If your account does not get verified automatically, you’ll be taken to another page where you must upload documents to have your account verified manually. Signing up to Bitbuy is quite a long process due to their compliance process. Moreover, the same advantages that make Bitcoin and its brethren appealing to cybercriminals can be exploited by the authorities to find and seize unscrupulous individuals’ funds. Easy to use, reliable and transparent to its fees, no hidden charges. Join the 1,500+ businesses that trust Bitbuy Corporate Solutions to add crypto to their balance sheet. Same here , they locked my account because my us number , now i have no response from them , with my money locked there.

Adding to this, email support is quick and responsive, replying to queries in under 12 hours, even on a weekend. Although if you would like to make a larger transaction the Bitbuy OTC desk is happy to help you personally. Deposits can be made in all of the above fiat and cryptocurrencies. To make purchases, users must first make a deposit into their account. CAD deposits have Wire Transfer, Interac e-Transfer and Express Interac e-Transfer. Monitoring financial transactions and reports to calculate cryptocurrency profits and losses for capital gains tax can be a complex and lengthy process.

Finally, upload the appropriate documents and click on submit. This is the ‘one-time only’ KYC verification process to ensure that nobody is signing up using your lost ID or that users aren’t being scammed. Once the verification is done, you will be able to fund your account and trade cryptos on the Bitbuy exchange. Reliable Customer Service – Bitbuy offers amazing customer service for all of its users.

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Although the platform is user-friendly, the 1.5% trading fee drastically reduces the platform’s usability. Overall, while not a bad first exchange for Canadian investors, anyone looking for low fees or tools like leverage will need to look elsewhere. In this review, we will look at Bitbuy, a popular Canada-based cryptocurrency exchange. Specifically, we will consider what the platform offers its users, how much it costs to use it, its approach to security, and customer support. In addition, a detailed step-by-step tutorial on how to sign up for the service is provided.

While Bitbuy has explained its range of assets, the exchange still offers far fewer cryptos than its competitors. As a result, Bitbuy is only suitable for users who want to trade a few popular coins. With Canada having some of the world’s strictest crypto regulations, finding an exchange that supports CAD deposits can be challenging. One platform that has been gathering traction in the region is Bitbuy, but how does it compare to mainstream exchanges?

If you are a US resident, you should read our article on the best crypto exchanges in the USA. Express trading is trading made simple – all you need to do is select the crypto assets you’d like to buy, enter the dedicated amounts and click the purchase button. It is an ideal option for novice traders who are just entering the world of cryptocurrencies yet it also charges higher fees .

It is just as easy to use as the desktop site, so beginners will feel comfortable on the app. Bitbuy is perfect for beginners because there is an option to Express Trade which makes it extremely easy to buy and sell cryptocurrency. Simply select which coin you want to buy or sell, and the amount, and your order will be filled straight away. There is no need to deal with markets, or setting advanced order types. Even if you have no experience with cryptocurrencies, you will be able to use Bitbuy’s intuitive platform. Although Bitbuy is a great platform for cryptocurrency trading in Canada, there are a few drawbacks that I need to mention.

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These include the likes of Cardano and Polkadot, which have become exceedingly popular in 2021. Probably the most popular Canadian cryptocurrency community that one can find is the Canadian Bitcoin subreddit at /r/BitcoinCA. Community members will share information not only on the best exchanges but also on other hints and tips for buying Bitcoin in Canada. Once you have submitted these documents then you will have to wait for human verification at Bitbuy. They have stated that this could take between 1-3 business days to process. This is about the standard waiting time for non-automated verifications.

The Express platform offers a simple, easy-to-use interface where you can buy crypto in minutes. If all you’re looking for is a quick purchase at market price, then Bibuy Express is the way to go. If, however, you’re looking for more advanced order types and charting and don’t mind a more advanced interface, then Bitbuy’s Pro platform might be for you.

• There were of course a few things that we thought warranted improvement.
• Bitbuy also sends an email with a verification link once you verify your phone number.
• Before finishing this Bitbuy review, there’s a final thing to remember.
• However, all opinions expressed in this article are solely ours, and this content is in no way provided or influenced by any of our partners.
• This exchange is only for the citizens or permanent residents of Canada.

Major issues…tried to apply for wire transfer capability and now everything is locked. Technically speaking the web-based platform will work anywhere in the world, but it is only of use to Canadians. To sign-up, you https://forex-review.net/ require a North American telephone number plus the only fiat currency support is the Canadian dollar. Bitbuy originally launched in Toronto as Instabit providing a simple way to buy bitcoin, way back in 2013.

