Bitbuy Review 2022: Is It A Good Crypto Exchange?

Updated: May 25th, 2022
Kevin Groves
Kevin Groves
Bitbuy Review 2022: Is It A Good Crypto Exchange?

In this review, we take a closer look at one of the top exchanges in Canada called Bitbuy. The platform is well known for providing a simple on-ramp to convert CAD into Bitcoin or other digital assets. Our evaluation of Bitbuy will include an assessment of the platform's features & services, available assets, deposit methods, trading fees, security and customer service.

HedgewithCrypto Score
HedgewithCrypto Score
4.6/5Our ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
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Visit BitBuy

BitBuy

Trading Fees:0.2%
Country:Canada
Currency:CAD
Promotion:$20 bonus for deposits greater than $250

Key Features

  • Canada only crypto exchange since 2016
  • Beginner-friendly, suited to new crypto investors
  • Bank wire and Interac e-transfers to deposit CAD
  • 1 to 1 Bitcoin insurance and proof of reserve reports
  • TradingView charting and tools
  • Extensive customer support guides, FAQ's and quick response rates

Bitbuy is a Canadian cryptocurrency exchange that has been established since 2016. The exchange is a reputable and trustworthy platform to buy Bitcoin or other digital currencies using Canadian Dollars (CAD).

Bitbuy is one of the safest crypto exchanges that features bank-like security measures, 1 to 1 Bitcoin insurance and conducts regular audits of its reserves which are made public.

Key Features

  • Canada only crypto exchange since 2016
  • Beginner-friendly, suited to new crypto investors
  • Bank wire and Interac e-transfers to deposit CAD
  • 1 to 1 Bitcoin insurance and proof of reserve reports
  • TradingView charting and tools
  • Extensive customer support guides, FAQ's and quick response rates

Bitbuy is a Canadian cryptocurrency exchange that has been established since 2016. The exchange is a reputable and trustworthy platform to buy Bitcoin or other digital currencies using Canadian Dollars (CAD).

Bitbuy is one of the safest crypto exchanges that features bank-like security measures, 1 to 1 Bitcoin insurance and conducts regular audits of its reserves which are made public.

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This post contains affiliate links with our partners who may compensate us. Read our disclaimer for more information.

What Is Bitbuy?

Bitbuy is a Canadian-owned and operated cryptocurrency exchange that was established in 2016 to provide a reliable, convenient and secure way to buy Bitcoin and other cryptocurrencies. It is a leading Canadian cryptocurrency exchange that was ranked amongst the 2020's fastest-growing companies in Canada.

The company is a registered Money Service Business (MSB) that is regulated by FINTRAC, an entity of the Federal Government of Canada. Since its launch in 2016, Bitbuy has become a leading and trustworthy digital assets platform for customers to buy, sell, deposit or withdraw 7 different cryptocurrencies.

BitBuy WebsiteBitBuy Website

Quick Overview

Exchange NameBitBuy
Fiat CurrencyCAD
CryptocurrencyBTC, BCH, ETH, LTC & 15 others
Payment TypeBank transfer, Interac e-Transfer
Trading Fee0.2%
Deposit FeeBank transfer: 0.5%, Interac e-Transfer: 1.5%
Withdrawal FeeBank transfer: 1%, Interac e-Transfer: 1.5%
Mobile AppYes

What Are The Pros & Cons?

BitBuy is a regulated cryptocurrency platform in Canada and offers excellent value for investors. The clear advantage with BitBuy is the direct CAD deposit methods and beginner-friendly user interface. The 0.2% fee for buying and selling cryptocurrency is very competitive. For experienced investors and traders, BitBuy has a limited range of assets and lacks advanced trading tools. Overall, BitBuy is a solid crypto exchange that will appeal to the broad range of residents in Canada with its ease to use and safe platform.

Is Bitbuy Safe?

Bitbuy appears to be a safe and secure cryptocurrency exchange in Canada that uses industry-leading security systems and protocols such as Two Factor Authentication (2FA) and 95% cold storage. The exchange is fully transparent with their holdings by making available a 'proof or reserves' report with the number of funds held in cold storage.

