Bitbuy Review: Best Exchange in Canada?

In this 2020 Bitbuy review, I will examine what Bitbuy is, its history, features, pros and cons, and more.

  • Key Takeaways

    Register on Bitbuy if: 

    • You care about the security of your funds.
    • Top-notch customer service is important to you.
    • You think fee transparency is essential in a crypto exchange.

    Don’t register on Bitbuy if:

    • Low fees are what’s most important for you, above anything else.
    • You’re not a Canadian permanent resident or citizen.
  • Bitbuy’s Background

    Bitbuy is one of the most popular platforms to buy and sell cryptocurrency in Canada. 

    Founded in 2013 under the name InstaBT and rebranded in 2016, Bitbuy’s considerable experience in the cryptocurrency market gives it an edge over some of the newer exchanges in terms of expertise. 

    Evidence of this can also be gleaned from Bitbuy’s comprehensive guides on a variety of topics within the crypto space, including a weekly technical analysis of Bitcoin.   

    Bitbuy is available on the web and also via android and iOS mobile apps.

  • Bitbuy’s Core Features

    • Legally registered. Bitbuy is a registered MSB (Money Services Business) with FINTRAC, an entity of the Federal Government of Canada.
    • 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 who are 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.
    • Instant Verification. Bitbuy uses an automated verification system that verifies customers in minutes while also adhering to Canadian KYC regulations.
    • Security. 95% cold storage policy and 2FA enabled on all transactions.
  • Bitbuy vs. the Competition

    When reviewing Bitbuy and comparing it to other market participants, it stands out the most for its transparency. 

    Although other exchanges may seem to offer lower or even no fees, customers end up paying for platform usage in other, more latent ways. 

    I like how Bitbuy does not try to conceal its management prices and is upfront with costs. 

    In addition, Bitbuy distinguishes itself with its commitment to the customer experience. 

    Customers can find answers to general questions quickly on the Bitbuy support website or use the online support ticketing system for an answer to a more specific inquiry.

    Source: bitbuy.ca
     

    In addition to this, Bitbuy lists a toll-free number for users to call into in order to speak directly to a customer support agent. 

    I see this as an indication that Bitbuy cares about providing customers with the best service experience and that all customer questions or concerns are addressed.

    Bitbuy also is very forthcoming and transparent regarding its security and operations, which is important after the recent QuadrigaCX fallout

    Actually, Bitbuy completed a proof of reserves audit in 2019 conducted entirely by a 3rd party.

    These attributes are extremely important and are the reason why I am so supportive of the platform. 

    In all other aspects, Bitbuy is pretty comparable to other successful Canadian platforms.

    Want More Options? Find Out The 5 Best Ways to Buy Bitcoin.
  • Bitbuy’s Payments

    Processing times: For funding your account with Interac e-Transfer, Bitbuy says that it can take up to 24 hours. 

    In my experience, it tends to be much quicker than that, with most e-Transfers processed in under an hour. 

    Crypto and cash withdrawals are also fast, happening in a matter of hours from your request.

    Funding options: Bitbuy offers the ability to fund your account using Interac E-transfer or wire transfer. 

    While both these options are probably the safest and easiest to use, some of you may want to fund your account using a credit card or through Canada Post load  -- services that are offered by a few other exchanges.

  • Trading Pairs

    With 16 trading pairs, it far exceeds Shakepay and Newton but does not offer as many as Coinfield’s 19 pairs.

    Source: bitbuy.ca
     

    Bitbuy currently offers 8 coins for trading: 

    • Bitcoin (BTC) 
    • Ethereum (ETH) 
    • Litecoin (LTC) 
    • Bitcoin Cash (BCH) 
    • Ripple (XRP) 
    • Stellar (XLM)
    • EOS
    • DAI
  • Fees

    While Bitbuy’s fees appear to be higher than some other platforms, as previously mentioned, I like that the costs are stated up-front rather than being hidden. 

    For funding, fees range from 0.5% - 3.5% depending on how you choose to fund your account. 

    Source: bitbuy.ca
     
    • Wire transfer = 0.5%; min $10,000; max $500,000
    • Interac E-Transfer = 1.75%; min $100; max $10,000/24h
    • Express Interac E-Transfer = 3.5% min $500; max $10,000/24h

    Fiat withdrawal fees range from 1.75% - 3% depending on how you choose to withdraw.

    Source: bitbuy.ca
     
    • Bank Transfer = 1.75%; min $3,000; max $50,000
    • Bank Wire = 1.75%; min $10,000; max $500,000
    • Interac e-transfer = 1.75%; min $50; max $10,000
    • Expedited Bank Transfer = 3%; min $3,000; max $50,000

    For crypto withdrawals, the fees are pretty standard.

  • Final Review on Bitbuy and Opinion

    From an overall perspective, as you can probably understand by now: my review of Bitbuy is extremely positive. 

    I love Bitbuy mostly because:

    • Bitbuy is user-friendly. 
    • You can be confident that your investment will be securely managed. 
    • The customer support is top tier. The option to speak to a real human is a real advantage.
    • The transparency with fees. Although the fees may be higher than other exchanges, I am happy to pay more for a great service.
    • They are very transparent with their operations as well, including their security and proof of reserves audit completed in 2019.

    I hope you enjoyed reading my Bitbuy review!

    Do you use and enjoy Bitbuy? Did I forget anything in my Bitbuy review? 

    Let me know in the comments!

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CryptoManiaks' team is comprised of cryptocurrency investors from all over the globe, coming from industries such as finance, engineering, development and data science. Collectively we have over 25 years of experience in cryptocurrency and we are passionate about guiding people through the complex world of crypto investing.

Comments

Vojko
Blokirali ste mi dostop do Bit Buy in napisali Erorr1020 Zanima me kako se blokada da odpraviti.In kako se da videti zakaj je sploh nastala.
Vojko
Zanima me kako se da to težavo odpraviti in zakaj je do nje sploh prišlo. Napišite postopek kako se to da urediti.

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About CryptoManiaks

We are CryptoManiaks.  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.

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