Bitbuy Reviews: Pros & Cons, Fees, and Alternatives

A response to a support ticket would likely take longer. Bitbuy’s trading platform has everything you would need to trade in an attractive color scheme, which you have the option to change. Next, you will see all of the information you need to make the transfer.

• But they charge high fees for depositing and withdrawing fiat money.
• BitBuy is one of the most popular crypto exchanges in Canada.
• There is a minimum limit of C$100 and a maximum limit of C$10,000.
• The minimum investment for use of the OTC Desk is $25,000.

Bitbuy only accepts deposits in CAD and the supported cryptocurrencies. Users can’t deposit other fiat currencies like USD or EUR. The Bitbuy exchange offers a concierge OTC service for those looking to conduct high-volume trades without slippage.

How to Buy Bitcoin & Other Cryptocurrency In Canada: 7 Common Ways in 2023

You can earn crypto by completing educational tutorials that are designed to teach you about different types of crypto. You can access the available video courses from your crypto account. Buying and selling crypto is incredibly easy with Coinbase. Here are the steps to buy Bitcoin via the desktop app.

Canadian users can provide a piece of government-issued photo ID, like a driver’s license or passport. You will need to upload a picture of your ID using your computer’s webcam or by taking a picture with your mobile phone. Coinbase will send you a verification email to the address you provide. The Bitbuy API is a tool that third-party platforms can use to access market data.

When you sign up through the link below you'll get $40 free when you deposit $250. In this article, we will provide you with a detailed introduction to Bitbuy, including information about rates, and a breakdown of the Bitbuy pros and cons. Flat buy/sell fee of 0.2%, which is lower than Bitbuy. If for some reason you are not able to use this feature, the company will manually verify your identity, which should not take longer than 24 hours . All the features of the desktop version, including access to the Pro Trade and Express Trade. All the tools they need to actively trade in crypto.

Trading Platform

The company partnered with Bitcoin security firm BitGo, which made Bitbuy the world's first platform to keep the full value of its Bitcoin holdings insured. If you're looking for more details on this partnership and what exactly is insured, Bitbuy has a great explanation and FAQ here. If you're looking to move large amounts of cryptocurrency, Bitbuy has you covered with Bitbuy Private Wealth trading. So, if you purchase $10,000 worth of Bitcoin, you'll pay $20 to purchase. If you decide to sell that Bitcoin, and it is now worth $20,000, you will pay $40 to sell.

Bitbuy does not support funding by credit card – similar to other Canadian platforms including Shakepay and Newton. That’s probably because most Canadian banks like RBC do not allow crypto transactions. But they charge high fees for depositing and withdrawing fiat money. For example, there is a 1.5% deposit fee for Interac transfers and 0.5% for wire transfers, while Newton and Shakepay charge no fees.

With a career as a Financial Analyst and over a decade writing about personal finance, Tom has the knowledge to help you get control of your money and make it work for you. Visit Bitbuy, and provide your name and email address. They’ll send you a confirmation link to your inbox.

How do I download the Bitbuy app?

Hit 'Next' when you are ready and enter your two-factor authentication code to complete your withdrawal request. Bitbuy is only available to Canadians, and only offers trades between supported cryptocurrencies and CAD. The platform is much cheaper than Coinbase and it supports Interac e-Transfers, making it extremely easy for Canadians to deposit funds. Netcoins for instance supports USD deposits, while Coinsmart allows you to trade in EUR, USD and CAD.

In our opinion, this is one of the best crypto trading platforms in the country. Bitbuy is one of the most popular cryptocurrency trading platforms here in Canada, and for good reason. Bitbuy offers email support via You also have access to phone support. In addition, they have a substantial knowledge base. Bitbuy’s customer service reputation is excellent, with a consistently quick response time and knowledgeable staff. More transparency and scrutiny of their operations by regulators.

Wealthsimple Crypto

In a nutshell, https://forex-reviews.org/s are for storing currency, and exchanges are where you can trade them. When comparing the two, e-transfers are a much more convenient payment method. They might come with higher deposit and withdrawal fees, but funds are processed instantly and you won’t be required to make an in-person visit to your bank to transfer the funds. Bitbuy is one of the oldest Canadian crypto exchanges, offering 25+ currencies and some of the lowest trading fees around. First, enter your email address, phone number and password. Bitbuy will send a code to your phone which you’ll need to access your account.

Highest security and encryption protocols to protect your data and funds, including 2FA, identity verification and daily encrypted backups. The platform also monitors your transaction data for suspicious activity. Have this pegged as one of the most secure crypto exchange sites in Canada. If you want to make deposits in other fiat currencies such as USD and EUR, you should consider other options. To make a purchase, click BTC-CAD in the top-left and then you will see a drop-down with a search bar. You can enter the crypto you wish to purchase here.

If you’re looking for one that accepts CAD transfers from your Canadian bank account, Interac or FIAT withdrawals, you don’t have a lot to work with. Express Trade is the easiest way to get trading with Bitbuy. It lets you buy and sell seven different cryptocurrencies using Canadian dollars at a flat fee of .20%, which is very competitive for a standard trading platform.

You may also place a limit order, meaning that the bitbuy canada review will execute only when the price falls to your specified number. If you are confused, you can take help by clicking on Use Best Ask or Use Best Bid. The Pro Trade page allows you to place market or limit orders for buying cryptocurrency. You have to go to the Pro Trade page, click on List and choose a crypto-crypto or crypto-Canadian dollar pairing.

Consumers should always beware of third-party app stores or download sites that claim to offer official versions of mainstream cryptocurrency trading apps. If you are an existing customer you can send your friend a Bitbuy referral code. Every time a friend signs up you’ll both get $20 after they deposit $250 into their account. Just go to your account to get your unique referral code. To log in on the app or online you can enter your Bitbuy ca login credentials, after which you will receive a 2FA code in a text message.

This is requested to verify your identity and prevent identity fraud. They've made the sign-up and onboarding process entirely automated, resulting in you trading crypto faster. However, what I love about Bitbuy is it is constantly listening to its customers' feeback and making changes to the platform that are of benefit to the end user. The platform, especially if you're new, will seem quite advanced.