Bitbuy Review: 2024 Edition

Buying and selling cryptocurrencies used to be complicated, not to mention shady. Nowadays, there are dedicated crypto exchanges and platforms where you can quickly - and safely! - trade all the popular crypto coins, or even stake them and earn more over time. One such platform is Bitbuy.

Bitbuy has been touted as Canada’s leading platform for crypto traders. In this review, we’ll explore what the site has in store and analyze whether it really is the best destination for Canadian crypto traders.

Bitbuy Overview

Bitbuy was launched in 2016 and quickly became one of the most prominent Canadian platforms for buying and selling crypto.

The reason for that is really simple - it was the first crypto platform in Canada to become fully regulated as a marketplace. This Toronto-based platform has, so far, had 400,000+ customers who successfully traded over $5 billion worth of crypto through it.

The team behind this platform has ensured the whole trading process is streamlined, the platform can be used through a mobile app, and buying Bitcoin through a simple wire transfer is among its perks.

You can make fiat deposits to Bitbuy, but the trading platform currently operates only in Canadian dollars (CAD), so you’ll need to convert any other fiat currencies you may have beforehand if you’re planning to trade that way.

Aside from that, it is a highly reputable platform, garnering an A- score on Better Business Bureau (although it hasn’t been accredited yet) and a solid 3.4 score on Trustpilot.

Bitbuy Trading Options

Bitbuy lets you trade crypto in more ways than one. Depending on your trading experience and whether you’re looking for a quick trade or deeper research, you can choose either the Express or Pro trade route.

Furthermore, one of the newest features that Bitbuy introduced is staking, so we’ll take a look at all three tools in this section and explain how each of them works.

Express Trade

As the name suggests, Express Trade is Bitbuy’s no-frills, instant trade mode. Designed chiefly for beginner traders and crypto enthusiasts that just need to get a quick transaction over with, it’s the fastest way to buy and sell crypto on the platform.

You simply select whether you’re buying or selling, choose the cryptocurrency you’re interested in trading with from the drop-down menu, and enter the amount.

Of course, you’ll have to load up your account first, as with all other services we’ll discuss later in our review. It’s worth mentioning that you can only trade a limited selection of cryptos this way, but it’s still a great starting point and works like a charm.

Pro Trade

Pro Trade is Bitbuy’s advanced trading mode and a tool you’ll most likely switch to when you learn the crypto trading ropes.

Luckily, it doesn’t require a separate account, so you can use it whenever you need a deeper insight into the crypto market. Of course, you won’t get locked out of the Express Trade tool if you go Pro.

At a glance, it is a little intimidating. You’ll be presented with several sections per screen containing various graphs and lots of information on each crypto that’s trending. Learning to read candlestick charts will prove beneficial here, since you’ll want to keep track of all the presented data in real time.

Once you get the hang of it, the Pro Trade mode is one of the best ways to trade crypto assets, as you can set up buy and sell orders, monitor market history, and analyze spreads for your currency of choice. It also provides access to many more cryptocurrencies than the Express Trade mode.

Staking

The site allows you to earn a passive income by buying a stake in some crypto. Currently, you can only do this for two Bitbuy coins - Ether (ETH) and Solana (SOL) - but the company plans to add support for Polygon, Polkadot, Cardano, and Cosmos in the near future.

Staking through the platform earns each user up to 5.71% and there’s also a handy calculator app to help you approximate your potential earnings.

Bitbuy Corporate Solutions

Businesses looking to add cryptocurrencies to their portfolio can rely upon Bitbuy to help them throughout the process. Over 1,500 businesses have already entrusted their crypto dealings to this company.

If you’re a small business owner, you can sign up for this service, and will be connected to a dedicated account manager to help you with the onboarding and answer any trade inquiries you may have.

The company reviews each customer’s account and, using the so-called white-glove approach - i.e., full-service trading - helps them trade crypto, make crypto investments, and file crypto taxes.

How To Open a Bitbuy Account

Signing up for an account couldn't be simpler. All you have to do is visit the Bitbuy website and click on the “Get started” button in the top-right corner.

You’ll then need to provide a valid email address, which you’ll need to verify afterwards, and create a secure password.

