Bitbuy Review : Is it Safe or Legit?
If you’re looking forward to a platform that makes buying cryptocurrency fast and convenient, then Bitbuy is the best option. The platform was founded in 2016 and is among the most famous cryptocurrency exchanges in Canada. Moreover, the platform is suitable for beginners as well as experienced investors. This Bitbuy review will provide you with all the necessary information related to the platform.
|Bitbuy App||Yes, available|
|Trading Fees||Express Trade: 0.2%|
Pro Trade: Maker 0.1
|Deposit Methods||Crypto deposits, e-transfer, Wire Transfer|
|Supported Cryptocurrencies||BTC, LTC, ETH, BCH, XRP, XLM, EOS, LINK, and AAVE|
|Deposit Fees||Interac e-transfer:1.5%|
Table of Contents
What is Bitbuy?
Bitbuy is a Canadian trading platform developed by Ademar Gonzalez and Adam Goldman. The company is a subsidiary unit of the First Ledger Corporation who renders solutions to the investors. Initially, it was named InstaBT but later was rebranded to Bitbuy. The platform’s primary aim is to provide safe and secure access to popular cryptocurrencies like Ethereum, Bitcoin, Litecoin, Ripple, Bitcoin Cash, and EOS. Moreover, the company is also expecting to add more cryptocurrencies soon.
How does Bitbuy work?
Bitbuy follows straightforward functionality for both beginners as well as professionals. For a super-easy process, the platform offers an Express Trading feature. Let us how the platform works:
- First, you are required to register yourself on Bitbuy. For doing so, you need to enter your Email Id and password and verify the same.
- Then, you’ll receive a $20 promotional discount after all the eligibility requirements are fulfilled.
- Now, enter your phone number to set up the account.
- Finally, the account is set up, and you can start by funding your account either by bank wire, crypto or e-transfer.
Bitbuy offers a user-friendly platform for its users. Two options are available for the traders-Pro and Express. In case you are a beginner with little experience with cryptocurrencies, you should opt for the Express trading option. However, if you hold some experience in the field of cryptocurrencies, then you should go for the Pro trading option.
Comply with all the regulations
Bitbuy complies with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Therefore, if you’re looking for a trustworthy platform, then Bitbuy is the best option.
Bitbuy Review: OTC Trading Platform
Over-the-counter is developed especially for traders with a trading volume over $50,000. It allows the users to operate with experienced traders directly. Also, the users can get live price quotes that let them avoid spillage. The settlements outbound wire transfer or bank transfer to other banks on the same day.
Bitbuy Review: Products and Services
The centralized cryptocurrency exchanges are easy to use, but they usually lag for extra features. On the other hand, Bitbuy offers a user-friendly platform along with a straightforward design. Some of the various products and services of Bitbuy are:
Bitbuy Express Trade
The Bitbuy platform allows its new users/ beginners to utilize the feature of Express Trading. This feature is straightforward to use and comes with clear navigation. Moreover, this feature doesn’t confuse the users with any additional and unrequired tools.
Bitbuy Pro Trade
This feature is beneficial for advanced and experienced traders. It offers additional tools like in-depth market and technical analysis and charges by using the TradingView technology.
The API service of Bitbuy is most suitable for advanced traders. It was developed to connect reliable partners to 10+ markets and offering them a wide range of crypto-to-crypto and CAD-to-crypto pairs. Moreover, the API services can automate the trading processes like algorithmic developers, traders, institutions, and more.
How to create an Account on Bitbuy?
You can create an account on Bitbuy by following the below steps:
- Visit the official website of Bitbuy and click on sign-up to get started. By signing up using our link below, you will receive a $20 bonus.
- After signing in, fill in all the required personal details like email ID, password, and referral link if you hold one. Then, click on “Create Account.”
- Now, to verify the email ID, open the email sent to you by Bitbuy and then click on “Verify my Email.” Once the email address is confirmed, you are asked to set a 2FA to keep your account safe and secure. Finally, your Bitbuy account is ready to use, and you can start trading right after the verification is done.
Bitbuy Review: Trading Fees
The Bitbuy platform charges two different fees depending on whether you are using the Express or Pro-trade option. If you choose the pro-trade, you will have to pay 0.1% as maker fees and 0.2% as taker fees for buying and selling cryptocurrencies. On the other hand, you will pay 0.2% for every trade you perform if you choose the express trade option.
