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Looking to start trading cryptocurrencies through the Bitbuy platform? This post covers how you can get a $20 bonus using a Bitbuy referral code.
Next, it’ll provide a Bitbuy review covering its best features, pros and cons, fees and how it compares to some of the other popular crypto platforms in Canada.
Bitbuy Referral Code
As a new Bitbuy user, you can earn a bonus of $20 when you sign up using this Bitbuy referral code (EMDPGKXEID). All you have to do is verify your email and identity, then deposit a minimum amount of C$250 in your Bitbuy account as a single deposit.
Bitbuy will also pay a referral bonus of $20 for each friend you refer. All they have to do is satisfy the same minimum deposit requirement of $250.
Bitbuy Referral Program
The Bitbuy referral program offers a handsome payout. It lets you earn a referral bonus of $20 when you sign up using a Bitbuy referral link or referral code like this one: EMDPGKXEID.
In addition, you can make money by referring other users to the service. Learn how it works below.
How the Bitbuy referral works
Getting started with making money through the Bitbuy referral program is easy.
- Sign up for a new account and provide all necessary information
- Verify your email and your identity. It is required since Bitbuy is registered with FINTRAC
- Deposit at least $250 at once to get the Bitbuy referral bonus of $20
- Go to your profile settings to get your unique Bitbuy referral code or referral link
- Share with your friends to start earning with Bitbuy
- Both of you will get the bonus after they deposit the minimum of $250
That’s it. There’s no limit on the number of people you can refer.
Bitbuy is a Canadian cryptocurrency trading platform that was launched in 2016 and operates out of Toronto, Ontario. Their goal is to make the process of getting started with cryptocurrencies less daunting and accessible to everyone.
It is registered as a Money Service Business (MSB) and subject to the regulatory framework on FINTRAC.
Some of the key features of Bitbuy include:
- Access to trade 7 digital coins
- Instant ID verification for most users so you can start trading immediately
- Low trading fees and tight spreads
- Affiliate program that allows users to earn by referring others
- Extra tools for advanced traders such as Pro Trade, access to OTC and Bitbuy API.
What coins are available on Bitbuy?
With 7 digital coins, Bitbuy has a good selection of digital currencies available for trading on its platform.
The available cryptocurrencies on Bitbuy are:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ether (ETH)
- Litecoin (LTC)
- XRP (XRP)
- EOS (EOS)
- Stellar (XLM)
Dogecoin, Tether and other popular digital coins are currently not supported by Bitbuy. However, the company plans to add Chainlink (LINK) and AAVE soon.
Buying and selling on Bitbuy’s Express Trade platform has a fee of 0.20%. In addition, there’s a spread between the quoted buy and sell prices of the digital currencies and the actual prices. This is normal practice and Bitbuy’s fees and spread are comparable to the other crypto platforms.
For Pro Trade and API clients, the trading fees are 0.1% for Maker and 0.2% for Taker.
The biggest fees to watch out for is to deposit or withdraw your fiat currency (CAD). Bitbuy charges for both depositing CAD and withdrawing it, irrespective of the payment method you choose:
|Interac e-Transfer Deposits||$100||$10,000 / 24 hrs||1.50%|
|Bank Wire Deposits||$20,000||$500,000||0.50%|
|Interac e-Transfer Withdrawals||$50||$10,000 / 24 hrs||1.50%|
|Bank Wire Withdrawals||$20,000||$500,000||1.00%|
It is free to deposit your crypto holdings to trade on the platform. But crypto withdrawals are not free.
Bitbuy charges a flat withdrawal mining fee. The fees and the minimum crypto withdrawal are shown in the table below.
|Crypto||Minimum Withdrawals||Mining Fee|
|Bitcoin||0.001 BTC||0.00025 BTC|
|Bitcoin Cash||0.01 BCH||0.001 BCH|
|Ethereum||0.1 ETH||0.01 ETH|
|Litecoin||0.05 LTC||0.02 LTC|
|Stellar Lumens||26 XLM||0.02 XLM|
|XRP||25 XRP||0.02 XRP|
|EOS||1 EOS||0.02 EOS|
Pros and Cons of Bitbuy
Pros of Bitbuy
- Regulated crypto trading platform
- Intuitive and easy to follow platform for all users
- Bitcoin balances are insured.
- Utilizes Cold storage for added security
- Low fees and spread
- Good selection of digital coins
- Instant verification available
- Mobile access through the iOS and Android apps
Cons of Bitbuy
Some of the drawbacks of Bitbuy include:
- Deposit and withdrawal fees for CAD are one of the highest in Canada
- If instant verification fails, verification can take some days
- Limited coin offerings for now
- Minimum deposit of $100
Is Bitbuy safe and legit?
Like many of the other crypto exchanges in Canada, Bitbuy is registered as a Money Service Business and operates in accordance with all relevant laws in Canada. So the company is definitely legit.
For safety, Bitbuy has partnered with Knox to offer full 1:1 bitcoin insurance. Meaning your bitcoin funds on the platform is fully secure and will be 100% recoverable in the event of a theft, fraud and so on.
However, the best form of safety when it comes to bitcoin or other crypto assets is storing or safe keeping them yourself. That is, move your holdings to your own wallet after buying them on a crypto platform.
You may use a software or hardware wallet, but the latter provides the highest form of security. Luckily, you can get a good one for less than $100 in Canada. 2 of the best hardware wallets are Ledger Nano S and Trezor One.
