Bitbuy Review All You Need to Know About BitBuy, Canada’s Best Crypto Exchange

Bitbuy Review All You Need to Know About BitBuy, Canada’s Best Crypto Exchange

The Cult of Money does not include all companies or offers available in the marketplace. This Bitbuy review covers its fees, pros, cons, safety, referral program, and competitors like CoinSmart, NDAX, Wealthsimple Crypto, and more. Yes, Bitbuy has been known to freeze accounts or hold deposits and withdrawals. Since Bitbuy is fully regulated, anything suspicious can be flagged. Sometimes people who trade a larger than usual amount, or deposit more frequently than usual may have their funds put on hold while Bitbuy investigates. If this happens to you, you can contact the support team to get it resolved.

Corporate accounts

Moreover, the company is also expecting to add more cryptocurrencies soon. They also operate using a 95% cold storage security policy, meaning 95% of all the crypto assets they and their users own are stored offline. This means that even in the event of a successful hack of the exchange, there would be only 5% of assets susceptible, which protects both the exchange and its customers. To ensure a smooth and safe cryptocurrency trading experience in Canada, picking the correct exchange is essential. There are a variety of user types, and each exchange caters to them with its own set of features, benefits, and ratings. To help you make an educated decision about where to trade your digital assets, we have compared Bitbuy with some of its top competitors below.

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• Depending on one’s experience level in the crypto market, Bitbuy offers customizable trading solutions to suit individual requirements.
• At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry.
• The company operates out of Toronto, Ontario and currently has over 350,000 users and has processed over $4 billion in crypto.
• Also note that your phone number must be a North American number and that Bitbuy sends a SMS verification message.
• The minimum bank wire deposit is $20,000 with a $500,000 maximum and a fee of 0.5%.
• Alternatively, you can use a card through a third-party provider, but keep in mind that this option comes with a standard fee of 6.25%.

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. Interac e-transfer is very fast and the fees are very low at 1.5% so that’s a great option.

• You can get slight trading discounts if you trade millions of dollars in assets, but for everyday investors, there aren’t discounts.
• Bitbuy supports just 53 cryptocurrencies while NDAX supports up to 32+ cryptocurrencies.
• This is a significant improvement to Bitbuy, especially since accessing centralized staking platforms hasn’t always been easy for Canadians.
• The platform is also registered with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).
• However, if you’re looking for a platform that gives you more possibilities, then there are other options that you should take into account.
• Bitbuy maintains an exhaustive section offering support services, including guides, tutorial articles, FAQs, and informative articles on cryptocurrencies.
• As you can probably tell, my review of Bitbuy Canada is positive.

When you upload your transfer details, Bitbuy usually reviews and processes the transfer on the same day. The funds may take between 2 to 3 business days to get to your bank account. Overall, Bitbuy is a better crypto platform for intermediate and advanced crypto investors and traders.

Bitbuy mobile application

For example, the simple bank transfers and wires cost 1%, while the Interac e-transfer costs 1.5%. Bitbuy is one of the top options for Canadians looking to buy Bitcoin. Our Bitbuy Exchange Review will help you determine if it is right for you. The site employs plenty of security features to keep assets safe and also requires account verification to prevent scammers and fake accounts. Not all exchanges will support fiat currency, however, Bitbuy does.

Join us as we provide an bitbuy review in-depth exploration of Bitbuy’s offerings, helping you gain a comprehensive understanding of what they bring to the table. Even though this is quite a limited selection, the exchange often makes additions to their assets selection based on the relevant cryptocurrencies available in the market. They also provide good liquidity with a growing number of traders having traded more than $4 billion in cryptocurrency through the platform to date.

See how BitBuy Compares with Other Canadian Crypto Exchanges:

Depositing Canadian dollars, instant verification process and many other features makes Bitbuy a stand-out exchange, which should be considered by any serious investor. Users can trade safely as the trading platform often conducts financial audits, monthly security audits, as well as transaction reporting audits via trusted third parties. The more advanced traders can access the API feature which lets them automate their trading, which is crucial if they’re algorithmic traders or building any type of trading bots.

For Canadian investors, Bitbuy is one of the best exchanges you can use because of its ease of use and trading limits. Once you verify your phone number, Bitbuy sends an email with a link for further account verification. After verifying your email, you complete verification by entering your name, address, and some information about your employment. However, you can create a Bitbuy Corporate account if you’re a business owner looking to add Bitcoin to your balance sheet. The fact you can set market and limit orders is what makes this feature so appealing, and even beginner investors should take advantage of this functionality.

Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs,  investing, and the gig economy. Whether Bitcoin is a good investment will depend on its uptake as a store of value and/or its uses as a means of exchange over time. While many new millionaires have been minted from Bitcoin, many have also lost money. As per its website, it utilizes “industry-leading security systems” to protect your account, including a 90% cold-storage policy and 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. 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. It is easy to get started on Bitbuy and you can sign up for free following the steps outlined below. You have to decide whether Bitbuy is the right crypto platform for your needs, but if you reside in Canada, this might be an exchange worth a visit.

She believes that bitcoin might be the ultimate answer to all of our financial hinderances. 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.

Customization is available so you can choose how you want to view your trading screen. Bitbuy offers an OTC trading desk for Pro users who wish to make large trades of $25,000 and up. A few exchanges offer more in the way of alternative coins, but Bitbuy’s offering is more than enough to satisfy most mainstream traders. 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.