Bitbuy Review 2023:
Fees, Features + More

There are a few features that make Bitbuy stand out, such as the insurance, Bitbuy express, Pro, and customer support level. So, if you’ve read this Bitbuy review and finally decide you want to open up an account and get started trading cryptocurrencies, fortunately the process is extremely easy. With the volatility of Bitcoin and other cryptocurrencies, price fluctuations can be rapid. So, if you need to get a hold of customer service, you need to do it fast. Fortunately, Bitbuy offers some of the best customer service in the industry.

• Overall, this double-dipping fee structure means you’re paying for the luxury of using a Canadian-friendly exchange.
• Hence, we sometimes like to get the perspective from other users on the platform.
• Of course, you won’t get locked out of the Express Trade tool if you go Pro.
• By contacting the OTC desk, you’ll be matched with a dedicated account manager and reap various benefits of the platform.
• You can also filter between light-mode and dark-mode and go through a tutorial through the settings icon.

To get started, simply enter information about your business and request a call from Bitbuy’s corporate page. This Bitbuy review covers its fees, pros, cons, safety, referral program, and competitors like CoinSmart, Coinsquare and more. What are your experiences with the various cryptocurrency exchanges in Canada?

Over-The-Counter (OTC) Trading

Many crypto currency exchanges pay $5 to $10 in free crypto for opening and funding a new account. A $40 bonus for both users is certainly higher than most crypto exchanges, so this is one nice perk of trying out Bitbuy. Bitbuy is a Canadian cryptocurrency exchange that began in 2016. The company operates out of Toronto, Ontario and currently has over 350,000 users and has processed over $4 billion in crypto. However, Canadians still have several options to easily invest in crypto using the Canadian dollar.

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. A trading API (application programming interface) is a channel through which a user can access their trading accounts remotely through a bot or third-party software.

How and Where to Buy XRP (Ripple) in Canada in 2023: Complete Guide

Bitbuy is one of the most popular cryptocurrency trading platforms here in Canada, and for good reason. Plus, both Coinbase and Gemini are branching into NFTs, so the platforms will have even more options to invest in digital assets. Overall, this double-dipping fee structure means you’re paying for the luxury of using a Canadian-friendly exchange. But if you’re stuck with low trading limits on international exchanges, this price could be worth it.

2 Products with instant approval have a provisional decision within 60 seconds. The credit provider’s final decision is made at their discretion, subject to decisioning criteria. There isn’t much more to say about Bitbuy than I’ve stated in this review. In my eyes, it’s the best platform in the country to trade Cryptocurrency. From there, you’ll enter in basic personal information like your occupation, date of birth, address. This is requested to verify your identity and prevent identity fraud.

Express trade

However, what I love about Bitbuy is it is constantly listening to its customers’ feeback and making changes to the platform that are of benefit to the end user. The platform, especially if you’re new, will seem quite advanced. Cryptocurrency trading is taking the world by storm, and we don’t expect it to slow down anytime soon. It’s considered by many new investors a strong alternative to buying stocks. You can get slight trading discounts if you trade millions of dollars in assets, but for everyday investors, there aren’t discounts. It is also registered as a marketplace and restricted investment dealer in Canada with OSC approval.

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. The wallet page has large, colourful buttons which makes it easy to deposit funds. Bear in mind, the only fiat currency you can deposit is the Canadian dollar. Hit the deposit button and follow the simple steps to make a quick deposit. Since Bitbuy is a regulated crypto exchange, it must comply with all regulations.

Free Bitcoin Crash Course

This is about the standard waiting time for non-automated verifications. That’s why we found it disappointing that Bitbuy has removed the ability to contact their customer support team via telephone and via online chat. Currently the https://forex-reviews.org/bitbuy/ Contact page on the website and the support article regarding contacting Bitbuy only states that they can be contacted via email at [email protected]. Bitbuy requires all of their users to enable two factor authentication by default.

It looks like this matter has been successfully completed and we thank you for your patience. Next, provide your identity details, including your real name, date of birth, and occupation, then click on the [Next] button. Remember also to verify your email address by visiting your email inbox and clicking on the verification link sent to you. Alternatively, you can access the [Verify your account] button within your account after logging in. At this point, you can successfully log in to your Bitbuy account and start browsing it, but to perform any transactions, you will need to verify it. Next, select between opening a ‘Personal Account’ and a ‘Business Account.’ This tutorial will focus on the former.

You have to go to the Pro Trade page, click on List and choose a crypto-crypto or crypto-Canadian dollar pairing. On Bitbuy, you can buy and sell cryptocurrency in four ways- Express Trade, Pro Trade, wallets and OTC. You need to go to the Wallets page and click on the Withdraw button to the right of the Canadian dollar wallet. Then select a withdrawal method, enter the amount and enter the name of the bank.

• To sign-up, you require a North American telephone number plus the only fiat currency support is the Canadian dollar.
• Even so, you can find better trade rates at other international exchanges but there are always trade-offs – they are either unregulated, has worse UX, or lacks proper customer support.
• Bitbuy’s customer service reputation is excellent, with a consistently quick response time and knowledgeable staff.
• The Cult of Money does not include all companies or offers available in the marketplace.
• On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.
• Some of the products and services listed on our website are from partners who compensate us.

Bitbuy Pro Tade has live order books, real-time spreads, market orders, limit orders, and charts from TradingView with technical indicators. You can also filter between light-mode and dark-mode and go through a tutorial through the settings icon. While there is decent liquidity for Bitcoin and Ethereum, be careful when trading other altcoins, especially if you’ll be placing market orders. As you can see, Bitbuy’s fees depend on which deposit method you choose.

When it comes to withdrawal of cryptocurrencies, Bitbuy says that these are free. They are still likely to apply a network or miner fee to your transaction so you should keep that in mind. 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. 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.

Not every exchange will state the percentage of coins that are kept offline, but I think transparency is important. The verification process can take up to two days to complete, but for us it took just one hour to get my documents verified. Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs,  investing, and the gig economy. For Canadian investors, Bitbuy is one of the best exchanges you can use because of its ease of use and trading limits.