The interface is straightforward, with no charts or analysis tools. However, you can view the price of an asset in CAD and its 24-hour price movements, providing some indication of its performance. That said, it would be nice if Bitbuy included a simple price chart so you can better time your trades. However, as most users are unlikely to spend more than CAD 250,000 within 90 days, they will be stuck paying the extremely high 2% base trading fee.
The biggest drawback to using the Express Trade service, however, is the cost as it is significantly more expensive to buy or sell cryptocurrency this way than it is to use the Pro interface. Personally, I find Bitbuy offers the nicest platform for beginners. But if you’re an advanced trader looking for robust tools and an extensive coin list, this may not be the platform for you.
- You also have users who found their customer service greatly helpful and others who found that their verification times in the January 2018 Bull run were some of the fastest.
- This is not the customer experience that we want our users to have.
- Even though it’s quite low compared to some of the industry giants, it’s crucial to remember that Bitbuy is a Canadian-only crypto exchange platform.
- You can buy Bitcoin, Bitcoin Cash, Litecoin, Ethereum, EOS, Stellar Lumens and Ripple.
- Bitbuy only supports a handful of tokens, and you have way more options with platforms like Cake DeFi and YieldFlow.
- It doesn’t provide any additional, unnecessary tools that would make your experience more confusing.
Bitbuy has been operating since 2016 and has never been hacked.Security audits. Bitbuy conducts routine financial audits, monthly security audits, and transaction reporting audits using trusted third parties. The exchange maintains a Chief Anti-Money Laundering Officer and conducts daily and weekly suspicious activity reviews. Bitbuy registered as a money services business (MSB) with FINTRAC and is federally approved as a restricted dealer for digital assets in Canada. Bitbuy’s security providers are ISO, SOC and FIPS compliant and require all users to set up 2-factor authentication (2FA) before being allowed to execute trades.Insurance. Bitbuy exceeds its cold-storage self-mandate of having 95% of all digital assets secured in cold storage.
I was also disappointed to find that you can have your funds deposited directly to your account by Electronic Funds Transfer. The only options eTransfer, Wire Transfer, or transfering your crypto to an extern wallet. While we like to do thorough reviews, it’s sometimes hard to get a full picture of an exchange or service without having used it for an extended period of time. Hence, we sometimes like to get the perspective from other users on the platform. Moreover, mobile cryptocurrency trading is not for everyone.
They appear to be a relatively safe exchange and their fees are broadly in line with the rest of the market. While trading fees are slightly higher, their deposit and withdrawal fees make up for it. They offer a simple and effective way for Canadian users to buy and sell cryptocurrencies with their CAD.
Great customer service
Therefore, the Bitbuy app is only suitable for quick purchases, not performing detailed analysis. We looked through some of its most recent reviews to better understand how users find the Bitbuy mobile app. The consensus is that the app is simple and a solid choice for Canadian residents. However, several customers complained that Bitbuy had frozen their funds without notice which isn’t ideal for those looking to trade without disruption. The fee structure on Bitbuy is trading volume-based, meaning frequent traders can earn significant discounts when using the platform.
Unable to do PRO TRADE for 9 days
With many exchanges, like KuCoin and ByBit, offering zero-fee crypto trading, Bitbuy is one of the more expensive options on the market. 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. In contrast, the Bitbuy Pro Trade Platform caters to customers who want to perform analysis and trade crypto more seriously.
Ratings methodology – how we scored Bitbuy
Luckily, the math checked out on Bitbuy – there were no mysterious ghost fees like what I experienced on NDAX. Overall, we found that the community was quite positive on Bitbuy. For example, in this thread you can see that most of the users who commented had no issues withdrawing coins from their accounts.
For this manual verification check, you are required to provide a government issued identity document as well as a picture of yourself holding this document. We verified that the phone number for contacting support no longer works, although there is a message there stating that Bitbuy is working on a new customer support system to better serve clients. I suppose we’ll have to wait and see if that includes a new phone contact or online chat feature. Therefore, Bitbuy has not ventured into the territory of a number of other altcoins that are being offered by Canadian exchanges.
You will just need to confirm the email address after which Bitbuy will force you to set up your phone for two factor authentication. Once this has been completed you can move onto the verification stage. If you have decided that you would like to try Bitbuy then you will need to create an account and complete their registration process. 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.
Bitbuy review
From what I hear, verification is typically near-instant. Be prepared to provide government-issued photo ID, a selfie, proof of residence, and proof of income. It displays interactive charts with candlesticks and volumes. You can look at data in specific time frames and through particular indicators.
Bitbuy Pro
I prefunded my account with $50 CAD by eTransfer, which arrived in less than 5 minutes. The markup was quite low at just 0.16% above BTC’s live market price. You’ll also find a solid selection of popular altcoins such as Dogecoin, Shiba Inu, ApeCoin, and Pepe Coin. In fact, ApeCoin and Pepe Coin are hard to find on other majpr exchanges bitbuy canada review in Canada, so I was happy to see them listed on Bitbuy. Steve has been writing for the financial markets for the past 7 years and during that time has developed a growing passion for cryptocurrencies. In summary, Bitbuy is a great exchange for Canadian users who are looking for the easiest way to get their hands on some cryptocurrency.
Bitbuy is a cryptocurrency exchange that offers a full suite of digital currency services to individuals, businesses, and institutional investors via an OTC desk. The exchange allows buying and selling the most popular cryptocurrencies, such as Bitcoin, Ethereum, and XRP. Bitbuy features a spot exchange for customers to buy and sell cryptocurrency assets. However, no derivatives or futures market exists for trading digital currencies with leverage or margin. As such, Canadian traders wishing to amplify their profits and losses must find another leveraged trading that supports customers within their region. Bitbuy is a fully regulated exchange located in Toronto, Canada.
Earn up to 12.26% in rewards by staking some of your favourite coins. Once your email has been verified, you can sign it to Bitbuy. Very poor company, have been using them for some time but now not allowed to use them going forward, be weary of them always changing policies. You likely got an automated email that was not intended to be sent.
I transfered BTC assets from Bitbuy to…
We also ensure all reviews are published without moderation. We use dedicated people and clever technology to safeguard our platform. I had a potential problem and the support team led by Rebecca jumped on it and handled it perfectly. Around the time of march 20th and have continued to keep in touch and maintain that everything is 100%. Excessive holding of funds.It’s literally no different than the BS you deal with banks but a little worse.
The Bitbuy API feature is, however, not readily available. Users looking to take advantage of its benefits need to contact Bitbuy’s customer support to request access. There are also a host of other features that they have packed into this advanced trading platform. For example, you have a great deal more charting functionality than you have on the Express Trade.
Recent Comments