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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. Bitbuy has an app for iOS and Android devices that makes it possible for users to keep an eye on prices no matter where they are, and make trades at any time. It is just as easy to use as the desktop site, so beginners will feel comfortable on the app. Let’s find out what services Bitbuy offers, that make it the preferred exchange of 350,000+ Canadian crypto investors.
When using the ‘Express Trade’ feature, you will only pay 0.20% for each instant trade. That’s slightly higher than an industry standard, however, way lower than many other platforms can offer. Bitbuy offers fiat support, meaning that you’ll be able to purchase cryptocurrencies without much trouble. However, since the platform is created specifically for Canadians, it supports Canadian dollars only. Based on a variety of Bitbuy reviews, this shouldn’t cause any issues.
- Before finishing this Bitbuy review, there’s a final thing to remember.
- We advise you to reach out to our support team and your local authorities as soon as possible.
- One platform that has been gathering traction in the region is Bitbuy, but how does it compare to mainstream exchanges?
- The exchange is also registered as an MSB under FINTRAC the Canadian financial regulator.
The exchange allows buying and selling the most popular cryptocurrencies, such as Bitcoin, Ethereum, and XRP. Bitbuy is a fully regulated Canadian cryptocurrency exchange that lets users buy and sell crypto with CAD. However, while the platform is beginner-friendly, it lacks features meaning it’s unlikely to appeal to traders looking for advanced tools. Although the platform is user-friendly, the 1.5% trading fee drastically reduces the platform’s usability. Overall, while not a bad first exchange for Canadian investors, anyone looking for low fees or tools like leverage will need to look elsewhere. When compared to other of Canada’s other cryptocurrency exchanges, the platform’s trading volume is very high.
Plenty of cryptocurrency exchanges have referral programs to incentivize new users. Bitbuy isn’t an exception, and it actually has a very lucrative referral program compared to most exchanges. Additionally, Bitbuy doesn’t offer stablecoin trading for assets like USDC, USDT, and DAI.
The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. The downsides are its new, higher trading fees and the lengthy verification process. While crypto regulation and compliance can be a good thing, it seems rather intrusive to have to provide details about your financial status, employment and investing objectives. Whether you’re new to crypto or an experienced investor, Bitbuy has you covered with its Express and Pro platforms.
Bitbuy Review – Pros
The same minimum and maximum limits apply to withdrawals with a 1.5% fee on Interac e-Transfer withdrawals and a 1% fee on withdrawal via bank wire. That said, Bitbuy doesn’t support nearly as many cryptocurrencies and stablecoins as other exchanges. It also lacks staking and lending options, so you can’t earn passive income with your crypto like you can with crypto interest accounts like BlockFi and Celsius.
While a few users reported long wait times, most bitbuy reviews agreed that the support offered by Bitbuy was effective and fast. Unfortunately, the Bitbuy mobile app is limited compared to the desktop platform. While users can buy, sell, and stake crypto, no advanced tools are present. Although a basic chart is available for all cryptos, no indicators or charting tools are available. Therefore, the Bitbuy app is only suitable for quick purchases, not performing detailed analysis.
Bitbuy offers a convenient streamlined service, it concentrates on fulfilling its mission rather than trying to deliver too many services. It makes buying and selling cryptocurrency simple for Canadians, with free insurance as well. They appear to be a relatively safe exchange and their fees are broadly in line with the rest of the market.
You can either use it as an SMS based 2FA or you can sync it with Google Authenticator. These fees are actually quite reasonable and are below the rates that are charged by some of the other Canadian exchanges. For example, their Interac e-transfer withdrawal commands a fee that is less https://forex-review.net/ than that which is charged byCoinsmartfor example. While you can opt for the express Interac transfer, we are of the view that it not really worth the fees that are charged. It merely requires you to carefully plan your deposits such that you are getting the most bang for your buck.
How And Where to Buy Shiba Inu (SHIB) in Canada in 2023
Notably on the Bitbuy strategic partners list are legendary Shark Tank investor Kevin O’Leary and FTX co-founder and CEO Sam Bankman-Fried. With the bank wire transfer, it is cheaper to deposit funds into Bitbuy than it is to withdraw at 0.5% and 1%, respectively. Users looking to take advantage of its benefits need to contact Bitbuy’s customer support to request access. Depending on the settings, an API can give authority to open and close trades and initiate asset transfers. Sophisticated bots can even perform more advanced functions such as portfolio rebalancing and derivative orders even when the platform does not support them.
