Bitbuy Review: 2024 Edition

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Written By
I. Mitic
April 22, 2024
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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. So, in this Bitbuy review, we’ll explore what this site has in store and analyze whether it really is the best destination for Canadian crypto traders. Read on to find out all about it.

Trading Fees:

Comprehensive BitGo insurance

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

$0 (for crypto)
1.5% withdrawal fee (Interac, wire transfer)
up to three business days
Bitcoin, Bitcoin Cash, Ether, Litecoin, Dogecoin, etc.
BBB Rating:
A- (not accredited)
pros thumb up Strengths
  • Easy to use
  • Two types of accounts
  • Powerful mobile app
  • Low trading fees
  • Comprehensive BitGo insurance
  • Supports numerous cryptocurrencies
  • Business trading program
pros thumb up Weaknesses
  • Crypto-only
  • Only available in Canada

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.

How Does Bitbuy Compare to Other Canadian Crypto Brokers?

Bitbuy Logo
Minimum Deposit:


Withdrawal Times:

up to 3 days Logo
Minimum Deposit:


Withdrawal Times:

2-3 business days

Bitget Logo
Minimum Deposit:


Withdrawal Times:

5-10 minutes

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 Canada 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 at Bitbuy.

bitbuy express trade menu

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 of Bitbuy. 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.

bitbuy pro trade menu

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 Bitbuy 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.


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 Bitbuy 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 Bitbuy will connect you with a dedicated account manager to help you with the onboarding and answer any trade inquiries you may have.

Bitbuy 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

bitbuy sign up process

Signing up for a Bitbuy 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

Bitbuy’s friendly 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.


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 - Bitbuy app for both Android and iOS devices.

bitbuy mobile app menu

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.


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 Bitbuy 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 Bitbuy 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

Bitbuy 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.

Bitbuy 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.

Bitbuy 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 Bitbuy’s 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

So, is it worth signing up for Bitbuy? As you can see from our comprehensive Bitbuy review, it really deserves the title of Canada’s top crypto advanced 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.


Is Bitbuy legit?


Yes, Bitbuy is a legitimate platform for crypto investments. It has been around for over half a decade, during which nearly half a million Canadian users have traded $5 billion worth of crypto through it. On top of that, the company has been endorsed by big names such as Forbes, Bloomberg, and Wall Street Journal.

Is Bitbuy better than Coinbase?


The Bitbuy vs. Coinbase debate has no clear winner. It very much depends on what you’re looking for and where you’re located. Bitbuy works only in Canada, has slightly lower fees, and accepts wire transfers. Coinbase, on the other hand, operates globally, and accepts dozens of fiat currencies and debit cards, but otherwise has limited transaction options and higher fees.

Is Bitbuy regulated in Canada?


Yes. In fact, it was the very first platform of this kind to become regulated in Canada, hence why we recommended it in our Bitbuy review.