Contents
Yes, Bitbuy is the most secure and trusted crypto exchange in Canada. Their servers are secured across multiple world class cloud providers and disaster recovery locations. Some users may be put off by the limited range of only 17 different cryptocurrencies, so if that’s the case, you may find Binance a better exchange for you.
For much larger trades, Bitbuy also offers competitive rates for over the counter trades along with a white glove service. This is where the Bitbuy team will be able to broker a deal between the buyer and seller directly rather than have someone execute a larger trade with multiple entities on the exchange. The Bitbuy team is proud to provide the best possible customer service for their customers. To conclude our Bitbuy review, the exchange is user-friendly and best suited for beginners in Canada that want to quickly and safely convert CAD into cryptocurrencies using an easy-to-use platform. Although the Bitbuy platform has good security features, including 2FA, Bitcoin insurance, and proof of reserves. However, with no access to leverage, extremely high trading fees, and confusing crypto withdrawal costs, Bitbuy is unlikely to dethrone any of the top Canadian crypto exchanges.
BitBuy is the Canadian crypto exchange you’ll want to use if you prioritize security, low fees, and superb customer service. BitBuy transaction fees are much lower than larger exchanges like Coinbase or Gemini. The fees for making deposits and withdrawals with CAD are slightly higher depending on the type, ranging from 0.50% to 1.50%. However, Bitbuy outperforms its competitors in each of these categories. Furthermore, many trading platforms have extremely oblique charge structures, making it impossible for traders to tell what costs they would have to pay on every deal. This also makes it difficult for traders to predict their profitability on any one deal.
- While Bitbuy is a convenient and easy way to stake crypto assets on a centralized platform, there are better staking choices for Canadians.
- Social media account present plenty of activity, helpful information, quick replies and complete company information.
- Bitbuy is a user-friendly and secureCanadian cryptocurrency exchange, making it easy for Canadians to buy and sell crypto with easy CAD deposit methods.
- The platform uses a tiered fee structure based on trading volume and charges 1.5% per transaction.
The Pro Trade platform has a 0.10% maker fee and a 0.20% taker fee. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. After logging into the app, the user must register the device by entering a code sent to the email address linked to the account and then inputting an SMS code. After doing so, Bitbuy users will be shown a screen showing their balance and a list of assets available to buy and sell. Bitbuy is extremely simple to use, making it perfect for people new to investing.
How Do I Open An Account?
Once you have verified your email address and phone number you will need to provide further personal information. The information is needed in order to verify your identity via Bitbuy’s automated 3rd party identity verification service. 2 Factor Authentication and cold storage in place to protect investor assets. Users have multiple 2FA options to accommodate for individual preferences. Also supports the deposit and withdrawal of Canadian Dollars.
Recently audited for proof of reserves and security by a 3rd party blockchain security firm. Bitbuy is arguably the easiest and most secure cryptocurrency exchange in Canada. This review provides all of the features and ways to buy crypto with Bitbuy. According to our research, Bitbuy has never been hacked or had its security systems compromised, resulting in the loss of customer funds or personal information.
Bitbuy hasn’t experienced any hacks in the past and remains a highly secure and trusted cryptocurrency exchange. Large volume traders and institutional investors can make https://broker-review.org/ use of Bitbuy’s OTC trading platform. However, it states it guarantees prompt responses to questions, and judging by Trustpilot reviews, Bitbuy backs up this guarantee.
What I Don’t Like About Bitbuy
For serious crypto traders, you can email to inquire about API access. Getting Bitbuy’s API lets you automate your trading, which is necessary if you’re an algorithmic trader or are building any sort of trading bot. You can access Pro Trading as soon as you open and verify your Bitbuy account, so this isn’t a premium feature.
I had lost hope as my search for answers online assured me my money was lost forever. They’re also not replying to me so I have no access to my funds. My initial issue was the reports generated by Bitbuy was all on 1 line. Thought I would resort to use my API key instead, hence the support needed. He helped me out by giving me the right reports I needed plus the additional information regarding the use of the API with all the security precautions to take. From asking them how to do it, to having it all done took less than 30 minutes.
In order to select the preferred pairing, click the list icon on the top left-hand side of the Pro Trade page. Simply select the crypto you wish to purchase/sell, open the wallet, and click “Buy” or “Sell” as shown below. Your Litecoin deposit will be credited to your Bitbuy wallet after 6 confirmations on the blockchain.
Once you’ve submitted this information, you’ll receive an email to confirm your email address and account. After confirmation, you’ll need to confirm your phone number. Trading crypto on Bitbuy begins with signing up for an account. If you want to create an account on Bitbuy, get started here. Having been around for several years, Bitbuy has developed a strong reputation for being a trustworthy and transparent operation.
How to Use Bitbuy?
