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Exchange fees are one of the most important considerations when deciding where to purchase crypto. After all, it doesn’t matter if an exchange has an excellent user experience and high trading limits if fees eat into your potential profits. The regulated cryptocurrency exchange Bitbuy is the place to go for Canadians who want to invest in cryptocurrency in an easy and secure way. 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.
If you want to learn more, have a look at our guide about the best platforms to buy cryptocurrency in Canada. Just like Shakepay, Bitbuy conducts proof of reserves auditing and insurance for certain crypto holdings. https://broker-review.org/ If you’re serious about trading cryptocurrency, you’ll want to have a Bitbuy account to do so. I’d like to see them introduce a live chat, as most brokerages and online platforms I operate with now have one.
Overall, the entire process is similar to the KYC requirements exchanges like Gemini and Kraken require. But if you’re an algorithmic trader, institution, or business that deals with serious amounts of crypto, API access is essential. This feature isn’t useful for everyday traders investing under $50,000 in crypto. But it’s still a nice feature to have and shows how Bitbuy caters to beginner and serious crypto investors alike.
If withdrawing CAD, funds can be sent to a user bank account via e-transfer or wire transfer. Cryptocurrency withdrawals require the public address of the receiving wallet. Yes, Bitbuy has been known to freeze accounts or hold deposits and withdrawals.
Canada Buzz Editorial
Of all the crypto exchanges we have seen and reviewed, Bitbuy is a bit different. This exchange is focussed on doing what they are best at rather than providing all the crypto services with moderate quality. Below are a few of things that make Bitbuy an exchange to consider.
There is a 0.10% maker fee and 0.20% taker fee on the Pro Trade platform. Coinbase, on the other hand, charges maker fees between 0.04% to 0.50% and taker fees between 0.00% to 0.50% based on a pricing tier structure. When it comes to depositing or withdrawing cryptocurrency in one’s wallet, Bitbuy does not bitbuy canada review charge fees. Also, Bitbuy charges fees for depositing and withdrawing Canadian dollars. To make a cryptocurrency deposit, go to the Wallets page, select a crypto wallet and click on the deposit option. Then, you can scan the QR code or copy the address to your external wallet to complete the transaction.
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. The Pro Trade platform offers tools for technical analysis, meant for traders who buy and sell regularly. It displays interactive charts with candlesticks and volumes. You can look at data in specific time frames and through particular indicators.
Is Bitbuy better than Coinbase?
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Is a Canadian cryptocurrency exchange that was founded in 2016. Specifically for Canadians, Bitbuy has both a beginner-friendly platform and a more advanced platform for experienced crypto investors. I signed up to Bitbuy and reviewed it to see if it’s worth using. Welcome to one of the best Canadian cryptocurrency trading platforms. Get low fees & top security at Bitbuy.ca when you buy Bitcoin, Ethereum, Litecoin & more. I have been using this company and have sent funds back and forth and all of the sudden I am not allowed to withdraw my funds.
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Most cryptocurrency platforms have fees to deposit, trade and/or withdraw money. This is why we decided to publish this in depth Bitbuy review, so you can decide if the platform is worth getting started with cryptocurrency. In our opinion, this is one of the best crypto trading platforms in the country.
Cryptocurrency Withdrawal Fees
It makes buying and selling cryptocurrency simple for Canadians, with free insurance as well. The online reputation is strong across all boards, some regard it as the number one Canadian cryptocurrency exchange. It makes for happy reading, these places are usually breeding grounds for disgruntled users. Deposits can be made in all of the above fiat and cryptocurrencies.
- Finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services.
- The Bitbuy cryptocurrency platform caters to both beginners and experienced investors.
- The platform has partnered with a global identity verification startup called Trulioo to streamline the onboarding process.
- In the past seven years, there is not one incident of this exchange getting hacked or the theft of client funds.
- Then, you can scan the QR code or copy the address to your external wallet to complete the transaction.
Whether you’re an institutional or retail investor, you don’t want to pay high fees or use a slow trading platform with an inadequate selection of tokens. There are plenty of bad exchanges, so it is important to choose a good one. Yes, you can trust Bitbuy, as it is the most secure and trusted Canadian cryptocurrency exchange. Bitbuy is registered with FINTRAC as a Money Services Provider, and their servers are secured across multiple world class cloud providers and disaster recovery locations.
BitBuy Review: Final Thoughts
You are likely to get them on the exchange in about the same time as a standard Interac funding will take. These fees are currently slightly above average but they are made up for the lower fees that you will pay on withdrawals / deposits. If you are new to the crypto world, we’d recommend checking these best crypto exchanges in Canada. There are several other Canadian crypto exchanges to choose from and I recommend CoinSmart as a good alternative to Bitbuy. Users can place limit orders or trade in cryptocurrency and fiat trade pairs through the Pro Trade Platform. Thanks to Bitbuy’s Over-the-Counter trading desk, institutional investors can make large volume orders to eliminate slippage costs.
There’s a reason it’s one of the most popular players in Canada, and the future is certainly bright for this cryptocurrency exchange. However, Bitbuy customer reviews on Trustpilot and forums like Reddit are generally quite positive and cite timely customer support. Of course, prevention is still the best way to protect yourself as an investor. This is why using features like Bitbuy’s two-factor authentication and creating a secure password is important. Once you verify your email, you enter extra information to complete your account.
Moreover, Bitbuy also offers an OTC desk with even lower fees. But you need to be trading $50,000 or more to use BitBuy OTC. As one of Canada’s first regulated crypto exchanges, Bitbuy goes to great lengths to protect its users. The exchange is registered with FINTRAC as a Money Services Business, and it complies with Know Your Customer and Anti-Money Laundering regulations. These affiliations give the company a level of credibility that many other exchanges don’t have. Bitbuy users have two platforms to choose from, depending on their experience level.
Is Bitbuy legal in Canada?
A maker fee of 0.1% and a taker fee of 0.2% is charged to buy/sell cryptos. In comparison, a flat fee of 0.5% is charged for using the Express trade option to either buy or sell the available cryptocurrencies. Cold Storage Functionality – This is mandatory for any exchange which claims to be genuine and secure. Cold storage is the process of storing the funds in an offline wallet which is nowhere connected to the internet.
It also recently became the first crypto asset platform to be registered as both a marketplace and investment dealer. The platform is available on all devices and also offers mobile apps for iOS and Android devices. The content on this website includes links to our partners and we may receive compensation when you sign up, at no cost to you. This may impact which products or services we write about and where and how they appear on the site. It does not affect the objectivity of our evaluations or reviews. Bitbuy has mobile apps for both Android and iOS devices, and both are highly rated.