Bitbuy is a Canadian cryptocurrency exchange focused on great customer support and great options for trading. With reasonable fees compared to other exchanges, Bitbuy is a solid choice of an exchange to use.
Bitbuy was founded and launched in 2013. They were known as Instabit before they rebranded to Bitbuy. The Canadian exchange also has been transparent with information to their customers. They have undergone proof of reserve and a security audit.
They also offer advanced trading features and interface, deep liquidity pools and Over the Counter trading (OTC) for users. Because of this, using Bitbuy is simple to get started with.
How to use Bitbuy
Sign up
- Set up your account here.
- Once you have made an account, you will get prompted to do Know Your Customer(KYC). This is normal as all exchanges will collect your data to be compliant with government laws.
- Remember to set up 2 Factor Authentication as well to ensure hackers don’t get into your account.
- Now you’re ready to go!
Buy & sell crypto on Bitbuy.
- Deposit CAD into your account directly from your Bank account.
- If you want to deposit cryptocurrency, go into your wallet and grab your address to send your crypto into.
- Head over to the trading area and purchase/sell the cryptocurrencies you would like.
- If you need to withdraw, simply go to your account and click withdraw!
Is Bitbuy Safe?
Bitbuy is a safe exchange to use as they are compliant on any anti-money laundering laws Canada has because Bitbuy is registered with FINTRAC.
They also keep 95% of cryptocurrencies in cold storage. This is a lot higher than most exchanges where ~80% kept in cold storage is the standard. What this means is in the unlikely event Bitbuy does get hacked, hackers would not be able to steal a lot of funds.
With 2 Factor Authentication, users will be able to protect themselves against hackers trying to log into your account to steal your funds.
Bitbuy is an exchange who are quite focused on the quality and safety for their users and from the general positive sentiment of Bitbuy’s users, Bitbuy is a trustworthy exchange to use.
Bitbuy.com Review and Fees Breakdown
Fiat currencies accepted:
As Bitbuy is a Canadian only exchange, they only accept CAD.
Cryptocurrencies accepted:
Currently Bitbuy accepts 7 Major cryptocurrencies: BTC, XLM, BCH, ETH, LTC, EOS, XRP.
Bitbuy’s fees
Bitbuy boasts of tight spreads so users don’t get ripped off on more expensive coin purchases. Bitbuy also takes a 0.1% trading fee.
Deposit and Withdrawal methods:
The Canadian exchange has two methods of depositing CAD. Interac e-transfer and Bank Wire. Using Interac has a 1.5% fee and Bank Wire is 0.5% but the minimum deposit is $20,000.
If you’re depositing cryptocurrencies, the fee is 0%. The fees for withdrawing CAD is the same as depositing depending on the payment method you choose.
Bitbuy is heavily focused on ensuring the security of all their users’ funds. They have a self imposed role of 95% cold storage. Which means only 5% of funds are stored in hot wallets. They are also transparent about not pulling any shady manipulations as they are 1:1 backed by Knox Custody so you know every Bitcoin on the exchange is backed by a real Bitcoin.
On the users end, they have implemented 2 Factor Authentication(2FA) for security so you won’t be impersonated by hackers.
Regulation compliance:
Bitbuy is heavily compliant with regulation as they are registered with FINTRAC – which is a government body of the federal government in Canada.
Customer service:
The customer service is one of the best aspects of Bitbuy. Unlike many other exchanges, Bitbuy offers actual live phone support and usually responds to tickets in less than 12 hours.
Bitbuy responds on weekends and the majority of their reddit has satisfied customers who have interacted with Bitbuy’s customer service team.
Mobile functionality/mobile app:
The Bitbuy mobile app is available for Google Play store and the App store. It offers all the features you need to trade, view your accounts and balances. Overall, the reviews have been positive as it works as you would expect a great app would.
History of Bitbuy
Based in Toronto as Instabit before they rebranded to Bitbuy, the exchange has steadily built a great reputation over the years for security, transparency and solid customer support – which is rare in the cryptocurrency exchange space.
Since they were founded in 2013, Bitbuy has been through many obstacles in the industry and has gained a lot of experience to do things the right way for users to have the best experience.
The Verdict on Bitbuy
Bitbuy is a solid choice for Canadian investors to look into. Excellent customer support means you’ll never be frustrated when something goes wrong. The transparency of their trading fees and spreads will give you assurance that the price you’re buying cryptocurrencies at is not higher than market price. The user interface and mobile app also greatly enhances user experience and conveniences so it’s not a hassle to trade and check your balances.
The only downside to Bitbuy can be the deposit fees when you deposit CAD to their exchange as 1.5% deposit fee is a little on the high side. Bitbuy also only offers 7 cryptocurrencies so if you’re looking for an exchange for more diversity, then Bitbuy is not a good choice.
Other than those, Bitbuy will fit the needs of anyone who wants an open and trustworthy exchange in the industry! Sign up to Bitbuy here.