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Bitbuy Review

Last Updated on July 1, 2024

James Headshot
Written by
Adam Headshot
Edited by
Bitbuy logo
3.35
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.
Visit Bitbuy

The Bottom Line Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Bitbuy is a Canadian cryptocurrency exchange. Its services focus on providing its users with a diverse portfolio of crypto assets, security, comprehensive customer support, and a user-friendly trading interface that appeals to beginners and more seasoned traders.

Overall, Bitbuy’s customer support is highly regarded; however, there are some reports of delayed services. Still, the exchange is committed to improving its services and helping its users manage their digital assets efficiently.

Table of Contents
Disclaimer: This is not a validation of cryptocurrency or any particular provider, service, or product. It should not be taken as advice to engage in trading or use any services. Please check our terms and conditions.

Pros

  • User-friendly interface
  • Supports a variety of cryptocurrencies
  • Offers both a basic and advanced trading platform
  • Canadian Dollar (CAD) support for local customers
  • Provides a secure trading environment with strong security measures

Cons

  • Limited to Canadian residents for CAD transactions
  • Higher fees compared to some other exchanges
  • Limited selection of altcoins compared to larger international exchanges
  • Limited educational resources for new traders

Quick Summary

Headquarters Location Toronto, Canada
Fiat Currencies Supported CAD
Total Supported Cryptocurrencies 49+
Trading Fees 0.5%
Deposit Methods Bank Transfer, Debit Card, Cryptocurrency, Bill Pay, Interac e-Transfer
Support Twitter, Instagram, Help Center Articles, Support Ticket
Mobile App Yes - iOS, Android

Bitbuy stands out among many exchanges with its varied services and dependability. Recognized for its powerful security measures, attractive fee structure, and focus on user experience, Bitbuy facilitates an effortless method for customers to purchase Bitcoin and other digital currencies.

Bitbuy homepage

Bitbuy has secured access for Canadian residents as a Canadian crypto exchange. This position has solidified it as a fundamental platform for Canadian virtual currency transactions.

The exchange caters to novice and advanced traders by providing an experience that balances simplicity and complexity. It’s not just about facilitating transactions; it’s about maintaining a commitment to safety and dependability, which has kept its users loyal.

About Bitbuy

From Toronto, Bitbuy’s journey began in 2013 under its initial moniker, InstaBT.

Adam Goldman, a trailblazer within Canada’s cryptocurrency space, was the mastermind behind this vision and remains at the helm of the Bitbuy team today. As always, he is dedicated to providing a secure and user-friendly platform for digital currency exchange.

Bitbuy features

The transformation from InstaBT into Bitbuy signifies not only the expansion of the service but also the confidence its customers place in it.

Bitbuy’s Core Offerings

Bitbuy caters to a wide range of investors by providing two trading experiences. For beginners, it offers an intuitive Express Trade platform for easy fiat-to-crypto exchanges. Meanwhile, seasoned traders can leverage the advanced Pro Trade platform, which features complex order options.

As a standout Canadian crypto exchange, Bitbuy’s core services demonstrate its commitment to accommodating the different needs of cryptocurrency users.

Bitbuy has a number of active social profiles including Facebook, Twitter, Instagram, LinkedIn, Reddit, TikTok and YouTube.

Bitbuy has a mobile app on both the Apple App Store and Google Play.

Bitbuy Supported Cryptocurrencies

Bitbuy supports trading on over 49 cryptocurrencies on their platform. This exchange currently supports 20 of the top 30 market cap cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Tether USDt (USDT)
  • BNB (BNB)
  • Solana (SOL)
  • USDC (USDC)
  • XRP (XRP)
  • Toncoin (TON)
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • TRON (TRX)
  • Shiba Inu (SHIB)
  • Avalanche (AVAX)
  • Polkadot (DOT)
  • Chainlink (LINK)
  • Bitcoin Cash (BCH)
  • NEAR Protocol (NEAR)
  • UNUS SED LEO (LEO)
  • Dai (DAI)
  • Polygon (MATIC)
  • Litecoin (LTC)
  • Uniswap (UNI)
  • Kaspa (KAS)
  • Internet Computer (ICP)
  • Pepe (PEPE)
  • Ethereum Classic (ETC)
  • Artificial Superintelligence Alliance (FET)
  • Aptos (APT)
  • Stellar (XLM)
  • Monero (XMR)

Download full list of cryptocurrencies Bitbuy supports

Bitbuy presents an array of opportunities to trade crypto-to-crypto pairs. The platform currently facilitates transactions across a diverse portfolio that includes 49+ cryptocurrencies.

