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This article is a comprehensive Bitbuy review updated for 2023.
What is Bitbuy? Bitbuy is one of the most established cryptocurrency exchanges in Canada. It helps Canadian crypto enthusiasts trade a large number of digital currency with ease. Developed by Ademar Gonzalez and Adam Goldman in 2013, this reliable Bitcoin exchange and trading platform’s main motive is to offer its users safe and secure access to popular cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Ripple, Dogecoin, Litecoin, Stellar Lumens, and EOS. Currently, Bitbuy has more than 375,000 users and its services can be availed by both beginners as well as experienced traders making advanced level trades.
Interested in getting started with Bitbuy? Click here to get $40 Free and start trading with Bitbuy!
Bitbuy Review: What Makes the Bitbuy Platform Worth Using?
Bitbuy Review: Is Bitbuy a Good Crypto Exchange in 2023?
Bitbuy comes with tons of interesting features and facilities. Some of the notable benefits of using this platform are:
High Safety Levels
Bitbuy is totally safe to use as it is registered with the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) as a money service business (MSB). It was also the first virtual currency exchange in Canada to get the approval of the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA).
All of Bitbuy’s digital assets are insured with BitGo Trust Company which is the world’s first qualified custodian for storing digital assets. In the company’s latest annual Proof-of-Reserves audit conducted by an independent specialist, it was found that the company had surpassed its own 95% cold storage policy for an average of 98.12% in the major coins.
Amazing Customer Support
Bitbuy is extremely customer-focused. The platform offers 24*7 support services along with a comprehensive FAQs section and web page. So, in case of any problem or inquiries customers can reach BitBuy via:
Email: support@bitbuy.ca
Bitbuy Platform: Click on “Support” followed by “Contact Us”
Facebook account: facebook.com/bitbuyCA
LinkedIn account: linkedin.com/company/bitbuyca
Twitter account: twitter.com/Bitbuy
Supports Several Cryptocurrencies
Bitbuy supports a total of 15 different cryptocurrencies for the traders on its platform to buy and sell. Currencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens are usually traded here. This is great news for any digital money investor as the cryptocurrency market continues to grow and expand.
Easy User Interface
Bitbuy has a very easy-to-use interface. It is pretty smooth and accessible to every kind of trader. The platform offers additional functionalities such as:
Express Trade: This is the easiest way for users to deposit funds and it allows buying and selling of cryptocurrencies using Canadian Dollars.
Pro Trade: This section is mainly for advanced traders. It allows them a live trading view as well as more advanced orders. The primary benefits of using the Pro Trade segment are its Binance like advanced trading platform, very low trading fees, more than 20 trading pairs, and integrated Trading View charts containing indicators and signals.
OTC: The OTC or Over-the-counter function is developed for vast trades amounting to over $50,000 in CAD or ETH or BTC equivalent. Upon using this one can operate directly with experienced traders in the Bitbuy platform. Live price quotes to avoid any sort of slippage is also there.
API: The API feature is mainly for experienced traders and it allows connection with 10+ markets, offering a range of crypto-to-crypto and CAD-to-crypto pairs. Mainly the crypto businesses which wish to automate their trading processes like algorithmic developers, traders, or institutions use this facility.
Attractive Mobile Application
Bitbuy has an attractive mobile application that is rated 4.6/5 stars in the App Store from 6,000+ reviews. The app is supported on both iOS and Android devices and provides access to all the features that are accessible through the Desktop version including the buying and transferring of cryptos. Biometric security measures are also in place to keep the coins safe.
Wallet Feature
Cryptos can be easily transferred between the Bitbuy wallet and the user’s external wallet. The users can either hold the digital assets in their personal wallets outside the exchange or simply deposit the cryptocurrencies supported by Bitbuy for investing and trading purposes. Though Bitbuy has strong security measures, users can upgrade the security level by getting hardware wallets like Trezor Model T, Ledger Nano X, and KeepKey. These wallets are not free but are usually recommended.
Easy Withdrawal
Users who want to withdraw cryptos need to perform the following steps on the Bitbuy platform:
a. Sign in and navigate to the “Wallet” section
b. Select the cryptocurrencies they want to withdraw
c. Complete the request by entering the crypto amount they want to withdraw and the wallet address they are withdrawing into
Cost of Transactions
Bitbuy supports a range of cryptocurrencies and their trading cost is also on the lower side compared to other crypto exchanges in Canada. For placing limit trades, the fee charged is 0.10% while for market orders it is 0.20%. The express platform comes with a fixed price of 0.20% for both buy and sell orders. All cryptocurrency deposits are free and only withdrawals are taxable in and can be seen on the Bitbuy websites fees page here.
Final Verdict
Bitbuy is a highly secure and well-reputed crypto trading platform. The company is extremely customer-focused and has continuously been promoting innovation in trading. Though the number of cryptocurrency trading options is somewhat limited at present, the selection is sufficient for an average crypto investor. The best thing is that the Pro users can get access to advanced-level features at a much more competitive price compared to other platforms. Overall, considering its excellent support facilities, slick mobile app, and low trading fee average, investors interested in Bitcoin, Ethereum or other smaller altcoins like Cardano and Solana can definitely consider signing up to the Bitbuy platform.
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