BitBuy Review 2023: Is This Canadian Crypto Platform Worth It?

bitbuy canada review

Go to your online banking app and make an Interac e-Transfer. To make a deposit, go to your account dashboard and hit the “deposit” button. Bitbuy does, however, offer corporate accounts for businesses with dedicated account managers. In addition, in the latest Proof of Reserves Audit that was released on July 2021, BitBuy surpassed their cold storage policy for an average of 98.12%.

bitbuy canada review

If you’re an advanced trader looking to invest more than $50,000, then Bitbuy’s OTC feature can benefit you. It is a large-scale concierge service for high-volume traders and institutional investors placing orders of $50,000+. For a set fee, traders can avoid slippage and get live quotes on large crypto amounts. Coinbase has its own Visa Debit card, known as Coinbase Card. The card makes it easy to spend your cash or crypto, and you can earn crypto rewards on every purchase. Unfortunately, the card isn’t available to Canadian users at this time.

Bitbuy Safety and Security

It applies both to the internal mechanisms (trading on exchange, managing your orders and so forth) and to the transfers. They do promise the near-zero commissions on a lot of their promotional material, and it’s technically right. The transfer commissions are as low as 1.5%, although they can go up very substantially, up to 1/5 of your initial sum.

bitbuy canada review

Shawn is a passionate ‘techie’ particularly interested in the fintech space. He loves to dig into the ever evolving number of apps and SaaS platforms available to Canadians. He wants you to enjoy all the available streaming content that you can watch. In his free time, you can catch him on the mountains shredding snow.

How To Use BitBuy

For mobile devices there are own apps available, which can be downloaded from the corresponding app stores for Android or iOS. Serving over a million Canadian readers annually, Tech Daily was born to fill the void many of us have experienced when seeking information about technology in Canada. Withdrawing and depositing CAD requires a settlement period that varies depending on the type of transfer.

  • Just go to your account to get your unique referral code.
  • This section of the Bitbuy review will discuss the platform’s referral program.
  • The Bitbuy “Pro Trade” integrates additional functionality that caters to more experienced crypto investors.
  • The redirected page will display all the deposit addresses where you can send the cryptocurrencies.
  • Their exchange is now one of the most popular in the country and was the first crypto platform to become fully regulated as a marketplace and as a restricted dealer.
  • Once you have entered the correct code, you will have passed security and will be able to make trades.

Park said innovation can and does come in the form of certain “outside the box” practices and protocols in ensuring security is not just tight but airtight. Both pieces may be absolutely critical to the growth of a business, but for Bitbuy CIO Andrew Park the power to innovate depends first and foremost on good security. To get into Bybit’s VIP program, there are certain criteria you need to meet. Here is how much Bybit will charge you if you withdraw some of the more popular currencies. Keep in mind that this is an easy way to make money, but also comes with huge risks.

Introducing Coinbase

Bybit specializes in advanced trading options, including spot trading, trading in perpetual contracts and futures as well as margin trading with up to 100x leverage. It is a feature-packed platform that has managed to set itself apart from its competitors as  “not your average trading platform”. So, if you’ve read this Bitbuy review and finally decide you want to open up an account and get started trading cryptocurrencies, fortunately the process is extremely easy. Great unsecured credit card for customers currently in, or recently discharged from, a consumer proposal or bankruptcy.

The Bitbuy cryptocurrency platform caters to both beginners and experienced investors. Bitbuy is one of the few Canadian crypto exchange platforms where you can use to buy, sell or deposit cryptocurrency. Founded in 2013 as InstaBT, the company decided to rebrand as Bitbuy three years later. Instead of being a global trading platform, Bitbuy focuses more on the local user base. This makes it one of Canada’s fastest and most reliable crypto exchanges.

Bitbuy Deposit Fees

However, it is worth noting that withdrawals with NDAX come with higher fees than with Bybit. NDAX is another popular crypto exchange registered with FINTRAC and supporting over 30 of the most notable coins. However, there have been some ongoing issues regarding the status of Bybit in Canada. Namely, the platform is currently unavailable in Quebec and Ontario. According to The Ontario Securities Commission (OSC), Bybit has failed to comply with Canadian security laws and the platform has faced enforcement actions as a result. As of June 2022, Bybit is reported to be working with the OSC to obtain proper registration, however, its services are still unavailable to new Ontario-based customers.

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Our goal at MapleMoney is to present readers with reliable financial advice and product choices that will help you achieve your financial goals. This is not to say that hasn’t had its share of trouble. In January 2022, they were victims of a $15 million Ethereum hack, although they later reported that no customer funds were lost.

The best feature discussed in our Bitbuy review is its efficient fiat integration. This platform allows you to deposit and withdraw the supported cryptocurrencies and Canadian dollars. Three years later, in 2016, the company rebranded itself as Bitbuy. It is one of the most popular crypto exchanges in Canada. If you are looking for a trustworthy crypto exchange, this Bitbuy review might be helpful for you.

Even if you are a newbie, their “Express Trade” feature makes it super-easy to begin trading. In case it doesn’t work, you can submit your financial statement, utility bill, a copy of a government issued ID and a selfie with your ID. Step 5 -You will then need to verify your email ID and phone number and enter some personal information.

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