BITBUY CANADA REVIEW
OUR VERDICT
If you’re a Canadian investor looking for a secure, reliable, and user-friendly cryptocurrency exchange, Bitbuy is your ideal choice.
Pros and Cons of Using Bitbuy
Pros
- Dedicated to Canadian users with CAD support.
Industry-leading security practices. - Simple and intuitive user interface.
- Insurance on Bitcoin held in cold storage.
- Transparent and competitive fee structure.
Cons
- Limited to Canadian residents.
- Fewer cryptocurrency options compared to global exchanges.
What is Bit Buy?
Bitbuy, established in June 2016 by Adam Goldman, is one of Canada’s top cryptocurrency exchanges. Headquartered in Toronto, Ontario, it currently serves over 400,000 Canadians and has over $7 Billion in Crypto traded.
The platform is operated by Bitbuy Technologies Inc., a subsidiary of the crypto investment firm First Ledger Corp. In January 2022, WonderFi, a Vancouver-based publicly traded technology company on the NEO Exchange, acquired First Ledger Corp, securing exclusive control over Bitbuy’s operations. The platform works together with regulatory organizations like CIRO (Canadian Investment Regulatory Organization) and CIPF (Canadian Investor Protection Fund).
For beginners, features like the Express Trade platform and a user-friendly mobile app simplify buying and selling.
While beginners enjoy simplicity, advanced traders have access to the Pro Trade platform, which includes tools like market depth charts, trading view integration, and breakout screen options for customized layouts.
Unlike many international platforms, Bitbuy caters specifically to Canadian users, supporting CAD transactions for buying and selling cryptocurrencies. This makes it an ideal fiat gateway for those looking to invest in digital currencies without the complexities of currency conversion.
Key Features That Set Bit buy Canada Apart
1. Cold Storage and Security: Keeping Your Crypto Safe
Security is at the core of Bitbuy’s operations. The platform stores 95% of user funds in insured cold wallets, minimizing exposure to cyber threats.
What are insured cold wallets?
Unlike many exchanges that offer cold storage without insurance, Bitbuy’s partnership with Knox ensures that users’ BTC holdings are protected against theft and loss. This level of protection not only builds user trust but also sets Bitbuy apart in a highly competitive market. In collaboration with Knox, Bitbuy became the first Canadian exchange to offer 1:1 insured BTC cold storage.
Here are the top Cold Wallets for Maximum Security
- Features: Bluetooth connectivity, secure chip, support for 5,500+ cryptocurrencies.
- Price: $149.
- Best For: Versatile use with multi-chain support.
- Features: Touchscreen interface, advanced passphrase protection, supports 1,000+ cryptocurrencies.
- Price: $219.
- Best For: Ease of use and multi-asset storage.
- Features: Bitcoin-focused, air-gapped transactions, secure element chip.
- Price: $147.
- Best For: Bitcoin maximalists prioritizing security.
- Features: Biometric authentication, air-gapped, EAL7 security certification.
- Price: $398.
- Best For: High-value, long-term storage.
- Features: Air-gapped signing, QR code connectivity, support for 10,000+ assets.
- Price: $49.99.
- Best For: Affordable cold storage with multi-chain support.
Additionally, two-factor authentication (2FA) is mandatory for all users, providing an added layer of protection. Regular third-party audits ensure transparency and build user confidence.
2. User-Friendly Interface
Bitbuy’s interface is designed to accommodate all levels of traders.
The Express Trade feature simplifies the buying and selling process, perfect for beginners.
For more advanced users, the Pro Trade platform provides tools like market depth charts, trading view integration, and customizable layouts.
3. Bitbuy Fees: Transparent and Competitive
A hallmark of Bitbuy Fees is that the deposits are free on Bitbuy, ensuring you never lose funds while loading your account.
Along with that, Bitbuy fees are simple and straight forward with no hidden charges:
- Express Trade: 0.20% fee for buying or selling.
