Updated Bitbuy Review

Another major drawback with MyBTC.ca other than the fact that it only offers Bitcoin is the impossibly high fees. While the exchange doesn’t charge for deposits or withdrawals, the service fees for different payment methods are blown out of proportion. For example, Interac, card purchases, and Flexepin vouchers incur a 7.75% fee! The cheapest way to buy Bitcoin on MyBTC.ca is via hycm review bank wire (4.75%) but the minimum amount is 5,000 CAD. All in all, Bitbuy offers competitive fees for its users, which is somewhat unusual for the platforms that are focusing on user-experience. Even so, you can find better trade rates at other international exchanges but there are always trade-offs – they are either unregulated, has worse UX, or lacks proper customer support.

Aside from regular third-party audits, it also conducts third-party security checks and actively monitors its on-platform activities. Besides, its team has passed background and client information handling checks, meaning it runs a highly competent service. The only issue may be an SMS-based 2FA user account security system, which was proven to be insecure in the past. Bitbuy is a well-established platform with a large baggage of experience in the industry.

Moreover, they have a new “username” feature for an even smoother experience, especially when it comes to logging in. This feature is created for big trades ($50,000 in CAD or equivalent BTC or ETH). It allows you to work directly with one of Bitbuy’s experienced traders. Also, if FIAT funding isn’t what you’re looking for, you can choose to fund your account with cryptocurrencies. You can also reach out to the customer service team through one of their many social media channels for a fast and professional response. A number of support functions through which the Bitbuy team are available and you can answer questions are provided for through the company homepage.

Firstly, while Bitbuy supports most of the top cryptocoins, there are still a number of coins that we would have liked to see on their platform. These include the likes of Cardano and Polkadot, which have become exceedingly popular in 2021. Overall, we found that the community was quite positive on Bitbuy. For example, in this thread you can see that most of the users who commented had no issues withdrawing coins from their accounts.

The platform lists over 1,000 altcoins that can be traded against BTC, ETH, USDT, and BNB, the exchange’s native token. On top of that, Binance provides its customers with a plethora of advanced trading tools, order books, and depth and price charts. Bitcoin is the world’s first and most popular cryptocurrency which makes it super easy to find an exchange that supports and sells this coin. It doesn’t have to be an advanced trading platform or one that lists a variety of altcoins together with Bitcoin – all you need is a straightforward, quick, and cheap Bitcoin exchange. If you are wondering if Bitbuy is a legit trading platform, the answer is yes. Bitbuy is licensed by FINTRAC and registered with the Ontario Securities Commission.

To filter out the gathered data, our researchers examine & analyze it by using data science methods. Whether it’s user feedback, service features or pricing, everything passes through our strict review process in order to filter out false info & advertising claims. To use this platform you will need to have a North American phone number as well as provide an address in Canada. If you’re looking for a reliable cryptocurrency exchange that’s available internationally, you should consider Coinbase, Binance and Coinmama.

Creating an Account with Bitbuy

If this fails, you complete verification manually by uploading documents like a utility bill, government ID, or bank statement. Like OTC trading, you work with a Bitbuy expert to invest in cryptocurrency for your business. Whether you need this for your balance sheet is ultimately up to you, but the fact that Bitbuy has features for everyday Canadians and business owners alike is a plus. OTC crypto trading is popular for large trades where you want to get the best price possible and reduce the risk of market volatility by locking in your order price. You can access Pro Trading as soon as you open and verify your Bitbuy account, so this isn’t a premium feature.

Trusted online cryptocurrency exchanges operating in Canada including Bitbuy, CoinSmart, and ShakePay. However, if you want to withdraw money from Coinbase in Canada, the only way to do this currently is to a PayPal account. If you have a PayPal account and can then transfer the money from your PayPal to your bank account, Coinbase might actually be a good fit for you!