Bitbuy also offers a 1 to 1 insured Bitcoin platform for users to store their holdings in an offline vault that is protected by an insurance policy. Customers can have peace of mind when using Bitbuy that their funds are protected by value-matched insurance.

BitBuy SecurityBitBuy Security

Has Bitbuy Been Hacked?

According to our research, Bitbuy has never been hacked or had its security systems compromised resulting in the loss of customer funds or personal information. Bitbuy prioritizes user security using advanced technologies to protect user accounts from identity fraud and 90% cold storage to ensure funds are not affected by malicious activity. 

Features & Benefits

Bitbuy is a cryptocurrency exchange in Canada that offers a full suite of digital currency services to individuals, businesses and institutional investors via an OTC desk. The exchange allows buying and selling of the most popular cryptocurrencies such as Bitcoin, Ethereum and XRP. Here are a few other notable features and benefits.

User Friendly

Bitbuy has been designed for both novice trader and advanced traders with products and services for everyone. Beginners can use the Express Trade feature, which is a fast, simple and easy way to purchase digital currencies using the website or mobile trading app. The Bitbuy Pro Trade Platform is catered to customers that want to trade crypto for other coins to profit from market volatility.

BitBut Pro TradingBitBut Pro Trading

Bitcoin Insurance

Bitbuy is one of the few crypto exchanges in the world that offers insurance on Bitcoin deposits. Canadian investors can store their BTC holdings in offline cold storage with insurance up to the full value. This feature is made possible through a partnership with BitGo who are world-class institutional custody provider with a comprehensive insurance policy that extends to customer funds.

Tax Reports

Calculating cryptocurrency profits and losses for capital gains tax can be a difficult and lengthy process. Bitbuy makes it easy by allowing their customers to generate and download reports for the financial year. The reports itemize all the transactions associated with the Bitbuy account which can be given to a tax professional.

Bitbuy Compared

Cutting-edge security measures, an intuitive user interface and a mobile trading app are important features on Bitbuy. This comparison table lists alternative top-rated crypto trading exchanges like Bitbuy.

Getting Started

To buy, sell, send and receive cryptocurrency using Bitbuy, users will need to create an account and be at least 18 years or older. There is no fees to create or maintain a Bitbuy Exchange account or wallet. The users will be required to provide an email address, phone number and verify their identity before adding funds to a Bitbuy wallet. 

Deposit Methods

Bitbuy supports two payment options for its customers located in Canada to deposit CAD to the exchange to use for buying, trading or selling cryptocurrencies. The CAD deposit options include a bank account transfer and Interac e-Transfers. There is no support to buy crypto using a credit or debit card.

Bitbuy Fund AccountBitbuy Fund Account

For large investments, using a bank or wire transfer is the best way to buy cryptocurrencies with CAD. The minimum deposit amount using a wire transfer is $20,000 and a maximum of $500,000. The time for the payment to reach Bitbuy can take between 1 to 3 business days depending on the bank.

Customers that are looking to make a smaller and same day purchase can use Interac e-Transfers. The minimum spend is $50 up to $10,000, making it an ideal payment method for beginners. The convenience of near-instant CAD transfers has a slightly higher fee that should be taken into account.

Deposit TypeMinimum AmountMaximum AmountTransfer Speed
Interac e-Transfer$50$10,000Near instant
Bank Wire$20,000$500,0002-3 business days

Bitbuy does not offer automatic recurring purchases or 'Dollar Cost Averaging' (DCA) on the exchange. This can be a useful tool to remove the stress associated with 'price' and swings in volatility. We have been advised by the Bitbuy team this feature will be added shortly to the Express Trade Platform.

Supported Countries & Fiat Currencies

Bitbuy is available to customers that reside in Canada only. The exchange is limited to deposits in Canadian dollar (CAD) deposits coming from Canadian banks and/or financial institutions. The exchange does not support payments in US Dollars, Euros or British Pounds. Customers that want to buy crypto with these currencies will need to find a USA crypto exchange or a trading platform based in the UK that accepts GBP deposits. 

