- >Best Crypto Exchanges
- >Bitbuy Review 2021
Bitbuy Review 2021
Bitbuy is a Canadian cryptocurrency exchange founded by Adam Goldman and based out of Toronto. Bitbuy started as Instabit in 2013 and rebranded to Bitbuy in 2016 in conjunction with expanding operations and widening their selection of digital currency options. The exchange caters to Canadian customers, only accepting Canadian Citizens or Permanent Residents, and using solely Canadian dollars as their fiat currency for funding, withdrawals, and trading pairs. Bitbuy is one of the top options for Canadians looking to buy Bitcoin. Our Bitbuy Exchange Review will help you determine if it is right for you.
- Fantastic UI for new cryptocurrency users
- One of the highest levels of security for a Canadian cryptocurrency exchange
- Lists all seven of the major cryptocurrencies including Bitcoin, Ethereum and EOS
- Supports Interac and bank transfers for easy deposits
Buy and sell crypto in Canadian dollars
Easy to use interface
High level of regulatory compliance
Great customer support
Easy to use website and mobile app
Limited selection of cryptocurrencies
Only available to Canadians
Bitbuy Funding Methods
|Interac e-Transfer||Yes||Yes||24 hours|
|Bank transfer||Yes||Yes||1-2 business days|
How to Set Up Your Bitbuy Account
It is easy to get started on Bitbuy and you can sign up for free following the steps outlined below.
- Click “Sign Up” on the Bitbuy homepage
- Enter an email address and select a password
- Verify your email address through email
- Sign in once verified
- Add a North American phone number
- Enter code that they text you
- Fill in personal details including name, date of birth, address
- Click “Request Verification”
- Upload photo of your ID
- Upload a selfie with the same ID and a piece of paper that says “Bitbuy Use Only” and the date
- Upload a financial statement (Credit card, bank, mortgage)
- Upload a utility bill (Internet, phone, water, electric etc)
- Click “Request Verification”
- Bitbuy will process your information and documents and approve your account within 1-2 business days.
If you face any issues during the Registration process, you can contact their top rated support team or use their online support page. Once you are verified you can add funds from you bank account using Interac e-Transfer or a bank transfer/wire transfer. You can then buy and sell cryptocurrencies!
Types of Crypto You Can Buy
Bitbuy offers a fairly limited number of cryptocurrencies on the exchange, with only seven for users to buy and sell. These are the crypto assets currently available on Bitbuy:
Is Bitbuy Safe?
Our Bitbuy review team has determined that it is one of the safest cryptocurrency exchanges for you to buy and sell digital currency. Bitbuy is a licenced Money Services Business (MSB) that operates under Financial Transactions and Report Analysis Centre of Canada (FINTRAC) guidance. In 2019, Bitbuy engaged Cipherblade, US-based blockchain forensics, investigative, and cybersecurity agency, to conduct a proof of reserves audit, which you can click here to read in full. The reserve and security audit concluded that Bitbuy passed in all categories including cryptocurrency and fiat solvency at a 1:1 ratio.
In addition to strict regulatory compliance on their end, the exchange offers top tier security for users, with two-factor authentication (2FA) and a 95% cold storage security policy. The cold storage security policy means that users’ crypto assets are almost entirely stored offline, and thus are not able to be accessed if the exchange were to be hacked.
The exchange uses a proprietary wallet architecture developed by their own team of experienced engineers and does not rely on third parties for custodial wallet services. Their hot, warm, and cold wallets are all kept separate from the core network, which is designed to protect both Bitbuy and their users. The aforementioned Proof of Solvency is provided as a transparent accounting of exchange traded assets.
What are Bitbuy’s Fees Like?
Bitbuy fees are fully transparent and vary depending on the type of trade. The exchange offers Express Trade and Pro Trade options, along with an OTC desk for purchases over $20,000.
The Express Trade option is the simplest way to buy and sell cryptocurrencies where transactions are instantaneous. A tradeoff is that it has the highest fees with a 0.5% fee for both buying and selling.
The Pro Trade option allows users to buy and sell cryptocurrencies using an order book style trading platform, much like the ones offered on Coinbase Pro or Binance. Pro Trade uses TradingView software to provide in-depth charting and analysis and offers adjustable widgets for you to customize your view. Maker fees, meaning you place an order that does not trade immediately and is filled by someone later, are 0.1%. Taker fees, meaning you place an order that has an immediate match with an existing order in the order book, are 0.2%.
Deposit and withdrawal fees vary depending on whether it is a fiat or crypto transaction. Fiat fees are 1.5% for e-Transfer deposit and withdrawals, and 0.5% for deposits or 1.5% for withdrawals with a bank wire. There are no fees for all crypto deposits, and no minimums. Crypto withdrawals have minimums and charge set mining fees regardless of transaction size. Click here to visit Bitbuy’s fee structure page.
Bitbuy Frequently Asked Questions
Yes, Bitbuy is legal. They are a licensed Money Services Business (MSB) that operates under the guidelines of the Financial Transactions and Report Analysis Centre of Canada (FINTRAC). They have undergone a thorough audit and passed all components of the audit, which can be read in full here.
Yes, Bitbuy is exclusively for Canadian citizens and permanent residents. You must have a verified address in Canada and a North American phone number in order to use Bitbuy.
No, Bitbuy has never been hacked. They also operate using a 95% cold storage security policy, meaning 95% of all the crypto assets they and their users own are stored offline. This means that even in the event of a successful hack of the exchange, there would be only 5% of assets susceptible, which protects both the exchange and its customers.
Interac e-transfer is very fast and the fees are very low at 1.5% so that’s a great option. Bank transfer fees are even lower at .5% but it will take a little longer to process.
Bitbuy is a relatively new exchange and has focused primarily on crypto heavyweights like Bitcoin and Ethereum. There’s a good chance the overall number of cryptocurrencies offered on Bitbuy will go up as time on.