

Yes, Bitbuy does use segregated bank accounts for customer deposited funds.

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.

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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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