Bitbuy Review: Deposits Fees
There is no fees charged on deposits. However, if you deposit Canadian dollars, then you may be charged the following fees:
|CAD Deposit Type||Minimum||Maximum||Fee|
|Interface Transfer||$100||$10,000/24 hours||1.50%|
Bitbuy Review: Withdrawal Fees
The withdrawal fees on Bitbuy vary depending upon the coin and the method. If you wish to withdraw a cryptocurrency, then the fees structure is as follows:
|Bitcoin (BTC)||0.001 BTC||0.0005 BTC|
|Ethereum (ETH)||0.01 ETH||0.005 ETH|
|Litecoin (LTC)||0.05 LTC||0.02 LTC|
|Bitcoin Cash (BCH)||0.01 BCH||0.001 BCH|
|Ripple (XRP)||25 XRP||0.02 XRP|
However, if we speak of fiat withdrawal, the fees may vary from 0.5% to 3%, depending on the withdrawal method. For example, the simple bank transfers and wires cost 1%, while the Interac e-transfer costs 1.5%.
|CAD Withdrawal Type||Minimum||Maximum||Fee||Processing Time|
|Interac e-transfer||$50||$10,000/24 Hours||1.50%||Within 24 hours|
|Bank Wire||$20,000||$500,000||1.00%||2-3 Business days|
The platform offers an easy to use and intuitive mobile app on both Android and iOS. Further, you can use all the features on the website on the app and send/ receive assets directly from the Bitbuy app.
Bitbuy allows users to transfer their cryptos between the Bitbuy wallet and their external wallet. The users can do two things:
- First, they can hold their digital assets in their wallets outside the exchange platform.
- Second, they can deposit Bitbuy supported cryptocurrencies for investing and trading purposes.
Bitbuy aims at providing maximum security to its users. Therefore, they offer a built-in crypto wallet that keeps all the assets secured. In addition, it is partnered with Knox that allows the users to store their Bitcoin holdings safely.
Is Bitbuy Safe?
Bitbuy is a well-known crypto exchange that comes with multi-tiered security. It offers maximum protection by the following measures:
- 2-Factor Authentication
2FA is placed everywhere over the Bitbuy exchange to prevent unauthorized access. It makes use of two forms for authentication, namely a smartphone and a password.
The excellent feature of Bitbuy is that it does not depend on any third party for its custodial services. The warm, hot, and cold wallets are designed to safeguard the users’ funds and the platform. Moreover, these wallets are separated from the network. Also, the platform is insured 1:1 by Knox.
- Information Security
The platform is a codebase that enables users to maintain their data privately. Additionally, this feature ensures that the intellectual property of the users is safe from third parties.
Bitbuy Customer Support
Bitbuy offers an efficient customer support service. The Bitbuy customer service team is available 24*7. In addition, the platform provides various modes to contact them, which are as follows:
- Email-You can send all your queries at [email protected]. The maximum response time is 12 hours.
- Contact Number-You can click on the platform’s support icon to get their contact number.
- Facebook-You can enquire at facebook.com/bitbuyCA.
Bitbuy Referral Program
By participating in Bitbuy’s referral program, you become eligible to receive $20 for every referral. Moreover, the person that signs in with your referral link also gets a $20 welcome bonus. However, to qualify for a $20 bonus, both parties should make an initial deposit of about CAD 250 or more.
Bitbuy Review: Pros and Cons
|The verification process is fast for Canadian users.||Only limited cryptocurrencies are available.|
|The users get 24*7 efficient customer support.||The platform accepts CAD only.|
|The platform offers 95 percent cold storage.||Bitbuy is only available to Canadian users only.|
|There is a high limit on wire transfers.|
|The platform offers 1:1 BTC insurance.|
|Bitbuy offers a reasonably quick deposit time.|
Bitbuy Review: Conclusion
Bitbuy is among the most leading crypto exchange platforms in Canada. The platform is customer-oriented and aims to provide a user-friendly platform for both beginners and experienced investors. Moreover, the Bitbuy exchange provides competitive trading fees as compared to other Canadian-regulated exchanges. Furthermore, the platform supports Canadian Dollar crypto trading and Canadian Dollar funding, which removes several obstacles that the investors and traders usually face. Additionally, the high transaction speed, efficient security features, and platform transparency improve its position in the market.
Frequently Asked Questions
How to get verified on Bitbuy?
The Bitbuy platform offers two ways by which you can get verified:
1. Automatic Verification- While creating an account on Bitbuy, you need to enter all your personal information verified by a third-party identity verification service. This service then confirms your identity and verifies your account instantly.
2. Manual Verification- If your account fails to get automatic verification, you can verify your account by uploading verification documents.
Does Bitbuy offer an app?
Yes, Bitbuy does offer a mobile application for iOS and Android devices. Therefore, the users can efficiently operate all the primary features of the browser version on the mobile application of Bitbuy.
Is Bitbuy Legitimate?
Yes, Bitbuy is a legitimate crypto exchange platform registered with FINTRAC as a Money Service Business.