Bitbuy Review October 2022 Canadas Best Cryptocurrency Broker

It is a simple and effective way for you to convert your CAD into crypto. Of course, in order to supplement the technical analysis you are going to need more order functionality. Thankfully, this platform has the option to place limit as well as market orders. Something else that we really liked about this platform is the fact that it has “break-out” screens. This means that you can pop out any of the screens from the main interface. Essentially, you can set your own trading layout across your screen.

bitbuy canada review

Bitbuy is the first Registered Investment Dealer AND Marketplace for cryptocurrencies and crypto assets in Canada, based in Toronto. Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation.

Bitbuy pride themselves on outstanding customer support, and their reply time to email queries is the best in the industry. Is one of the oldest and most popular cryptocurrency exchanges in Canada. Back in 2013, Adam Goldman founded an exchange named ‘Instabit’ with its headquarters in Toronto, which eventually got rebranded to Bitbuy in 2016.

Therefore, users with zero crypto knowledge also can easily use Bitbuy. Yes, Bitbuy is the most secure and trusted crypto exchange in Canada. Their servers are secured across multiple world class cloud providers and disaster recovery locations. Bitbuy has an app for iOS and Android devices that https://broker-review.org/ makes it possible for users to keep an eye on prices no matter where they are, and make trades at any time. It is just as easy to use as the desktop site, so beginners will feel comfortable on the app. Cryptocurrency Deposit And Withdrawl Fees – Digital currency deposits are free on Bitbuy.

Cons of Bitbuy

If you are residing in Canada and want to get into cryptos with utmost ease, Bitbuy should be your go-to exchange. In the past seven years, there is not one incident of this exchange getting hacked or the theft of client funds. That’s the importance this exchange gives to its client funds. If both of these options fail, you’ll need to upload a financial statement, utility bill, government ID, and selfie with the ID. It was easy to navigate with a helpful site menu at the bottom of the page. You can also integrate with Trading View charts for signals and indicators.

bitbuy canada review

Hence, we sometimes like to get the perspective from other users on the platform. All you need to do is request a withdrawal on the platform, paste your receiving address and then confirm via 2-factor authentication. Bitbuy will send you the funds as a public transaction which will take time to propagate through the network. So, unless you send Bitbuy some form of identity and proof of address you cannot use them. However, 90% of cryptocurrency exchanges these days have this requirement so it is not so much of a surprise. For those who are not familiar with the concept of cold storage, it is the practice of taking a wallet off line and storing it in an air-gapped environment.

Bitbuy Corporate Solutions

The delivery of information in this day and age is becoming quicker and quicker, and most new customers will expect a feature like this. What was exceptional in my eyes, is the fact the company is very active on social media. In fact, if you have a social media account, I’ve found this is a very strong way to get a hold of them with general inquiries as well. The company partnered with Bitcoin security firm BitGo, which made Bitbuy the world’s first platform to keep the full value of its Bitcoin holdings insured. If you’re looking for more details on this partnership and what exactly is insured, Bitbuy has a great explanation and FAQ here. Security is paramount when we are investing, more so with cryptocurrencies.

There isn’t much more to say about Bitbuy than I’ve stated in this review. In my eyes, it’s the best platform in the country to trade Cryptocurrency. They’ve added more 2FA options, so you can secure your account even more. The platform, especially if you’re new, will seem quite advanced. Overall, what I would like to see is a live chat function added on to the site like most major discount stock brokerages have.

  • These questions ask you about your net worth, income, and projected income for the next year.
  • Adam Goldman and Ademar Gonzalez founded Bitbuy.ca in 2013 under the name InstaBT.
  • The peer-to-peer decentralized digital token maintains a maximum supply of 21 million coins.
  • To date, Bitbuy has operated as a Canadian cryptocurrency exchange, only catering to Canadian citizens or residents and only accepting Canadian dollars.

So much so, they refuse to admit people from outside of Canada, use currencies other than CAD and use services that aren’t used by Canadians. You can work with them from any country of the world if you have VPN, but it was not designed this way, and you may not be comfortable there. Withdrawing CAD from your Bitbuy account will incur a 1.50% fee with Interac e-Transfer, and 1.50% fee using Wire transfer. There are a lot of features of Bitbuy that make it popular amongst Canadians, and I have outlined the main advantages below. To learn more about any of the features, click on the corresponding jump links.

Thankfully, Bitbuy provides Canadian investors with a much easier way to invest in cryptocurrencies. This Canadian-based exchange is one of the most popular ones in Canada, and it lets you buy and sell over a dozen cryptocurrencies. On the registration page, only a few details are initially requested bitbuy canada review for the free account creation, such as private or business account, username, email, and phone number. Once the account is created, full personal details including address information and ID verification are required. This is the only way to enable a trading account top-up with fiat money.

How Does Bitbuy Work?

The platform has partnered with a global identity verification startup called Trulioo to streamline the onboarding process. Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs, investing, and the gig economy. Additionally, never hold significant amounts of cryptocurrency on any exchange unless you’re actively trading. Instead, use your own crypto wallet to hold your funds since this is the only way to maintain control over your private keys and funds. Many international exchanges don’t have any type of insurance with the exception of their own insurance funds, so this is another perk of using Bitbuy. BitGo provides coverage for losses resulting from hacks, private key theft, loss of keys, and similar breaches.

bitbuy canada review

Especially when compared to other popular crypto apps Bitbuy has WAY lower fees for Canadians. A subsidiary of First Ledger Corporation, Bitbuy is a transparent company that does not appear to conceal information from customers. The release of a new pro-trade product was recently preceded by a proof of reserve and security audit. Bitbuy maintains multiple channels through which its users can get help and support.

Finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Coinbase is a larger exchange that has more variety in cryptocurrencies and services. Coinbase charges higher fees but has additional earning protocols in place including a free learn-to-earn program.

Bitbuy vs. NDAX vs. CoinSmart vs. Wealthsimple Crypto

Bitbuy claims that 95% of its client funds are stored in a cold wallet and is separated from the core network. Therefore, it is impossible for anyone to steal the funds from Bitbuy network. Amazing UI – If you are a novice crypto user and live in Canada, Bitbuy is for you. The user interface of this exchange is fascinating as it is comprehensive, yet very easy to use, understand and navigate.

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

Bitbuy’s security providers are ISO, SOC and FIPS compliant and require all users to set up 2-factor authentication before being allowed to execute trades. With the Bitbuy affiliate program, you’re rewarded for promoting the Bitbuy exchange and having new users sign up using your provided affiliate link. The affiliate program rewards increase based on the number of new users that sign up to the exchange. Users are rewarded on a monthly payout once their commissions reach a minimum of CAD$500.

Appeler maintenant !