What is Bitbuy?
Bitbuy is a Canadian owned and operated digital currency platform. Founded in 2013, Bitbuy has quietly been providing Canadians dependable and secure access to Bitcoin and other digital currencies. Bitbuy has established itself as a trustworthy platform that offers it’s users convenient funding options and personal customer service. Bitbuy is a ‘fiat gateway’, meaning you can deposit Canadian dollars directly onto their website, to be exchanged for digital currency.
Pros
+ Sleek new interface and straightforward trading platform
+ Friendly person-to-person customer support
+ Quick verification and deposit/withdrawal processes
+ No fees for withdrawing cryptocurrency
Cons
– Only supports 4 cryptocurrencies (BTC, ETH, LTC, BCH)
– Slightly higher trading fees
Supported Cryptocurrencies
Bitbuy supports Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Their platform only trades in Canadian dollars.
Security
Bitbuy claims to utilizes industry leading security protocols, although there are not many details available on which protocols they use. Bitbuy uses two-factor authentication (2FA) to add an extra layer of security to user accounts. They will send an SMS to your mobile phone number on file to verify sign-ins and other actions, like trades and deposits.Bitbuy complies with all Canadian laws and ‘Know Your Customer’ (KYC) regulations. This means that you will need to verify your account before you can start funding it, however, we didn’t have to wait long as our account was verified the same day we signed up. Based on our experience, the account verification process on Bitbuy was much quicker than the other Canadian exchanges, which took multiple days.
Trading Platform
In May 2018, Bitbuy launched a redesign of its user interface, which now has more features and is more user-friendly. For new traders, it is very easy to operate and start trading right away. It is definitely the most intuitive platform we have come across, and navigating their website feels very frictionless. Experienced traders looking for a more robust trading platform might find Bitbuy too basic, but it is more geared towards simply converting Canadian dollars into crypto, which it does extremely well.
While there is no mobile application, the website is optimized for mobile browsers. The mobile version offers all of the features you would find on a web-based browser, and runs quite smoothly. Personally, we preferred to use the web-based version of the Bitbuy platform, but the mobile version is a great alternative if you’re not by a computer. Bitbuy also offers a service for more serious investors, called ‘Bitbuy Premium’. It is targeted towards customers with higher order volume, and gives them access to lower fees, prioritized withdrawals, and exclusive promotional offers. On top of their trading platform and ‘Premium’ service, Bitbuy is working on it’s own cryptocurrency wallet, and also offers solutions to businesses that allow them to accept cryptocurrency as payment.
Deposit/Withdrawal Options
To deposit money onto Bitbuy, there are 4 options available. Interac Online and Flexepin will fund your account instantly, while Interac e-Transfers can take up to 24 hours to process. For those who don’t have access to Interac Online or Flexepin, we found that our Interac e-Transfers were processed much quicker than other Canadian exchanges that offer it. The ones we sent were processed within a couple hours. Other exchanges that offer Interac e-Transfer as a funding option can take up to 5 days or more for processing. There is also the option to send money with a bank wire, but that comes with a minimum deposit of $5,000. Please note that there is a three day withholding period for first-time crypto purchases, but verified members that have made at least one transaction on Bitbuy will be able to withdraw their crypto right after they purchase.
Withdrawing on Bitbuy is a very easy process. They are one of the few exchanges that will send you an Interac e-transfer, which is one of the most convenient ways to transfer money in Canada. To withdraw an amount greater that $3,000, you will need to do either an Electric Bank Transfer or Wire Transfer ($5,000+).
Fees
Bitbuy offers some of the lowest fees in Canada, for both deposits and withdrawals. There is a 2% deposit fee for Interac Online, e-Transfer, and Flexepin, and a 0.5% deposit fee for bank wires. Withdrawal fees are slightly lower than the competition as well, starting at 1.75%. There are also trading fees associated with buying and selling, at 0.75% and 0.5% respectively. While it is possible to find lower trading fees, the low deposit and withdrawal fees help offset this cost. Another great feature of Bitbuy is the fact that there is no fees for withdrawing cryptocurrency. You can send your crypto to a private wallet, free of charge. This is ideal for any hodlers out there looking to stash their portfolio away in a hardware wallet.
Conclusion
Bitbuy’s low fees, paired with the quick and consistent processing time for deposits and withdrawals, make it one of the best options around for Canadians looking to buy cryptocurrency. We recommend it for anyone who is frustrated with slow and inconsistent exchanges, new and experienced traders alike.