The company maintains social media pages, an informational YouTube channel, and a dedicated support page that also allows customers to submit support tickets for more customized help. Users looking to take advantage of its benefits need to contact Bitbuy’s customer support to request access. Bitbuy’s Private Wealth feature facilitates high-volume trades for retail and institutional investors. The platform is used to broker direct trades between the buyers and sellers without listing them on its order book. Previously referred to as the OTC desk, this feature helps prevent price slippage since large orders can affect the market price of an asset if listed on the open marketplace.

One is to give them your referral code for them to use when you are signing up and the other is to give them a referral link. The latter is perhaps your best bet as it makes sure that the user has indeed signed up with you as the referral. The instant verification uses a third party data collection provider .

How to Deposit Funds into Your Bitbuy Account?

Both starting and seasoned traders may enjoy the platform and the way it is designed, which makes up a pleasant trading experience. Although experienced traders may find some aspects of the platform limited, newcomers are surely likely to enjoy a smooth and frictionless cryptocurrency buying and selling process. Bitbuy charges fees for fiat and berkshire hathaway letters to shareholders 1965 2012 warren buffett crypto trades, fiat currency deposits and both fiat and crypto withdrawals from the platform. Cryptocurrency deposits to the platform are free of charge, but processing takes time according to the network in question – from 3 to 12 confirmations . Once the verification process is complete, you can start depositing funds into your account.

However, Bitbuy has an advantage over Coinbase regarding fiat currency. The native fiat on the site is Canadian dollars, and the platform is integrated with the Interac e-Transfer system, which makes it significantly easier to use for Canadians. Coinbase, on the other hand, isn’t compatible with any Canadian banks. Binance is generally considered the biggest exchange globally, according to Coinmarketcap.

Do note that, for each wallet, Bitbuy also provides an approximate Canadian Dollar balance in addition to total crypto balance and available balance. Investors can purchase supported cryptos via the “Express Trade” platform by either depositing Canadian Dollars or pre-owned Bitbuy supported cryptos. Upon completion of the verification process, you are ready to start trading. Bitbuy delivers a simple to use exchange for those looking to gain access to the crypto market in Canada.

You will, later on, have the option to switch to an authenticator app such as Google Authenticator or Authy instead of SMS. ⚠️ Even though Bitbuy is considered safe, 44% of platforms we reviewed have had hacks or incidents. We strongly recommend storing and protecting your crypto on a hardware wallet or a wallet where you own the private keys. Clearly, if comparing Binance vs Bitbuy, the bigger active user base is gathered by Binance with around 13.5M users.

On deposits and withdrawals, there is a $50 minimum deposit with Interac e-Transfer and a $10,000 maximum in a 24-hour period. The minimum bank wire deposit is $20,000 with a $500,000 maximum and a fee of 0.5%. The same minimum and maximum limits apply to withdrawals with a 1.5% fee on Interac e-Transfer withdrawals and a 1% fee on withdrawal via bank wire.

Cryptocurrencies

You can register on Bitbuy either as an individual or as a business . And that’s precisely the point of this unbiased Bitbuy review we’re going to cover today. This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. We strive to present all the information & pricing as accurately as possible, but we cannot ensure that the data is always up to date.

When it comes to withdrawal of cryptocurrencies, Bitbuy says that these are free. They are still likely to apply a network or miner fee to your transaction so you should keep that in mind. When it comes to exchange transaction fees, Bitbuy operates a simple flat scheme.

Recently audited for proof of reserves and security by a 3rd party blockchain security firm. Bitbuy is a Canadian cryptocurrency trading platform launched in 2016 by Adam Goldman. The platform is based in Toronto, Ontario, serves more than 400,000 Canadians, and supports over 15 cryptocurrencies.

However, it does apply robust security measures for funds protection. Namely, funds of Wealthsimple Crypto are stored by Gemini Custody, regulated by the New York State Department of Financial Services. Coinbase has slightly higher trading fees that start around 1.49%, except for card purchases which incur a 3.99% fee per transaction. Canadian traders can only purchase crypto with CAD via debit card (instantaneously!) or sell their cryptos via PayPal.

