The Express Trade platform is a quick and simple way for you to buy your crypto. This is perhaps best suited to beginners traders who are looking for the most efficient way to get their hands on some crypto. Note that these platforms have been updated with a more modern, user-friendly interface as of the new updates to Bitbuy. Your Bitbuy wallet is simple to understand and use.Withdrawing your Bitcoin is much easier.
If you are sending / receiving funds in CAD then you can use one of the payment methods that we listed in the fees section. It is however important to point out that those processing times are mere indications and will vary greatly depending on your banking provider. When it comes to exchange transaction fees, Bitbuy operates a simple flat scheme.
Bitbuy is registered with FINTRAC as a Money Services Provider, and their servers are secured across multiple world class cloud providers and disaster recovery locations. Bitbuy’s privately maintained codebase keeps bitbuy canada review core components closed source, so your intellectual property is safe from prying eyes. This Bitbuy review covers its fees, pros, cons, safety, referral program, and competitors like CoinSmart, Coinsquare and more.
Two senior staff members, Torstien Braaten and Dean Skurka, are also on the IIROC crypto asset working group. Bitbuy is known to be a user-oriented platform that makes buying top cryptocurrencies easy, fast, and convenient. Instead of being a one-stop-shop for all sorts of crypto-related services, it focuses on building trust by being user-friendly, regulatory compliant, and focused cryptocurrency exchange. Some users may be put off by the limited range of only 17 different cryptocurrencies, so if that’s the case, you may find Binance a better exchange for you. Binance offers over 600+ cryptocurrencies, and plenty of trading markets, including derivatives.
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. 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.
Bitbuy is one of the few crypto exchanges offering insurance on crypto holdings. Funds stored on Bitbuy are secured in offline cold storage with insurance up to the total value. This feature is made possible through a partnership with BitGo, a world-class institutional custody provider with a comprehensive insurance policy that extends to customer funds.
Easy, streamlined registration process.Here you should insert your details. If you were referred by a friend and they did not give you a link then you can use their referral code. We will cover this in more detail below in the referral section. It is great to see an exchange engage in such transparency and the ecosystem would do well if more exchanges followed suit. Note that Bitbuy is fully transparent regarding their fees, so you can always have a look at this page to verify the current fees.
We’ll update this post when they release more info and we’ll see if it’s better than other Canadian stock brokers. Use a debit card to fund your account, for which you would need to pay a fee of up to 6%. Pro traders will need to pay a 0.10% maker and 0.20% taker fee. Bitbuy has a verification procedure to ensure the safety and protection of the platform and its clients. If you meet the requirements, you can start using the services of the platform. You and your friends with $20 every time the friend you refer deposits at least $250.
As you can see in the table below, the only difference is processing. When using the ‘Bitbuy PRO’ version, the fee for makers is 0.10% and for takers – 0.20%. When using the ‘Express Trade’ feature, you will only pay 0.20% for each instant trade. That’s slightly higher than an industry standard, however, way lower than many other platforms can offer. The good news is that whilst using Bitbuy you won’t miss out on anything.
If you place a limit order to either buy or sell an asset, you are considered a maker, but if you execute a market order, then you are a taker. 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. Also note that your phone number must be a North American number and that Bitbuy sends a SMS verification message. Bitbuy also sends an email with a verification link once you verify your phone number. Bitbuy’s referral program pays you $40 when the person you refers signs up and makes a deposit of at least $250.
Although the Pro Trade platform grants users access to a few extra tools, Bitbuy still lacks any leverage or margin options. As such, traders looking to take https://forex-reviews.org/ advantage of small price movements will need to find another exchange. Bitbuy is extremely simple to use, making it perfect for people new to investing.
Therefore, the Bitbuy app is only suitable for quick purchases, not performing detailed analysis. Bitbuy offers an intuitive and responsive mobile application for users to buy and sell crypto markets anytime and anywhere. The Bitbuy app is available for download on IOS and Android devices. However, the user must have their app store region set to Canada to access the app.
Ease of Usage – From creating an account in just a few minutes to making bank deposits and quick withdrawals, user-friendliness is at the core of Bitbuy. Therefore, users with zero crypto knowledge also can easily use Bitbuy. Due to its limited selection of cryptocurrencies and high fees, there are other exchanges Canadians should use likeNewton and NDAX which you can see in the alternatives section. Reserved for high-volume trades, OTC prevents price slippage and gives you the best rates on BTC and other coins. This feature also connects you to live traders seven days a week for instant quotes as well as your own account manager. This page may contain links to our partners’ products and services, which allows us to keep our website sustainable.
Compared to other leading cryptocurrency exchanges Bitbuy may not be the best option, however, it all depends on your personal needs. While there’s a variety of different factors that you need to take into account when choosing a cryptocurrency exchange platform, one of them is considered to be the most important one. When writing this review, Bitbuy’s daily trading volume was $22.5M. 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. While we like to do thorough reviews, it’s sometimes hard to get a full picture of an exchange or service without having used it for an extended period of time.
Bitbuy offers a slew of products and features that are desirable to all kinds of crypto traders, from beginners to advanced users. Bitbuy is one of the leading cryptocurrency exchanges in Canada, founded in June 2016 by Adam Goldman. Its company headquarters are based in Toronto, Ontario, Canada, and currently serves more than 400,000 Canadians with support for 15 cryptocurrencies.