Bitbuy Review 2023: We Spent $100 To Fully Test Their Platform

Bitbuy Review 2023: We Spent $100 To Fully Test Their Platform


The handling of crypto purchases on is designed so simply that even absolute beginners can quickly get their first coins without any problems. Deposits to the Bitbuy account are no longer subject to fees, only for withdrawals you have to pay a small surcharge. The most straightforward way to send money to Bitbuy is via Interac e-Transfer. There is a low minimum deposit of $50 and a maximum of $10,000 can be deposited per 24 hours.

bitbuy account

A requirement for all Canadian crypto exchange platforms. Compare dozens of Canadian crypto exchange platforms and find the one that best suits your needs. While other platforms like Coinbase and Binance do accept card payments, you’re probably not going to be able to fund them with your Canadian credit card. Bitbuy openly displays a fee summary for all transactions with no hidden costs. Many cryptocurrency platforms claim to have low or zero fees, but charge hidden fees on transactions.

Registration & Verification Process

On the one hand, trades cost a small percentage fee per executed order. Bitbuy applies the maker-taker model here, as is standard in the industry. Makers pay 0.1% on their trade while takers have to pay double, i.e. 0.2% of their trading volume. Although there are areas of overlap between the two services in terms of storage, the differences are essential to know before investing in Bitbuy crypto.

  • For wire transfers, the minimum limit is $20,000 and the maximum limit is $500,000.
  • All the features of the desktop version, including access to the Pro Trade and Express Trade.
  • Despite her formal background in linguistics, Maja has always been fascinated by the world of finance.
  • Bitbuy does, however, offer corporate accounts for businesses with dedicated account managers.
  • They wouldn’t let me withdraw to my wallet, they started to ask different personal questions that it was a customer relationship routine questions.

In a nutshell, wallets are for storing currency, and exchanges are where you can trade them. BitBuy offers standard crypto exchange buying, selling and trading service. It does not have staking or NFT options at this time. When comparing the two, e-transfers are a much more convenient payment method.

BitBuy vs Coinsmart

Pro Trade is more user friendly and has more tools than Coinbase Pro or Newton Pro Beta. Bitbuy provides both cryptocurrency and Canadian dollar wallets. The Wallets page shows the total balance and available balance held in each wallet.

The platform provides a highly transparent fee schedule and doesn’t include fees in digital currency market prices — fees are always separate. The BitBuy company was founded in 2016 and therefore has several years of experience in the field of crypto trading and related security measures. At the present time, the company can already look back on a total trading turnover of over 4 billion US dollars. Currently, the company has just over 350,000 Canadian customers. All consultations and conversations with Loans Canada and its partners are confidential and risk-free.

After some bitbuy canada review, centralized exchanges started charging crazy fees to their users. The downsides are its new, higher trading fees and the lengthy verification process. While crypto regulation and compliance can be a good thing, it seems rather intrusive to have to provide details about your financial status, employment and investing objectives.

Marketplace Transparency Information Statement – Bitbuy

Marketplace Transparency Information Statement.

Posted: Tue, 28 Jun 2022 18:01:22 GMT [source]

However, you can make multiple transactions, one after the other. For withdrawing cryptocurrency, 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.

Bitbuy Transaction Fees

Bitbuy seems to be more transparent with the fee structure. You can make Canadian dollar withdrawals through Interac e-Transfer, wire transfer or Electronic Bank Transfer. Express Bank and Interac e-Transfers take one or two days.

I am just waiting for them to liquidate my bitcoin and send my funds back to my account that’s all. Canadians who are considering opening a Coinbase account need to be aware that you cannot sell your crypto and transfer directly to your bank account. Your only option is to transfer funds to a PayPal account, then move them to your bank account. It’s not terrible but isn’t as convenient as the options provided by most Canadian cryptocurrency exchanges, like Bitbuy and Coinsmart.

You cannot trade any crypto holds while it’s being staked. In a way, staking is kind of like a high-interest savings account for your crypto assets, without the principal guarantee. It can be tricky to compare crypto exchanges on fees alone because companies charge fees differently, and some are more transparent than others.

Be the first to hear about the best offers, promo codes and latest news. When you sign up, you will be asked to provide a telephone number for two-factor authentication, so the Bitbuy sign-in process can be as safe as possible. Supports deposits in USD, in addition to Canadian dollars. Tstanding crypto service, you might want to explore other platforms and see which one best suits your needs. As a marketplace and crypto broker of crypto assets in Canada as of December 1, 2021. This means that all your orders are fulfilled by Bitbuy instead of being outsourced to third parties.

Bitbuy review

Up till this moment, I am unable to my bitcoin, I can’t send out. I will advice anyone to never, I repeat never use this service. Pls spread this message across to save your friends and family in their crypto journey. Bitbuy is a criminal organization, they are fraudsters working in there. They’d want you to send them your cold wallet so they could scam you’!

  • Use the HARDBACON promo code to get $20 when you open a free KOHO account and make a purchase.
  • I am just waiting for them to liquidate my bitcoin and send my funds back to my account that’s all.
  • For example, anyone looking to buy a cryptocurrency simply needs to select the crypto they’d like to buy, the amount they want and then confirm their order.
  • They’ve created a new username feature, resulting in a more streamlined login process.

Great for beginners, with competitive pricing that remains attractive to the pro traders. Use a debit card to fund your account, for which you would need to pay a fee of up to 6%. A 95% cold wallet storage policy that ensures your assets are held offline and protected against cyber attacks. Have this pegged as one of the most secure crypto exchange sites in Canada. Customer Service

As such, it acts as a vital onramp to the crypto ecosystem regardless of which wallet is in use. KOHO’s Credit Building Program helps you build a better credit history with easy to manage payments for just $10/month. Users who refer a friend who signs up can receive $20 ($40 currently – for a limited time).


I sent them screenshot of my wallet to prove that it belongs to me but it is not enough. With staking, you are helping to secure the blockchain, but with Defi yield, you lend your crypto assets to a 3rd party to earn rewards. By choosing Defi yield through Coinbase, they handle all the details, making the process easy for investors. Perhaps the most important question to ask when dealing with an online bank or investment company, is whether or not they are safe. After all, you’re giving them your hard-earned money and personal information; you need to know that it’s secure. Once activated, fund your account via Interac e-Transfer, bank wire, or by transferring cryptocurrency.


The Bitbuy OTC service also offers lower fees on these high-volume orders. The Express Trade interface facilitates one-click buy and sell orders that execute in real-time — a highly convenient, accessible way to buy cryptocurrency. In 2019, the platform also conducted a proof of reserves audit via Cipherblade, a US-based forensics, investigative, and cybersecurity company. We should note that Bitbuy integrates several cybersecurity features to protect user funds. As a reputable and well-known company, the Canadian crypto exchange is also represented on Facebook, Linked-In, Twitter and Instagram.

Even if they are legit it is way to much bs to use them and just not worth it. If you want to trade crypto, bypass Coinbase and go with a trusted crypto exchange based in Canada, like Bitbuy, Coinsmart, or Wealthsimple Crypto. Coinbase Learning Rewards is available to Canadian users. You can earn crypto by completing educational tutorials that are designed to teach you about different types of crypto.

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