BitBuy Review 2023: Is It Legit & Safe? Honest Analysis
Bitbuy is a Canadian cryptocurrency exchange platform that was founded by Adam Goldmanin Toronto, Canada, back in 2013. The platform is suitable for Canadian citizens only and is considered to be one of the most popular and leading crypto exchange platforms in the country. If you’re a Canadian crypto enthusiast, you have access to multiple cryptocurrency exchange platforms, both international and local ones. However, when choosing a platform, there are multiple factors that come into play.
As Bitbuy offers tools for beginners and advanced traders, the platform is highly accessible and excellent for crypto enthusiasts of all experience levels. However, while the Pro Trade platform offers an increased number of features, popular exchanges like Binance, Crypto.com, and Kraken still offer a superior feature set. Bitbuy is available to customers that reside in Canada only. The exchange is limited to deposits in Canadian dollars from Canadian banks or financial institutions. Bitbuy supports two payment options for its customers located in Canada.
Is Bitbuy Regulated?
Bitbuy canada is regulated as an MSB in Canada. However, it is not a member of IIROC or CIPF.
However, this issue only appears when depositing fiat money. If you’re into buying, selling and storing cryptocurrencies, one of the things that you should consider is the number of supported cryptocurrencies that the platform offers. Anyone needing access to more advanced features can use the order book-based Pro Trade interface. Using the Pro platform, Traders can add technical indicators and overlay drawings to perform analysis on the charts. Unlike most other platforms, any chart overlays will remain when switching between trading pairs, which reset the analysis each time. We went through the verification process to ensure our https://forex-reviews.org/ was as accurate as possible.
Deposit and withdrawal methods
Although the Pro Trade platform grants users access to a few extra tools, Bitbuy still lacks any leverage or margin options. As such, traders looking to take advantage of small price movements will need to find another exchange. One of the best-known Bitbuy’s strengths is its excellent customer support service.
To find out more information and see alternative crypto exchanges that don’t have these issues, you can click on the jump links below. The old wire/bank account transfer is the cheapest method to fund an account is the old wire/bank account transfer. On the other hand, if you choose Interac e transfers or Express Interac e-transfer, the fees charged are not very impressive.
Is Bitbuy better than Coinbase?
The team at WealthRocket.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. However, we advocate for you to continue to do your own research and make educated decisions. I applied for Gold Status which was granted, however they then restricted my account so I cannot use it.
Bitbuy also conducts routine financial audits, monthly security audits, and transaction reporting audits using trust third parties. The multi-tiered security is topped off with daily and weekly suspicious activity reviews. Note that Bitbuy takes security measures very seriously; hence, their in-built top crypto wallets are the most reliable and secure.
Bravo Bitbuy! Hands down best Bitcoin buying app in Canada
You can use it to store your digital assets securely or transfer coins to a non-custodial software or hardware wallet of choice. Bitbuy is one of the safest exchanges in Canada and provides all of the necessary tools for users to get started. As we have demonstrated above, the signup process is also simple and straightforward, making it easy to onboard new users. All of these points combined make Bitbuy a solid option for Canadian-based crypto investors looking for a reputable platform to fulfill their investment needs.
- It was created for reliable partners to be able to connect to Bitbuy’s 10+ markets that offer a variety of CAD-to-crypto and crypto-to-crypto pairs.
- When writing this review, Bitbuy’s daily trading volume was $22.5M.
- When it comes to security while trading with Bitbuy, they are also conscious of creating a secure environment.
- Additionally, traders can save on trading fees as the Pro trade feature is much cheaper than the Express trade.
- If you came here for a Bitbuy promo code, you’ll be happy to know that you don’t need a code to get your $30 signup bonus.
- It allows you to work directly with one of Bitbuy’s experienced traders.
