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Test April 22, 2022 0 Comments

Hi William, thanks for reaching out and sharing this with us. I can assure you that we do not ask our users to deposit any specific amount into their Bitbuy accounts in order to open an account with us. While we can not discuss account specific details here, I can assure you that we have reviewed all matters thoroughly. They call and say that to open up an account at the cost of $250. They then try to get you to put a larger amount (say $25000) by getting a certified check from your bank account and depositing it into a CIBC account.

  • The exchange is registered with FINTRAC as a Money Services Business, and it complies with Know Your Customer and Anti-Money Laundering regulations.
  • Yes, Bitbuy has been known to freeze accounts or hold deposits and withdrawals.
  • Bitcoin, Ethereum, XRP, Bitcoin Cash, Litecoin XLM and EOS make up the cryptocurrencies available to trade at the time of writing, with plans to add AAVE and LINK to the portfolio.
  • Withdrawing and depositing digital currency is near-instant depending on each blockchain’s capacity at the time of the request.

Withdrawing CAD from your Bitbuy account will incur a 1.50% fee with Interac e-Transfer, and 1.50% fee using Wire transfer. There are a lot of features of Bitbuy that make it popular amongst Canadians, and I have outlined the main advantages below. To learn more about any of the features, click on the corresponding jump links. The first one has already been mentioned in passing, but it required some more spotlight.

You will just need to confirm the email address after which Bitbuy will force you to set up your phone for two factor authentication. Once this has been completed you can move onto the verification stage. Bitbuy has recently also completed a proof of reserves and security audit. This is particularly relevant in the fallout from the QuadrigaCX collapse. If you ever visit Bitbuy and you do not see the padlock then it is likely that you are on a phishing site and should leave it immediately.

We also thought that their verification and KYC times were some of the lowest in Canada. You also have users who found their customer service greatly helpful and others who found that their verification times in the January 2018 Bull run were some of the fastest. There are also a host of other features that they have packed into this advanced trading platform. For example, you have a great deal more charting functionality than you have on the Express Trade. The Express Trade platform is a quick and simple way for you to buy your crypto. This is perhaps best suited to beginners traders who are looking for the most efficient way to get their hands on some crypto.

Very fast in providing support needed

Overall, in terms of security features, I don’t think there is a better platform in Canada than Bitbuy, and the company is extremely transparent about it. The company also allows you to store your bitcoin holdings in an offline vault, protected by value matched insurance. The company routinely conducts financial audits using trusted third parties, and suspicious activities are tracked on a weekly and daily basis. However, cryptocurrency brokerages are different, and many investors are worried that their money may be at risk. Fortunately, Bitbuy’s security is some of the best in the country. When you’re buying up large amounts of cryptocurrency, you can scoop up a lot of the open orders and end up paying a much higher price than the current “market” price.

bitbuy reviews canada

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. If you can meet those requirements you could get a nice stream of income since the commissions are paid on all fees for the life of the user’s account. If you have been using Bitbuy and you found the experience great then you can easily refer your friends and acquaintances and earn a referral commission. This could also be a great solution for those users who command a strong following online. As you can see, you can access all of the functionality from this main admin panel.

You are likely to get them on the exchange in about the same time as a standard Interac funding will take. These fees are currently slightly above average but they are made up for the lower fees that you will pay on withdrawals / deposits. As the exchange progressed, they decided to re-brand to Bitbuy and included a number of other cryptocurrencies on the platform. However, Bitbuy wanted to expand their offering dramatically and accepted an investment from a private equity firm in 2018. Bitbuy is leading Canada’s cryptocurrency exchange for a reason, and focused, reliable, and customer-oriented are the right words to define it.

Just like Shakepay, Bitbuy conducts proof of reserves auditing and insurance for certain crypto holdings. I’ve been using Bitbuy for a long time and never had an issue. Quick e-transfers in and strong volume with very little slippage. I want to start investing in crypto and I got the impression that Bitbuy is a very popular/well-known exchange. I decided to give a try and during the sign up process it asks you to accept Trulioo to validate your identity which I accepted…

Tap on the first radio button to display the personal account creation form. 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.

