Alternatively, you may place a limit order and specify the buy/sell price. Select the pairing by scrolling down or entering the crypto you are looking to trade or simply click the crypto icon below the search box. In order to place a market order, select the crypto-crypto or crypto-Canadian Dollar pairing that you wish to trade. In order to select the preferred pairing, click the list icon on the top left-hand side of the Pro Trade page. You will then be redirected to the Express Trade page to complete your crypto purchase or sale. In order to withdraw your crypto, select the wallet from which you wish to withdraw your crypto and click the Withdrawal icon.

The audit looked at both digital and fiat holdings, verifying that both were verified by existing documentation. The audit’s finding showed that the sum of digital holdings matched user account balances precisely and that bank statements verified all fiat holdings. Bitbuy plans to have these audits regularly, ensuring transparency and openness in their financial health, which will be a massive benefit for investors and users of the exchange. Its interface and mobile application have been praised for their streamlined and customer-friendly design.

bitbuy exchange review

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. So, unless you send Bitbuy some form of identity and proof of address you cannot use them. However, 90% of cryptocurrency exchanges these days have this requirement so it is not so much of a surprise. That’s why we found it disappointing that Bitbuy has removed the ability to contact their customer support team via telephone and via online chat. Currently the Contact page on the website and the support article regarding contacting Bitbuy only states that they can be contacted via email at

Bitbuy Review Summary

While their cryptocurrency coin offerings are slim, they do support most of the popular coins. Their focus on popular coins makes Bitbuy great for new traders who want to dip their toes into the cryptocurrency market without having to sift through dozens of altcoins. Bitbuy also charges withdrawal fees, which depend mainly on the type of payment method you choose.

Binance is one of the most popular crypto exchanges in the world and is an excellent option for both advanced and newbie Canadian crypto investors. Via Binance Canada, users can trade over bitbuy exchange review 350 altcoins, including the exchange’s native token Binance Coin . Traders can also earn revenue in various ways, for example by staking and earning interest on their crypto holdings.

History Of Bitbuy

The move was made by Bitbuy as part of their commitment to best practices in the cryptocurrency exchange industry while awaiting greater regulatory clarity in Canada. While exchange security is a priority, the user is often the weakest link when it comes to crypto theft. Therefore, Venture fund Bitbuy has instituted the best practices in user protection on their systems. One of the biggest threats to exchanges and their users are hackers. We know all too well about the damages that can be caused when a hacker is able to penetrate an exchange’s system.

bitbuy exchange review

While we like to do thorough reviews, it’s sometimes hard to get a full picture of an exchange or service without having used it for an extended period of time. Hence, we sometimes like to get the perspective from other users on the platform. The Express Trade platform is a quick and simple way for you to buy your crypto.

User Friendly

Low latency is matched with pop-out widgets, allowing you to create a customized trading screen that meets your needs. 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. This was also during the peak bull run in Jan so it shows their consistency.

  • Bitbuy’s new automated sign-up and onboarding process has made the entire account opening procedure even faster.
  • Available in the website and mobile app versions, Bitbuy offers three primary services –Express Trade, Pro Trade and Bitbuy OTC.
  • You will just need to confirm the email address after which Bitbuy will force you to set up your phone for two factor authentication.
  • Initially, it was named InstaBT but later was rebranded to Bitbuy.

Excellent customer support means you’ll never be frustrated when something goes wrong. The transparency of their trading fees and spreads will give you assurance that the price you’re buying cryptocurrencies at is not higher than market price. The user interface Exchange rate and mobile app also greatly enhances user experience and conveniences so it’s not a hassle to trade and check your balances. Expert analysis of the crypto exchange market routinely identifies bitcoin exchanges based on a comprehensive set of evaluation criteria.

Low-latency is joined by pop-out widgets allowing you to design your own trading screen. Bitbuy originally launched in Toronto as Instabit providing a simple way to buy bitcoin, way back in 2013. Since then it has rebranded to Bitbuy, widening the operation, acquiring venture capital funding and adding to the cryptocurrency selection. Deposit cryptocurrencies supported by Bitbuy for investing and trading purposes.

Read our ultimate how-to guide on how to use TradingView, whether you are a complete beginner or experienced crypto trader looking to refresh your knowledge. Canadian crypto users can open an account at Coinbase and Coinbase Pro . Traders can use a debit or credit card to make purchases or transfer funds directly from their bank accounts.

Bitbuy Review: A Quick And Easy Cryptocurrency Exchange

What this means is in the unlikely event Bitbuy does get hacked, hackers would not be able to steal a lot of funds. Bitreview endeavors to provide informative and comprehensive reviews and comparison of bitcoin and cryptocurrency products. While we strive to ensure all information is up to date, it may vary from the information displayed on the products website. In addition to the potential for lower fees, premium customers have access to bitbuy brokers, who will help with buying and selling logistics and answer any questions. There are often exclusive promotions for premium clientele, making the program well worth checking out.

Canadians Are You Using Bitbuy?

No matter which platform you use, all trades happen on the Coinbase Pro engine. Coinbase also has over fifteen cryptos available and has fees that are on par with other exchanges. There are some features that are geo-restricted but if you live in the UK, US, or EU, you can use Coinbase without restrictions.

In 2016 it changed its name to the current one and became a full-fledged exchange instead of a simple BTC trading outlet. For instance, you can purchase a VPN subscription without having to give away information such as your credit card or bank account details. This ease of use is in direct comparison to exchange rates between traditional currencies and the fees associated with these exchanges. Existing crypto users can transfer their assets to the Bitbuy wallet and execute crypto-fiat or crypto-crypto transactions in no time.

Bitbuy Features Review

When you sign up for a Bitbuy account, you’ll need to undergo a verification process before you are allowed to trade. The Pro Trade platform offers the option to place limit Promissory Note orders and trade in cryptocurrency pairs as well as fiat trade pairs. Bitbuy also has its own Over-The-Counter OTC desk aimed at large-volume institutional traders.

We also thought that their verification and KYC times were some of the lowest in Canada. Our Bitbuy review was relatively straight forward and it seems as if this exchange “does what it says on the tin”. It is a simple and effective way for you to convert your CAD into crypto. 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.

Just make sure you’re being careful with your online purchases and the way you access the internet on your computer or phone. In 2019, the Intercontinental Exchange and Fidelity launched cryptocurrency trade offerings for institutional investors. Then, in May, JPMorgan announced that it had started processing crypto transactions, as well as offered banking services to Gemini and Coinbase. You should always set a secure password for your wallet to make sure it’s safer against hackers. Setting up two-factor authentication on your online exchanges is another security step you should take to protect your investment. While a mobile wallet is great for daily trading or transactions, an offline wallet is better for storing large amounts of money.

Still, cars, boats, website subscriptions, VPNs, and even food and drink can be bought with Bitcoin these days. If you have further questions about buying and selling Bitcoin, we have you covered! If you feel like we’ve missed something, just let us know in the comments.