Deposit and withdrawal times vary depending on the payment method. Interac e-transfer is the fastest of the bunch and is usually processed immediately. Wire transfers take 3-5 business days, while crypto transactions vary depending on the network congestion. This is another great feature that Bitbuy offers at no extra charge. To apply for it, you need to send a request for Bitbuy API and, once approved, you’ll be able to set up CAD-to-crypto and crypto-to-crypto pairings and fully automate your trading routine. Of course, you’ll have to load up your account first, as with all other services we’ll discuss later in our review of Bitbuy.

Is there a demo account for paper trading?

Your Bitbuy wallet is simple to understand and use.Withdrawing your Bitcoin is much easier. All you need to do is request a withdrawal on the platform, paste your receiving address and then confirm via 2-factor authentication. Bitbuy will send you the funds as a public transaction which will take time to propagate through the network. So, unless you send Bitbuy some form of identity and proof of address you cannot use them.

Anyone needing access to more advanced features can use the order book-based Pro Trade interface. Using the Pro platform, Traders can add technical indicators and overlay drawings to perform analysis on the charts. Unlike most other platforms, any chart overlays will remain when switching between trading pairs, which reset the analysis each time. Bitbuy supports 25 cryptocurrency assets that can be bought and sold on the exchange. In recent years, a trend called crypto staking, which enables users to earn passive rewards by locking their crypto holdings for a period of time, has become very popular. Bitbuy supports staking for three assets, Ethereum, Solana, and Polygon.

Throughout this Bitbuy review, we’ll be taking a detailed look at the exchange, exploring its features, security measures, and ease of use. Buy are similar in many ways—both provide access to the most popular cryptocurrencies in the world and they both have a flat 0.5% trading fee. When comparing the two, e-transfers are a much more convenient payment method. They might come with higher deposit and withdrawal fees, but funds are processed instantly and you won’t be required to make an in-person visit to your bank to transfer the funds.

Fees

Enoch Omololu is a personal finance expert and a veterinarian. In Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. What are your experiences with the various cryptocurrency exchanges in Canada? Bitbuy is one of the most popular cryptocurrency exchanges in Canada.

An independent specialist runs an annual Proof-of-Reserves audit of Bitbuy. The most recent audit showed that Bitbuy surpassed their own 95% cold storage policy for an average of 98.12% in the major coins. Bitbuy withdrawal fees for CAD are at a flat 1.5% rate, while crypto withdrawals are subject to a mining fee – the exact rates depend on your cryptocurrency of choice. We’ve already gone through some of the features of this platform and concluded that easy, near-instant trading is definitely one of the reasons why Bitbuy has gained such traction. However, the platform has tools and features that make it stand above the rest, as well. Businesses looking to add cryptocurrencies to their portfolio can rely upon Bitbuy to help them throughout the process.

First of all, every Bitbuy user has to confirm its identity, meaning that the platform ensures there are no fake accounts and scammers on the platform. That protects users from being impersonated or scammed in the future. Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs, investing, and the gig economy. Of course, prevention is still the best way to protect yourself as an investor. This is why using features like Bitbuy’s two-factor authentication and creating a secure password is important. Bitbuy works with third-party providers to verify customers.

Pros of Bitbuy

Bitbuy is asserting itself as one of the best Canadian cryptocurrency exchanges. Overall, this exchange provides a simple way to invest in popular cryptocurrencies, and it also caters to individual investors and businesses. To our knowledge, Bitbuy has never been hacked, and it is the most secure crypto exchange in Canada. bitbuy review However, even with the highest level of security, there is a small chance that an exchange can be hacked. The good thing is that Bitbuy stores 99% of their crypto assets in cold storage offline with a comprehensive insurance policy provided by BitGo. Bitbuy says that they operate a policy of 95% cold storage of coins.

Something else that we really liked about this platform is the fact that it has “break-out” screens. This means that you can pop out any of the screens from the main interface. Essentially, you can set your own trading layout across your screen. The Pro Trade platform also has your standard market depth charts. These are helpful as they give you an overview of the bullish / bearish sentiment in the market. This order flow can also complement the technical analysis that you are doing on the charts.

Proving your identity documents including proof of address is a requirement by FINTRAC. The best and safest way to buy Bitcoin is with a credit or debit card and on an exchange or platform that provides its clients with immense security, low fees, and customer convenience. For the average user looking to use e-Transfer combined with express trade, it works out as a total fee 1.70% for a deposit and purchase. Pro trade was added in 2019 to offer traders a live trading view and advanced orders. This feature runs a traditional order book style trading platform similar to Binance or Coinbase Pro. We offer charting from TradingView which is industry standard and has all the crypto trend indicators and tools you are looking for when you are doing advanced trading.