BitBuy CryptocurrenciesBitBuy Cryptocurrencies

Bitbuy supports 19 cryptocurrency assets that can be bought and sold on the exchange using Canadian Dollars. The digital currencies offered include BTC, BCH, ETH, LTC, XRP, XLM, EOS, AAVE and LINK for example. The selection of cryptos is limited, however, the available assets are some of the most liquid and popular digital currencies by market capitalization. To compete with the global platforms that are available in Canada such as Coinbase, Gemini, Kraken and Binance, we would like to see more cryptocurrencies added to the fiat to crypto digital exchange.

Bitbuy Express Tool

The quickest and easiest way to convert CAD into Bitcoin or a major altcoin is to use the Express Trade feature. Once an account is funded, the user can view the list of supported cryptocurrency assets on the exchange. The process to make a purchase is as simple as selecting one of the 7 major currencies and clicking on the 'Buy' button. The user interface is presented in a way that is easy to use, elegant and simple for first-time Bitcoin investors. 

BitBuy Express TradeBitBuy Express Trade

For individuals that want to instantly swap between cryptocurrencies and trade the market, Bitbuy offers an advanced trading platform using CAD or BTC as collateral. This expands the number of trading pairs to 14 which shows the 24-hour trading volume and percentage change next to each pair. 

The screenshot below shows how easy it is to buy and sell cryptocurrency using the Express Trade feature. Users can select the digital asset and enter the amount to buy or sell. Bitbuy will display the fees for the transaction and the amount that will be received to provide full transparency on costs.

BitBuy Transaction SummaryBitBuy Transaction Summary

Bitbuy Pro Trading

One of the best features of Bitbuy Pro is the powerful charting platform which is powered by the crypto software and charting platform called TradingView. Traders can add technical indicators, chart patterns and overlay drawing tools to perform analysis on the charts. Any chart overlays will remain when switching between trading pairs, unlike other platforms which reset the analysis each time.

BitBut Pro DarkBitBut Pro Dark

Traders can open and manage live positions using a market and limit order. The offering of orders is limited and does not include an option to set a take-profit or stop-loss order which cancels each other out when one condition is met. This is often referring to as One-Cancels-the-Other (OCO) and should be implemented.

The order entry window is quite basic with simple text boxes to enter the price in CAD or BTC to buy or sell. There are options to automatically select the percentage-based amounts which is useful. Overall, the Bitbuy Pro Trade platform appears to lack advanced features and trading liquidity compared to popular exchanges such as Binance, Crypto.com Exchange and Kraken.

Trading Fees

Bitbuy fees structure is fairly straight forward is a flat fee of 0.2% to instant buy and sell crypto with CAD. Compared to fiat to crypto exchange providers, the fee is fairly competitive to convert CAD into crypto. However, users do need to consider the deposit fees which vary between 0.5% and 1.5% depending on the payment method.

For experienced retail traders on the Bitbuy Pro platform, the fees are broken down by the order type using a maker and taker system. Traders that provide liquidity will be charged a 0.1% fee. Removing liquidity from the order books by placing a market order will incur a slightly higher fee of 0.2%.

There are no fee discounts based on trading volume. The maker fee is comparable to the popular altcoin trading exchange Binance, however, the liquidity on Bitbuy Pro is low which may become an issue for high net-worth individuals.

Deposit Fees

Bitbuy Exchange has 2 methods for depositing Canadian dollars to convert into digital assets being a bank wire or transfer and also Interac e-Transfer. The cost to deposit funds using a bank wire is 0.5% and 1.50% for Interfac e-Transfers.

Deposit TypeFee
Interac e-Transfer1.50%
Bank wire0.5%

The fees are relatively cheap, however, over time it will add up to a considerable amount for investors. There are other options available in Canada such as Coinberry, NDAX, MyBTC and Kraken which offer zero deposit fees using a bank wire to transfer CAD. They also support credit and debit cards to fund an account for $1.25 CAD plus 0.25% of the total amount. 

