BitBuy Review 2024

In this 2024 BitBuy review, I will examine what BitBuy is, its history, the team, the pros and cons of the platform, and more.

Whether you’re an institutional or retail investor, you don’t want to pay high fees or use a slow trading platform with an inadequate selection of tokens. There are plenty of bad exchanges, so it is important to choose a good one.

Should you consider BitBuy as your exchange? Are the fees reasonable for both retail and professional investors?

Should you create an account today?

Let’s dive in!

1. Key Takeaways

I understand you may not have enough time to read my full BitBuy review, so here is an actionable summary to help you.

Pros of Bitbuy

• High Security.
• Customer service from a real person,
• Low and Transparent Fees.

Cons of Bitbuy

• Small exchange.
• Limited features.
• Only for Canadians,

2. Background

3. Reputation and Security

BitBuy has a reputation as the most secure and trustworthy Canadian crypto exchange. You do not have to worry about BitBuy scamming you out of your crypto.

BitBuy License and Insurance

Is BitBuy legit? Absolutely. BitBuy is a registered Money Services Business (MSB) with FINTRAC and is the first Canadian registered marketplace for crypto assets, federally approved as a Restricted Dealer.

BitBuy is a marketplace and investment dealer, so your trades are fulfilled by BitBuy, never outsourced to a third party. BitBuy carries insurance through BitGo.

Security Features

Is BitBuy safe? Very! BitBuy has a host of security features, including secure cloud servers, 2FA, regular audits, and top-notch information security.

See below for more details.

Complaints Received

BitBuy is rated 3.5/5 stars on TrustPilot with 224 reviews. This rating is far superior to Coinbase’s rating of 1.6/5 stars and Binance’s rating of 2.0/5 stars.

Many of the negative reviews describe a customer’s account being randomly locked and their funds confiscated or unable to be withdrawn. To BitBuy’s credit, they have responded to many of these negative reviews, asking the customer to reach out to their support email to resolve their issues.

Numerous positive reviews rave about their customer service, and you should feel safe with BitBuy.

Team

In early 2022, WonderFi purchased BitBuy for $162 million. It is unclear if this will affect the leadership of BitBuy.

BitBuy was founded and is led by Adam Goldman. Goldman is not nearly as active on social media as other crypto founders like Brian Armstrong of Coinbase, or the Winklevoss twins of Gemini, with only 800 followers on Twitter.

4. Allowed Countries

Before I move forward with the essence of my BitBuy review, make sure you don’t use this platform if you do not reside in:

Anyone living outside of Canada cannot use BitBuy.

5. Exchange Features

Pairs Available

• BTC/CAD
• LTC/CAD
• SOL/CAD
• XLM/CAD
• DOT/CAD
• MATIC/CAD
• ETH/BTC
• BCH/CAD
• DOGE/CAD
• ADA/CAD
• LINK/CAD
• ETH/CAD
• EOS/CAD
• AAVE/CAD
• UNI/CAD
• SUSHI/CAD
• LTC/BTC
• EOS/BTC
• XLM/BTC
• BCH/BTC

[cm_pairs_table:id:current]

Order Types Available

Express trade: Designed for newer traders looking for an easy-to-use interface on either the web or mobile app.
Pro Trade: Best suited for more advanced traders looking for lower fees, access to charts, API connectivity, and a live order book.
OTC (Over The Counter) Trading Desk: Deeper liquidity and a private, more personalized service to clients filling larger orders. Saves time and money for big-time traders.

Staking / Interest-Earning Accounts

Some exchanges offer staking or interest-bearing accounts if you hold certain coins with them. The exchange likely lends out your coins for a higher rate or used in DeFi.

BitBuy does not have this feature.

Exchange Token

Exchange tokens usually offer a trading discount if such a token is used to pay the trading fee.

However, BitBuy does not offer an exchange token.

Asset Classes

BitBuy only offers OTC and spot trading, and there is no support for NFTs, futures, or option trading.

