Find out Bitbuy’s core features, pros and cons, how it compares with competitors, and most importantly, whether you should register an account or not.

The central theses

Register with Bitbuy if:

  • They care about the safety of your funds.
  • First class customer service is important to you.
  • They think fee transparency is essential in a crypto exchange.

Do not register with Bitbuy if:

  • Above all, low fees are most important to you.
  • You are not a Canadian Permanent Resident or Citizen.

Bitbuys Background

Bitbuy is one of the most popular platforms for buying and selling cryptocurrency in Canada.

Founded in 2013 under the name InstaBT and renamed in 2016, Bitbuy gives Bitbuy an edge over some of the newer exchanges in terms of expertise due to its considerable experience in the cryptocurrency market.

Evidence of this can also be found in Bitbuy’s comprehensive guides on a wide variety of topics in the crypto space, including a weekly technical analysis of Bitcoin.

Bitbuy is available on the web and also via Android and iOS mobile apps.

The core functions of Bitbuy

  • Legally registered. Bitbuy is a registered MSB (Money Services Business) with FINTRAC, an institution of the Canadian federal government.
  • Express trading. Designed for newer traders looking for a user-friendly interface on the web or mobile app.
  • Professional trade. Best for advanced traders looking for lower fees, access to charts, API connectivity, and a live order book.
  • OTC (Over The Counter) trading desk. Greater liquidity and a private, personalized service for customers who fulfill larger orders. Saves time and money for great traders.
  • Immediate review. Bitbuy uses an automated verification system that verifies customers within minutes while adhering to Canadian key Regulations.
  • Safety. 95% Cold store Policy and 2FA enabled for all transactions.

Register your Bitbuy account today

Bitbuy vs. the competition

When reviewing Bitbuy and comparing it with other market participants, it stands out most for its transparency.

While other exchanges appear to offer lower fees or even no fees at all, customers pay for platform usage in different, more latent ways.

I like that Bitbuy doesn’t try to hide its management prices and is upfront with the costs.

In addition, Bitbuy stands out for its commitment to the customer experience.

Customers can quickly find answers to general questions on the Bitbuy support website or use the online support ticketing system to answer a more specific query.

Source: bitbuy.ca

Additionally, Bitbuy lists a toll-free number that users can call to speak directly to a customer service representative.

I see this as an indication that Bitbuy values ​​giving customers the best service experience and that all customer questions or concerns are taken into account.

Bitbuy is also very responsive and transparent when it comes to security and operations, which is important after the recent QuadrigaCX fallout.

In fact, in 2019 Bitbuy carried out a proof of reserves audit, which was carried out entirely by a third party.

These attributes are extremely important and are the reason why I support the platform so much.

In all other respects, Bitbuy is pretty much comparable to other successful Canadian platforms.

Would you like more options? Discover the 5 best ways to buy Bitcoin.

Bitbuy payments

Processing times: For funding your account with Interac e-Transfer, Bitbuy says it can take up to 24 hours.

In my experience, this is usually much faster as most e-transfers are processed in less than an hour.

Crypto and cash withdrawals are also quick and happen within hours of your request.

Financing options: Bitbuy offers the option of topping up your account with Interac E-Transfer or bank transfer.

While both options are probably the safest and easiest to use, some of you may want to fund your account using a credit card or Canada Post top up – services offered by some other exchanges.

Register your Bitbuy account today

Trading pairs

With 16 trading pairs, it far surpasses Shakepay and Newton, but doesn’t offer as many as Coinfield’s 19 pairs.

Source: bitbuy.ca

Bitbuy currently offers 8 coins for trading:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Star (XLM)
  • EOS
  • DAI

fees

Although Bitbuy’s fees seem to be higher than some of the other platforms, as mentioned, I like that the costs are stated upfront and not hidden.

For financing, the fees are between 0.5% and 3.5%, depending on how you want to top up your account.

Source: bitbuy.ca

  • Bank transfer = 0.5%; At least $ 10,000; $ 500,000 maximum
  • Interac E-Transfer = 1.75%; At least $ 100; maximum $ 10,000 / 24h
  • Express Interac E-Transfer = 3.5% min. $ 500; maximum $ 10,000 / 24h

Fiat withdrawal fees range from 1.75% to 3% depending on how you choose to withdraw.

Source: bitbuy.ca

  • Bank transfer = 1.75%; At least $ 3,000; $ 50,000 maximum
  • Bank transfer = 1.75%; At least $ 10,000; $ 500,000 maximum
  • Interac e transfer = 1.75%; At least $ 50; $ 10,000 maximum
  • Expedited Bank Transfer = 3%; At least $ 3,000; $ 50,000 maximum

For crypto withdrawals, the fees are pretty normal.

Final review on Bitbuy and Opinion

Overall, as you can probably understand by now, my review of Bitbuy is extremely positive.

I mainly love Bitbuy because:

  • Bitbuy is easy to use.
  • You can rest assured that your investment is safely managed.
  • The customer support is top notch. Being able to speak to a real person is a real asset.
  • The transparency of fees. While fees can be higher than other exchanges, I happily pay more for great service.
  • They are also very transparent about their operations, including their safety and the verification of the evidence of reserves, which was completed in 2019.

Register your Bitbuy account today

Hope you enjoyed reading my Bitbuy review!

Do you use and enjoy Bitbuy? Did I forget something in my Bitbuy review?

Let me know in the comments!

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