One of the most important requirements for regular cryptocurrency users is the fees that are charged by the exchange. These include fees that are charged when sending / withdrawing currency as well as the fees that one could be charged for merely buying and selling. To use this platform you will need to have a North American phone number as well as provide an address in Canada. If you’re looking for a reliable cryptocurrency exchange that’s available internationally, you should consider Kucoin, Binance and Coinmama. Before finishing this Bitbuy review, there’s a final thing to remember. If you take your security seriously and are thinking about buying cryptocurrencies, always make sure to also get a secure wallet for your assets.
First, enter your email address, phone number and password. Bitbuy will send a code to your phone which you’ll need to access your account. Before you can start buying crypto, you’ll need to go through the verification process. Bitbuy hasn’t experienced any hacks in the past and remains a highly secure and trusted cryptocurrency exchange. Bitbuy does not list questionable crypto assets either – only the most popular and time-proven cryptocurrencies get listed on its exchange. I can assure you that Bitbuy is a regulated entity and will not hold withdrawals without a proper reason.
There’s a reason it’s one of the most popular players in Canada, and the future is certainly bright for this cryptocurrency exchange. Additionally, never hold significant amounts of cryptocurrency on any exchange unless you’re actively trading. Instead, use your own crypto wallet to hold your funds since this is the only way to maintain control over your private keys and funds.
Bitbuy previously charged to deposit, but they have waived that fee now. Users need a Canadian mobile number to register and trade. Bitbuy exclusively provides services to Canadian citizens. Platforms like Coinbase and Binance have an international presence while also catering to Canadian customers. Bitbuy supports seven cryptocurrencies, compared to Shakepay, which currently supports two.
Bitbuy says that they operate a policy of 95% cold storage of coins. This is the standard among cryptocurrency exchanges and protects the bulk of user’s assets from hackers. Centralized cryptocurrency exchanges tend to be rather easy to use.
If you find customer support a priority, I recommend VirgoCX, one of Canada’s bestcrypto exchanges, which supports Live Chat. Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place. But we do have to make money to pay our team and keep this website running!
Bitbuy Review | Buy & Sell Crypto in Canada | Fees, Pros, Cons
On holdings, pay with your crypto for cashback at stores, get loans and more with this complete crypto-finance platform. The Bitbuy API allows for the introduction of simple code commands to the exchange. Users can utilise this technology to automate their trading activity.
Scroll further down to accept the terms of using Bitbuy’s partner ID verification provider Trulioo. In the final verification screen, declare your exposure to political activities by marking either of the provided radio buttons. Next, provide your identity details, including your real name, date of birth, and occupation, then click on the button. There is also a minimum trade value of CAD 25,000 on the Private Wealth desk, meaning that the service is specifically designed to facilitate large orders. There has to be a catch with “no fees.” Also, how long did verifying take you? It applies especially to the mobile version, because you can do all your daily trading routine in just a few clicks.
Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders. Once they have completed the email verification, users can begin account creation. This step begins by asking for the account type (personal/business), and some basic contact information.
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Hot, warm and cold wallets on the Bitbuy platform are separate from the main network and Bitcoin users can store funds in insured offline wallets. Actions like logging into one’s account or making a purchase require two forms of authentication- a password and a smartphone. 2FA is in place for both users and employees to prevent unauthorized access. Bitbuy provides both cryptocurrency and Canadian dollar wallets. The Wallets page shows the total balance and available balance held in each wallet.
- A few exchanges offer more in the way of alternative coins, but Bitbuy’s offering is more than enough to satisfy most mainstream traders.
- If you can corroborate financial information about yourself with this third party then you will be verified.
- With the bank wire transfer, it is cheaper to deposit funds into Bitbuy than it is to withdraw at 0.5% and 1%, respectively.
- Perhaps the most important question to ask when dealing with an online bank or investment company, is whether or not they are safe.
- In turn, it means you’re perfectly able to make your fortune here exactly as you intend to do, without too many unplanned losses.
Whether Bitcoin is a good investment will depend on its uptake as a store of value and/or its uses as a means of exchange over time. While many new millionaires have been minted from Bitcoin, many have also lost money. As per its website, it utilizes “industry-leading security systems” to protect your account, including a 95% cold-storage policy and 2-factor authentication.
Quick sign-up and verification – it is easy to create an account with Bitbuy and start trading quickly due to its smooth sign-up process. The platform has partnered with a global identity verification startup called Trulioo bitbuy review to streamline the onboarding process. Mobile app – Bitbuy users are able to access their accounts on the move using the exchange’s intuitive mobile app available on the Apple Appstore and Android’s PlayStore.
Frequently Asked Questions on Bitbuy Exchange
At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry. Cryptocurrency will be one of the main medium exchanges in the future. Our team сonstantly checks news & changes in the crypto world for Canadians. Those who are unhappy have several complaints including the amount of “red tape” now involved since Bitbuy became regulated and compliant with the Ontario Securities Commission. Anything slightly suspicious on your account will result in your account being frozen. Those who are happy praise the customer support and the ease of use.
I’ve been using bitbuy since 2013 before crypto was as popular. Hi Gisele, I’m truly sorry to hear about this experience. This is not the customer experience that we want our users to have. I have reached out to you directly via the open support thread for more details regarding this ongoing issue.
You should be aware that you may lose a significant portion of your portfolio. Get a $20 bonus when you buy or sell at least CAD$50 in digital currency. From there they will need to register an email account and user name.
Is Bitbuy a wallet?
These fees are currently slightly above average but they are made up for the lower fees that you will pay on withdrawals / deposits. As the exchange progressed, they decided to re-brand to Bitbuy and included a number of other cryptocurrencies on the platform. However, Bitbuy wanted to expand their offering dramatically and accepted an investment from a private equity firm in 2018. All things considered, it’s for you to decide whether Bitbuy crypto exchange is exactly what you’re looking for. However, if you live in Canada, you should definitely check this platform out.
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. Yes, Bitbuy’s cryptocurrency assets are held by BitGo, a prominent crypto custodian whose wallets are insured by Lloyd’s of London for $100 million. So don’t worry, you can safely buy cryptocurrencies on the platform. https://forex-reviews.org/ For example, if you want to deposit funds using a wire transfer, the minimum deposit amount is $10,000, with a maximum of $500,000. Interac e-transfers have a $100 minimum and a $10,000 maximum, but you can make deposits every 24 hours if necessary. Express Interac e-transfer users must deposit at least $500 but no more than $10,000 within 24 hours.
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. I love learning about real-world applications of cryptocurrencies and teaching others about these new technologies. When not working or writing, you’ll find me racing triathlons or rock climbing.
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. Probably the most popular Canadian cryptocurrency community that one can find is the Canadian Bitcoin subreddit at /r/BitcoinCA. Community members will share information not only on the best exchanges but also on other hints and tips for buying Bitcoin in Canada. As you can see, you can access all of the functionality from this main admin panel. This includes the option to buy / sell and deposit / withdraw.