For Canadian cryptocurrency investors, it’s often difficult to invest with international exchanges. For example, Coinbase often has low buying limits for Canadian users, and the same is often true for other U.S. exchanges.
However, Canadians still have several options to easily invest in crypto using the Canadian dollar. One of these options is Bitbuy, a cryptocurrency exchange currently serving over 350,000 users.
If you want a simpler way to buy and sell crypto from Canada, Bitbuy could be your best option. And, our Bitbuy review is covering all of the features and pricing so you can decide if this exchange is right for you.
What Is 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.
Bitbuy has also been making headlines as of late. For starters, Bitbuy is the first regulated Canadian cryptocurrency exchange by the Ontario Securities Commission (OSC), so it’s more than just a restricted dealer. This means Bitbuy can offer more features for users and manage transactions on its own marketplace rather than relying on third parties.
In January 2022, WonderFi, the Kevin O’Leary-backed DeFi company, also announced its acquisition plans for Bitbuy. Between the OSC regulation and acquisition, it’s clear that Bitbuy is quickly asserting itself as one of the best crypto exchanges in Canada.
What Does It Offer?
Bitbuy is quickly growing into one of the most popular exchanges in Canada. And, when you consider the range of trading options for beginner and experienced crypto investors alike, this popularity isn’t too surprising.
Instant Transfers To Kid Accounts
Money transfers from a parent account to a child account are instant and free. And that’s something that not many other payment tools offer right now.
For example, while Venmo and Cash App do support instant transfers, both charge a fee for them. And while instant transfers are free with Zelle, your child would need a bank account for you to use that service to send money to them.
If you’re new to crypto investing, Bitbuy’s Express Trading feature is what you’re looking for.
This simple trading dashboard lets you buy dozens of cryptocurrencies with funds from your Bitbuy account. Bitbuy supports trading for 15 cryptocurrencies, including:
- Bitcoin cash
This is much less selection than leading exchanges like Coinbase and Binance offer. However, it’s more than enough for Canadian investors to diversify their portfolios with popular cryptos.
You can also sell cryptocurrencies you hold through the Express Trade. To fund your account with Canadian dollars, you use Interac e-Transfer or a wire transfer. To deposit crypto into your Bitbuy account, you send crypto to your specific Bitbuy wallet address for that particular cryptocurrency.
Express Trading is the fastest way to buy and sell crypto with Bitbuy. But if you want more control over your orders and more market data, you need to use Pro Trading.
You can access Pro Trading as soon as you open and verify your Bitbuy account, so this isn’t a premium feature. Pro Trading lets you set market and limit orders instead of just buying crypto at a given quote price like with Express Trading.
You also get way more trading data, and there’s charting tools that let you add various indicators for more technical analysis.
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.
For serious crypto traders, you can email API@bitbuy.ca to inquire about API access. Getting Bitbuy’s API lets you automate your trading, which is necessary if you’re an algorithmic trader or are building any sort of trading bot.
Over-the-counter (OTC) trading involves transactions between a buyer and seller, not an automated market maker. In other words, when you OTC trade, you’re making a deal with a single person or individual company rather than relying on an exchange to execute the trade.
OTC crypto trading is popular for large trades where you want to get the best price possible and reduce the risk of market volatility by locking in your order price.
Bitbuy offers OTC trading if you’re investing $50,000 or more. Once you fund your account with $50,000 worth of Canadian dollars or BTC/ETH equivalent, you unlock this feature. All you do is email email@example.com with your request and a Bitbuy expert will reply within the same day.
For most investors, OTC trading isn’t a selling point. But if you’re investing a significant amount of money into crypto, you should use OTC to ensure the process goes smoothly and you’re getting the best deal.
Bitbuy largely caters to everyday investors. However, you can create a Bitbuy Corporate account if you’re a business owner looking to add Bitcoin to your balance sheet.
Major companies like Tesla are adding Bitcoin to their balance sheets as an inflation hedge and to diversify assets. According to Bitbuy, thousands of Canadian businesses are following the same strategy, and it doesn’t matter if you’re a small business owner or international corporation.
Like OTC trading, you work with a Bitbuy expert to invest in cryptocurrency for your business. Whether you need this for your balance sheet is ultimately up to you, but the fact that Bitbuy has features for everyday Canadians and business owners alike is a plus.
The Bitbuy referral program pays you $40 if people you refer open an account and make a deposit of at least $250. Your referrals also get $40, so it’s a win-win scenario.
Many crypto currency exchanges pay $5 to $10 in free crypto for opening and funding a new account. For example, Coinbase often has $10 free Bitcoin bonuses. A $40 bonus for both users is certainly higher than most crypto exchanges, so this is one nice perk of trying out Bitbuy.
