Bitbuy Review 2023: We Spent $100 To Fully Test Their Platform

After you have had your account verified you will need to complete a risk profile. If you’re interested in privacy, you won’t get it with Bitbuy. Finally, you’ll need to upload a financial document such as a bank statement and a utility bill such as an internet bill. Signing up to Bitbuy is quite a long process due to their compliance process. They’re also not replying to me so I have no access to my funds. My initial issue was the reports generated by Bitbuy was all on 1 line.

Over-the-Counter block trades allow for a more direct sale/transfer between the two parties. The instant verification uses a third-party data collection provider . If you can corroborate financial information about yourself with this third party, then you will be verified. Bitbuy has to make sure that they are in compliance with all of Canada’s Anti Money Laundering and KYC regulations.

I am now restricted and cannot withdraw or deposit any funds. The fact that they even ask what your money is being used for when you withdraw it should be a huge red flag. LET ALONE BITBUY. They keep saying that they are federally regulated but that means nothing.

I will advice anyone to never, I repeat never use this service. Pls spread this message across to save your friends and family in their crypto journey. Bitbuy is a criminal organization, they are fraudsters working in there. They’d want you to send them your cold wallet so they could scam you’! I am just waiting for them to liquidate my bitcoin and send my funds back to my account that’s all.

They appear to be a relatively safe exchange and their fees are broadly in line with the rest of the Canadian market. While trading fees are slightly higher, their deposit and withdrawal fees make up for it. As with their fees, Bitbuy is also refreshingly transparent with their approach to safety and security.

With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses are usually just thrown under the umbrella term – exchange. When it comes to digital cryptocurrency deposit and withdrawal fees, they’re completely free. As you can see in the table below, the only difference is processing.

The crypto destination of investors

With the bank wire transfer, it is cheaper to deposit funds into Bitbuy than it is to withdraw at 0.5% and 1%, respectively. The exchange uses a maker-taker pricing model within its Pro trading platform, with fees charged at a flat rate of 0.10% and 0.20%, respectively. Bitbuy enables its corporate customers to keep Bitcoin within their balance sheets by buying and holding the asset within their hosted wallet. Depending on the settings, an API can give authority to open and close trades and initiate asset transfers. Sophisticated bots can even perform more advanced functions such as portfolio rebalancing and derivative orders even when the platform does not support them.

Not all exchanges will support fiat currency, however, Bitbuy does. Because it does, you don’t have to mess with buying crypto through another platform and then sending it to Bitbuy. When you’re ready to buy any of the cryptocurrencies that Bitbuy supports, the quickest way to do so is through fiat currency. There are several products and services available on the Bitbuy platform. There are plenty of cryptocurrency exchanges to choose from no matter where in the world you live. Especially when compared to other popular crypto apps Bitbuy has WAY lower fees for Canadians.

Security is a top priority

One thing we really https://forex-reviews.org/reciated about Bitbuy is how simple and fully transparent they are with their approach to fees. You can always navigate to the Bitbuy Fees Page to verify the current fees. The primary operation of First Ledger Corporation is the Bitbuy exchange, although they do offer other solutions.

Choices for Canadian crypto exchanges remain somewhat limited. If you’re looking for one that accepts CAD transfers from your Canadian bank account, Interac or FIAT withdrawals, you don’t have a lot to work with. Pro trades occur in the advanced trading platform, and they are cheaper in terms of fees (0.1% maker fee and 0.2% taker fee). For users looking to invest in digital assets for the long run, SwissBorg has some innovative crypto investment products on offer.

Top 5 Wallets

Most Interac e-Transfers will settle within the same day, and, in some cases, several hours. Bitbuy is a regulatory compliant platform that is registered with the Financial Transactions and Reports Analysis Centre of Canada as a Money Services Business . His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen. Trading pairs available are mostly CAD to crypto, but you can trade Bitcoin against Ethereum, Stellar, Bitcoin Cash, EOS, and Litecoin. If you sign in using a new device or browser, Bitbuy will ask you to verify the login via email, and then text you a code to enter as well. If you answer that you have zero risk tolerance and not much income, it’s possible Bitbuy will not let you open an account.

