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Bitbuy Review: A Low-Fee Way to Buy Crypto
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. It was later acquired by WonderFi Technologies in 2022.
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.
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Bitbuy Pros & Cons
Pros
Buy and sell crypto in Canadian dollars with support for instant e-transfers
Easy to use interface
The only exchange regulated by the Ontario Securities Commission (OSC)
Great customer support
Easy to use website and mobile app
Cons
Still missing a few notable coins
Only available to Canadians
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 decent number of cryptocurrencies on the exchange, with just over 25 available for users to buy and sell. These are some of the crypto assets currently available on Bitbuy:
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Ethereum (ETH)
- Litecoin (LTC)
- Eos (EOS)
- Stellar (XLM)
- Chainlink (LINK)
- AAVE
- EOS
- Polkadot (DOT)
- Dogecoin (DOGE)
- Cardano (ADA)
- Solana (SOL)
- Polygon (MATIC)
- Uniswap (UNI)
- Sushiswap (SUSHI)
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 Canada is a licenced Money Services Business (MSB) that operates under Financial Transactions and Report Analysis Centre of Canada (FINTRAC) guidance. Bitbuy is also the first Canadian registered marketplace for crypto assets with the Ontario Securities Commission (OSC).
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 advanced 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.
In addition, Bitbuy is owned by WonderFi Technologies Inc (which has a solid reputation in the crypto industry) with strategic partners like Shark Tank’s Kevin O’Leary and FTX front man Sam Bankman-Fried.
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 also been approved by the Ontario Securities Commission (OSC). 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 does offer Cardano and Chainlink! The exchange has been expanding its portfolio of cryptocurrencies with now over 25 different ones.