Bitbuy vs Other Crypto Exchanges
Here’s how Bitbuy compares to some of the other popular crypto platforms available to Canadians:
Bitbuy vs Shakepay
Shakepay is a beginner-friendly crypto trading app available to Canadians looking to trade bitcoin and Ethereum.
Unlike Bitbuy, there are no trading fees for buying or selling crypto on Shakepay, but they earn some money through the spread on their quoted prices.
Fiat currency (CAD) deposit and withdrawals is also free. And to cap it off, depositing and withdrawing your bitcoin or Ether is completely free because Shakepay covers the miner fees and gas fees, respectively.
In addition to crypto trading, Shakepay allows peer-to-peer transfer of funds between users and a Shakepay Card, with bitcoin cash-back will be available soon. You can get on the waitlist for the card when you sign up for a Shakepay account.
Bottomline is: Bitbuy has a more robust platform if you’re only looking to trade digital currencies. They support more coins and provide more tools for advanced users. However, the fees are much higher than those of Shakepay. If you’re only looking to trade bitcoin and ether, then Shakepay is a better crypto app.
Read more: Shakepay Review and Referral Code
Bitbuy vs Newton
Newton is a Toronto-based crypto trading platform that was launched in 2018 and now has a user base of over 200,000 users as of May 2021. It currently supports 10 digital coins including bitcoin, ethereum, bitcoin cash etc.
CAD Deposits, CAD withdrawals and crypto deposits are free at Newton. and crypto assets deposits are completely free too. To withdraw your crypto, Newton will cover the mining fees up to $5, while Bitbuy charges a flat fee for the same feature.
And in terms of spread, Newton offers one of the tightest spreads in Canada, usually ranging between 0.5-0.7%. And with no trading fees, your total cost to purchase crypto will be much lower at Newton compared to Bitbuy.
Overall, both Newton and Bitbuy are great crypto platforms for beginners and advanced traders alike. However, Newton’s offerings are currently superior to Bitbuy’s. Your overall cost to deposit, trade and withdraw your funds or crypto will be much cheaper with Newton.
Read More: Newton Review and Referral Code
Bitbuy vs NDAX
NDAX supports 11 digital currencies including bitcoin, ether and dogecoin, while Bitbuy only supports 7 cryptocurrencies.
Like Bitbuy, NDAX charges a 0.20% fee for both buying and selling bitcoin, ether and all the other supported coins. CAD deposits and crypto deposits are free at NDAX.
However, there’s a $25 fee for withdrawing funds from your account and flat fees for withdrawing your crypto: bitcoin withdrawals cost 0.000399 BTC for example. Bitbuy on the other hand charges for both deposits and withdrawals of CAD. Plus a flat fee for crypto withdrawals.
Overall, NDAX has one of the lowest crypto trading fees in Canada. Even with its fees for CAD withdrawals, you’ll still be paying lower fees compared to Bitbuy especially if you’re not making frequent and little CAD withdrawals.
Read more: NDAX Referral Code & Review
Bitbuy vs Coinbase
Coinbase supports a wide selection of digital coins and is one of the largest cryptocurrency exchanges worldwide.
It is a publicly traded company and is listed on NASDAQ. In terms of size, it is bigger than Bitbuy and all the other crypto exchanges in Canada.
Unfortunately, Canadians can only fund their Coinbase account using a debit or credit card for up to 3.99% in fees. By the time you add on the trading fees and spread of buying the crypto, you’ll be looking at a total cost that is higher than any of Canadian crypto platforms.
Bottomline, Bitbuy offers a better crypto platform than Coinbase for Canadians looking to trade any of the currencies Bitbuy supports. But if you’re looking to trade any of the other altcoins that are not available through your favourite Canadian crypto app, then Coinbase may be worth it.
Other Crypto Apps Sign-up bonuses in Canada
Coinsmart: Supports 9 digital coins including bitcoin and ethereum. Get $20 after your trade a $100 using our exclusive referral link.
Wealthsimple Crypto: $10 welcome bonus. Supports bitcoin and Ethereum. There are no deposit and withdrawal fees but there’s an operations fee of 1.75-2%. Read more about its offering by checking this post on Wealthsimple Crypto Review and Referral Code.
Netcoins: $10 bonus when you deposit a minimum of $100. Supports 7 digital coins, no CAD funding and withdrawal fees, allows both USD and CAD funding and has a trading fee of 0.50%. You can check here for a full Netcoins Referral Code and Review.
Coinberry: $20 bonus after trading $50 or more. Earn even more by referring your friends and getting up to $475 in trade credit.
Final Thought: Bitbuy Review
Overall, this review of Bitbuy is mixed. It is a great crypto platform for both newbies and experienced investors. However, the fees are much higher than many of its peers.
At 1.5%, its deposit and withdrawals fees for Interac is the highest in Canada. Other platforms like NDAX and Newton support more digital coins at lower fees than what Bitbuy currently offers.
In conclusion, whether you’re a beginner or advanced crypto investors, Canadians now have access to several crypto trading platforms with great features and good selection of digital coins for everyone.
But always remember that cryptocurrencies are very volatile and prone to large and frequent swings. So keep this in mind and only invest an amount you’re willing to lose.
Get $20 Bitbuy referral bonus when you sign up using the referral link below.
And if you want to start investing without worrying about the right platform or want to hold crypto in your TFSA or RRSP, a crypto ETF may be for you. The posts below cover the best options available to Canadian investors.
Bitbuy Referral Code & Review
Bitbuy is a Canadian crypto trading exchange that provides access to 7 digital currencies on its platform.