Bitbuy Review 2022: Best Crypto Exchange for Canadians?

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As interest in cryptocurrencies grows, so does the need for a reliable solution to exchange these digital assets. Bitbuy is one of the best cryptocurrency exchange platforms in Canada

Bitbuy is a reliable and trustworthy crypto platform and one of the first entrants into Canada’s digital asset exchange business. 

Their goal is to help customers buy, sell, and spend their digital currency with ease. They provide a safe and secure environment for both beginners and experienced users alike.

In this Bitbuy review, we are going to take an in-depth look at the crypto exchange. We’ll review the key features, including how it works, its pros and cons, and how you can use it to trade cryptocurrency.

We will also cover some comparisons to see how the exchange compares to some of the best Bitbuy alternatives in Canada.

Let’s get started!


About Bitbuy

Bitbuy is a Canadian cryptocurrency exchange that allows users to purchase Bitcoin and other cryptocurrencies through their website or mobile app. 

They have been operating since 2016 and they have built up a reputation for providing great service when it comes to customer support. In addition to being a crypto exchange, Bitbuy also offers several services aimed at helping its customers navigate the world of cryptocurrencies.

Bitbuy offers different payment methods including wire transfers and Interac e-Transfers. They also offer the ability to fund your account with crypto if you don’t have Canadian dollars on hand when you want to make a purchase.

They also have a large selection of coins for sale on their website, making it easy for you to diversify your portfolio with more digital assets.

Additionally, they offer an API and several integrations so you can accept cryptocurrencies as payment easily without having to deal with any coding yourself or handle any of the heavy-lifting.


Bitbuy Key Features

Bitbuy has several features that make it more convenient and secure than other exchanges. Here are the key features of Bitbuy:

  • Inception Year: 2016
  • Supported Cryptocurrencies: 25
  • Headquarters: Toronto, Canada
  • Supported Fiat Currency: Canadian Dollar
  • Minimum Deposit: $100
  • Funding Options: Crypto, wire transfers and e-transfers
  • Trading Fees: 0.1% to 0.2%
  • Deposit Fees: 1% to 1.50%
  • Withdrawal Fees: 0.5% to 1.50%
  • Spread: Varies
  • Sign-up Bonus: $40

How Does Bitbuy Work?

Bitbuy’s mission is to help ordinary people invest in digital assets without having to go through the hassle of complicated procedures. 

They believe that everyone should have access to the same investment opportunities, not just those with deep pockets who can afford high-priced advisors and brokers.

As a result, Bitbuy makes buying and selling digital coins straightforward. The site offers two different trading platforms: Express Trade and Pro Trade.

The “Express Trade” platform is designed for beginners who want to place a single trade via their mobile or desktop computer. It features a simple interface that allows users to quickly buy and sell bitcoin, Ethereum, Litecoin and other cryptocurrencies with minimal fuss.

The “Pro Trade” platform is designed for more sophisticated traders who want to use advanced charting tools and multiple order types to execute sophisticated trading strategies. 

If you want to trade on the Bitbuy platform you must first sign-up as a member by providing accurate information about yourself such as your name, address and date of birth. 

You will also need to provide proof of ID by uploading a copy of your driver’s license or passport before completing your registration process.

Next, you can fund your account and start trading any of the supported cryptocurrencies.


Bitbuy Supported Cryptocurrencies 

There are different types of cryptocurrencies you can trade on Bitbuy.

At the time of writing, Bitbuy supports a total of 25 cryptocurrencies that includes:

  • Dogecoin (DOGE)
  • Bitcoin (BTC)
  • Cardano (ADA)
  • Ethereum (ETH)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Stellar (XLM)
  • EOS
  • Chainlink (LINK)
  • AAVE
  • Uniswap (UNI)
  • Polkadot (DOT)
  • SushiSwap (SUSHI)
  • Solana (SOL)
  • Polygon (MATIC)
  • MANA
  • USDC

Pros and Cons of Bitbuy

The exchange offers the ability to trade several different cryptocurrencies, such as Bitcoin and Ethereum. 

However, there are several pros and cons of using Bitbuy that you should be aware of before deciding whether or not to use the platform. Here are some of the pros and cons of Bitbuy:

Pros

  • It’s easy to use: Bitbuy is a user-friendly platform that allows you to buy and sell your cryptocurrency in minutes. 
  • Security: Bitbuy uses two-factor authentication (2FA) for all login attempts with its software. It also uses cold storage for the safekeeping of the bulk of the cryptocurrencies on the platform.
  • Low trading fees: Bitbuy is one of the few cryptocurrency exchanges that offer low trading fees. The exchange charges a low trading fee of 0.1% – 0.2%, depending on platform.
  • FINTRAC Registration: Bitbuy is registered with FINTRAC as a Money Services Business and with OSC as a restricted dealer. This means it has to follow strict government rules and regulations.
  • Good customer support: The customer service team at Bitbuy is available 24/7 via email and phone, which means that questions about how the platform works or issues with payment methods are easily resolved quickly and efficiently.

Cons

  • Fees: Bitbuy charges fees for almost every transaction made on its platform including trading fees, withdrawal fees, deposit fees, etc. The fees vary depending on which coin you’re buying or selling.
  • Limited countries supported: Bitbuy only supports users from Canada. This means if you live outside of Canada, you cannot use this service.

Bitbuy Fees

Bitbuy has a variety of trading, deposit and withdrawal fees. These fees are set by Bitbuy and they can change at any time. The fees listed below are current fees you can encounter while trading your crypto on Bitbuy:

Bitbuy Trading Fees

Bitbuy charges a 0.1% to 0.2% fee for all trades on the platform. This is a standard fee for most cryptocurrency exchanges and is not high by any means. 

The trading fee is calculated based on the total value of your trade. Bitbuy’s trading fees are charged as follows:

  • Express Trade: 0.2% for each trade whether it is for buying or selling
  • Pro Trade and API clients: 0.1% for Maker and 0.2% Taker

Bitbuy Deposit Fees

You can deposit CAD into Bitbuy by using an Interac e-Transfer or Wire transfer. The fee for sending through an Interac e-Transfer is 1.50% while the fee for depositing through wire transfer is 0.5%.

Bitbuy Fiat Withdrawal Fees

If you withdraw CAD from your Bitbuy account, there is a 1.50% fee when withdrawing via Interac e-Transfer. There is also a fiat Withdrawal fee of 1.0% if you withdraw via wire transfer.

Bitbuy Crypto Withdrawal Fees

Bitbuy’s crypto withdrawal fees are based on the type of currency. The following table shows the withdrawal fees for each cryptocurrency it supports.

Currency TypeFees
USD Coin (USDC)15 USDC
Decentraland (MANA)10 MANA
Polygon (MATIC)10 MATIC
Solana (SOL)0.005 SOL
SushiSwap (SUSHI)2 SUSHI
Polkadot (DOT)0.1 DOT
Uniswap (UNI)0.75 UNI
AAVE0.03 AAVE
Chainlink (LINK)0.3 LINK
EOS0.02 EOS
Stellar (XLM)0.02 XLM
Bitcoin Cash (BCH)0.001 BCH
Litecoin (LTC)0.02 LTC
Dogecoin (DOGE)3 DOGE
Cardano (ADA)1 ADA
Ethereum (ETH)0.005 ETH
Bitcoin (BTC)0.00025 BTC

How Do I Sign up for Bitbuy?

Bitbuy works by allowing users to buy or sell cryptocurrencies using fiat currency through their website or mobile app. 

To buy cryptocurrency on Bitbuy, all you have to do is simply sign up for an account on Bitbuy’s website or app using this link.

The next step is to fill out your profile information by giving your name, address, date of birth and citizenship then create your account.

Once you have created an account, you will be asked to verify your identity using your government-issued ID or driver’s license. You can upload it using a smartphone or computer camera.

After submitting your documents, they will be reviewed by Bitbuy’s verification team and a confirmation notification will be sent to you once processed. Once approved, you are ready to purchase cryptocurrencies!


Is Bitbuy Safe?

Bitbuy is 100% safe to use. They are a licensed, regulated and insured cryptocurrency exchange based in Canada.

As a licensed Money Services Business (MSB) with FINTRAC, Bitbuy has an obligation to follow all regulations and requirements set forth by the Canadian government regarding anti-money laundering practices.

In addition, it is one of the few crypto platforms that are registered with the Ontario Securities Commission as a Restricted Dealer & Marketplace.

Also, the company uses cold storage for most of the coins held in its system. This means that only a fraction of all coins are stored online to keep them safe from hackers who might try to steal them by hacking into the system. 

Additionally, Bitbuy uses 2FA (two-factor authentication) where you provide an extra layer of security by entering a code sent to another device such as your phone when signing up or withdrawing funds from an account.

Therefore, if you are planning to buy your cryptocurrencies on Bitbuy, then you can rest assured that your money will be safe with the exchange.

But for better safety, consider storing your cryptocurrencies in your own offline wallet by investing in one of the top crypto wallets.

Bitbuy Promo Code

New Bitbuy users earn a bonus of $40 when they sign up using a referral link and make a first deposit of at least $250.

In addition, they earn extra bonus of $40 for each friend they refer to the crypto exchange. Learn more about the referral program in this post about Bitbuy promotions.


Bitbuy Alternatives

If you want to buy bitcoin, ether and other cryptocurrencies, Bitbuy is one of the most secure and easy-to-use platforms around. 

However, it’s not the only option available. There are other options available if you’re looking for a place to buy and sell cryptocurrency.

Next in this Bitbuy review, we’ll take a look at some of the best Bitbuy alternatives in Canada:

Bitbuy vs NDAX

NDAX is one of the most easy-to-use cryptocurrency exchanges in Canada that was launched in 2017. They offer a large number of trading pairs and competitive fees.

Both NDAX and Bitbuy are popular cryptocurrency exchange platforms in Canada that offer a safe and secured platform to trade cryptocurrencies.

The two platforms offer similar services to their users such as buying and selling digital currencies, trading digital assets, and more. 

Both offer Canadians the option to buy, sell and trade cryptocurrency at competitive rates. 

They also charge a 0.20% fee for trades, which is applied to both buying and selling. However, they differ in terms of other features. 

First, the number of coins supported by Bitbuy is limited compared to the ones offered by NDAX. Bitbuy supports just 25 cryptocurrencies while NDAX supports up to 32 cryptocurrencies.

Secondly, NDAX has no minimum investment amount while Bitbuy has a minimum investment amount of $100.

But if you’re looking for a secure, efficient and reliable place to buy and sell cryptocurrencies, you can’t go wrong with either NDAX or Bitbuy.

Bitbuy vs Newton

Newton is another popular and low-cost Canadian cryptocurrency trading platform. Both Newton and Bitbuy offer a wide range of digital coins to trade, as well as other crypto-related services.

Both of these platforms have been around for a long time, are fully regulated by FINTRAC and have a great selection of coins to trade with.

Bitbuy and Newton are very similar in terms of features that they offer to their users. However, there are some differences between them which make one platform better than the other.

One of the biggest differences between these two exchanges is their trading fee structure. Bitbuy charges fees from 0.1% to 0.2% on all trades while Newton charges 0% on its trades but a tiny spread fee on quoted prices.

Another difference between the two exchanges is the number of cryptocurrencies supported. Newton supports up to 71 digital currencies while Bitbuy supports just 25.

If you’re looking for a crypto exchange that will allow you to buy and sell Bitcoin, Ether and other digital currencies, then you won’t make the wrong choice with either Bitbuy or Newton. But in terms of the number of coins supported, Newton clearly outshines Bitbuy.

Check here for a detailed Bitbuy vs Newton comparison.

Learn more: Newton Referral Code

Bitbuy vs Shakepay

Shakepay is one of the largest crypto platforms in Canada. Unlike Bitbuy, Shakepay is a crypto broker that buys and sells bitcoin and ether from its more than 1 million users.

The Shakepay app is arguably the most beginner-friendly crypto app in Canada. With its intuitive and easy-to-use interface, buying your first crypto is very easy and straightforward.

Unfortunately, Shakepay only supports Bitcoin and Ethereum at the moment. So if you want more choice in the crypto coins to trade, you’ll have to go with Bitbuy or any of the other top crypto platforms in Canada.

That said, Shakepay offers several other features that make it worthwhile for its users. These include the ShakingSats feature that gives you Satoshis daily and Shakepay Card that lets you spend your CAD but earn bitcoin as cash back.

Both CAD deposits and withdrawals are completely free on Shakepay. Crypto deposits and withdrawals are also free.

Overall, Bitbuy is a better crypto platform for intermediate and advanced crypto investors and traders. But if you’re just starting and want a simple app to trade bitcoin or Ether, then you can’t go wrong with Shakepay.

Learn more about how both crypto platforms compare in this Bitbuy vs Shakepay review.

Bitbuy vs Wealthsimple Crypto

Like Bitbuy, Wealthsimple Crypto is also registered with FINTRAC and the OSC so it is a secured and regulated crypto platform for Canadians.

One of the key advantages that Wealthsimple Crypto has over the other top crypto platforms in Canada is that it is available within the same app as Wealthsimple Trade. That means you can trade cryptocurrencies on the Crpto app and then switch to Trade to buy and sell stocks and ETFs.

In other words, the Wealthsimple app is a one-stop app for all your investing needs in Canada.

There are no fees to deposit and withdraw CAD. Crypto deposits are also free when supported. While there are no trading fees, Wealthsimple charges a 1.75% operations fee, making it relatively more expensive than Bitbuy.

You also have more choice in terms of available digital coins on Wealthsimple Crypto. It currently supports 49 coins, way higher than the available coins at Bitbuy.

Bottom line is, choose Wealthsimple Crypto above Bitbuy if you want access to more coins. But for better trading fees, Bitbuy edges Wealthsimple Crypto out.

Want to give Wealthsimple Crypto a try, sign up here and get a $50 cash bonus after trading at least $150.


FAQs on Bitbuy Review

Is Bitbuy legitimate?

Certainly, Bitbuy is a reputable crypto exchange that was established in Toronto, Canada, in 2016. Bitbuy is also registered as a Money Service Business by FINTRAC and as a restricted dealer/marketplace with OSC. 

Are Bitbuy fees high?

When it comes to depositing fees, Bitbuy charges one of the highest fees. Bitbuy also charges withdrawal fees that range from 1% to 1.5% which is charged according to the withdrawal method.

How long does it take to fund Bitbuy?

When you upload your transfer details, Bitbuy usually reviews and processes the transfer on the same day. The funds may take between 2 to 3 business days to get to your bank account.

Does Bitbuy report to CRA?

Yes. Since Bitbuy is registered by FINTRAC as a Money Services Business, it must always report to CRA.


Final Thoughts on Bitbuy Review

Whether you’re a seasoned or just a beginner trader, Bitbuy can help you take the next step towards buying and selling your cryptocurrencies.

In this Bitbuy review,  we’ve gone over the positives and negatives sides of the exchange, along with some alternative options to consider.

Hopefully, it has been helpful to you in making an informed decision on whether to get started buying and selling crypto with Bitbuy.

Consider all this information when making your decision, and I wish you the best of luck in your cryptocurrency trading.

Bitbuy Review
4.6

Summary

Bitbuy is a Canadian cryptocurrency exchange that allows users to purchase Bitcoin and other cryptocurrencies through their website or mobile app.

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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