Because of this, it is impossible for traders to figure exactly how their profits would appear on every particular deal. The platform is highly regulated by FINTRAC and the Ontario Securities Commission . Users can also enable multi-factor 2FA authentication to help secure their accounts. As we have demonstrated above, the signup process is also simple and straightforward, making it easy to onboard new users. All of these points combined make Bitbuy a solid option for Canadian-based crypto investors looking for a reputable platform to fulfill their investment needs.
Why do traders use Bitbuy exchange?
The world of cryptocurrencies is still in its infancy and seeing rapid expansion; yet, exchanges are not regulated in the majority of nations. For high-frequency traders, such as those who employ scalping trading tactics, the pre-transaction price calculator is an extremely helpful piece of trading software to have at their disposal. Users get access to the full trading interface and are able to make use of all of the tools that are available to them through the sophisticated Bitbuy trading platform. Bitbuy is one of these sites, and it is widely regarded as one of the best places for Canadian citizens and residents to engage in bitcoin trading. In this study of Bitbuy, we conduct an analysis of the platform and determine the categories of investors who would benefit most from using it. Therefore, in the thank-you popup screen that loads after you confirm the phone number, click on the button to start the ID verification process.
However, you can create a Bitbuy Corporate account if you’re a business owner looking to add Bitcoin to your balance sheet. The fact you can set market and limit orders is what makes this feature so appealing, and even beginner investors should take advantage of this functionality. If you’re new to crypto investing, Bitbuy’s Express Trading feature is what you’re looking for. Those who are happy praise the customer support and the ease of use. For a market order, simply enter how much of the crypto you wish to purchase and click “buy”. Note, you will need to have sufficient funds in your account first.
Your Litecoin deposit will be credited to your Bitbuy wallet after 6 confirmations on the blockchain. You may also track its progress in the Deposits section of your “History” page. There is a minimum deposit of C$20,000 and a transfer fee of 0.50%. As shown below, you may narrow the pair listing by selecting the crypto that you wish to purchase or trade. Alternatively, you may enter the name and select your preferred pairing.
So from the above it seems as if the most affordable method for you to fund your account is with a good old wire transfer. You are likely to get them on the exchange in about the same time as a standard Interac funding will take. InstaBT was created as a way for Canadians to quickly and easily get their hands on Bitcoin.
As you can see, you can access all of the functionality from this main admin panel. This includes the option to buy / sell and deposit / withdraw. When you buy or sell a coin you are buying at the rate Bitbuy is willing to give you at that particular moment. Once you have submitted these documents then you will have to wait for human verification at Bitbuy. They have stated that this could take between 1-3 business days to process. This is about the standard waiting time for non-automated verifications.
The move was made by Bitbuy as part of their commitment to best practices in the cryptocurrency exchange industry while awaiting greater regulatory clarity in Canada. While exchange security is a priority, the user is often the weakest link when it comes to crypto theft. Therefore, Bitbuy has instituted the best practices in user protection on their systems.
Wire transfers take 3-5 business days, while crypto transactions vary depending on the network congestion. By contacting the OTC desk, you’ll be matched with a dedicated account manager and reap various benefits of the platform. This includes instant quotes, trading with 100+ cryptocurrencies at the best rates, and even early access to upcoming features on the Bitbuy platform. In all, Bitbuy is a very secure, well-respected location for trading cryptocurrency. This is particularly true for Canadian traders and is shown in the number of users that the company has.
Affiliate partnerships may affect where a particular product is listed within a review, but they don’t affect the review’s content in any way. Before deciding to trade Forex or any other financial instrument, you should carefully consider your investment objectives, level of experience, and risk appetite. You can also reach out to the customer service team through one of their many social media channels for a fast and professional response. Trading in cryptocurrency is highly speculative and carries a high level of risk.
Bitbuy Reviews
We’ll take a look at the security measurements, supported cryptocurrencies, functionality, fiat money support, digital wallet, and even more. Bitbuy is a Canadian cryptocurrency exchange platform that was founded by Adam Goldmanin Toronto, Canada, back in 2013. The platform is suitable for Canadian citizens only and is considered to be one of the most popular and leading crypto exchange platforms in the country. Bitbuy’s cryptocurrency exchange operates both as a web-based platform and mobile app.
We will go over their security, platform support, fees and technology. We will also gather the opinions of the Canadian crypto community on their experience with Bitbuy. Here are the best exchanges to demo trade Bitcoin and cryptocurrency without funding an account with money.
BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. Once again, people who are interested in buying the most mainstream coins should find Bitbuy more than enough. However, if you’re looking for a platform that gives you more possibilities, then there are other options that you should take into account.