Bitbuy is leading Canada’s cryptocurrency exchange for a reason, and focused, reliable, and customer-oriented are the right words to define it. One of the best-known Bitbuy’s strengths is its excellent customer support service. The support is reachable via email and phone, which is highly convenient and not offered by many exchanges. The email response time can take up to 12 hours on any day of the week, which is relatively fast, especially if compared with competing exchanges. Bitbuy does not list questionable crypto assets either – only the most popular and time-proven cryptocurrencies get listed on its exchange.

At Bitbuy, the fee rates range between 0% to 1.5% for both makers and takers. They follow a tiered fee schedule i.e. as the trading volume increases, the fee rates decrease. Samar was amazing in helping me recover my semi-lost coins due to an error on my part. I had lost hope as my search for answers online assured me my money was lost forever. I love learning about real-world applications of cryptocurrencies and teaching others about these new technologies.

• The email response time can take up to 12 hours on any day of the week, which is relatively fast, especially if compared with competing exchanges.
• One of the things you’ll want to consider as you look for a cryptocurrency exchange is whether or not it supports the digital asset you want to use.
• That said, many users believe that KuCoin is one of the simpler exchanges on the current market.
• Cryptocurrency will be one of the main medium exchanges in the future.

In contrast, the Bitbuy Pro Trade Platform catered to customers who want to perform analysis and trade crypto more seriously. Bitbuy is a Canadian-owned and operated cryptocurrency exchange established in 2016 to provide a reliable, convenient, and secure way to buy Bitcoin and other digital assets. It is one of the best Canadian cryptocurrency exchanges and was ranked among 2020’s fastest-growing companies in Canada. The company is a registered Money Service Business regulated by FINTRAC, a Federal Government of Canada entity.

While its intuitive interface makes Bitbuy suitable for beginners, its lack of advanced features could cause issues for experienced traders. Bitbuy is a fantasticcryptocurrency exchange for Canadians, particularly beginners. It is so easy to buy and sell crypto with Canadian Dollars using Bitbuy’s Express Trade feature.

All write-ups and articles do not constitute bitbuy review and legal advice in any way whatsoever but for information purposes only. When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Since Bitbuy is a regulated crypto exchange, it must comply with all regulations. Proving your identity documents including proof of address is a requirement by FINTRAC. Got a restrictive notice for withdrawing an amount for $380. This isn’t any of their business where I spend my money and freezing my account concerns me for the future for bigger amounts.

Coinmama Review

Bitbuy is a great choice for those looking for a reliable and secure crypto exchange with low fees. In this review, we will look at Bitbuy, a popular Canada-based cryptocurrency exchange. Specifically, we will consider what the platform offers its users, how much it costs to use it, its approach to security, and customer support.

Bitbuy is a crypto exchange that supports fiat currencies and offers low deposit fees. When depositing or withdrawing Canada dollars, you will pay from 0.50% to 1.50% depending on the type of deposits and withdrawals – Bank Wire or Interac e-Transfer. Fees for trading are different for market makers and takers, with makers usually paying lower fees than takers. Market makers add liquidity to the market and increase the market depth, while market takers seek liquidity and take it off the book.

As we have demonstrated above, the signup process is also simple and straightforward, making it easy to onboard new users. All of these points combined make Bitbuy a solid option for Canadian-based crypto investors looking for a reputable platform to fulfill their investment needs. Fiat deposits and withdrawals also attract processing fees which vary depending on the amount transacted and the payment method used. Bitbuy has launched an intuitive mobile app that enables the platform’s users to access all the features available on the web interface through the easy-to-use mobile interface. The mobile app is available on both iOS and Android app stores. The biggest advantage to using the Pro trade feature is that traders have more control over the price at which they enter or exit their positions and how much they pay for the trades.

You’ll get a personal account manager and a personal trading fee quote for your order. The minimum investment for use of the OTC Desk is $25,000. According to our research, Bitbuy has never been hacked or had its security systems compromised, resulting in the loss of customer funds or personal information. Bitbuy prioritizes user security using advanced technologies to protect user accounts from identity fraud and 90% cold storage to ensure funds are not affected by malicious activity. Anyone needing access to more advanced features can use the order book-based Pro Trade interface.