Before you proceed with this tutorial, it’s worth noting that only Canadian residents are allowed on the Bitbuy platform. If you do not live in Canada, there are other options that you may want to consider. Bitbuy’s third annual “Proof of Reserve and Security Audit” was performed by Blockchain Intelligence Group, with the results released in mid-2021.
Cryptocurrencies On Bitbuy
You will need to include the required security question and answer in order to avoid potential delays in funding the Bitbuy account. 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. Upon completion of the verification process, you are ready to start trading. Once you have verified your email address and phone number you will need to provide further personal information.
Is Bitbuy a legit site?
Yes, Bitbuy is legal. They are a licensed Money Services Business (MSB) that operates under the guidelines of the Financial Transactions and Report Analysis Centre of Canada (FINTRAC).
While Bitbuy utilizes a volume-based fee schedule, most users will transact less than $250,000, meaning they’ll be charged a 1.5% trading fee. Over time, high costs can quickly eat into profits, making it hard to recommend Bitbuy to smaller investors. Bitbuy is extremely simple to use, making it perfect for people new to investing. Furthermore, the Pro Trade feature offers an excellent way for users to expand their trading knowledge and get comfortable with an order-book-style interface.
Can I Buy Dogecoin With Bitbuy?
First of all, every Bitbuy user has to confirm its identity, meaning that the platform ensures there are no fake accounts and scammers on the platform. That protects users from being impersonated or scammed in the future. Bitbuy crypto exchange has quite a lot to offer, so let’s take a look at each of the aspects separately and see what it’s all about. Buy or sell with market or limit orders with our live order book.
We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services. Please be aware of the risks involved with any trading done in any financial market. When in doubt, you should consult a qualified financial advisor before making any investment decisions.
Use the API to automate trades with high-frequency trading and live exchange rates. Let’s find out what services Bitbuy offers, that make it the preferred exchange of 350,000+ Canadian crypto investors. Yes, Bitbuy offers a mobile app available on iOS and Android devices.
How Long Does Bitbuy Verification Take?
Even though it’s quite low compared to some of the industry giants, it’s crucial to remember that Bitbuy is a Canadian-only crypto exchange platform. Bitbuy is the first Canadian registered marketplace for crypto assets, federally approved as a Restricted Dealer, and FINTRAC registered as a Money Services Business. Bitbuy is a Toronto-based crypto exchange for Canada residents. However, as the majority of users are unlikely to spend more than CAD 250,000 within 90 days, they will be stuck paying an extremely high 1.5% trading fee. Below, we’ve compared the default costs for transacting on Bitbuy with a few popular altcoin trading exchanges such as Binance, Kraken, and NDAX.
Welcome to one of the best Canadian cryptocurrency trading platforms. Get low fees & top security at Bitbuy.ca when you buy Bitcoin, Ethereum, Litecoin bitbuy review & more. Bitbuy continues to add new coins, services and resources that meet the growing needs of users and they will continue to do so in 2022.
If you’re not familiar with cryptocurrency but still want to invest, Bitbuy is an excellent way to do so. Claim your account by February 10, 2023 to get exclusive access to this special deal. The two-factor authentication code cannot be sent to a non-North American phone number, landline, VoIP/Internet phone number, or email address. 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.
What is better Bitbuy or Binance?
Binance vs Bitbuy – Comparison at a Glance
Binance vs Bitbuy cryptocurrency exchange overall score comparison reveals that Binance has a higher overall score of 9.6, while Bitbuy gathered an overall score of 6.0.
I look forward to continue investing and actively trading on the Bitbuy exchange and would recommend the platform to other Canadians over the other existing Canadian Crypto exchanges. Yes, Bitbuy is the most secure and trusted crypto exchange in Canada. Their servers are secured across multiple world class cloud providers and disaster recovery locations. Bitbuy is perfect for beginners because there is an option to Express Trade which makes it extremely easy to buy and sell cryptocurrency. Simply select which coin you want to buy or sell, and the amount, and your order will be filled straight away.