BitBuy Review 2022: Is This Canadian Crypto Platform Worth It?
The number of options for cryptocurrency exchanges in Canada is still somewhat restricted. There are not many options available to you if you are seeking for one that allows you to withdraw Canadian dollars, use Interac, or transfer foreign currency from your Canadian bank account.
Bitbuy is one of the few cryptocurrency exchange platforms in Canada that allows users to buy, sell, and deposit cryptocurrency. You can use Bitbuy to do any of these things. The company initially started off under the name InstaBT, but in 2016 made the decision to change its name to Bitbuy. Incorporating as a Money Service Business (MSB) and registering with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) are both requirements for conducting business for Bitbuy, which has its headquarters in Toronto, Ontario, Canada.
One of the most well-known and often used cryptocurrency exchanges in Canada is BitBuy. This is everything that is up for grabs.
1. Cryptocurrencies
Bitbuy is compatible with the following seven of the most well-known cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple (XRP) (Lumen). Bitbuy has the biggest number of crypto-Canadian dollar pairings available on the market, in addition to supporting a wide variety of cryptocurrencies.
Purchasing digital currency
You are able to purchase bitcoin by making a deposit of Canadian dollars or another cryptocurrency that Bitbuy supports. When it comes to depositing or withdrawing cryptocurrency, there is neither a minimum nor a maximum limit. However, there are restrictions placed on the amount of Canadian dollars that can be deposited or withdrawn.
Deposits
Either a wire transfer or an Interac deposit can be used to add Canadian dollars to your account.
You can send or receive money with Interac between the hours of 8:00 am and 11:59 night. There is a minimum limit of one hundred Canadian dollars, and the maximum limit is ten thousand Canadian dollars. In addition to that, there is a transfer charge of 1.5% that must be paid. In addition, there is a fee of 0.5% added to wire transfers. The lowest amount that can be sent via wire transfer is $20,000, while the most that can be sent is $500,000.
To make a deposit of bitcoin, navigate to the Wallets page, choose a cryptocurrency wallet, and then click on the option to make a deposit. After that, you can finish the transaction by either copying the address to your external wallet or scanning the associated QR code into it. You will be able to monitor the progress of your transaction by visiting the History page and navigating to the Deposits section.
Withdrawal
Interac e-Transfer, wire transfers, and Electronic Bank Transfer are the three methods that can be used to withdraw Canadian dollars. The processing time for Express Bank and Interac e-Transfers is one or two business days. Transferring money wirelessly can take anywhere from three to five days, while sending money electronically can take anywhere from two to four days.
You will need to navigate to the Wallets page and click the Withdraw option that is located to the right of the Canadian currency wallet once you are there. The next step is to choose a mode of withdrawal, then input the amount, followed by the name of the bank. You cannot withdraw less than C$50. Lastly, click Next and enter your 2-FA code.
For withdrawing cryptocurrencies, you can transfer coins from your Bitbuy wallet to an external wallet. You need to click on the wallet from which you want to withdraw coins and click the withdrawal button. Lastly, enter the destination address of the wallet to which the funds will travel, enter the amount and click on Withdraw Request.
2. Trading cryptocurrency
On Bitbuy, you may buy and sell cryptocurrencies in four ways- Express Trade, Pro Trade, wallets and OTC.
Express Trade
When you go to the Express Trade page, choose a cryptocurrency from the dropdown menu. There is a minimum and maximum limit for CAD deposits so that traders can purchase and sell at the best price. However, you can make many transactions, one after the other. Each one gets registered in Bitbuy’s live order book.
Pro Trade
The Pro Trade page allows you to make market or limit orders for buying cryptocurrencies. You have to go to the Pro Trade tab, click on List and choose a crypto-crypto or crypto-Canadian dollar pairing. You can also use the search box for this.
Next, input the amount. Bitbuy will reflect its worth in Canadian dollars. Click on Buy or Sell. You may also create a limit order, meaning that the transfer will occur only when the price falls to your stated figure. If you are confused, you can seek aid by clicking on Use Best Ask or Use Best Bid.
Pro Trade also gives tools for technical analysis. It provides dynamic charts with candlesticks and volumes. You can look at data in specified time frames and through particular indicators.
OTC
OTC or over-the-counter transactions are private dealings that are not registered on a public record book. OTC facilitates transactions of above C$50,000.
Trading OTC requires a sign-up and authentication. Once you register, you need to email the OTC desk for a Bitbuy trader to get in touch with you.
3. Tracking history
Bitbuy provides a History page for tracking and evaluating transactions. The page contains three sections- Orders, Transaction and Crypto Transaction.
Orders are displayed with order type, order ID, date, quantity, price, value and fee. Orders are classed as Completed, Open, Cancelled and OTC.
You can sort through transactions based on transaction type, date, amount, bank, method and status.
Crypto transactions are displayed with details like date, type, amount, coin, status and blockchain record.
Trade histories are also viewable on the Pro Trade page. Pro Trade users also have access to market trading history. They fall under Open, Filled and Cancelled Order. You may see a transparent fees summary for all transactions.
4. Fees
When it comes to depositing or withdrawing cryptocurrencies in one’s wallet, Bitbuy does not impose fees. However, there are mining costs on withdrawal. Also, Bitbuy charges fees for depositing and withdrawing Canadian dollars.
