Cryptocurrency Exchange

Bitbuy‌ ‌Review‌ ‌-‌ ‌The‌ ‌Best‌ ‌Way‌ ‌to‌ ‌Buy‌ ‌Bitcoin‌ ‌in‌ ‌Canada‌ ‌in‌ ‌2021‌ ‌

Located at the heart of Toronto’s financial district, Bitbuy is a proudly Canadian-founded cryptocurrency exchange, where users of all levels can buy, sell, deposit, or withdraw several cryptocurrencies. Bitbuy has also recently been ranked amongst Canada’s fastest-growing startups in 2020, and is trusted by more than 250K Canadian investors.

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OVERVIEW

Legal NameBitbuy Technologies Inc.
HeadquartersToronto
CEO/FounderAdam Goldman
Year Founded2016
Exchange TypeFiat to crypto, crypto to crypto, crypto to fiat
Trading Fees0.1 – 0.2% 
Deposit MethodsInterac eTransfers, wire transfers
Supported CryptosBitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Stellar Lumens (XLM), and EOS. Shortly launching: Aave (AAVE) and Chainlink (LINK)
FiatCAD only
Customer SupportDedicated support portal, email, and active on social media

PROS & CONS

What we like about Bitbuy:

+ Suited for both complete beginners (Express Trade feature) and more advanced traders (Pro Trade feature)

+ Only Canadian exchange to offer BTC insurance thanks to their partnership with Canadian-made Knox. More here.

+ Quick and easy OTC desk services for those wanting to trade large amounts of cryptocurrencies and for corporate investors.

+ Registered with FINTRAC, Bitbuy has measures in place to ensure user cybersecurity and user funds safety such as regular proof-of-reserve audits.

+ Competitive and fully transparent fee model allowing all users to partake in the crypto experience at low costs.

Where there’s room for improvement:

– Only available for Canadian residents at this time

– Only offers the 7 main cryptocurrencies at this time. Although, we’re having wind of 2 new cryptocurrencies launching soon !

HOW TO GET STARTED?

Whether you’re just starting out your crypto journey or already are a more knowledgeable trader, Bitbuy has an option to make it worth your while. Ready to begin the adventure ? Here’s how to get started.

First, you’ll have to fill in the sign-up form here.

Because Bitbuy is a registered exchange, you’ll be asked to verify your identity. This is called KYC (or “Know-Your-Customer”) and is a best practice in the industry to ensure that nobody is stealing your identity, registering with a stolen / lost ID or bank statement. Most of the users will be automatically verified, but some will be required to provide additional information. More here.

Once your account is verified, you’ll be all set to truly get started. One best practice before you do so is to set up your preferred 2FA option. The basic option is you receiving an OTP (one-time-password) via SMS, but to avoid delivery delays when your service provider might be experiencing issues, Bitbuy offers the option to set up 2FA with Google Authenticator or Authy. 

The next step would be for you to fund your account. Nothing simpler than Interac eTransfers to do so ! Bitbuy also offers the option to do a wire for transfers of over $20K. Simply click “Use e-Transfer” or “Use Wire Transfer” to get the payment details.

The funding fees vary depending on the chosen transaction method, but stay relatively low whether you pick eTransfers (1.5%, completed in just a few hours) or wire transfers (0.5%, requires a bit more time).

If you’re just starting out your crypto experience, and wish to use the beginner-friendly option, the Express Trade feature is available to you. All you have to do is click “buy” on the cryptocurrency of your choice, and then enter the dollar amount you wish to purchase. 

You will then receive the dollar amount worth of cryptocurrency in just a few seconds. Seriously, how cool is that?

Once you have purchased an initial amount of cryptocurrency, you will then see a “sell” button added right next to the current “buy” button. Simply repeat this first step with the dollar amount you wish to sell instead, should you want to sell what you have (or a portion of it!).

If you’re a bit more comfortable with cryptocurrency already, or if you wish to learn, Bitbuy offers the Pro Trade feature, which gives you insight into more trading options such as order books, market orders, limit orders, market history, etc. No worries, they even included a Pro Trade Tutorial for those wanting to learn what it all means! For a sneak peek at the Pro Trade feature, head over to this page.

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Whether you choose Express Trade or Pro Trade, trading fees are relatively low and do not exceed 0.20%. See their fully transparent fee model below.

Whatever option you end up picking, your trades will show up in your “wallet”, where you can store your cryptocurrencies safely. What’s better ? Bitbuy is currently the ONLY cryptocurrency trading platform to offer 1:1 Bitcoin insurance for all users… at no extra cost !

What’s more ?

Bitbuy just recently launched their brand-new platform, and part of their complete revamping includes:

  • A quicker, entirely automated sign-up and onboarding process
  • A new “username” feature for a faster login experience
  • More 2FA options for each user’s preference
  • An improved CAD funding flow with instant eTransfers 
  • A brand-new, modern user interface (UI)
  • A new “Gold Account” status
  • Lower fees 
  • More cryptocurrencies coming real soon, starting with AAVE and LINK.

In conclusion, Bitbuy is one of the leading Canadian crypto exchanges. Not only is Bitbuy a quick and suited-to-all-level platform, but it also offers complete user and funds safety, thanks to their insurance partnership with Knox (also Canadian-made, by the way!). It’s no wonder why Bitbuy users are singing their praise. Want to experience this platform for yourself? Get started today.


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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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