For the process, enter your email ID and password and approve the confirmation link you receive in your email. You will be eligible for a $20 promotional discount once you fulfill the eligibility requirements. However, a Bitbuy referral program is available that pays you $40 for every person who signs up using your unique referral link code. I love learning about real-world applications of cryptocurrencies and teaching others about these new technologies.
Funding and withdrawals are only possible using Canadian dollars or cryptocurrency. Regarding Bitbuy’s deposit and withdrawal methods, it allows you to move your funds in and out of the platform by wire transfer or Interac e-Transfer. Additionally, you can purchase BTC, ETH, and USDC using your credit card, and the exchange has plans to add more coins soon. One of the best-known Bitbuy’s strengths is its excellent customer support service. The support is reachable via email and phone, which is highly convenient and not offered by many exchanges.
This feature has been primarily designed for newer investors and allows them to place orders directly without having to look at any of the customizations or advanced tools available for the same. The charges for depositing cryptocurrencies are dependent on the specific coin you choose to deposit, as well as the network you use. Additionally, Bitbuy has also been registered with FINTRAC as a Money Services Business, which is another https://broker-review.org/ regulatory agency specifically for brokerages and exchanges. Get a $25 bonuswhen you trade $100 worth of crypto on Newton. For each of your invites that create an account through your Bitbuy referral link or code and make a $250+ deposit, you both get $20. There’s also Express verification, which requires you to scan and upload photos of your identity card or Driver’s License and a selfie photo using your phone and Bitbuy app.
In order to select the preferred pairing, click the list icon on the top left-hand side of the Pro Trade page. Simply select the crypto you wish to purchase/sell, open the wallet, and click “Buy” or “Sell” as shown below. Incorrect information could lead to the permanent loss of your crypto assets.
Talking about decentralized cryptocurrency exchanges, there’s no third-party involvement and you have full autonomy over your wallet. 95% cold storage policy and 2FA enabled on all transactions. Recently audited for proof of reserves and security by a 3rd party blockchain security firm.
- If you are using their Express Trade function then a flat fee of 0.2% on buying and selling applies to all cryptocurrencies.
- When depositing or withdrawing Canada dollars, you will pay from 0.50% to 1.50% depending on the type of deposits and withdrawals – Bank Wire or Interac e-Transfer.
- Coinberry is insured, OSC & FINTRAC licensed, PIPEDA compliant, and the only digital asset platform that is trusted by Canadian government municipalities.
- Unlike some crypto exchanges that hide their fees with expensive bid-ask spreads, Bitbuy fees are transparent and competitive.
Spreads refer to the difference between the bid price and the ask price. This model is primarily adopted by market-maker trading platforms that assume the position of the counterparty in the trade. Therefore, you are effectively trading against the platform.
Creating and Verifying a Bitbuy Account
Even if you choose to deposit and withdraw funds using cryptocurrencies, you will still be faced with higher fees than most other brokers in the industry. For example, in addition to the gas fees that you will pay for the transaction, you will also have to pay an additional $1-$20 in mining fees for the transaction to Bitbuy. Bitbuy also offers phone support for users who might need more personalized help or instructions to solve their problems. Bitbuy is one of the very few regulated crypto exchanges in the world, and it is the only regulated Canadian crypto exchange. This presents a problem to investors who might want to only invest in regulated platforms as they would offer a higher degree of security from fraud and other problems.
However, Buybit is perfect for Canadian citizens as it’s headquartered and regulated within the area. When you sign up to create an account on Bitbuy, you will need to confirm your email address, phone number and verify your identity. Cryptocurrency funding has no minimum or maximum deposit limit, nor do withdrawals. Most Interac e-Transfers will settle within the same day, and, in some cases, several hours.
Noteworthy Features 4.0/10
For trades of more than $50,000, you can utilize the Bitbuy OTC trading desk. Here you will have your own dedicated account manager and OTC desk trader to assist and support you where needed. There is a corporate option if you wish to trade under a company account, and the Bitbuy API is available for those looking to automate trading and make repeat purchases. Again this platform is available in your browser and you will have access to more charting data and order types for a highly-customizable experience.