Withdrawal Fees

The available options to withdraw CAD from Bitbuy are the same method as depositing funds. Individuals can withdraw funds using a bank wire for a 1% fee or Interac e-Transfers for a 1.50% withdrawal fee on the overall amount. Similar to the deposit fees, there are cheaper options such as Coinberry and Kraken. For smaller amounts, the withdrawal fees on Bitbuy can be cheaper than local exchange NDAX, which charges a flat CAD $25 fee.

Withdrawal TypeFeeMinimumMaximumSpeed
Interac e-Transfer1.50%$50$10,000/24hrWithin 24hrs
Bank Wire1%$20,000$500,0002-3 days

For cryptocurrency transfers to other exchanges or a hardware wallet, there is no additional Bitbuy fee for withdrawals. The only cost is determined by the blockchain network miner's fee. For example, to withdraw Bitcoin from Bitbuy, there is typically a cost of 0.0005 BTC for a standard transfer.

Bitbuy Mobile App

Bitbuy offers an intuitive and responsive mobile application for its users to buy and sell crypto markets at any time and from any place. The Bitbuy app is available for download and is supported on certain iOS and Android devices. The majority of the features on the desktop version of the site can be accessed using the trading app. Overall, the app was a little difficult to use with mixed reviews about the security features and transferring coins to external wallets.

BitBuy AppBitBuy App

Frequently Asked Questions

Bitbuy is a leading and trusted crypto exchange located in Toronto, Canada that is designed for beginners and first-time investors to buy and sell Bitcoin and other assets. The exchange is easy to use on its desktop and mobile application. Bitbuy is focused on providing a safe and secure environment that offers insurance protection on Bitcoin and provides reports to prove its reserves in cold storage wallets.

Bitbuy is a Canada-only cryptocurrency exchange for residents to buy and sell Bitcoin and other digital currencies using CAD. The exchange is strictly regulated FINTRAC and prohibits customers from other countries such as the US from using the exchange. US residents are not allowed to use Bitbuy and will need to find a USA cryptocurrency exchange.

Bitbuy is currently ranked #284 according to coinmarketcap.com based on its traffic, liquidity, trading volumes, and confidence in the legitimacy of trading volumes reported. The exchange has a 24 hour trading volume of $8,794,518 at the time of writing, which is quite reasonable for an exchange that offers its trading services to Canada only.

Bitbuy features a spot exchange for its customers to buy and sell cryptocurrencies assets on the platform. There is currently no derivatives or futures market to trade digital currencies with leverage or margin. Traders that reside in Canada will need to find a leveraged trading platform that is supported in their country to long or short Bitcoin.

Conclusion

To conclude our review on the Bitbuy platform, the exchange is user friendly and best suited for beginners in Canada that want to quickly and safely convert CAD into cryptocurrencies using an easy-to-use platform. The exchange has good security features such as 2 Factor Authentication, Bitcoin insurance, cold wallet storage and even declares its reserves to provide full transparency to customers. 

Visit Bitbuy

Some areas that could be improved are:

  • Lowering the deposit and withdrawal fees to complete with other local exchanges
  • Increase the number of cryptocurrencies to include medium and low cap altcoins
  • Offer more products and services such as leveraged trading or the ability to earn interest on crypto.
  • Support other payment methods such as debit and credit cards

How We Rated BitBuy

HedgewithCrypto strives to provide independent, factual and unbiased reviews of cryptocurrency exchanges and trading platforms to help readers make an informed decision about picking the right crypto exchange. The review process includes examining the website and external sources, creating and funding an account, demonstrating and experiencing the features of the platform and calculating an overall weight-average rating.

A rating between poor (1 star) and best (5 stars) with 0.1 increments is given. For further information on the criteria and categories that are evaluated, read the full exchange rating process.

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Kevin GrovesKevin GrovesKevin Groves

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. In 2019, he started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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