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3)Bitbuy has an intuitive mobile app available for iOS and Android devices, enabling you to buy and sell no matter where you are. It is easy to use, so it’s perfect for beginners with limited experience with cryptocurrencies. In the Pro Trade platform, users trade crypto-CAD and crypto-crypto pairings. They can either place limit or market orders to pair on offer. They must open the page and select the cryptocurrency they wish to trade from the options in the dropdown menu. Then, enter the quantity you want to buy in CAD or crypto and click the Buy/Sell icon.
Bitbuy’s overall mission is to simplify the trade of digital assets for all Canadians. It is a convenient Canadian cryptocurrency exchange offering over the counter , brokerage and advanced trading options. Bitbuy Pro is Bitbuy’s advanced trading platform, where users can place advanced order types and get even lower trading fees. Bitbuy and Coinbase both offer only spot trading, and both are roughly tied in the fee department, though their fee schedules differ. An advantage for high volume traders will be the volume-tiered fees at Coinbase, which decrease most rapidly over $20M in 30-day trading volume.
The release of a new pro-trade product was recently preceded by a proof of reserve and security audit. At Bitbuy, the fee rates range between 0% to 1.5% for both makers and takers. They follow a tiered fee schedule i.e. as the trading volume increases, the fee rates decrease. Fiat withdrawals cost 1.5%, while crypto withdrawals are subject to the withdrawal fees in the table above. Note that withdrawals can be held by the exchange for up to 3 business days for security confirmations. Fees are on the higher end, at 0.20% for both makers and takers for the Express exchange interface, and at 0.10% for market makers on the Pro interface, while remaining at0.20% for takers.
It’s important to mention that Bitbuy also only offers fixed staking terms, meaning you have to lock up your tokens for a minimum of 1 month and a maximum of 36 months. The longer you lock your Crypto up for, the higher your yields. To see what your potential earnings could be, try using Bitbuys Staking Calculator. Bitbuy currently offers staking on three tokens which are Ethereum , Solana and Polygon . Additionally, they will be adding Polkadot , Cadano and Cosmos in early 2023. Their staking yields are some of the highest currently available.
This is available in your web browser, or on mobile and offers a simple way to quickly buy and sell crypto with few complications. Awesome customer support, top cryptocurrencies and moderate fees backup a user-friendly platform. Its expertise and popularity have been built over years working in the Bitcoin industry. Now, Bitbuy enjoys a growing userbase providing decent 24-hour trading volumes and liquidity against Canadian dollars.
- There is no margin trading and staking or other crypto financial services are nonexistent, but Bitbuy does offer corporate accounts and an OTC desk.
- The biggest advantage to using the Pro trade feature is that traders have more control over the price at which they enter or exit their positions and how much they pay for the trades.
- Bitbuy maintains multiple channels through which its users can get help and support.
- Bitbuy previously charged to deposit, but they have waived that fee now.
- In addition, Bitbuy uses a proprietary wallet architecture that was developed by an in-house team of engineers instead of using a third party for custodial services.
Deposit and withdrawal fees vary slightly depending on the funding/withdrawal method used. It offers simple and advanced trading interfaces, hence a great place for both beginners and experts to begin their crypto journey. If you are a Bitbuy ProTrade user or using an API client to trade, then there is a 0.1% maker fee along with a 0.2% taker fee. For liquidity providers, the maker and taker fees are also 0.1% and 0.2% respectively if you have accumulated under $1.5m CAD in total maker fees paid in the previous 12 month period. If you exceed $1.5m CAD, there is no maker fee and a 0.1% taker fee. Bitbuy also has a comprehensive insurance policy in place from BitGo for coverage in the event of any loss and works with top Canadian banks to accept Canadian Dollar fiat deposits.
Supported Countries
Bitbuy offers fiat support, meaning that you’ll be able to purchase cryptocurrencies without much trouble. However, since the platform is created specifically for Canadians, it supports Canadian dollars only. Based on a variety of Bitbuy reviews, this shouldn’t cause any issues. Yes, Bitbuy is one of the most secure and reliable cryptocurrency exchanges in Canada. If a provider is incapable of protecting your assets, then there’s no difference if it offers extensive features or very low fees. In this part of Bitbuy review, we’ll focus on the positive aspects.
Delivering a user-friendly cryptocurrency exchange, Bitbuy caters to both novice and experienced traders and investors. The platform also offers convenient ways to fund Canadian bank accounts. The Express trade feature supports local Canadian dollars through which the transactions are settled. The service is advantageous as it involves fewer steps to buy or sell digital assets compared to using the pro service.
Mobile App
Typically, cryptocurrency exchanges charge deposits or/and withdrawal fees or trading fees. The crypto transaction fees follow a simple flat scheme, and Bitbuy’s Express cryptocurrency sale and purchase have two different rates. Bitbuy is a fast-growing, highly popular cryptocurrency exchange based in Toronto. It stands out from the rest of the field due to its low fees, great customer support, and easy to use trading platform.
But if you’re investing a significant amount of money into crypto, you should use OTC to ensure the process goes smoothly and you’re getting the best deal. For example, while Venmo and Cash App do support instant transfers, both charge https://broker-review.org/ a fee for them. And while instant transfers are free with Zelle, your child would need a bank account for you to use that service to send money to them. Bitbuy is quickly growing into one of the most popular exchanges in Canada.
Pros & Unique Features
Scroll further down to accept the terms of using Bitbuy’s partner ID verification provider Trulioo. In the final verification screen, declare your exposure to political activities by marking either of the provided radio buttons. Next, provide your identity details, including your real name, date of birth, and occupation, then click on the button. At this point, you can successfully log in to your Bitbuy account and start browsing it, but to perform any transactions, you will need to verify it. Before you proceed with this tutorial, it’s worth noting that only Canadian residents are allowed on the Bitbuy platform. If you do not live in Canada, there are other options that you may want to consider.
This ensures that even in the case that the platform becomes a victim of an attack or a breach, users will not lose their funds. Through the advanced Bitbuy trading platform, users can access the complete trading interface and use all the tools at their disposal. You can securely buy and trade Bitcoin, Ethereum, or any other digital currency. Coinsquare’s QuickTrade feature instantly allows you to trade between any two currencies, XRP to Ethereum or Litecoins to EUR. Coinberry is insured, OSC & FINTRAC licensed, PIPEDA compliant, and the only digital asset platform that is trusted by Canadian government municipalities. Registering and purchasing Bitcoins with Coinberry takes as little as 60 seconds.
Bitbuy’s CEO today is Michael Arbus but it was founded by Adam Goldman, who describes himself as a computer analyst, web developer, investor, and serial entrepreneur. The exchange was originally designed to be able to serve both newer crypto investors as well as advanced traders. Today, it claims to be Canada’s most secure and trusted platform for crypto access, serving over 350K+ Canadians and having over $4B dollars traded. For investors who pre-own Bitbuy supported cryptos, Bitbuy users may also deposit and sell cryptos on the Bitbuy exchange. The simple to use platform gives investors and traders access to the crypto market’s largest cryptocurrencies. Do note that there are minimum and maximum amounts in Canadian Dollars per transaction.
A (Brief) Crypto Glossary – Learn Survival Crypto-speak in Just Under 10 Minutes!
In other words, when you OTC trade, you’re making a deal with a single person or individual company rather than relying on an exchange to execute the trade. However, Canadians still have several options to easily invest in crypto using the Canadian dollar. One of these options is Bitbuy, a cryptocurrency exchange currently serving over 350,000 users. For the experienced traders, Bitbuy has a Pro Trade feature that displays much more information than the Express Trade option. It includes advanced charts by TradingView, as well as limit and market orders.
If an order does not execute, there is no fee charged until it does execute at a later point, or it can be canceled. An API allows developers to gather information from Bitbuy’s servers as well as send automated commands to the exchange. Only experienced developers should use Bitbuy’s API. No automation software is available for users who do not use the API. The listings that appear on this page are from companies from which this website and Bankrate may receive compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products.
The Bitbuy exchange is known for its simple to use platform that caters to both novice and more seasoned investors and traders. The exchange for everyone provides a transparent and low fee model, with charts, API connectivity, and a live order book. Bitbuy is one of the leading cryptocurrency exchanges in Canada, founded in June 2016 by Adam Goldman. Its company headquarters are based in Toronto, Ontario, Canada, and currently serves more than 400,000 Canadians with support for 15 cryptocurrencies. While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world.
The Knox insurance policy covers the full value of holdings for the risk of internal and external thefts, including collusion, across the full-key lifecycle. Skilled traders that have been around the crypto block more than a few times may find some aspects of the platform a bit limiting, but newcomers will enjoy the intuitive buying and selling process. Bitbuy only supports the most prominent, time-proven cryptocurrencies, including the world’s first digital coin,Bitcoin, and the second-largest cryptocurrency,Ethereum.
Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs, investing, and the gig economy. Once you verify your phone number, Bitbuy sends an email with a link for further account verification. After verifying your email, you complete verification by entering your name, address, and some information about your employment.
Customer Reviews
And, our Bitbuy review is covering all of the features and pricing so you can decide if this exchange is right for you. For Canadian cryptocurrency investors, it’s often difficult to invest with international exchanges. For example, Coinbase often has low buying limits for Canadian users, and the same is often true for other U.S. exchanges. We’re proud of our content and guidance, and the information we provide is objective, independent, and free.
Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post. Shakepayis more of a crypto brokerage platform that supports only Bitcoin and Ethereum, while Bitbuy supports 20+ cryptocurrencies. The Bitbuy exchange puts itself forward as a secure, trusted platform, offering a transparent and competitive fee structure. Trading in cryptocurrency is highly speculative and carries a high level of risk.