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Investors and traders already holding Bitbuy supported cryptos can make a wallet-to-wallet transfer. Bitbuy has a dedicated page providing users with Bitbuy supported crypto compatible wallets and a Canadian Dollar wallet. Bitbuy provides users with all the necessary tools in order to track existing transactions and trades as well as review historical activity. For the more advanced crypto traders, the “Pro Trade” platform offers charts with an array of indicators to support technical analysis. A first-time Canadian Dollar deposit will cost between 0.5% – 3.5%, based on the payment method. For instance, a simple wire transfer will incur a flat 0.5% fee, while a faster Interac e-Transfer will cost 1.75% of the deposit amount.
- The company was created as a subsidiary of First Ledger Corporation.
- 2 Factor Authentication and cold storage in place to protect investor assets.
- It is a simple and effective way for you to convert your CAD into crypto.
Although the platform’s security measures will be examined in greater depth later in this review, it is important to note that the techniques used by the platform are. This gives the bank a degree of validity and lends the bank a degree of legitimacy. The bank now has a higher level of credibility according to the OSC.
Currently the Contact page on the website and the support article regarding contacting Bitbuy only states that they can be contacted via email at In May 2020 Bitbuy partnered with Knox to offer fully-insured cold storage of Bitcoin holdings for all Bitbuy users. Bitbuy was the very first Canadian exchange to offer such cold storage and insurance to their clients, marking a significant positive development for the Canadian cryptocurrency industry. 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%.
Affiliates can promote Bitbuy through embedded links in reviews, content, banner ads, YouTube videos, and more, etc. Locate the cryptocurrency you want to send to your Bitbuy account, and click on the ‘Deposit’ button that is located directly to the right of it. Currently, Bitbuy supports six cryptoassets, including Bitcoin, Bitcoin Cash, Litecoin, Ethereum and Ripple. Users will pay a relatively high 3.5% deposit fee for an extra fast Express Interac e-Transfer. 2FA is the gold standard, and works by using two forms of authentication, a password and a smartphone, for a single action such as an account login or executing a trade. For instance, if you use the Interac e-Transfer, you will be required to withdraw a minimum of $50, while the maximum amount that may be withdrawn is $20,000.
WHAT COUNTRIES DOES BITBUY SUPPORT?
It is however important to point out that those processing times are mere indications and will vary greatly depending on your banking provider. So, unless you send Bitbuy some form of identity and proof of address you cannot use them. However, 90% of cryptocurrency exchanges these days have this requirement so it is not so much of a surprise.
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 prioritizes user security using advanced technologies to protect user accounts from identity fraud and 90% cold storage to ensure funds are not affected by malicious activity. The Bitbuy mobile app is suitable for performing quick trades while on the go, but its lack of charting tools hinders its performance significantly. As such, users wishing to access technical indicators will need to use another crypto charting software platform, like TradingView. We went through the verification process to ensure our Bitbuy review was as accurate as possible. Users will need to input details regarding their employment status, source of income, and address.
I applied for Gold Status which was…
Users are able to adjust chart parameters, including time periods. Bitbuy gives investors and traders access to the most popular cryptos in the market place. Users who already own Bitbuy supported cryptos may transfer these to the compatible crypto wallets provided on the Bitbuy platform.
Over 1,500 businesses have already entrusted their crypto dealings to this company. You simply select whether you’re buying or selling, choose the cryptocurrency you’re interested in trading with from the drop-down menu, and enter the amount. As the name suggests, Express Trade is Bitbuy’s no-frills, instant trade mode.
Initially, it was called InstaBT and was designed to be an easy-to-use gateway for Canadians to buy and sell bitcoin. In 2016, the company underwent a rebranding and adopted the name Bitbuy. I began following the development of Bitcoin and other digital currencies in early 2013, and quickly became fascinated by the potential of this new technology. In the years since, I’ve followed the rise of the crypto industry with close attention, and written extensively on the subject.
Supported Cryptocurrencies
Unfortunately, Bitbuy does not offer staking, crypto cards, or any additional features you might see elsewhere. Bitbuy’s focus, for now, is offering their users the best trading experience. Bitbuy has created an API for individuals, institutions and algorithmic traders to connect to their 10+ markets featuring a variety of CAD-to-crypto and crypto-to-crypto pairs. Use the API to automate trades with high-frequency trading and live exchange rates.
At this stage, you will now need to make a deposit to begin trading and investing. Upon creating an account, you will need to verify your email address, after which you will be prompted to verify your phone number. Bitbuy is currently only available in Canada and users must have a Canadian mobile phone number to register.
Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs, investing, and the gig economy. Bitbuy works with third-party providers to verify customers. In some cases, you still upload government ID or documents like bank statements to prove your identity, but most verification occurs automatically. You can get slight trading discounts if you trade millions of dollars in assets, but for everyday investors, there aren’t discounts. However, the fact you can place snappy trades from your mobile phone is another small perk of using Bitbuy.
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The only wallet/company that reply’s to any funding or user error issue promptly and efficiently. Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin XLM and EOS make up the cryptocurrencies available to trade at the time of writing, with plans to add AAVE and LINK to the portfolio. The user interface is clean, fast and simple to navigate with three main features. Fees are extremely reasonable compared to the competition and customer support seems to be doing a very good job.
They have promised AAVE and LINK are coming soon, so it does look like the number of choices is improving. Bitbuy requires all of their users to enable two factor authentication by default. Whenever you log into your account or try to initialise any sort of withdrawal then you will be asked to complete this.
Users can deposit CAD to the exchange via bank account transfer and Interac e-Transfers. There is no support for buying crypto using a credit or debit card, although users can deposit using every cryptocurrency available on the platform. Bitbuy is designed for novice and advanced traders, with products and services for everyone. For example, beginners can use the Express Trade feature, a fast, simple, and easy way to purchase digital currencies.
Bitbuy’s trading platform has everything you would need to trade in an attractive color scheme, which you have the option to change. Bitbuy’s Pro Trade is more complicated and suitable for experienced users bitbuy review who would like to see live charting, price movements, order books, and advanced order types. Like with most exchanges, you can set up two-factor authentication on your account to prevent unwanted access.
To sign-up, you require a North American telephone number plus the only fiat currency support is the Canadian dollar. Bitbuy originally launched in Toronto as Instabit providing a simple https://forex-review.net/ way to buy bitcoin, way back in 2013. Since then it has rebranded to Bitbuy, widening the operation, acquiring venture capital funding and adding to the cryptocurrency selection.
If you take your security seriously and are thinking about buying cryptocurrencies, always make sure to also get a secure wallet for your assets. In case you don’t know where to start, check out Ledger Nano X and Trezor Model T first. Bitbuy is one of the most recommended cryptocurrency exchanges in Canada. That’s why the only fiat currency supported at the moment is CAD. When using the ‘Bitbuy PRO’ version, the fee for makers is 0.10% and for takers – 0.20%.