Bitbuy Review: The Top Choice for Buying Bitcoin in Canada ‌

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.

Overview

What is Bitbuy?

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.

Features

• Easy to Use: Beginner-friendly and advanced tools for experienced traders.
• Crypto Options: You can trade Bitcoin, Ethereum, Litecoin, and other popular coins.
• Staking: You can stake your cryptos and earn 10% in rewards.
• Safe and Secure: They use advanced tech to keep your money safe.
• Clear Fees: No hidden charges, all fees are made clear to you.
• Helpful Support: You can reach out to them easily if you need help.
• Fully Legal: Bitbuy follows all Canadian laws and regulations.
• Two Trading Options: Choose from Express Trade for beginners or Pro Trade for experts.
• Bank Links: Connect your bank account directly for easy money transfer.
• Learn on the Go: Lots of guides and resources to help you learn about crypto trading.
• Mobile App: Trade anywhere, anytime using their app for iOS and Android.

Cryptocurrencies supported on Bitbuy

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:

• Bitcoin
• Ethereum
• USD Coin
• Cardano
• Solana
• Dogecoin 
• Polkadot
• Polygon 
• Basic Attention Token
• Litecoin

How to create an account on Bitbuy?

• Go to the Bitbuy website.
• Click on “Sign Up” or “Create Account.”
• Fill out the registration form with your name, email, password, and country.
• Read and agree to the terms and conditions.
• Complete any additional steps if required.
• Click on “Create Account” or “Sign Up.”
• Check your email for a verification link from Bitbuy.
• Click the verification link to confirm your email.
• Log in to your Bitbuy account using your email and password.

How to buy crypto on Bitbuy?

• Create an account on Bitbuy website.
• Complete the verification process by providing required documents.
• Fund your account using options like bank wire transfers or Interac e-Transfer.
• Go to the “Trading” or “Buy/Sell” section.
• Select the cryptocurrency you want to buy and the amount.
• Choose between a market order or a limit order.
• Review the details and click “Buy” to place the order.
• Confirm the purchase and wait for the order to be executed.
• Consider transferring the purchased cryptocurrency to a secure wallet for added security.

How to sell crypto on Bitbuy?

• Log in to your Bitbuy account.
• Ensure the cryptocurrency you want to sell is in your Bitbuy wallet.
• Go to the “Trading” or “Buy/Sell” section.
• Select the cryptocurrency you want to sell.
• Choose the amount or quantity to sell.
• Decide between a market order or a limit order.
• Review the sell order details, including fees.
• Click “Sell” or “Place Order” to execute the sell order.
• Confirm the sale and double-check the details.
• After the order is executed, the cryptocurrency will be sold, and funds will be in your Bitbuy account.
• If desired, withdraw the funds to your bank account or another external wallet.

How to deposit crypto on Bitbuy?

• Log in to your Bitbuy account.
• Go to the “Funding” or “Deposit” section.
• Select the cryptocurrency you want to deposit.
• Copy the provided deposit address or scan the QR code.
• Open your external wallet or exchange.
• Initiate a withdrawal or transfer from your external wallet/exchange.
• Paste the Bitbuy deposit address or scan the QR code.
• Specify the amount to deposit and review any fees.
• Double-check all the details for accuracy.
• Confirm the transaction on your external wallet/exchange.
• Wait for the blockchain network to process the transfer.
• Once confirmed, the cryptocurrency will appear in your Bitbuy account.

How to withdraw crypto on Bitbuy?

• Log in to your Bitbuy account.
• Go to the “Funding” or “Withdraw” section.
• Select the cryptocurrency you want to withdraw.
• Enter the withdrawal address of the external wallet or exchange.
• Specify the amount of cryptocurrency to withdraw and note any fees.
• Review all the withdrawal details for accuracy.
• Enable additional security measures if applicable.
• Click “Withdraw” or “Submit” to initiate the withdrawal.
• Complete any necessary verification steps.
• Wait for Bitbuy to process the withdrawal request.
• Once processed, the cryptocurrency will be sent to the specified external wallet or exchange.

Exchange Fee structure & Supported Payments

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.

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.

 Withdrawal fee is 1.5%

Referral Program

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.

Customer Support

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.

Recent Updates

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.

Conclusion

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.

FAQs