Related: Best Cryptocurrency Bonus and Promotional Offers
Bitbuy’s free mobile app for Android and iOS is another nifty feature for this Canadian crypto exchange.
With the mobile app, you can monitor your holdings and place orders. You have access to Express Trading and Pro Trading as well, although it’s best to use your computer for Pro Trading so you have a more comprehensive view of all the data.
Overall, a mobile app isn’t a dealbreaker for an exchange. However, this nice-to-have feature is another reason Bitbuy is one of the best Canadian cryptocurrency exchanges out there.
Are There Any Fees?
Bitbuy doesn’t charge account management fees or fees for cryptocurrency deposits and withdrawals. However, if you deposit Canadian dollars, you pay fees depending on the type of deposit. There are also minimum and maximum deposit amounts.
A $50 minimum funding requirement is high since exchanges like Coinbase and Gemini let you invest with just $2. However, this is still a reasonable funding requirement for everyday investors.
That said, most cryptocurrency exchanges don’t charge fees for depositing fiat. This 1.50% fee is steep, and it’s one of the main downsides of Bitbuy.
On top of that, Bitbuy charges various trading fees depending on the feature you’re using:
- Express Trading: 0.20% maker/taker fee.
- Pro Trading And API Client: 0.10% maker fee and 0.20% taker fee.
You get trading discounts if you’re investing millions in crypto, but for the everyday investor, you’re stuck paying deposit fees and trading fees.
How Does Bitbuy Compare?
Canada still has an unfortunate lack of cryptocurrency exchanges and investing options that just cater to Canadians. Ultimately, this means many Canadian investors end up using international exchanges to buy and sell crypto.
Binance and Coinbase are two perfect examples. Both exchanges are available in Canada, and the sheer size of each exchange means they’re also quite different versus trading with Bitbuy.
How Do I Open An Account?
Currently, Bitbuy is only available for Canadian investors. Signing up for Bitbuy is very simple, and you can unlock complete access to the platform in about five minutes.
When you sign up, you provide your email, name, and create a username and password. You also enter a phone number for SMS verification, and this must be a North American number.
Once you verify your phone number, Bitbuy sends an email with a link for further account verification. After verifying your email, you complete verification by entering your name, address, and some information about your employment.
Typically, verification is instant, and Bitbuy works with third-party providers to verify your identity based on the basic information you enter. If this fails, you complete verification manually by uploading documents like a utility bill, government ID, or bank statement.
Overall, this process is similar to KYC requirements exchanges like Coinbase and Gemini have. However, you usually don’t upload any ID or documents, so it’s quite speedy.
Is It Safe And Secure?
Exchange security is an important factor to consider when choosing how to trade. After all, unless you hold crypto in your own wallet, you’re relying on your exchange to protect your digital assets.
Thankfully, Bitbuy takes numerous measures to increase its security. Most importantly, Bitbuy states it holds 99% of crypto in cold storage, which is offline storage that’s not vulnerable to hackers. Furthermore, Bitbuy has digital asset insurance provided by BitGo which covers losses from events like hacks, private key theft, and loss of keys.
There are other ways Bitbuy also improves security. Users can enable two-factor authentication, and Bitbuy is also FINTRAC registered as a money services business. FINTRAC monitors financial activity in Canada for activities like money laundering, so having this registration is another positive sign that Bitbuy is secure and taking steps to prevent fraudulent or illegal activity on its marketplace.
How Do I Contact Bitbuy?
You can contact Bitbuy’s customer support by emailing firstname.lastname@example.org. Bitbuy also has a support help desk with answers to common questions users have.
Bitbuy doesn’t have a customer support phone number. However, it states it guarantees prompt responses to questions, and judging by Trustpilot reviews, Bitbuy backs up this guarantee.
The company has a 3.4 star rating, and many users state Bitbuy has excellent customer support. Most of the negative reviews stem from Bitbuy delisting XRP and account withdrawal issues relating to that crypto, not customer support delays.
Is It Worth It?
For Canadian investors, Bitbuy is one of the best exchanges you can use because of its ease of use and trading limits.
The worst part about using international exchanges as a Canadian is buying limits. But with Bitbuy, you can trade thousands of dollars in crypto once you verify and fund your account. You pay a premium in fees for this luxury, but if you need higher trading limits, Bitbuy is worth it.
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.
Overall, Bitbuy is still one of the best Canadian cryptocurrency exchanges. The fees are a little high, but if you’re tired of restrictions on international exchanges, give Bitbuy a try.