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Bitbuy Review 2022: Is this Crypto Exchange Legit?

This post may contain affiliate links. Please read my disclosure for more info.

Bitbuy is one of the best crypto exchanges in Canada that offers a basic and advanced trading interface to accommodate newbie and seasoned traders.

The Bitbuy exchange puts itself forward as a secure, trusted platform, offering a transparent and competitive fee structure.

Users can easily and quickly buy Bitcoin, Ethereum, and 13 other cryptocurrencies using Interac e-Transfer and Bank Wire.

You can start trading with as little as $50 on Bitbuy Canada, and if you make an initial deposit of $250+, you get a $40 signup bonus.

So, is Bitbuy safe?

In this Bitbuy review, I dive into how to create a Bitbuy account, how the Bitbuy exchange works, the Bitbuy crypto list, Bitbuy fees, Bitbuy new coins, and how the platform compares with Shakepay, Coinbase, Wealthsimple Crypto, and Newton.

What is Bitbuy?

Bitbuy is a Toronto-based crypto exchange founded in 2016. Since its launch, the Bitbuy exchange has served over 350,000+ Canadians, with over $4 Billion worth of crypto traded.

It offers simple and advanced trading interfaces, hence a great place for both beginners and experts to begin their crypto journey.

You can buy 15 cryptocurrencies on Bitbuy crypto using Interac e-Transfer and Bank Wire.

Visit Bitbuy ($40 Bonus)

How To Open a Bitbuy Account

Opening a Bitbuy account is easy, and takes only 4 steps:

  • Visit the Bitbuy website: Once there, hit the “Sign up for free” button or the “Get started” button at the top-right corner to the left of the Bitbuy Sign In button. You can also download and signup with the Bitbuy app.
  • Provide account details: Enter your email, certify that you are 18+ and proceed to provide other account details, including your phone number, username, password, etc.
  • Verify your account: You’ll be required to verify your email, phone number, and identity following the platform’s KYC requirements.
  • Fund your account and buy crypto: Once your account is verified, you’ll be allowed to fund your account via Interac e-Transfer, Bank wire, or crypto deposit and start trading right away.

How Does Bitbuy Work?

Bitbuy is a FINTRAC-registered MBS and works following Canadian KYC rules. Therefore, you must verify your identity to join and start trading on the platform.

The verification process takes only minutes as Bitbuy runs an automatic check with the credit bureaus.

There’s also Express verification, which requires you to scan and upload photos of your identity card or Driver’s License, and a selfie photo using your phone and Bitbuy app.

If the two fail, you enter the manual verifications process, which may take 1-2 business days. You’ll be required to upload the following documents:

  • Recent financial statement and utility bill
  • Government-issued photo ID
  • A selfie holding your ID and a dated piece of paper with the words “For Bitbuy Use Only.”

Once your account is set up and verified, you can fund your Bitbuy wallet via Interac e-Transfer, Bank Wire, or crypto deposits from external wallets.

With money in your account, simply browse the Bitbuy crypto list and purchase any of the supported coins.

Bitbuy Crypto Coins List

Bitbuy supports 15 cryptocurrencies. Below is the Bitbuy crypto list, including Bitbuy new coins:

  • Bitcoin
  • Ethereum
  • Litecoin
  • EOS
  • Stellar Lumens
  • Bitcoin Cash
  • Chainlink
  • AAVE
  • Dogecoin
  • Cardano
  • Polkadot
  • Uniswap
  • SushiSwap
  • Polygon
  • Solana

Bitbuy Fees

Unlike some crypto exchanges that hide their fees with expensive bid-ask spreads, Bitbuy fees are transparent and competitive.

You’ll incur two types of Bibuy fees when trading on the platform, namely:

  • Trading fees
  • Deposit and Bitbuy withdrawal fees

Trading fees

Bitbuy uses a flat fee schedule, and fees vary slightly depending on the platform you are using.

Trading fees on Bitbuy Express Trade stand at 0.20%. Maker fees on Bitbuy Pro and Bitbuy API Client stand at 0.10%, while taker fees come in at 0.20%

Bitbuy deposit/withdrawal fees

Bitbuy allows you to deposit/withdraw money to and from your Bitbuy wallet via Interac e-Transfer and Bank Wire. Deposit and withdrawal fees vary slightly depending on the funding/withdrawal method used.

The table below shows Bitbuy deposit/withdrawal fee schedule:

Transfer methodMinimumMaximumDeposit feeWithdrawal feeProcessing time
Interac eTransfer$50$10,000/24 hrs1.5%1.5%Instant deposits; 24 hrs for withdrawals
Bank Wire$20,000$500,0000.5%1.00%2-3 Business Days

Bitbuy crypto deposits are free, but you’ll incur Bitbuy crypto withdrawal fees that vary by coin.

Is Bitbuy Legit and Safe?

Bitbuy is a safe and legitimate crypto exchange. It is a FINTRAC-registered money service business in Canada that’s approved by the Ontario Securities Commission as the first registered marketplace for crypto assets.

Plus, Bitbuy doesn’t hide its fees but offers a transparent, competitive fee structure so that you know how much you’ll pay when trading on the platform.

To keep your digital assets safe, Bitbuy login employs two-factor authentication (2FA) to ensure that only you can access and execute trades on your Bitbuy wallet.

Again, 99% of crypto assets are held in cold storage with Bitgo and covered by a comprehensive insurance policy.