Alternative Trading Options

I have reached out to you directly via the open support thread for more details regarding this ongoing issue. The trading platform is a regulated MSB or Money Service Business under FINTRAC . This measure is placed everywhere on the Bitbuy network for employees and users to avoid unauthorized access. The two-factor authentication uses two forms – a smartphone and a password – for authentication. Deposit cryptocurrencies are supported by Bitbuy for investing and trading purposes. If you wish to withdraw cryptocurrency, withdrawal fee often vary depending on the crypto coin and method you are using.

With a business account, you can add cryptocurrencies to your balance sheet and manage them efficiently. There is no BitBuy minimum deposit, while the BitBuy minimum withdrawal and BitBuy withdrawal fee varies from coin to coin. Approval of accounts is near instant, with BitBuy using an automated ID verification system that also adheres to Canadian KYC regulations. BitBuy does not offer leverage trading; many United States and Canada exchanges have moved away from leverage trading. BitBuy shines with its easy-to-use trading interface but doesn’t support staking, futures, or a wallet. In this 2022 BitBuy review, I will examine what BitBuy is, its history, the team, the pros and cons of the platform, and more.

In the submission form, provide a detailed explanation of your issue and provide an attachment if necessary. Makers are parties that introduce liquidity to the marketplace while takers perform opposite actions. If you place a limit order to either buy or sell an asset, you are considered a maker, but if you execute a market order, then you are a taker. There is also a minimum trade value of CAD 25,000 on the Private Wealth desk, meaning that the service is specifically designed to facilitate large orders. I then bought XLM so I could cheaply transfer to Binance and trade back to Tether. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Bitbuy was okay and doing well until

All users must note that the processing times are just indications and may vary depending on the bank provider. It offers additional features like in-depth market and technical analysis and Bitbuy charges using the TradingView technology. The company’s main objective is to offer safe and secure access to the bdswiss broker review most popular cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens, Ripple, and EOS. According to a Bitbuy review, this platform has added 20+ other popular cryptocurrencies. One of the things Bitbuy users love is its advanced trading platform, which has a sleek, futuristic look.

No user funds are stored by Changelly as all coins sent are processed to be exchanged and transferred to user wallets. Commonly, there have been hacks of crypto exchanges, and customers have had difficulty getting their money back. Bitbuy is a Canadian cryptocurrency exchange based out of Toronto. It lays great emphasis on security and stores assets in cold storage.

CAD Deposits, CAD withdrawals and crypto deposits are free at Newton. To withdraw your crypto, Newton will cover the mining fees up to $5, while Bitbuy charges a flat fee for the same feature. You can convert and swap cryptocurrencies directly on the exchange. Just select a supported cryptocurrency, for example, Ripple and another token such as Bitcoin and swap. For customers who prefer trading crypto to crypto, swapping coins directly is a great option on Bitbuy. Bitbuy is well known for excellent customer service and lower fees.

The support is reachable via email and phone, which is highly convenient and not offered by many exchanges. The email response time can take up to 12 hours on any day of the week, which is relatively fast, especially if compared with competing exchanges. 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 makes buying cryptocurrencies hassle-free and the advanced trading easy to use interface. After the account has been set up, you can start funding your account by bank wire, by depositing crypto, or through an e-transfer. Fiat withdrawals cost 1% – 1.5%, while crypto withdrawals are subject to the withdrawal fees in the table above. Yes, Bitbuy is the most secure and trusted crypto exchange in Canada. Their servers are secured across multiple world class cloud providers and disaster recovery locations.

Best Crypto Exchanges in Australia

If this automatic verification does not work for you, you’ll need to scan a driver’s license or another form of identity card and take a selfie. You can also integrate with Trading View charts for signals and indicators. If you’d prefer just to buy without all the bells and whistles, Express Trade is for you, trading crypto in a couple of clicks for you. BitBuy’s OTC service is made for clients looking to invest $50,000 or more. Goldman is not nearly as active on social media as other crypto founders like Brian Armstrong of Coinbase, or the Winklevoss twins of Gemini, with only 800 followers on Twitter.