After this initial setup, you will be asked to provide additional information, such as your name, phone number, and date of birth.

In the rare cases when the system cannot automatically verify your account, you will need to provide additional documentation:

1. A financial statement no older than three months
2. A recent utility bill (Canadian citizens can send their CPA or property tax assessment)
3. A valid photo ID
4. A selfie where you’re holding that ID

The company's customer support can assist you at any point in this process. They’ll also contact you within two business days to confirm your account registration.

Bitbuy Features

We’ve already gone through some of the features of this platform and concluded that easy, near-instant trading is definitely one of the reasons why Bitbuy has gained such traction. However, the platform has tools and features that make it stand above the rest, as well.

Cryptocurrencies

Compared to other international and Canadian crypto exchanges, Bitbuy’s offering of cryptocurrencies might seem slim. The site currently supports 25+ cryptos, although that includes all the most popular coins out there.

That being said, the platform provides excellent insight into the movements in the crypto sphere, as you can monitor the Canadian crypto market for free without needing to log into your account.

Mobile App

Most people trade crypto on the go, so we were glad to find there’s an official and completely free app for both Android and iOS devices.

It’s available through the Google Play Store and the Apple App Store. Although it’s designed for smaller screens, it’s as feature-rich as the desktop version and lets you trade cryptos with the push of a button.

API

Knowledgeable crypto enthusiasts that trade at a higher frequency or volume mostly automate their operations using an API.

This is another great feature that Bitbuy offers at no extra charge. To apply for it, you need to send a request for API and, once approved, you’ll be able to set up CAD-to-crypto and crypto-to-crypto pairings and fully automate your trading routine.

Bitbuy Private Wealth (OTC)

Besides staking, users at Bitbuy can increase their investments through the private wealth program.

By contacting the OTC desk, you’ll be matched with a dedicated account manager and reap various benefits of the platform. This includes instant quotes, trading with 100+ cryptocurrencies at the best rates, and even early access to upcoming features on the platform.

To qualify, though, you’ll need to make a crypto investment worth at least $50,000.

Bitbuy Referral Program

Looking to earn some cash on the side? Bitbuy offers a referral program where, for each friend you refer to the platform, you both get $20 after your referred friend makes a $250 deposit.

Bitbuy Fees and Costs

The platform's fees are easy to understand and the whole pricing structure is fully transparent. Opening an account and depositing is absolutely free, as is staking.

The platform currently accepts financial transactions via three payment methods: Interac e-transfer, wire transfers, and crypto wallet payments.

Deposit and withdrawal times vary depending on the payment method. Interac e-transfer is the fastest of the bunch and is usually processed immediately. Wire transfers take 3-5 business days, while crypto transactions vary depending on the network congestion.

Withdrawal fees for CAD are at a flat 1.5% rate, while crypto withdrawals are subject to a mining fee – the exact rates depend on your cryptocurrency of choice.

Trading fees range from 0% to 1.5% per transaction. The cost is calculated based on your trading history within the past 90 days. Additionally, the trading fee changes depending on whether you’re a maker or a taker.

Bitbuy Security and Privacy

Bitbuy is a fully legitimate business. On top of being the first Canadian crypto exchange to be recognized as a marketplace, it’s also a registered money services business at FINTRAC and has passed a reserve and security audit conducted by the US cybersecurity agency Cipherblade.

As for your funds, they’re primarily kept in cold storage, i.e., offline hardware wallets. According to the official statement, at least 95% of cryptocurrencies are stored in such a manner at all times, protected from any malicious actors.

Lastly, all Bitbuy users can enable two-factor authentication on their accounts as an extra layer of security. This, coupled with SSL encryption, means you won’t risk your crypto coins or personal information while trading at Bitbuy.

Bottom Line

All in all, Bitbuy really deserves the title of Canada’s leading crypto trading platform. 

Full transparency with trading and withdrawal fees, as well as many great tools, make Bitbuy an easy recommendation. While, yes, you’ll only be able to use Canadian dollars, it’s still a fantastic platform for Canadians who want to either start investing in crypto or elevate their portfolios.

Bitbuy’s team has proven over the past years that it knows how to achieve stable growth and move things in the right direction. This is, without a doubt, the safest and most stable platform of this kind in Canada.