Bitbuy Review 2024 Buy & Sell Crypto in Canada Fees, Pros, Cons

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Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs, investing, and the gig economy. However, you can create a Bitbuy Corporate account if you’re a business owner looking to add Bitcoin to your balance sheet. Money transfers from a parent account to a child account are instant and free. And that’s something that not many other payment tools offer right now. Most people trade crypto on the go, so we were glad to find there’s an official – and completely free – Bitbuy app for both Android and iOS devices.

  1. The process of moving crypto off the exchange is an extremely slow process when compared to Newton, Coinbase, etc.
  2. Personally, I love it for CAD-crypto trading pairs, but this is a drawback of you’re looking for crypto-crypto swaps.
  3. Overall, Bitbuy is an accessible exchange offering tools for novice and advanced trades.

Now, Bitbuy enjoys a growing userbase providing decent 24-hour trading volumes and liquidity against Canadian dollars. Plenty of cryptocurrency exchanges have referral programs to incentivize new users. Once you fund your account, you email Bitbuy’s OTC support team at [email protected] to start the process.This feature isn’t useful for everyday traders investing under $50,000 in crypto. But it’s still a nice feature to have and shows how Bitbuy caters to beginner and serious crypto investors alike. In 2023, Bitbuy introduced staking rewards, letting investors generate passive income with their digital assets. This is a significant improvement to Bitbuy, especially since accessing centralized staking platforms hasn’t always been easy for Canadians.

Is Bitbuy safe?

Additionally, traders can save on trading fees as the Pro trade feature is much cheaper than the Express trade. The Express trade feature supports local Canadian dollars through which the transactions are settled. The service is advantageous as it involves fewer steps to buy or sell digital assets compared to using the pro service. Bitbuy is one of the leading cryptocurrency exchanges in Canada, founded in June 2016 by Adam Goldman.

This is particularly relevant in the fallout from the QuadrigaCX collapse. If you were going to be withdrawing your funds in CAD then the following fees would apply. Bitbuy has slightly more “excellent” reviews on Trustpilot than “bad” reviews, so most customers are happy with Bitbuy. To make a purchase, click BTC-CAD in the top-left and then you will see a drop-down with a search bar.

You also enter a phone number for SMS verification, and this must be a North American number. For example, while Venmo and Cash App do support instant transfers, both charge a fee for them. And while instant transfers are free with Zelle, your child would need a bank account for you to use that service to send money to them. Bitbuy withdrawal fees for CAD are at a flat 1.5% rate, while crypto withdrawals are subject to a mining fee – the exact rates depend on your cryptocurrency of choice. Bitbuy fees are easy to understand and the whole pricing structure is fully transparent. Opening an account and depositing is absolutely free, as is staking.

Unable to do PRO TRADE for 9 days

We strongly recommend storing and protecting your crypto on a hardware wallet or a wallet where you own the private keys. It’s not a good choice for cashing out CAD since there is a flat 1.50% withdrawal fee. If you want to cash out Canadian dollars, there are many other options in Canada which are free. All things considered, it’s for you to decide whether Bitbuy crypto exchange is exactly what you’re looking for. However, if you live in Canada, you should definitely check this platform out. Moving to fees for trading, they tend to be different for market makers and takers.

Because Bitbuy offers features tailored to most investors, the platform is an excellent entry point to the cryptocurrency space. Awesome customer support, top cryptocurrencies and moderate fees backup a user-friendly platform. Its expertise and popularity have been built over years working in the Bitcoin industry.

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Wallets and Security

Additionally, Bitbuy’s hot wallets are 100% backed by Coincover. As a result, customers can have peace of mind when using Bitbuy that their funds are protected by value-matched insurance. Unfortunately, there is no live chat or phone support team, but you can speak to an automated chatbot to get sent in the right direction. Bitbuy is designed to be accessible to beginners and experienced traders alike. To achieve this, Bitbuy is divided into Express Trade (simple swaps) and Pro Trade (TradingView-powered), meaning users can access specific features without feeling overwhelmed. Additionally, all critical pages can be accessed via the header menu, making the site easy to navigate.

Of course, you’ll have to load up your account first, as with all other services we’ll discuss later in our review of Bitbuy. It’s worth mentioning that you can only trade a limited selection of cryptos this way, but it’s still a great starting point and works like a charm. The reason for that is really simple – it was the first crypto platform in Canada to become fully regulated as a marketplace. This Toronto-based platform has, so far, had 400,000+ customers who successfully traded over $5 billion worth of crypto through it. Bitbuy was launched in 2016 and quickly became one of the most prominent Canadian platforms for buying and selling crypto. However, if you’re on the hunt for advanced features, like drawing and analysis tools, Bitbuy’s Pro Trade platform could be ideal.

Compared to other international and Canadian crypto exchanges, Bitbuy’s offering of cryptocurrencies might seem slim. The site currently supports 25+ cryptos, although that includes all the most popular coins out there. The first registered Canadian marketplace for crypto, Bitbuy also offers 1-to-1 insurance provided by Bitgo for users to store their holdings in a secure offline vault.

How Long Does it Take to Withdraw Coins?

For example, Coinbase often has $10 free Bitcoin bonuses. A $40 bonus for both users is certainly higher than most crypto exchanges, so this is one nice perk of trying out Bitbuy. You can also sell cryptocurrencies you hold through the Express Trade. To fund your account with Canadian dollars, you use Interac e-Transfer or a wire transfer. To deposit crypto into your Bitbuy account, you send crypto to your specific Bitbuy wallet address for that particular cryptocurrency.

Bitbuy’s Pro Trade is more complicated and suitable for experienced users who would like to see live charting, price movements, order books, and advanced order types. Offline storage is the only way to keep cryptocurrency safe, so it’s important to find an exchange that utilizes it. Not every exchange will state the percentage of coins that are kept offline, but I think transparency is important.