Bitbuy Review: Safe Exchange? Everything We Found Out!!

bitbuy review

Even though Bitbuy is considered safe, it doesn’t replace a crypto wallet. We strongly recommend storing and protecting your crypto on a hardware wallet or a wallet where you own the private keys. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. Partnership with BitGo allows Bitbuy users to store their bitcoin holdings in an offline vault.

By contacting the OTC desk, you’ll be matched with a dedicated account manager and reap various benefits of the platform. This includes instant quotes, trading with 100+ cryptocurrencies at the best rates, and even early access to upcoming features on the Bitbuy platform. The best and safest way to buy Bitcoin is with a credit or debit card and on an exchange or platform that provides its clients with immense security, low fees, and customer convenience. Perhaps the most important question to ask when dealing with an online bank or investment company, is whether or not they are safe. After all, you’re giving them your hard-earned money and personal information; you need to know that it’s secure. To conclude our Bitbuy review, the exchange is user-friendly and best suited for beginners in Canada that want to quickly and safely convert CAD into cryptocurrencies using an easy-to-use platform.

Pros And Cons

Trading pairs are on the left side, with a search bar making it simple to find a specific asset or quickly compare several pairs to locate the best opportunity. However, there is no way to set up multi-screen charting, which we’re beginning to see implemented more commonly in exchanges we’ve reviewed. The material contained on this website is for informational purposes only and RankFi.com, and its affiliates, is not soliciting any action based upon such material. The material is not to be construed as an offer or a recommendation to buy or sell investments nor is it to be construed as investment advice.

For example, if you’re more interested in trading alternative currencies, you might want to check out Coinsquare. As always, I recommend that you take the time to do the proper research to make the most informed decision. You may be wondering how Bitbuy stacks up against Coinsmart, another popular Canadian cryptocurrency exchange. Coinsmart has two additional funding options (bank draft and credit/debit card). However, their trading fees are higher (up to .40%), and the credit/debit card transfer fee can be as high as 6%.

Those who are unhappy have several complaints including the amount of “red tape” now involved since Bitbuy became regulated and compliant with the Ontario Securities Commission. Anything slightly suspicious on your account will result in your account being frozen. Trading pairs available are mostly CAD to crypto, but you can trade Bitcoin against Ethereum, Stellar, Bitcoin Cash, EOS, and Litecoin. Make sure to enter all of the information including the security question and answer.

How Do I Open An Account?

If you can meet those requirements you could get a nice stream of income since the commissions are paid on all fees for the life of the user’s account. This is well known in the trading community for being one of the best charting packages on the market. You can do extensive crypto technical https://forex-reviews.org/bitbuy/ analysis with their tools and technical overlays. If your business has the need to execute larger block trades with lower spreads / commissions then you can always use Bitbuy’s OTC solution. Over-the-Counter block trades allow for a more direct sale / transfer between the two parties.

bitbuy review

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. The platform is highly regulated by FINTRAC and the Ontario Securities Commission (OSC).

Bitbuy Review: Complete Exchange Overview

I suppose we’ll have to wait and see if that includes a new phone contact or online chat feature. Therefore, Bitbuy has not ventured into the territory of a number of other altcoins that are being offered by Canadian exchanges. However, given that EOS and Stellar Lumens are relatively recent additions, it does show that they are willing to add further coin support. They have promised AAVE and LINK are coming soon, so it does look like the number of choices is improving. These fees are actually quite reasonable and are below the rates that are charged by some of the other Canadian exchanges. For example, their Interac e-transfer withdrawal commands a fee that is less than that which is charged by Coinsmart for example.

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To our knowledge, Bitbuy has never been hacked, and it is the most secure crypto exchange in Canada. However, even with the highest level of security, there is a small chance that an exchange can be hacked. The good thing is that Bitbuy stores 99% of their crypto assets in cold storage offline with a comprehensive insurance policy provided by BitGo. When creating our list of the best Canadian cryptocurrency exchanges, one of the non-negotiables is that our top pick had to be well suited to a wide range of crypto traders. There are some exchanges with extensive coin offerings and sophisticated trading platforms, but they fly over the head of the average crypto trader.

Mobile App

Note that these platforms have been updated with a more modern, user-friendly interface as of the new updates to Bitbuy. If you are sending / receiving funds in CAD then you can use one of the payment methods that we listed in the fees section. It is however important to point out that those processing times are mere indications and will vary greatly depending on your banking provider. In this comprehensive review, we will take a deep-dive on Bitbuy. We will go over their security, platform support, fees and technology.

One platform that has been gathering traction in the region is Bitbuy. But how does it compare to mainstream exchanges like Kraken and Binance? Throughout this Bitbuy review, we’ll be taking a detailed look at the exchange, exploring its features, security measures, and ease of use. While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world.

But if you’re investing a significant amount of money into crypto, you should use OTC to ensure the process goes smoothly and you’re getting the best deal. OTC crypto trading is popular for large trades where you want to get the best price possible and reduce the risk of market volatility by locking in your order price. Over-the-counter (OTC) trading involves transactions between a buyer and seller, not an automated market maker. In other words, when you OTC trade, you’re making a deal with a single person or individual company rather than relying on an exchange to execute the trade. If you want a simpler way to buy and sell crypto from Canada, Bitbuy could be your best option.

Its founder, Adam Goldman, initially wanted to provide Canadians with a safe platform to trade Bitcoin, but soon realized that other cryptocurrencies were going to take over the world of Blockchain. Since then, Bitbuy has been ranked one of the fastest growing start-up in Canada. The first method is to email [email protected] with your questions. Alternatively, you can reference its support help desk to get answers for common questions people have.Bitbuy states it gets back to questions as fast as possible. Enoch Omololu is a personal finance expert and a veterinarian. In Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan.

Yes, you can trust Bitbuy, as it is the most secure and trusted Canadian cryptocurrency exchange. Bitbuy is registered with FINTRAC as a Money Services Provider, and their servers are secured across multiple world class cloud providers and disaster recovery locations. Bitbuy’s privately maintained codebase keeps core components closed source, so your intellectual property is safe from prying eyes. Although Bitbuy is a great platform for cryptocurrency trading in Canada, there are a few drawbacks that I need to mention. To find out more information and see alternative crypto exchanges that don’t have these issues, you can click on the jump links below. For any less common questions, Bitbuy has an email-based direct customer support line, allowing users to create a ticket to receive assistance via email.

  • Join the 1,500+ businesses that trust Bitbuy Corporate Solutions to add crypto to their balance sheet.
  • E-Transfers have a maximum of $10,000 per day, for anything higher it is wise to use a wire transfer with a cheaper fee and $500,000 maximum.
  • Pro Trade users also have access to market trading histories.
  • Only a North American number starting with the country code +1 can be used to sign up for the service.
  • If you would like to convert your personal account into a business account, you will be requested additional information.

Two senior staff members, Torstien Braaten and Dean Skurka, are also on the IIROC crypto asset working group. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets. The downsides are its new, higher trading fees and the lengthy verification process. While crypto regulation and compliance can be a good thing, it seems rather intrusive to have to provide details about your financial status, employment and investing objectives. Bitbuy will send a code to your phone which you’ll need to access your account.

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