The platform’s variety of cryptocurrencies allows crypto enthusiasts to trade digital assets as they please. Bitbuy is also expanding its market and adding new coins as it goes.

Variety and Selection

Despite not boasting an extensive array of digital currencies as other exchanges such as Binance or other international brands, Bitbuy provides a carefully selected assortment of digital assets designed to cater to its user base. This collection is anticipated to expand over time to give users in the Canadian market access to a more varied selection of cryptocurrencies.

Trading Experience

Bitbuy stands out from numerous exchanges due to its distinctive features, which include the ability to purchase and sell Ethereum (ETH), carry out substantial transactions, employ tactics designed to boost investment outcomes, participate in staking activities, and access private wealth management programs.

Strategic Trading Opportunities

Bitbuy offers staking services, allowing traders to expand their cryptocurrency investments and bypassing the intricacies of configuring individual nodes. It is explicitly geared towards wealthy clients and institutions.

Bitbuy’s Over-the-Counter (OTC) trading service ensures that large-scale transactions are conducted securely with personalized care while exempting large trades from fees.

Bitbuy’s Mobile App

Mobile capabilities are crucial at the moment, and Bitbuy’s mobile application delivers an easy-to-navigate platform for traders. The app accommodates various trading activities, from swift market transactions to carefully placed limit orders, offering extensive features readily accessible on your device. Now, users enjoy the ease and adaptability needed to trade crypto on the go.

Advanced Trader Tools

Bitbuy caters to the needs of professional investors by providing a Pro Trade platform with detailed market charts and order types. It offers trading indicators, analytical tools, real-time market data, price notification updates, and the ability to customize trading interfaces. Professional traders also gain access to advanced strategies and algorithms that can significantly enhance their trading strategies.

For those serious about making their mark as market makers, Bitbuy Elite provides entry into exclusive premium features that increase one’s capabilities in the marketplace.

Bitbuy exchange marketing

Bitbuy Fees

Bitbuy offers a clear perspective on its cost setup. With every transaction subject to a trading fee of 0.5%, users can participate in trading with full knowledge of the expenses they’re taking on. While deposits incur no charges, withdrawal fees are openly disclosed to enable traders to handle their financial statements well.

Fee Structure Breakdown

Compared to various other exchanges, Bitbuy structures its fee schedule in the following manner:

  • The standard trading fees are relatively higher than those found at competing exchanges.
  • The Pro Trade platform (for advanced traders) offers more competitive rates. Market makers benefit from meager fees, while takers face slightly higher charges.
  • Cryptocurrency withdrawal fees vary and may be minimized by strategically aligning transactions with favorable market conditions.
Type Fee
Deposit Fee (Bank Transfer) 0%
Deposit Fee (Debit Card) 0%
Trading Fee 0.5%
Withdrawal Fee (Bank Transfer) 1.50%

Security - Is Bitbuy Safe?

Bitbuy prioritizes security by implementing powerful security measures to safeguard user assets.

Cold Storage Protocols

Bitbuy employs cold storage as its primary safety measure. By safeguarding most user assets offline, Bitbuy shields them from cyber threats and increases the security of its clients’ investments.

The exchange’s adherence to strict cold storage measures speaks volumes about its commitment to security and reinforces its users’ confidence.

User Security Features

Bitbuy goes above and beyond just utilizing cold storage, it also employs the following:

  • It integrates two-factor authentication (which adds safety when accessing accounts and conducting trading operations).
  • It adheres to strict server protection protocols that align with global standards.
  • It has an established codebase that offers added defense against user data breaches.

The above security strategies give Bitbuy users the confidence they need to make transactions or on the platform, but it’s always advised to store your cryptocurrencies off exchanges.

Bitbuy Customer Support

Due to the platform’s support system, Bitbuy offers easy access to support. Should any problems arise with a user’s account, they can anticipate quick resolution (typically within 24 hours). This commitment to swift and reliable assistance reflects Bitbuy’s excellent customer service.

User Satisfaction Insights

Reviews on Trustpilot illustrate a pattern of prompt replies from the support team despite occasional reports of delayed service.

Bitbuy’s support is typically held in high esteem, yet there is room for improvement. Several clients have pointed out that incorporating more immediate assistance could increase the overall quality of service provided to users.

Bitbuy support

Bitbuy Support Channels

  • Facebook
  • Twitter
  • Instagram
  • Live Chat
  • Help Center Articles
  • Support Ticket

Bitbuy’s Registration and Compliance

Bitbuy distinguishes itself through its commitment to transparency and adherence to regulations, which are signs of a trustworthy platform. Being a registered Money Services Business governed by the Ontario Securities Commission, Bitbuy conforms to Canadian financial regulation standards.

