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.
By: Evan Jones | Jul 23, 2020 | Modified Aug 21, 2020
|Interac e-Transfer||Yes||Yes||24 hours|
|Bank transfer||Yes||Yes||1-2 business days|
It is easy to get started on Bitbuy and you can sign up for free following the steps outlined below.
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!
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:
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.
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.
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.