Bitbuy

Written By
Deniz Saat
Reviewed By

Bitbuy is arguably the easiest and most secure cryptocurrency exchange in Canada. This review provides all of the features and ways to buy crypto with Bitbuy.

Overview

Focus on security.

Trading options for all levels.

Excellent customer service.

Overall Rating
  • Features
  • Ease of Use
  • Payment Options
  • Fees
  • Security

Jump to Section

Who Are They?FeaturesCurrencies SupportedPayment MethodsSupported CountriesFees and Buying LimitsCustomer Reviews
Is 
Bitbuy
 Safe? 
ProsConsFAQ

Who are they?

Bitbuy was founded in 2016 by Adam Goldman who studied political science and later became a full stack developer. Goldman is the cofounder of InstaBT where users could buy Bitcoin with their debit cards through INTERAC Online. Goldman founded Bitbuy to provide Canadians the most convenient, dependable, and secure way to access digital currencies. With multiple cryptocurrencies, the highest levels of security, convenient funding options, and superior customer service, Bitbuy is one of the leading exchanges for retail and professional investors. With products like Express Trade and Pro Trade, Bitbuy is able to offer services to everyone interested in purchasing their first Bitcoin. For much larger trades, Bitbuy also offers competitive rates for over the counter (OTC) trades along with a white glove service. This is where the Bitbuy team will be able to broker a deal between the buyer and seller directly rather than have someone execute a larger trade with multiple entities on the exchange. The Bitbuy team is proud to provide the best possible customer service for their customers.

Features

Bitbuy is focused on providing an easy to use app for all. Here are the main features that Bitbuy’s platform provides for its users:

  • Instant account verification: Bitbuy requires personal information like your name, address, date of birth, and other details for their third-party identity verification service to verify your account instantly.
  • Deep liquidity pools: This method allows for large trades to occur without moving the market’s price. 
  • Tight spreads: Tight spreads allow for exact pricing for trades to occur. 
  • Low fees: For the Express Trade platform that everyone has access to, there is a 0.20% fee for buying and selling all available cryptocurrencies. 
  • Advanced trading interface: BitBuy’s Pro Trade platform is geared more towards intermediate and expert traders. The Pro Trade platform has a 0.10% maker fee and a 0.20% taker fee.
  • Rest API: A Rest API allows developers to automate trades in conjunction with Bitbuy’s exchange.
  • Variety of order types: These order types allow a customer to perform the types of trades they want at set prices for cryptocurrencies. 
  • Low latency matching engine: Bitbuy’s infrastructure provides quick and easy transactions to occur without interruption. 
  • 2FA with an authenticator app: Bitbuy requires two factor authentication to be set up with each customer account. An app like Google Authenticator reveals a code every thirty seconds that can be used for signing in. 
  • Insurance: With Bitbuy’s partnership with Knox, the exchange is the first 1:1 insured Bitcoin platform. If funds are lost from Bitbuy’s cold storage solution, all funds will be reimbursed.
  • Independent Security Audits: Bibuy has a proof of reserves audit done by CipherBlade every year and all findings are released publicly.
  • Referral Program: For every person who signs up and makes a $250 deposit with a user’s referral code, both will receive $20.
  • Mobile app: Bitbuy’s mobile app provides all of the necessary features for most customers who are on the go and do not have access to a computer. With the easy to use interface, transactions can be accomplished in seconds. Available for both Android and iOS.
  • Customer Support: Bitbuy continues to improve their customer support through feedback and their longer track record when compared to other exchanges in the space. All customer tickets are answered in a timely manner via email.

Cryptocurrencies

  • Aave (AAVE)
  • Bitcoin (BTC)
  • Ethereum (ETH)
  • EOS
  • Chainlink (LINK)
  • Litecoin (LTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Stellar (XLM)

Fiat Currencies

  • Canadian Dollar (CAD)

Payment Methods

  • Interac E-transfer
  • Wire transfer
  • Cryptocurrencies may also be sent and withdrawn.