Ensuring User Safety

Bitbuy places a premium on user protection, grounding its services in strict adherence to regulatory requirements, strong insurance measures, and steadfast cold storage protocols.

Regular audits also solidify Bitbuy’s reputation as a trusted platform for Canadian citizens trading digital currencies.

Transparency and Trust

Bitbuy solidifies its trustworthiness through transparent operations. The exchange conducts a Proof of Reserves Audit and discloses its fee system openly.

How to Sign Up on Bitbuy

  1. Create Account - Visit the Bitbuy website and fill out the create account form. You'll need to include a valid email, set your password and type in other details like your phone number and name.
  2. Verify Account - Confirm your email, you should get an email asking you to verify your account creation.
  3. Transferring Funds - Once your account has been verified, you'll be able to deposit using the deposit methods listed below.
  4. Start Trading Crypto - That's it! You should now have everything in place to start trading.

Deposit Methods

  • Bank Transfer
  • Debit Card
  • Credit Card
  • Cryptocurrency
  • Paypal
  • Apple Pay
  • Google Pay
  • Bill Pay
  • Interac e-Transfer

Bitbuy Alternatives

Binance logo

Binance

3.23
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
392+

Trading Fees
0.10%

Fiat Currencies Supported
USD, GBP, CAD, EUR, NZD + 75 others

Visit Binance
Kraken logo

Kraken

3.44
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
263+

Trading Fees
0.08% - 0.40%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR + 1 other

Visit Kraken
OKX logo

OKX

3.57
Crypto Head Rating
Our review is based on the spot trading platform. Please check our methodology on how we rate exchanges for further information.

Total Supported Cryptocurrencies
356+

Trading Fees
0.08% - 0.10%

Fiat Currencies Supported
USD, AUD, GBP, CAD, EUR, NZD + 85 others

Visit OKX

Final Thoughts

Bitbuy is a dependable and advanced venue for trading cryptocurrencies.

The exchange is committed to security protocols, has intuitive interfaces designed for ease of use, has a competitive pricing structure, and emphasizes exceptional customer service. All these traits position Bitbuy as a favored option among Canadian traders.

Depending on one’s experience level in the crypto market, Bitbuy offers customizable trading solutions to suit individual requirements.

Bitbuy FAQs

Bitbuy is a legitimate cryptocurrency exchange that operates in compliance with relevant Canadian laws and regulations. It is registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

The owner of Bitbuy is First Ledger Corp, which specializes in blockchain and financial technology.

Yes, Bitbuy requires users to verify their identity. This process is in accordance with Know Your Customer (KYC) regulations and anti-money laundering (AML) requirements.

Yes, you can withdraw Bitcoin from Bitbuy to your personal wallet or another address. This is part of the platform’s services to facilitate cryptocurrency transactions.

Whether Bitbuy is better than Coinbase can depend on individual preferences and needs. Bitbuy is known for serving the Canadian market, while Coinbase is a widely recognized platform with a global user base.

Users might compare various features such as user interface, fee structure, and customer service to determine which platform suits them best.

Yes, you can send Bitcoin from your Bitbuy account to another wallet. The platform enables transfers of cryptocurrency to external wallets.

Bitbuy provides a platform to buy, sell, and hold cryptocurrencies, and it includes wallet functionality for users to store their digital assets. However, it is primarily an exchange service rather than a standalone crypto wallet.

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Methodology

At Crypto Head we use a rigorous research and rating process to assess each platform. Our star rating system is out of 5 stars and is designed to condense a large amount of information into an easy-to-understand format. You can read our full methodology and rating system for more details.

About The Authors

James Headshot
Written by

Crypto Technical Writer

James Page, previously the lead writer at Crypto Head and a registered psychologist, brings a unique perspective to the world of blockchain and cryptocurrency.

His extensive experience in the industry and ability to present complex concepts in an understandable manner make his articles a valuable resource for readers seeking to navigate the ever-evolving crypto landscape.

Check James out on:
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Edited by

Co-Founder / Managing Editor

Adam Morris, the co-founder of Crypto Head and a respected crypto expert, offers insightful commentary and analysis on cryptocurrency, NFTs, and the evolving digital landscape.

His extensive experience and features in top-tier publications like Forbes and CNN underscore his deep understanding of the crypto world and its future potential.

Check Adam out on: