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Yes, Bitbuy is a legitimate platform for crypto investments. It has been around for over half a decade, during which nearly half a million Canadian users have traded $5 billion worth of crypto through it. On top of that, the company has been endorsed by big names such as Forbes, Bloomberg, and Wall Street Journal. As for your funds, they’re primarily kept in cold storage, i.e., offline hardware wallets.

My only complaint is that the fee is disclosed in units of BTC, which is annoying if you’re not familiar the CAD conversion. Hi Michael, please know that we do not hold cryptocurrency withdrawals without a reason. Probably the most popular Canadian cryptocurrency community that one can find is the Canadian Bitcoin subreddit at /r/BitcoinCA.

Of course we realize that mobile trading isn’t for everyone, and if you aren’t interested in the mobile app you’ll be glad to know their website appears to be well optimised for mobile. So, should you really feel the need to access the platform on your phone you can still log in and perform the basic buys / sells even if you don’t have the mobile app installed. When it comes to exchange transaction fees, Bitbuy operates a simple flat scheme. They have two different rates for sell and buy orders on ‘Express Trade’. When you are using this type of trade you will be charged 0.5%.

I just signed into Bitbuy with my CoinSmart credentials and all my assets were there. If you plan to make very large trades or want to earn passive income on your digital assets, Bitbuy offers an Over the Counter trading desk and staking options. Express Trade offers the quickest and easiest way to trade, but you pay for that convenience with higher fees. If you’re an active trader or plan to make large transactions, you can access the free Pro Trade platfrom which offers lower fees and advanced tolls.

1. While we are independent, we may receive compensation from our partners for featured placement of their products or services.
2. In this comprehensive review, we will take a deep-dive on Bitbuy.
3. This feature runs a traditional order book-style trading platform similar to Binance or Coinbase Advanced.

The company partnered with Bitcoin security firm BitGo, which made Bitbuy the world’s first platform to keep the full value of its Bitcoin holdings insured. If you’re looking for more details on this partnership and what exactly is insured, Bitbuy has a great explanation and FAQ here. Bitbuy knows this, and with Bitbuy Private Wealth you can avoid slippage and get truly live quotes on a large amount of crypto’s for a fixed price. If you’re looking to move large amounts of cryptocurrency, Bitbuy has you covered with Bitbuy Private Wealth trading.

We appreciate your time while we fulfil our regulatory requirements with FINTRAC. Our Bitbuy review was relatively straight forward and it seems as if this exchange “does what it says on the tin”. It is a simple and effective way for you to convert your CAD into crypto. If you can meet those requirements you could get a nice stream of income since the commissions are paid on all fees for the life of the user’s account.

Bitbuy is one of the most popular cryptocurrency trading platforms here in Canada, and for good reason. While we are independent, we may receive compensation from our partners for featured placement of their products or services. However, the exchange doesn’t offer as many cryptocurrencies or earning features as other Canadian exchanges to its over 400,000 users. There is no shortage of cryptocurrency exchanges to pick from as a Canadian. Bitbuy, which tailors its entire experience to the Canadian user, is one of the most established in the market.

Bitbuy Security and Privacy

There is a minimum and maximum limit for CAD deposits so that traders can buy and sell at the best price. You’ll notice an option for Limit Orders from the drop down menu, but at the time of writing that feature is not yet functional from Express Trade. There are also a host of other features that they have packed into this advanced trading platform. For example, you have a great deal more charting functionality than you have on the Express Trade.

Bitbuy Review: The Top Choice for Buying Bitcoin in Canada ‌

More transparency and scrutiny of their operations by regulators. Like the majority of exchanges, BitBuy operates on a maker-taker fees structure. Explained simply, market makers provide liquidity for a particular market on an exchange’s order book. They do this by placing limited buy or sell orders that are not executed immediately and have different prices.

It is however important to point out that those processing times are mere indications and will vary greatly depending on your banking provider. All you need to do is request a withdrawal on the platform, paste your receiving address and then confirm via 2-factor authentication. Bitbuy will send you the funds as a public transaction which will take time to propagate through the network.

Is Bitbuy a wallet?

If you have been using Bitbuy and you found the experience great then you can easily refer your friends and acquaintances and earn a referral commission. This could also be a great solution for those users who command a strong following online. If your business has the need to execute larger block trades with lower spreads / commissions then you can always use Bitbuy’s OTC solution. Over-the-Counter block trades allow for a more direct sale / transfer between the two parties. If you would like to convert your personal account into a business account, you will be requested additional information. Amongst them, Bitbuy might request the business articles of incorporation along with other corporate documentations.

The Trustpilot Experience

Tap on the first radio button to display the personal account creation form. Makers are parties that introduce liquidity to the marketplace while takers perform opposite actions. If you place a limit order to either buy or sell an asset, you are considered a maker, but if you execute a market order, then you are a taker. There is also a minimum trade value of CAD 25,000 on the Private Wealth desk, meaning that the service is specifically designed to facilitate large orders.

Bitbuy Wallets show you all current holdings across all currencies. The company claims to hold 95% of users funds in cold-storage (i.e. offline) to optimize security. Users are required to use 2 Factor Authentication to secure their account, this is compulsory during sign-up. Hi Karolina, please know that we are a regulated money service business, and we do not close our customer accounts without a valid reason. They also have a comprehensive insurance policy with the BitGo Trust Company, which covers all crypto holdings and adds an extra layer of security coverage for your digital assets. Bitbuy trading fees range from 0% to 1.5% per transaction.

In fact, it was the very first platform of this kind to become regulated in Canada, hence why we recommended it in our Bitbuy review. To qualify, though, you’ll need to make a crypto investment worth at least $50,000. Knowledgeable crypto enthusiasts that trade at a higher frequency or volume mostly automate their operations using an API. All you have to do is visit the Bitbuy website and click on the “Get started” button in the top-right corner. Furthermore, one of the newest features that Bitbuy Canada introduced is staking, so we’ll take a look at all three tools in this section and explain how each of them works.

We know all too well about the damages that can be caused when a hacker is able to penetrate an exchange’s system. If you were going to be withdrawing your funds in CAD then the following fees would apply. Had an issue regarding upgrade to Gold taking longer than I wanted (it wasn’t really taking that long, I was just super impatient to get going). Support ticket was answered and the situation resolved right away. Interface is easy to use, transactions completed well within acceptable time; this is going to be my go-to site for crypto. Bryan is a graduate of Dawson College and Concordia University.

Unlike some other cryptocurrency platforms, I found Bitbuy to be extremely transparent when it comes to their fees. Since then, Bitbuy has been ranked one of the fastest growing start-up in Canada. If you are unsure you should get independent advice before you apply for any product or commit to any plan. A maker fee is the fee charged bitbuy canada review when you propose an order for other traders to take. In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately. 1 The use of “featured”, “popular”, “best” and “top” on Finty do not constitute a product rating or recommendation and are subject to our general disclaimer.