Supported Countries

  • Canada

Fees and Buying Limits

  • Trading fees: Pro Trade has a maker fee of 0.10% and a taker fee of 0.20%. Express Trade has a flat fee of 0.20%.
  • Funding accounts: Fees will vary based on funding type.

Customer Reviews

“Bitbuy offers a convenient streamlined service, it concentrates on fulfilling its mission rather than trying to deliver too many services. It makes buying and selling cryptocurrency simple for Canadians. Awesome customer support, top cryptocurrencies and moderate fees backup a user-friendly platform. Its expertise and popularity have been built over years working in the Bitcoin industry. Now, Bitbuy enjoys a growing userbase providing decent 24-hour trading volumes and liquidity against Canadian dollars.”

https://99bitcoins.com/bitcoin-exchanges/bitbuy-review/

“Bitbuy is leading Canada’s cryptocurrency exchange for a reason, and focused, reliable, and customer-oriented are the right words to define it. Instead of being a global conglomerate, it concentrates on fostering its local user base, regulatory compliance and smooth functioning of the exchange, which is exactly what most beginners are looking for in a cryptocurrency exchange of their choice.” 

https://cryptonews.com/reviews/bitbuy/

“With more than a 7-year track record, Bitbuy is a seasoned cryptocurrency exchange. Delivering a user-friendly cryptocurrency exchange, Bitbuy caters to both novice and experienced traders and investors.” 

https://www.fxempire.com/crypto/exchange/bitbuy/review


Is 

Bitbuy

 safe? 

With a heavy focus on security and transparency with their users, Bitbuy continues to make strides in being one of the safest Canadian exchanges to use. Bitbuy requires two-factor authentication for all of their users when signing up. Two-factor (2FA) allows users to verify their identity by being required to enter a temporary code when signing in. Many exchanges allow verification through text messaging (SMS) but Bitbuy recommends users choose the authenticator app option. Google Authenticator is a great app to use for this sign in process because a bad actor would need physical access to the phone. Bitbuy also has an annual security audit conducted by CipherBlade, an independent auditor, and releases their findings for the public to view. With this type of transparency, Bitbuy allows anyone to view how much cryptocurrency they hold and all of the security measures they are taking with their internal servers. Bitbuy also has a 1:1 insurance policy for all funds they hold. This policy guarantees that if a customer’s funds are lost or stolen on Bitbuy’s platform, they will be reimbursed all funds. Please be aware that if an event like this were to happen, there is no guarantee that funds will be reimbursed within a timely manner.

Pros of 

Bitbuy

  • Reasonable fees for retail and institutional investors.
  • Only Canadian exchange that offers BTC insurance.
  • Great online customer support.
  • Annual third-party audit report that can be viewed publicly.

Cons of 

Bitbuy

  • Only available for Canadian residents.
  • No credit card options for purchasing cryptocurrencies.

FAQ

Is Bitbuy a good crypto exchange?

Bitbuy is one of the safest exchanges in Canada and provides all of the necessary tools for users to get started. With two-factor for signing in and independent auditors to verify the amount of cryptocurrency Bitbuy holds, there are very few exchanges in the world with the same standards of transparency and security.

Will Bitbuy be available in other countries outside of Canada?

No, Bitbuy only operates in Canada and does not have any future plans to operate outside of the country.

Does Bitbuy have a minimum amount for opening an account?

Interac e-Transfer requires a minimum of $100 deposit with a 1.50% fee.

Does Bitbuy have a referral program?

Use a referral code to sign up with Bitbuy and earn $20 after spending $250. The referrer will also earn $20.

Does Bitbuy have trading fees?

Yes, the Express Trade platform has a 0.50% fee for buying and selling all available cryptocurrencies. The Pro Trade platform has a 0.10% maker fee and a 0.20% taker fee.

What is the Bitbuy API?

An API allows developers to gather information from Bitbuy’s servers as well as send automated commands to the exchange. Only experienced developers should use Bitbuy’s API. No automation software is available for users who do not use the API.

WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

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