Bitbuy Review 2022 Canadian Cryptocurrency Exchange

Once you verify your email, you enter extra information to complete your account. Overall, the entire process is similar to the KYC requirements exchanges like Gemini and Kraken require. You can get slight trading discounts if you trade millions of dollars in assets, but for everyday investors, there aren’t discounts. The main reason to use OTC trading is to lock in a price and to avoid market volatility. To OTC trade with Bitbuy, you need to invest at least $50,000. When you trade over-the-counter, you’re dealing directly with a seller or broker to buy or sell securities.

bitbuy reviews

You can expect stellar fees here too- 0.1% for makers and 0.2% for takers . BitBuy’s OTC service is made for clients looking to invest $50,000 or more. Sign up with your account and speak to one of their experts. Over-the-counter trading allows big traders to avoid slippage and work directly with a trader. The main page has your orders, the current market trends, several other charts and that’s it.

Hence, we sometimes like to get the perspective from other users on the platform. Moreover, mobile cryptocurrency trading is not for everyone. Many of the applications that have been put out by other exchanges have paled in comparison to the efficiency trading on PC or web-based interface. So, should you really feel the need to access the platform on your phone you can still log in and perform the basic buys / sells even if you don’t have the mobile app installed. If you are sending / receiving funds in CAD then you can use one of the payment methods that we listed in thefees section.

Moreover, as a subsidiary of the First Ledger Corporation, Bitbuy provides the utmost in terms of transparency and cyber-security for its consumers. Bitbuy is trusted by nearly 400,000 Canadians and they currently offer 15 crypto coins and tokens, with Bitcoin being one of their main sellers. Additionally, never hold significant amounts of cryptocurrency on any exchange unless you’re actively trading. Instead, use your own crypto wallet to hold your funds since this is the only way to maintain control over your private keys and funds. Many international exchanges don’t have any type of insurance with the exception of their own insurance funds, so this is another perk of using Bitbuy. BitGo provides coverage for losses resulting from hacks, private key theft, loss of keys, and similar breaches.

Could You Have a Cryptocurrency Wallet on Bitbuy?

After all, you’re giving them your hard-earned money and personal information; you need to know that it’s secure. Once activated, fund your account via Interac e-Transfer, bank wire, or by transferring cryptocurrency. Yes, Bitbuy does offer a mobile application for iOS and Android devices. Therefore, the users can efficiently operate all the primary features of the browser version on the mobile application of Bitbuy.

In Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. The Bitbuy platform offers Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, LINK, AAVE, and several others.

It requires users to submit an accurate assessment of both their and their spouse’s income levels, assets, liabilities, and recent tax filings. There are a bitbuy review couple of ways users can contact Bitbuy’s customer service. There is a Bitbuy support page that has an easy-to-navigate UI with frequently asked questions.

Bitbuy Verifications

That’s why our Bitbuy review is taking a look at everything this exchange has to offer so you can decide if it’s for you. That has been officially confirmed as a marketplace in December 2021 and is regulated by the Ontario Securities Commission, plus it’s a registered money service business with FINTRAC. What are your experiences with the various cryptocurrency exchanges in Canada? Bitbuy is one of the most popular cryptocurrency exchanges in Canada. Coinbase is a larger exchange that has more variety in cryptocurrencies and services.

bitbuy reviews

BitBuy transaction fees are much lower than larger exchanges like Coinbase or Gemini. The fees for making deposits and withdrawals with CAD are slightly higher depending on the type, ranging from 0.50% to 1.50%. For example, the simple bank transfers and wires cost 1%, while the Interac e-transfer costs 1.5%. Over-the-counter trading involves transactions between a buyer and seller, not an automated market maker.

Bitbuy is one of the most popular cryptocurrency trading platforms here in Canada. Bitbuy is one of the most popular cryptocurrency trading platforms here in Canada, and for good reason. CryptoManiaks is an authoritative crypto education platform dedicated to newcomers and cryptocurrency beginners. Perhaps the most important question to ask when dealing with an online bank or investment company, is whether or not they are safe.

For Canadians, the ability to exchange cryptocurrency for CAD is a crucial feature of exchanges like Bitbuy. A number of support functions through which the Bitbuy team are available and you can answer questions are provided for through the company homepage. Trading in cryptocurrency is highly speculative and carries a high level of risk. These products may not be suitable for everyone and you should ensure that you understand the risks involved. There is a very high degree of risk involved in trading securities.

What types of cryptocurrencies can you trade on Bitbuy?

There are plenty of wallets out there that support these coins. Buy and sell cryptocurrency with Canadian dollars on this beginner-friendly Canadian exchange. On holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform. From there they will need to register an email account and user name. Once they have completed that step, they will need to click the verification link in their email inbox.

  • When not working or writing, you’ll find me racing triathlons or rock climbing.
  • These include the likes of digital currency merchant solutions as well as blockchain consultation.
  • Bitbuy also sends an email with a verification link once you verify your phone number.
  • Despite the added convenience of a mobile crypto trading app, some elements are not as simple to use, such as coin transfers to external wallets.
  • It also lacks staking and lending options, so you can’t earn passive income with your crypto like you can with crypto interest accounts like BlockFi and Celsius.

BitBuy has a host of security features, including secure cloud servers, 2FA, regular audits, and top-notch information security. BitBuy has a reputation as the most secure and trustworthy Canadian crypto exchange. You do not have to worry about BitBuy scamming you out of your crypto. They may not have much of a selection, but what they have is intuitive, easy to use and executed without much toil. But there are also issues like the excessive commissions and slow verification of everything that may need verification. Moreover, they give you a rough idea of how much you’ll have to pay.

What is Bitbuy?

You know you can trade safely on Bitbuy, as they routinely conduct financial audits, monthly security audits, and transaction reporting audits using trusted third parties. Bitbuy’s servers are secured across multiple world class cloud providers and disaster recovery locations. Bitbuy may be the perfect digital trading platform for your personal and financial needs. Although there are other cryptocurrency exchanges in Canada, you can rest assured that Bitbuy is a secure network featuring plenty of options for new and veteran traders alike.

Cryptocurrency will be one of the main medium exchanges in the future. Our team сonstantly checks news & changes in the crypto world for Canadians. Those who are happy praise the customer support and the ease of use. Bitbuy has slightly more “excellent” reviews on Trustpilot than “bad” reviews, so most customers are happy with Bitbuy.

On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets. Bitbuy’s Express platform is perfect for beginners or anyone looking for a quick purchase at market price. Both its mobile app and its desktop platform make it easy to deposit and purchase cryptocurrency. You can also use a card via a third-party provider but there is a standard fee set at 6.25%. Bitbuy’s fees used to be some of the cheapest of any crypto exchange at 0.2%. Now, there are no deposit fees and they have implemented a tiered trading fee structure based on your trading volume over the last 90-day period.

Also, you get all the needed features that allow you to track the currency market prices, your orders, view history, and so much more. That said if you decide to use the platform after reading this Bitbuy review, make sure to also get the mobile version as well. It was created for reliable partners to be able to connect to Bitbuy’s 10+ markets that offer a variety of CAD-to-crypto and crypto-to-crypto pairs.

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