In this Bitbuy review, we take a deep dive into the exciting realm of cryptocurrency exchanges in Canada and unveil the shining gem that is Bitbuy. Situated in the heart of Toronto’s financial core, Bitbuy is a homegrown Canadian cryptocurrency exchange catering to users of all backgrounds.
| Official Website | https://bitbuy.ca/ |
| Founding Year | 2016 |
| Head Quarters | Toronto, Ontario |
| Trading Volume | $359K |
| Trading Options | Spot & Margin |
| Trading fees | 0.15-0.20% |
| Total listed Coins | 24 |
| Trading Pairs | 25 |
| Supported fiat currencies | CAD |
| Withdraw options | Bitcoin & Ethereum Block Chain |
| Bank withdrawal Supported | Yes |
| Withdraw fees | 1.50% |
| Deposit methods | Wire transfer, Interac E Transfer |
| Restricted countries | 10+ |
| Native Token | No Native Token |
| Mobile app | Available on Apple & Android Store |
| Support Channel | https://support.bitbuy.ca/hc/en-us |
| Coinpedia rating | 8/10 |
| Security rating | 8/10 |
| User Interface | Easy to use |
| Ease to set up | Easy |
| App store Rating | 4.6 |
| Play store Rating | 4 |
| Security | Highly secured |
| Hacking attempts/Hacks | Never been hacked |
| KYC verification duration | 24 hours |
| Regulation & Compliance | Licence obtained by Ontario Securities Commission (OSC) |
| Liquidity | Moderately liquid |
| Proof Of Reserve | https://bitbuy.ca/proof-of-reserves |
Bitbuy, a unique cryptocurrency exchange born and bred in Canada, caters to a diverse set of traders, from novices to the more seasoned ones who need a complex interface. Established with the aim of making cryptocurrency trading uncomplicated and user-friendly, Bitbuy has become a go-to platform for those taking their first steps into the crypto universe.
The exchange’s core mission is to offer its fellow Canadians an easy, reliable, and safe avenue to Bitcoin and other cryptocurrencies, effectively demystifying the crypto trading process. 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 currently supports 24 coins and has 24 trading pairs. The only fiat currency supported is CAD ( Canadian Dollars). Some of the popular coins are:
Bitbuy Exchange has a clear fee policy for its users. You don’t have to pay anything to deposit money, and if you want to withdraw cash, it costs 1.5% of the amount. Trading fees depend on how much you trade. If you trade more than $1 million, you pay 0.15% to 0.25%. For trades between $250k and $1 million, you pay 0.50% to 0.75%. For anything less than $250k, the fee is 2%. These rates are based on your trading over the last three months.
| Bitbuy’s tiered fee structure applies to all spot trading on Express Trade and Pro Trade. | |||
| Tiers | Trading volume | Maker fee | Taker fee |
| Tier 3 | $1m + | 0.15% | 0.25% |
| Tier 2 | $250k – $1m | 0.50% | 0.75% |
| Tier 1 | < $250k | 2.00% | 2.00% |
| *Your fee tier is based on your total trading volume over the last 90 day period calculated at the end of the month, and will apply to the current month. | |||
If you stake your coins, there’s a fee for that too. It’s 25% for Ethereum, Solana, and Polygon with rewards between 3.30% and 4.88%. Polkadot charges 28%, but you could earn back 10%. So, while you do pay fees on Bitbuy, you know exactly what they are up front, and they’re competitive with other exchanges.
| Coin | Commission fees | Net Rewards rate* |
| Ethereum (ETH) | 25% | 3.30 – 4.87% |
| Solana (SOL) | 25% | 4.28% |
| Polygon (MATIC) | 25% | 4.88% |
| Polkadot (DOT) | 28% | 10% |
Withdrawal fee is 1.5%
Bitbuy offers an exciting referral program that allows users to earn extra cash. Upon creating an account, users receive a unique referral code to share with friends. When a friend signs up and deposits $250 or more using the code, both the user and their friend receive a $20 bonus. The program has no referral limits, providing users with the opportunity to maximise their earnings. By joining Bitbuy, users can take advantage of the referral program, share their code, and enjoy the rewards that come with referring friends.
Bitbuy has great customer service, which is highly praised in the cryptocurrency industry. They have a phone line and quick email support, even on weekends. People think it’s the best Canadian exchange, and customers are generally happy with their service. Bitbuy’s customer support is friendly and dedicated to helping customers.
May 2023 – Bitbuy has launched Institutional Staking by Bitbuy Private Wealth! It’s a way to earn steady rewards in a safe environment. Simply speak to an account manager to get started and maximize your rewards.
In conclusion, Bitbuy stands out as a reliable and user-friendly cryptocurrency exchange in the Canadian market. With its intuitive platform, robust security measures, and a wide selection of cryptocurrencies, Bitbuy offers a seamless trading experience for both beginners and experienced investors. The introduction of a crypto licensing regime further reinforces Bitbuy’s commitment to compliance and customer protection.
Moreover, the positive reputation and satisfied customer base reflect the platform’s dedication to delivering quality service. Whether you are a seasoned trader or just getting started, Bitbuy provides a trusted platform to buy, sell, and securely store your cryptocurrencies. Start your journey with Bitbuy today and explore the exciting opportunities in the world of digital assets.
Yes, Bitbuy is a regulated exchange in Canada and complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Bitbuy charges trading fees, which can vary depending on factors like trading volume and the type of order placed. You can refer to the Bitbuy website for the most up-to-date fee structure.
Bitbuy employs robust security measures, including cold storage for funds and two-factor authentication (2FA) to protect user accounts. They prioritize the security of user assets and have a strong track record in this regard.
Yes, Bitbuy has a dedicated customer support team that can assist users with inquiries and issues. They can be reached through email or other available support channels on the Bitbuy website.
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