Bitbuy security measures

3)Bitbuy has an intuitive mobile app available for iOS and Android devices, enabling you to buy and sell no matter where you are. It is easy to use, so it’s perfect for beginners with limited experience with cryptocurrencies. The regulated cryptocurrency exchange Bitbuy is the place to go for Canadians who want to invest in cryptocurrency in an easy and secure way. The professional, regulated trading exchange is especially suitable for absolute beginners who have never bought cryptocurrencies before. The handling of crypto purchases on is designed so simply that even absolute beginners can quickly get their first coins without any problems.

bitbuy reviews canada

But otherwise there are no stark differences between security measures of Bitbuy and other platforms. You can access your Bitbuy account from the website or your phone through the app. You can reach out for your problems via email or a support card.

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. It also recently became the first crypto asset platform to be registered as both a marketplace and investment dealer. If you are on the hunt for the next Bitcoin digital asset or want to start trading cryptocurrencies in general, Bitbuy is one option to check out. Steve has been writing for the financial markets for the past 7 years and during that time has developed a growing passion for cryptocurrencies. In summary, Bitbuy is a great exchange for Canadian users who are looking for the easiest way to get their hands on some cryptocurrency.

Bitbuy’s Consumer Ratings, Reports & Reviews on Other Platforms

It is a convenient Canadian cryptocurrency exchange offering over the counter , brokerage and advanced trading options. The Express trade feature supports local Canadian dollars through which the transactions are settled. The service is advantageous as it involves fewer steps to buy or sell digital assets compared to using the pro service. Bitbuy does not offer Live Chat support, they only have an automated bot and email support.

bitbuy reviews canada

Bitbuy servers are secured by ISO, SOC and FIPS compliant cloud providers with multiple disaster recovery locations. On Bitbuy, you can buy and sell cryptocurrency in four ways- Express Trade, Pro Trade, wallets and OTC. The Bitbuy app is available for Android or iOS, and offers many of the same features as the full desktop version. Users will then have to proceed through an identity verification stage.

Deposit and Withdrawal Methods

The spreads may not be too terrible, but when you try to withdraw your money out of Bitbuy, you can be charged heavily for seemingly no reason. Not all fees are written explicitly, so you can lose 15% of your money on average. It applies especially to the mobile version, because you can do all your daily trading routine in just a few clicks.

I have reached out to you directly via the open support thread for more details regarding this ongoing issue. You can legally buy, sell, or trade Bitcoin and other cryptocurrencies as a Canadian citizen. It is also legal to mine the crypto asset as a hobby or profession. Despite the legalities of using cryptocurrencies, the Canadian government only recognizes the Canadian dollar as legal tender.

Candice Reeves is a professional writer and editor based in Nova Scotia, Canada. In her spare time, Candice is researching her way to financial freedom, diving into personal finance and investing with both feet. In the rare moments that she’s not writing or expanding her financial literacy, you can find Candice sipping coffee and listening to podcasts next to the nearest body of water.

Bitbuy’s Pro Trade is more complicated and suitable for experienced users who would like to see live charting, price movements, order books, and advanced order types. These questions ask you about your net worth, income, and projected income for the next year. The purpose of this financial profile is to assess your “suitability” for investing in crypto. Qualified accredited investors get access to higher limits. Our concerns are unique and mine was based on the fact that I am new to crypto.

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. Is a Canadian cryptocurrency exchange that was founded bitbuy canada review in 2016. Specifically for Canadians, Bitbuy has both a beginner-friendly platform and a more advanced platform for experienced crypto investors. I signed up to Bitbuy and reviewed it to see if it’s worth using. Bitbuy is strictly for Canadian users who are 18 years old or older.

Bitbuy pros and cons

Sure, the platform has flaws, much like any other platform. I’d like to see them introduce a live chat, as most brokerages and online platforms I operate with now have one. But, this isn’t a deal breaker because as I mentioned, the platforms FAQ is so in-depth I hardly think you’ll need to contact them. The initial sign up requires only a few things from you, like a username, a password, and a North American phone number (+1). Yes, Bitbuy is to this day only available to Canadian residents.

Unfortunately, at the moment, Bitbuy does not offer real-time customer support through either phone or online chat. The platform also makes it easy for these institutional clients to sign up for the service and verify their identities. The process is customized to each corporate client, and therefore businesses do not share a common signup process with retail investors. Bitbuy enables its corporate customers to keep Bitcoin within their balance sheets by buying and holding the asset within their hosted wallet. Depending on the settings, an API can give authority to open and close trades and initiate asset transfers. Sophisticated bots can even perform more advanced functions such as portfolio rebalancing and derivative orders even when the platform does not support them.

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