Market Share

According to coinmarketcap.com, BitBuy is one of the smallest exchanges by volume, with $1,348,222 in trading volume for the past 24 hours, with the majority of trading done with ETH and BTC.

For comparison, Coinbase had $2.6 billion of trading volume in the past 24 hours.

OTC Desk

Over-the-counter (OTC) trading allows big traders to avoid slippage and work directly with a trader.

BitBuy’s OTC service is made for clients looking to invest $50,000 or more. Sign up with your account and speak to one of their experts.

After verification, fund your account with >$50,000 CAD and an OTC trader will reach out within a day.

Leverage

BitBuy does not offer leverage trading; many United States and Canada exchanges have moved away from leverage trading.

6. User Experience

BitBuy is a very well-designed site that is easy to use. I really liked how simple it was to purchase crypto and learn about their site.

Platform Functionality

BitBuy has a mobile app, BitBuy: Buy Bitcoin Canada. It has an excellent 4.6 star rating with 6,500 reviews.

The app has all the functionality of the computer version- buying, selling, and depositing and withdrawing crypto.

BitBuy has a sleek and easy-to-use pro trading platform, as seen below.

The feature has the standard order types- stop orders, limit orders, and other types. You can expect stellar fees here too- 0.1% for makers (provide liquidity) and 0.2% for takers (take away liquidity).

You can also integrate with Trading View charts for signals and indicators. If you’d prefer just to buy without all the bells and whistles, Express Trade is for you, trading crypto in a couple of clicks for you.

Design and Appearance

I was impressed with BitBuy’s site design. It was easy to navigate with a helpful site menu at the bottom of the page.

There are also a couple of headings at the top of the page, including products, currencies, prices, and resources.

Registration Process

Approval of accounts is near instant, with BitBuy using an automated ID verification system that also adheres to Canadian KYC regulations.

If this automatic verification does not work for you, you’ll need to scan a driver’s license or another form of identity card and take a selfie.

If both of these options fail, you’ll need to upload a financial statement, utility bill, government ID, and selfie with the ID.

Most users will have their accounts automatically verified. As a reminder, non-Canadians cannot register for an account.

7. Fees

BitBuy trading fees are phenomenal. A 0.20% flat fee for all buys and sells is very competitive. This would be a $0.20 fee for a $100 trade.

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%.

8. Payments

BitBuy offers a limited amount of crypto and fiat deposit and withdrawal methods.

Deposit and Withdrawal Methods

Deposit Methods

Withdrawal methods

There is no BitBuy deposit fee for cryptocurrencies, though you’ll likely pay a transaction fee towards whatever blockchain you’re using.

BitBuy withdrawal time will vary based on the fiat method or cryptocurrency used.

Limits

There is no BitBuy minimum deposit, while the BitBuy minimum withdrawal and BitBuy withdrawal fee varies from coin to coin.

There are no BitBuy withdrawal limits. BitBuy transfer fees, as in withdrawal fees, will vary from crypto to crypto. See below for each coin.

9. Customer Service

BitBuy maintains an excellent customer support team that replies quickly. You can reach them in three ways- email, the support page, and the support icon.

You can contact them on their social media too, but email is best. Many reviews say their issues were resolved within a day!

10. Noteworthy Features

Wallet

BitBuy does not offer a crypto wallet mobile app or web browser extension wallet.

Academy

Like many exchanges, BitBuy has an educational section.

BitBuy has a blog with recent articles covering Canadian Women Transforming Crypto, How to Buy Dogecoin, and The BitBuy Brief.

These articles are separated into News, Guide, and Updates.

Earn

BitBuy does not have an earning program, but it will be updated here if they develop one.

BitBuy Review: Final Thoughts

I hope you enjoyed this review of BitBuy.

BitBuy is the Canadian crypto exchange you’ll want to use if you prioritize security, low fees, and superb customer service.

Creating an account is fast, as is the ability to trade crypto. Let us know what you think of BitBuy!