You will be redirected to the phone verification screen where you will enter the code you received on your phone. In the submission form, provide a detailed explanation of your issue and provide an attachment if necessary. 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.
Bitbuy is very serious about the safety of the platform and the Canadian customers. It uses one of the best crypto exchanges using above-par security systems to protect the accounts with additional 2-factor authentication and 95% cold storage. It has hundreds of available-to-trade crypto, is well secured, and offers lower trading fees. With a $9B+ average daily trading volume and 28M+ customers, Binance has all you need in exchange. Even though this is quite a limited selection, the exchange often makes additions to their assets selection based on the relevant cryptocurrencies available in the market. They also provide good liquidity with a growing number of traders having traded more than $4 billion in cryptocurrency through the platform to date.
The company’s main objective is to offer safe and secure access to the most popular cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens, Ripple, and EOS. According to a Bitbuy review, this platform has added 20+ other popular cryptocurrencies. Prior to signing up, you have the option to contact the Bitbuy Review customer service representatives via a live chat session on the website. Once you finish registering you can access customer support 24/7 by email, phone, or live chat.
Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. As Bitbuy offers tools for beginners and advanced traders, the platform is highly accessible and excellent for crypto enthusiasts of all experience levels. However, while the Pro Trade platform offers an increased number of features, popular exchanges like Binance, Crypto.com, and Kraken still offer a superior feature set.
Bitbuy Deposit & Withdrawal Fees
This means that they remove order options from the order book and thereby remove liquidity. Makers are the ones who put the orders on the order book in the first place. 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 does not list questionable crypto assets either – only the most popular and time-proven cryptocurrencies get listed on its exchange. Today, the company cemented its position in the cryptoverse as leading Canada’s cryptocurrency exchange due to its customer-oriented focus and transparency.
TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews . Bitbuy has straightforward functionality for both newbies and professional investors. The Express Trade feature on this user-friendly trading platform offers a super-easy process for trading.
Throughout this evaluation, its whole range of offerings will be reviewed in detail. Bitbuy offers automatic verification to new users that sign up for an Express Trade account. Once you submit your information, your account will be reviewed automatically and you’ll get verified as soon as the review is completed. The exchange maintains a solid reputation of offering swift customer service and a trusted trading environment for thousands of customers. Most customers praised the platform’s user-friendliness, excellent customer support, ease of use, and responsiveness. The program is designed for high-volume customers who are looking to invest massively in cryptocurrency and need a personal account manager.
Bitbuy was founded in 2016 by Adam Goldman who studied political science and later became a full stack developer. Goldman is the cofounder of InstaBT where users could buy Bitcoin with their debit cards through INTERAC Online. Goldman founded Bitbuy to provide Canadians the most convenient, dependable, and secure way to access digital currencies. With products like Express Trade and Pro Trade, Bitbuy is able to offer services to everyone interested in purchasing their first Bitcoin.
Apart from Bitbuy’s trading fees, there are deposit and withdrawal fees. On this platform, there are lower trading fees for all transactions. However, there are several disadvantages to using the platform. To begin, the cryptocurrency selection is fairly restricted, with users only being able to trade a few prominent cryptocurrencies such as Bitcoin, Bitcoin Cash, and Ethereum.
Now, Bitbuy enjoys a growing userbase providing decent 24-hour trading volumes and liquidity against Canadian dollars. Bitbuy Pro is an advanced trading platform for more experienced traders. It is designed for users who are looking for more advanced trading features and higher trading limits compared to the standard Bitbuy platform. This means that either market takers or makers who wish to receive rebates or lowered fees based on high trading volume may prefer other exchanges that also provide more trading options and products.
Binance launches Crypto Tax calculator
In order to trade OTC, users will need to sign up and get verified before depositing $50,000 in CAD or equivalent in BTC or ETH. Settlement with sameday outbound wire transfers to any bank in Canada. A live price quote on a large amount of “digital assets” for a fixed price, removing slippage.
The two-factor authentication code cannot be sent to a non-North American phone number, landline, VoIP/Internet phone number, or email address. Once you have placed the trade, the order will appear within the “My Orders” section located on the bottom right-hand-side of the page. Enter the amount that you wish to purchase/sell and click “Buy” or “Sell”.
Major companies like Tesla are adding Bitcoin to their balance sheets as an inflation hedge and to diversify assets. According to Bitbuy, thousands of Canadian businesses are following the same strategy, and it doesn’t matter if you’re a small business owner or international corporation. If you’re new to crypto investing, Bitbuy’s Express Trading feature is what you’re looking for. Yes, Bitbuy is a legitimate platform, and it is registered with FINTRAC as an MSB or Money Service Business. However, to check the complete fee structure of Bitbuy exchange by clicking here. Collectively, we have over 25 years of experience in the crypto world and are all passionate about guiding people through the complex world of crypto investing.
Lascia un commento