Bitbuy review
- Fiat currencies
- 1
- Supported assets
- 53
Our verdict
Buy and sell crypto with 900,000 other Canadians on Bitbuy, Canada's first registered crypto platform.
Toronto-based Bitbuy is the first registered crypto marketplace in Canada. Standout features include free deposits, free withdrawals via Interac e-transfer, insurance on crypto and cash assets and a user-friendly platform for beginners and advanced traders.
It has a lot to offer crypto investors. But if you want to pay in anything other than Canadian dollars or you're looking for advanced trading features such as margin or options trading, you'll need to look elsewhere.
Pros
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Low minimum deposit
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No deposit fees
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No Interac e-Transfer withdrawal fees
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Insurance for crypto and cash assets
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Dedicated service and best rates for high-volume traders (CA$20,000+)
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Canada's first registered crypto marketplace (OSC & CSA approved)
Cons
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Only supports CAD fiat currency
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No margin trading
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Fee for bank transfer & wire withdrawals
-
Limited customer support options (no live chat)
Details
Product details
| Product Name | Bitbuy Digital Currency Exchange |
| Fiat Currencies | CAD |
| Cryptocurrencies | BTC,ETH,USDC,ADA,SOL,DOGE,XRP,DOT,MATIC & 44 more |
| Deposit Methods |
Cryptocurrency Interac e-Transfer Wire transfer |
| Trading Fee |
Bitbuy trade: 0.5% - 1.85% spread Bitbuy Pro: 0%-0.5% maker & taker fee |
| Deposit Fees |
Crypto: 0% (network fees apply) Interac e-Transfer: 0% Wire transfer: 0% |
| Withdrawal Fees |
Crypto: varies Interac e-Transfer: 0% Bank deposit: 1.5% Wire transfer: 1.5% |
Ratings methodology - how we scored Bitbuy
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Staking/earn | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.
Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
About Bitbuy — company background
Bitbuy was founded as Instabit by Adam Goldman in 2013. The company was rebranded in 2016 as Bitbuy in 2016 and has grown to support over 900,000 customers trading more than $7 billion in assets.
In 2022, Bitbuy was acquired by WonderFi, a decentralised finance software company that also owns Canadian crypto exchange Coinsquare and crypto payments processing platform SmartPay.
Bitbuy is the first registered crypto marketplace in Canada, having gained approval from both the Ontario Securities Commission (OSC) & Canadian Securities Administrators (CSA).
Listed Bitbuy crypto exchange assets
Bitbuy supports over 53 cryptocurrencies, but some notable assets are missing. Namely, Tether, BNB and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 13 of the top 20 cryptos are available on Bitbuy.
Popular assets on BitbuyBitbuy fees
Bitbuy charges a 0% fee for wire transfer deposits, 0% fee for interac e-transfer deposits and a 0% (network fees apply) fee for crypto deposits.
Deposit & withdrawals fees
| Transaction type | Fee |
|---|---|
| Deposit funds | Crypto: 0% (network fees apply) Interac e-Transfer: 0% Wire transfer: 0% |
| Withdraw funds | Crypto: varies Interac e-Transfer: 0% Bank deposit: 1.5% Wire transfer: 1.5% |
Bitbuy uses a maker taker fee structure for spot market trading. Instant purchases incur a separate fee. Beware that Bitbuy also charges a spread which may not be displayed when making a purchase.
| Type | Fee |
|---|---|
| Maker | 0%-0.5% |
| Taker | 0%-0.5% |
| Spread | 0.5%-2% |
Maker fee explained. A maker fee is the fee charged when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
Taker fee explained. A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. This is the fee charged when you place a market buy order.
Spread fee explained. A spread is the difference between the purchasing price and sale price of an asset and can be thought of as a markup. A spread fee is usually only apply to instant purchases and not the spot market. If a platform advertises zero fee trading then beware that they may charge a spread instead.
Bitbuy deposit methods
- Cryptocurrency
- Interac e-Transfer
- Wire transfer
How to sign up on Bitbuy exchange
Before you can even get started trading on Bitbuy, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Bitbuy's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Bitbuy account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Bitbuy.
Using the Bitbuy app
The Bitbuy app is available for Android and iOS devices. It offers many of the same features as the full desktop version.
Is Bitbuy safe?
Bitbuy is a compliance-driven exchange. Users must submit more information than most other exchanges require to create an account, and KYC information is securely stored.
Past hacks. Bitbuy has been operating since 2016 and has never been hacked.
Regulation. Bitbuy is registered as a money services business (MSB) with FINTRAC, a member dealer with the Canadian Investment Regulatory Organisation (CIRO) and a restricted dealer with the Ontario Securities Commission (OSC).
Insurance. 90% of all crypto assets are held in cold storage for safekeeping. Bitbuy has a comprehensive insurance policy run through BitGo, a licenced digital asset custodian. Cash assets on Bitbuy are insured up to $1 million per account.
Security audits. Bitbuy conducts routine financial audits, monthly security audits and transaction reporting audits using trusted third parties. The exchange employs a Chief Anti-Money Laundering Officer and regularly monitors the platform for suspicious activity. Bitbuy’s security providers are ISO, SOC and FIPS 140-2 compliant and require all users to set up 2-factor authentication (2FA) before being allowed to execute trades.
Keeping your crypto secure
All centralized exchanges, including Bitbuy, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
Bitbuy customer support
Connect with Bitbuy customer service by submitting an online contact form. There's also a helpful web database of FAQs and help articles to guide you through account setup, funding, trading and more. Unfortunately, the company doesn't offer live chat support.
How to reach Bitbuy customer support
- Contact form
- FAQ page
- Help center articles
Alternatives to Bitbuy
Your reviews
Iain Finder
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