Bitbuy Review: The Premier Option for Purchasing Bitcoin in Canada

Bitbuy, a Canadian cryptocurrency exchange located in Toronto’s financial core, is the focus of this captivating review. Bitbuy, which was founded in 2016, caters to a wide range of users and has become a shining gem in the Canadian cryptocurrency exchange market.

Overview
– Official Website: https://bitbuy.ca/
– Founding Year: 2016
– Head Quarters: Toronto, Ontario
– Trading Volume: $359K
– Trading Options: Spot & Margin
– Trading fees: 0.15-0.20%
– Total listed Coins: 24
– Trading Pairs: 25
– Supported fiat currencies: CAD
– Withdraw options: Bitcoin & Ethereum Block Chain
– Bank withdrawal Supported: Yes
– Withdraw fees: 1.50%
– Deposit methods: Wire transfer, Interac E Transfer
– Restricted countries: 10+
– Native Token: No Native Token
– Mobile app: Available on Apple & Android Store
– Support Channel: https://support.bitbuy.ca/hc/en-us
– Coinpedia rating: 8/10
– Security rating: 8/10
– User Interface: Easy to use
– Ease to set up: Easy
– App store Rating: 4.6
– Play store Rating: 4
– Security: Highly secured
– Hacking attempts/Hacks: Never been hacked
– KYC verification duration: 24 hours
– Regulation & Compliance: Licence obtained by Ontario Securities Commission (OSC)
– Liquidity: Moderately liquid
– Proof Of Reserve: https://bitbuy.ca/proof-of-reserves

What is Bitbuy?
Bitbuy is a distinctive Canadian cryptocurrency exchange that caters to a diverse range of traders, from beginners to experienced individuals requiring a sophisticated interface. The exchange was established with the goal of making cryptocurrency trading simple and user-friendly, and it has become the go-to platform for over 250,000 Canadian investors who are taking their first steps into the world of crypto.

The core mission of Bitbuy is to provide Canadians with an easy, reliable, and secure way to access Bitcoin and other cryptocurrencies, demystifying the crypto trading process. In this review, we will explore the features and offerings that have made Bitbuy a trusted choice among Canadian investors.

Features
– Easy to Use: Beginner-friendly and advanced tools for experienced traders.
– Crypto Options: Trade popular coins like Bitcoin, Ethereum, Litecoin, and more.
– Staking: Earn 10% in rewards by staking your cryptocurrencies.
– Safe and Secure: Advanced technology is used to keep your money safe.
– Clear Fees: No hidden charges, all fees are transparent.
– Helpful Support: Easily reach out to customer support for assistance.
– Fully Legal: Bitbuy complies with all Canadian laws and regulations.
– Two Trading Options: Choose between Express Trade for beginners or Pro Trade for experts.
– Bank Links: Connect your bank account directly for easy money transfer.
– Learn on the Go: Access guides and resources to learn about crypto trading.
– Mobile App: Trade anytime, anywhere with the iOS and Android app.

Cryptocurrencies supported on Bitbuy
Bitbuy supports 24 coins and has 24 trading pairs. The only fiat currency supported is CAD (Canadian Dollars). Some popular coins on Bitbuy include Bitcoin, Ethereum, USD Coin, Cardano, Solana, Dogecoin, Polkadot, Polygon, Basic Attention Token, and Litecoin.

How to create an account on Bitbuy?
– Go to the Bitbuy website.
– Click on “Sign Up” or “Create Account.”
– Fill out the registration form with your name, email, password, and country.
– Read and agree to the terms and conditions.
– Complete any additional steps if required.
– Click on “Create Account” or “Sign Up.”
– Check your email for a verification link from Bitbuy.
– Click the verification link to confirm your email.
– Log in to your Bitbuy account using your email and password.

How to buy crypto on Bitbuy?
– Create an account on the Bitbuy website.
– Complete the verification process by providing the required documents.
– Fund your account using options like bank wire transfers or Interac e-Transfer.
– Go to the “Trading” or “Buy/Sell” section.
– Select the cryptocurrency you want to buy and the amount.
– Choose between a market order or a limit order.
– Review the details and click “Buy” to place the order.
– Confirm the purchase and wait for the order to be executed.
– Consider transferring the purchased cryptocurrency to a secure wallet for added security.

How to sell crypto on Bitbuy?
– Log in to your Bitbuy account.
– Ensure the cryptocurrency you want to sell is in your Bitbuy wallet.
– Go to the “Trading” or “Buy/Sell” section.
– Select the cryptocurrency you want to sell.
– Choose the amount or quantity to sell.
– Decide between a market order or a limit order.
– Review the sell order details, including fees.
– Click “Sell” or “Place Order” to execute the sell order.
– Confirm the sale and double-check the details.
– After the order is executed, the cryptocurrency will be sold, and funds will be in your Bitbuy account.
– If desired, withdraw the funds to your bank account or another external wallet.

