Bitbuy Broker Review
Bitbuy is a leading cryptocurrency exchange based in Canada. Founded in 2016 to provide a fast, secure and easy way to buy and sell bitcoin and other leading cryptocurrencies, today Bitbuy is a fully regulated exchange overseen by the Canadian federal authorities.
Among the main features of the exchange are the ability to trade 25 cryptocurrencies (BTC, ETH, LTC, BCH, XLM, EOS, AAVE, LINK, DOT, DOGE, ADA, SOL, MATIC, UNI, SUSHI, MANA, USDC, APE, LUNA, MKR, CRV, BAT, COMP, FTM and AXS) directly in Canadian dollar and BTC-based pairs, an advanced trading platform and OTC table, as well as excellent customer service.
Account currencies: CAD
Minimum Deposit: 0
Leverage: –
Legal: Bitbuy Technologies Inc. c/o Privacy Officer 341 – 110 Cumberland Street Toronto, Canada M5R 3V5
Instruments: Cryptocurrencies
Accounts and Commissions
There are no different account types on the platform, the only choice you have to make is whether your account will be a Personal or Business account.
Bitbuy’s trading fees are extremely competitive compared to other Canadian cryptocurrency exchanges. You are charged 0.10% when placing limit orders (the “Maker” commission) and 0.20% when placing market orders (the “Taker” commission). Maker commission is less than Taker commission, because “Makers” add liquidity to the market, and “Takers” take liquidity out of the market. All Express Trade trades are charged a flat fee of 0.20%.
Bitbuy spreads, which are essentially another form of trading commission, are also very narrow. When you combine these two factors–low trading fees and narrow spreads–you end up with a very cheap platform. Bitbuy is pushing hard to lower commissions, and they are basically delivering on their promise.
Trading Tools
Bitbuy offers a decent amount of cryptocurrencies on the exchange, with just over 25 available for users to buy and sell.
The Bitbuy mobile app has received excellent reviews, with a 4.6/5 rating on the App Store out of 6,000+ reviews. The app allows access to all the basic features of the desktop version, including buying, selling, and transferring cryptocurrency, and supports biometric security measures to keep your coins safe.
Deposit and Security
As for Bitbuy’s deposit and withdrawal methods, the exchange allows you to deposit and withdraw funds via bank transfer or Interac wire transfer. You can also purchase BTC, ETH and USDC via credit card, and the exchange plans to add more coins in the near future.
The transfer time depends on the method you choose. A bank transfer usually takes 2 to 3 days. Most Interac wire transfers are done the same day, and in some cases within a few hours.
As a transparent and regulated exchange in Canada, Bitbuy is a secure service for your cryptocurrency activity. It was recently registered with FINTRACa as a Money Service Business (MSB). The exchange is also in the process of registering with the provincial security commissions, to be followed by the Investment Industry Regulatory Organization of Canada (IIROC). Two senior staffers, Thorsten Braaten and Dean Skurka, are also on the IIROC crypto-asset working group.
Bitbuy also does not list questionable crypto assets – only the most popular and time-tested cryptocurrencies are listed on the exchange.
Speaking of platform security, Bitbuy offers the following security features:
– 95% of user funds are stored in cold wallets.
– Two-factor authentication (2FA) via Google Authenticator and Authy.
– Device authentication.
– Daily encrypted and distributed backups.
– Uses Secure Sockets Layer (SSL) protocol to protect your customers.
– Mandatory KYC verification.
– Monitored transaction data to identify patterns indicating suspicious activity.
– Passed backup and security audits.
– Passed data cold checks, team trustworthiness checks, and customer information processing checks.
Bitbuy is positioned as a leader among Canadian cryptocurrency exchanges for a reason, a focused, reliable and customer-centric exchange is the right words to define it.
Rather than being a global conglomerate, it focuses on developing its local user base, regulatory compliance and seamless exchange operations, which is exactly what most newcomers look for in a cryptocurrency exchange of their choice.
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