This duality in the platforms that the Bitbuy exchange offers makes it suitable for investors who are at different levels on the learning curve, adding to the appeal of the platform. The basic Express Trading mode does a very good job at this, by presenting a platform that has been designed very simply and is very easy to navigate. There are no unnecessary options, and users can intuitively trade through them. This prevents newer investors from getting intimidated because of the large variety of tools and options that they have at their disposal. It offers access to a variety of cryptocurrencies including Bitcoin, Ripple, and Bitcoin Cash. Its complete range of offerings will be discussed below in detail during this review.
Is Bitbuy Legal In Canada?
There is a minimum transfer of C$100.00 and maximum transfer of C$10,000. In addition to the Accounts page, users may also view balances on the Wallets page. Bitbuy currently supports Bitcoin, Bitcoin Cash, EOS, Ethereum, Litecoin, Ripple’s XRP, and Stellar’s Lumen. As shown below, you may narrow the pair listing by selecting the crypto that you wish to purchase or trade. Alternatively, you may enter the name and select your preferred pairing. At this stage, you will now need to make a deposit to begin trading and investing.
Also, if FIAT funding isn’t what you’re looking for, you can choose to fund your account with cryptocurrencies. As you can see, there are 17 different coins for you to choose from. Now, if you’re interested in less popular tokens, this might be an issue. However, if the main assets are all you need, then you’ll be happy to know that Bitbuy supports them all.
The views and opinions expressed on this website are purely the author. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question. All information contained herein should be independently verified and confirmed. 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.
Bitbuy has a dedicated page providing users with Bitbuy supported crypto compatible wallets and a Canadian Dollar wallet. For the more advanced crypto traders, the “Pro Trade” platform offers charts with an array of indicators to support technical analysis. Bitbuy gives investors and traders access to the most popular cryptos in the market place.
The platform is strictly regulated by FINTRAC and only serves Canadian customers. US residents cannot use Bitbuy and must find a USA cryptocurrency exchange. Bitbuy offers an intuitive and responsive mobile application for users to buy and sell crypto markets anytime and anywhere. The Bitbuy app is available for download on IOS and Android devices. However, the user must have their app store region set to Canada to access the app. While Bitbuy has explained its range of assets, the exchange still offers far fewer cryptos than its competitors.
The former is ideal for transacting relatively small amounts , while the latter is appropriate for higher amounts. The platform charges a 1.5% commission fee on e-transfers for withdrawing and depositing money into and out of an account. Bitbuy enables its corporate customers to keep Bitcoin within their balance sheets by buying and holding the asset within their hosted wallet. To entice its prospective institutional clients, the exchange has invested heavily in its infrastructure and partnerships, including using BitGo as its custody provider for corporate accounts. Quick sign-up and verification – it is easy to create an account with Bitbuy and start trading quickly due to its smooth sign-up process. The platform has partnered with a global identity verification startup called Trulioo to streamline the onboarding process.
Moreover, the insurance covers your crypto assets’ full price. When a trader uses this platform, both maker fees and taker fees are 0.5%. Bitbuy is planning to reduce this fee to 0.2% after launching the new user interface.
Bitbuy is a Canadian cryptocurrency exchange that is proudly focused on serving Canadian traders. The exchange was established in 2016 and has grown to become a popular and trusted marketplace for Canadian crypto-traders with now more than 350,000 users. They have a 99% cold storage policy, enforce 2-factor authentication, and follow all Canadian regulations as a registered Money Services Business with FINTRAC. Bitbuy is registered as both a marketplace and an investment dealer, and works with outside auditors regularly to look through its financial transactions and highlight any possible suspicious activity. The minimum withdrawal amount for crypto assets or fiat is listed for each asset in this page. For fiat, the minimum withdrawal amount is $50 for Interac e-transfer, and $20K for bank wire, which is quite high if compared to other exchanges.