Bitbuy Canada Review_ Is this Crypto Exchange Legit_

Pros and Cons of Bitbuy

Pros

  • A good crypto selection: Users can trade 15 cryptocurrencies
  • Instant verification and faster deposits: Most accounts are verified automatically and have near instant deposits via Interac e-Transfer.
  • Easy to use interface: Bitbuy Express allows beginners to trade quickly and easily with a single click.
  • Tools for advanced traders: Bitbuy Pro offers advanced charting and multiple order types to seasoned traders.
  • OTC desk: Allows high volume traders to execute large trades.
  • Safe and secure platform: 2FA to keep your account secure, and 99% of digital assets are held offline in cold storage.
  • A simple, transparent, flat fee structure: Pay 0.1% maker fees and 0.2% taker fees.
  • A compliant and regulated exchange: Bitbuy is a FINTRAC-registered MSB approved by the OSC.
  • Trade on the go: Offers iOS and Android Bitbuy app to trade on the go.
  • Bitbuy API: Offers CAD-to-crypto and crypto-to-crypto pairs to allow individuals, institutions, crypto ATMs, algorithmic traders, and other crypto-focused businesses to carry out automated, high-frequency trades.
  • Bitbuy support: Find answers quickly on Bitbuy support center or email the Bitbuy team to get human support.

Cons

  • Supports only CAD as fiat
  • Bitbuy crypto is not available outside of Canada

Bitbuy Referral Code

Bitbuy’s referral program is one of the most generous in the crypto space.

If you sign up for a Bitbuy account through this promotional link or use the code “1POKVVATX” and fund your Bitbuy wallet with a $250+ deposit, you’ll earn a $40 cash bonus.

And once you create an account, you also get a unique referral code so that you can take advantage of the Bitbuy referral program to earn more money.

Simply copy your referral link from your Bitbuy dashboard and share it with others.

For each of your invites that create an account through your Bitbuy referral link or code and make a $250+ deposit, you both get $40.

Bitbuy vs Shakepay

Shakepay is more of a crypto brokerage platform that supports only Bitcoin and Ethereum, while Bitbuy supports 15 cryptocurrencies.

While Shakepay doesn’t charge extra trading fees or deposit/withdrawal fees, you’ll incur a Shakepay spread of 1%-3% applied between bid-ask price, which is quite expensive compared to Bibuy fees of $0.1% and 0.2%.

Learn more in this Shakepay review.

Bitbuy vs Coinbase

Bitbuy supports only 15 cryptocurrencies and is only available for Canadian residents.

Coinbase supports over 150+ cryptocurrencies and is available in 100+ countries. However, Coinbase charges higher fees, starting at 0.5%, which is expensive compared to Bitbuy fees of 0.1% and 0.2%.

Bitbuy vs Wealthsimple Crypto

Wealthsimple Crypto supports 42 cryptocurrencies, while Bitbuy supports 17 crypto coins.

Wealthsimple crypto offers fee-free trading and doesn’t charge extra trading or deposit/withdrawal fees. You only pay a spread fee of 1.5%-2%, which is high compared to Bitbuy fees of 0.1% and 0.2%.

Trade $150 worth of crypto and get a $50 bonus on Wealthsimple Crypto.

Learn more about the platform in this Wealthsimple Crypto review.

Bitbuy vs Newton

Newton supports a wider selection of 70+ cryptocurrencies vs Bitbuy’s 15. Newton is also a fee-free trading platform and doesn’t levy extra trading fees or deposit/withdrawal fees.

However, Newton applies an average spread fee of 0.5%-0.7.

Get a $25 bonus when you trade $100 worth of crypto on Newton. You can also learn more in this review.

Bitbuy vs Shakepay vs Coinbase

 BitbuyShakepayCoinbase
Coins supported152150+
Funding methodsInterac e-Transfers, Bank Wire, crypto depositInterac e-Transfer, wire transfer, and cryptoDebit/credit card, ACH/wire transfer,crypto deposits
Deposit/withdrawal fees0.5%-1.5%$00-3.99% depending on the funding method; $10 or 25 for bank wire
Trading fees0.1% and 0.2%1%-3% spread feeStarting at 0.5%
Sign up bonus$40 cash bonus if you deposit $250+Get $30 if you trade $100+Get $10 if you purchase $100 of crypto

Bitbuy Review FAQs

Is Bitbuy reliable?

Yes, Bitbuy is a reliable exchange that has been operating since 2016.

Is Bitbuy better than Coinbase?

Coinbase offers more crypto coins than Bitbuy, and is available in more than 100+ countries. That said, Coinbase has a convoluted, expensive fee structure compared to Bitbuy’s simple, transparent fee structure.

Do I need a wallet for Bitbuy?

Yes, Bitbuy offers a built-in custodial wallet that’s created when you sign up for a Bitbuy account. You can use it to store your digital assets securely, or transfer coins to a non-custodial software or hardware wallet of choice.

What currencies can you use on Bitbuy?

Bitbuy supports only CAD as fiat, and 15 crypto coins including Bitcoin, Ethereum and Dogecoin.

Why does Bitbuy need my occupation?

It is part of the platform’s KYC verification, which helps ensure that your source of funds is legitimate

Disclaimer: Cryptocurrencies are volatile and speculative investments. If you choose to invest, we recommend you do your own research and only use funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

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Enoch Omololu

Enoch Omololu is a personal finance expert who has a passion for helping others win with their finances. He has a master's degree in Finance and Investment Management from the University of Aberdeen Business School and has been writing about money management for over a decade. Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post.

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