- Pro Trade: Maker fee of 0.10% and taker fee of 0.20%.
Deposits and withdrawals are also competitively priced, with no hidden charges
4. Comprehensive Cryptocurrency Support
While its offerings are not as extensive as global exchanges, Bitbuy supports a curated list of top cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Stellar Lumens (XLM). These assets provide ample opportunities for trading and diversification.
Bitbuy regularly updates its cryptocurrency offerings. Visit their cryptocurrency page for the latest updates.
5. Mobile Functionality
6. Is Bitbuy Legit? Regulation and Licensing
Bitbuy is a licensed platform regulated by the Ontario Securities Commission (OSC). Learn more about their compliance by visiting the OSC website here.
This ensures that Bitbuy operates transparently under Canadian regulatory standards, providing users with a secure trading environment.
How to Get Started with Bitbuy
You can register and start investing in just a few taps via the Bitbuy App. Follow these steps to find and install the Bitbuy App on your device:
The Bitbuy App: Trading on the Go
For iOS devices, visit the Apple App Store to download the Bitbuy App.
To download the Bitbuy App for Android devices, go to the Google Play Store.
Check Device Requirements:
| Operating System | iOS 12.0 or later for Apple devices; Android 6.0 or later for Android devices. |
| Free Disk Space | At least 100 MB available |
| Internet connection | Required |
Download and Install:
Click the download button and follow on-screen instructions to install the app on your device.
Log In or Sign Up:
Open the Bitbuy App, log in to your existing account, or create a new one.
Create an account
Creating an account on Bitbuy app is quick and straightforward, typically taking just a few minutes to complete the registration process. The platform uses third-party identity verification services to ensure compliance with KYC and AML regulations, making the process seamless.
Just tap “create an account” and get started by entering your email address, telephone number, and verify your identity with a government-issued photo ID.
Deposit Funds
After verifying your identity, you can deposit funds into your Bitbuy account using one of two methods: Interac E-Transfer or Bank Wire. Withdrawals are just as simple, with transparent fees disclosed upfront.
Buy and Sell Cryptocurrency
After creating your account and depositing funds, you can begin buying and selling a wide range of popular digital currencies on Bitbuy.
You can register and invest using Bitbuy’s website as well. Just visit Bitbuy.ca and create your account following the same steps as on the app.
Bitbuy Reviews: What Users Are Saying
Bitbuy has earned high praise from its users, particularly for its simplicity and security.
Here are some of the comments from people who have used Bitbuy:
Many beginners find the platform’s Express Trade feature easy to navigate, while advanced users appreciate the detailed analytics available on Pro Trade.
Online forums and reviews often highlight Bitbuy’s excellent security, customer support and transparent policies as key differentiators. The platform’s commitment to regular audits and insurance-backed cold storage has solidified its reputation as a trustworthy exchange.
Conclusion: Why Choose Bitbuy?
If you’re a Canadian investor looking for a secure, reliable, and user-friendly platform to trade cryptocurrencies, Bitbuy stands out as the best crypto exchange. Its tailored approach to the Canadian market, combined with robust security and a transparent fee structure, makes it an excellent choice for both new and experienced traders.
If you’re ready to trade BTC or explore other digital assets, Bitbuy provides the tools and support needed to navigate the dynamic world of cryptocurrency trading confidently.
Disclaimer
This article is for informational purposes only and should not be considered financial or investment advice. Always conduct your own research and consult with a professional advisor before making investment decisions.
ABOUT THE AUTHOR
Alex Mortin – a life-long basketball fan and a devoted Toronto Raptors supporter. Alex has worked with some of the biggest sports betting brands in the world and has more than 15 years of experience in this industry. His rich experience in the sports betting field makes him the perfect person to produce high-quality sportsbook reviews. If you want to connect with Alex and learn more about what he is up to, feel free to follow him on Facebook and LinkedIn.