On the Express Trade platform, you will be charged 0.5% fees for every transaction. On the Pro Trade platform, the charge depends on the kind of order you place. If you are a maker (if you place limit orders), the cost is 0.20%. If you are a taker (if you place market orders), the cost is 0.10%.
5. Wallets
Bitbuy supports both bitcoin and Canadian dollar wallets. The Wallets page shows the total sum and available balance maintained in each wallet. The interface also gives an estimate of a Canadian dollar balance alongside the cryptocurrency amount for a crypto wallet.
6. Privacy and security
Bitbuy has erected security measures on numerous levels. Here are some of them.
Two-factor authentication (2FA)
Actions like login into one’s account or making a purchase require two pieces of authentication- a password and a smartphone. 2FA is in place for both users and workers to prevent unwanted access.
Network security
Bitbuy servers are secured by ISO, SOC and FIPS 140-2 compliant cloud providers with various disaster recovery sites.
Third-Party Auditing
Quarterly financial audits and monthly security audits are undertaken across all departments by trustworthy third-party auditors. Moreover, weekly transaction reporting audits and suspicious activity assessments are also part of the system.
Intellectual property
The Bitbuy platform has a codebase that maintains critical elements closed source. It means that no one may tamper with the code without getting reported.
Custody of wallets
Hot, warm and cold wallets on the Bitbuy platform are independent from the main network and Bitcoin users can store funds in insured offline wallets.
More features
Bitbuy offers many of choices for investors and traders.
The Pro Trade platform offers tools for technical analysis, aimed for traders who buy and sell often. It provides dynamic charts with candlesticks and volumes. You can look at data in specified time frames and through particular indicators.
The Express Trade platform is for customers who merely wish to acquire cryptocurrencies and hold it as an asset instead than making daily purchases and trades. Pro Trade is more user friendly and has more capabilities than Coinbase Pro or Newton Pro Beta.
Instant verification
New users can register and complete verification within a few minutes.
User friendly
You can access your Bitbuy account from the internet or your phone using the app. The customer service is responsive. You can reach out for your problems via email or a support card.
Transparent
Bitbuy openly publishes a charge overview for all transactions with no hidden expenses. Many cryptocurrency platforms advertise to offer minimal or zero fees, yet charge hidden fees on transactions. Bitbuy looks to be more transparent with the pricing structure.
Strong security measures
In addition to typical security measures like 2FA and cold storage, Bitbuy maintains a collaboration with Knox Insurance for Bitcoin. A particularly strong measure is trusted third party auditors. Bitbuy, same like Shakepay, includes both features: executing proof of reserves auditing and insurance for particular crypto holdings.
Some exchanges like Coinbase have a longer track record of delivering secure services than Bitbuy. But else there are no apparent distinctions between security measures of Bitbuy and other platforms.
Cons of Bitbuy
Fees
Bitbuy charges lower trading fees compared to other platforms. There is a 0.10% maker fee and 0.20% taker fee on the Pro Trade platform. Coinbase, on the other hand, charges maker costs from 0.04% to 0.50% and taker fees between 0.00% to 0.50% depending on a pricing tier system.
But they impose significant fees for depositing and withdrawing fiat money. For example, there is a 1.5% deposit cost for Interac transfers and 0.5% for wire transfers, while Newton and Shakepay charge no fees. Bitbuy sits on the pricey side in terms of deposit costs.
Fees for withdrawal are 1% to 1.5% depending on type of withdrawal. On Coinbase, they might be as little as 1%, but could potentially increase upto 5% for Bitcoin, because they also charge network costs.
Minimum deposit
Bitbuy needs a minimum deposit of C$100, which is rather a hefty sum compared to other platforms. Shakepay, for example, demands only a C$5 minimum deposit.
Deposit time
Depositing funds on Bitbuy can take anywhere between 0 to 6 hours. Newton, on the other hand finishes the procedure in 5-30 minutes and Shakepay gets it done virtually instantly.
Cryptocurrencies supported
Bitbuy supports seven cryptocurrencies, compared to Shakepay, which presently accepts two. But there are other services that support considerably more, like Binance which supports 350+ cryptocurrencies and Coinbase that supports 40+.
Restricted to Canada
Users need a Canadian cellphone number to register and trade. Bitbuy exclusively provides services to Canadian citizens. Platforms like Coinbase and Binance have an international footprint while also catering to Canadian users.
Funding techniques
Bitbuy does not enable funding by credit card — similar to other Canadian platforms such Shakepay and Newton. That’s probably because most Canadian banks like RBC do not allow crypto transactions.
While other platforms like Coinbase and Binance do take card payments, you’re probably not going to be able to fund them with your Canadian credit card.
How can I sign up with Bitbuy?
Step 1 – Create an account by heading to the Bitbuy webpage and clicking on ‘Sign up to get started’.
Step 2 – You will need to provide your phone number, email ID, password and referral code if you have been referred.
Step 3 – Confirm your age and accept the Privacy Policy and Terms & Conditions
Step 4 -Finally, click on Create Account.
Step 5 -You will then need to validate your email ID and phone number and provide some personal information.
In case it doesn’t work, you can provide your financial statement, utility bill, a copy of a government issued ID and a selfie with your ID. Once you are through, your account is ready for usage.
Should you give Bitbuy a try?
Bitbuy is easy to use for newcomers, but there are also important tools like Pro Trade for seasoned traders. With a range of pairings and a robust local presence, Bitbuy can be your go-to crypto exchange