How to deposit crypto on Bitbuy?
– Log in to your Bitbuy account.
– Go to the “Funding” or “Deposit” section.
– Select the cryptocurrency you want to deposit.
– Copy the provided deposit address or scan the QR code.
– Open your external wallet or exchange.
– Initiate a withdrawal or transfer from your external wallet/exchange.
– Paste the Bitbuy deposit address or scan the QR code.
– Specify the amount to deposit and review any fees.
– Double-check all the details for accuracy.
– Confirm the transaction on your external wallet/exchange.
– Wait for the blockchain network to process the transfer.
– Once confirmed, the cryptocurrency will appear in your Bitbuy account.

How to withdraw crypto on Bitbuy?
– Log in to your Bitbuy account.
– Go to the “Funding” or “Withdraw” section.
– Select the cryptocurrency you want to withdraw.
– Enter the withdrawal address of the external wallet or exchange.
– Specify the amount of cryptocurrency to withdraw and note any fees.
– Review all the withdrawal details for accuracy.
– Enable additional security measures if applicable.
– Click “Withdraw” or “Submit” to initiate the withdrawal.
– Complete any necessary verification steps.
– Wait for Bitbuy to process the withdrawal request.
– Once processed, the cryptocurrency will be sent to the specified external wallet or exchange.

Exchange Fee structure & Supported Payments
Bitbuy has a transparent fee policy. There are no fees for depositing money, and the withdrawal fee is 1.5% of the amount. Trading fees vary based on trading volume. For trading over $1 million, the fee ranges from 0.15% to 0.25%. For trading between $250k and $1 million, the fee is 0.50% to 0.75%. For trading less than $250k, the fee is 2%. These rates are calculated based on your trading volume over the last three months.

Bitbuy also charges fees for staking coins. The fees range from 25% for Ethereum, Solana, and Polygon with rewards between 3.30% and 4.88%, to 28% for Polkadot with a 10% reward. The withdrawal fee is 1.5%.

Referral Program
Bitbuy offers a referral program where users can earn extra cash. Upon creating an account, users receive a unique referral code to share with friends. When a friend signs up and deposits $250 or more using the code, both the user and their friend receive a $20 bonus. There are no limits to the number of referrals, allowing users to maximize their earnings.

Customer Support
Bitbuy has excellent customer service and is highly regarded in the cryptocurrency industry. They provide phone and email support, even on weekends. Customers consider it the best Canadian exchange, and they are generally satisfied with the service. Bitbuy’s customer support team is friendly and dedicated to assisting customers.

Recent Updates
In May 2023, Bitbuy launched Institutional Staking by Bitbuy Private Wealth. This feature allows users to earn steady rewards in a safe environment. Users can speak to an account manager to get started and maximize their rewards.

Conclusion
In conclusion, Bitbuy is a reliable and user-friendly cryptocurrency exchange in the Canadian market. With its intuitive platform, robust security measures, and wide selection of cryptocurrencies, Bitbuy offers a seamless trading experience for beginners and experienced investors alike. The platform’s commitment to compliance and customer protection is evident through its crypto licensing regime. Bitbuy has earned a positive reputation and has a satisfied customer base. Whether you are a seasoned trader or just starting out, Bitbuy provides a trusted platform to buy, sell, and securely store your cryptocurrencies. Start your journey with Bitbuy today and explore the exciting opportunities in the digital asset world.

FAQs
– Is Bitbuy a regulated exchange?
Yes, Bitbuy is a regulated exchange in Canada and complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

– What are the fees on Bitbuy?
Bitbuy charges trading fees, which vary based on trading volume and the type of order placed. Refer to the Bitbuy website for the most up-to-date fee structure.

– How secure is Bitbuy?
Bitbuy prioritizes the security of user assets and employs robust security measures, including cold storage for funds and two-factor authentication (2FA).

– Does Bitbuy provide customer support?
Yes, Bitbuy has a dedicated customer support team that can assist users with inquiries and issues. They can be reached through email or other available support channels on the Bitbuy website.

Customer Service: 3.8/5
Trading Experience: 3.8/5
Security: 3.8/5
User Interface: 3.8/5
Overall: 3.8/5

Pros:
– Suitable for beginners and advanced traders
– Offers BTC insurance through partnership with Knox
– Quick and easy OTC desk services for large cryptocurrency trades
– Complies with regulations and ensures user cybersecurity
– Transparent fee model

Cons:
– Only available for Canadian residents
– Limited selection of cryptocurrencies (although new ones may be added soon)