Bitbuy Review 2023: Are The Fees Still Competitive?

    Updated: Jan 29th, 2023
    Kevin Groves
    Kevin Groves
    Bitbuy Review 2023: Are The Fees Still Competitive?

    With Canada having some of the world's strictest crypto regulations, finding an exchange that supports CAD deposits can be challenging. One platform that has been gathering traction in the region is Bitbuy, but how does it compare to mainstream exchanges? Throughout this Bitbuy review, we'll be taking a detailed look at the exchange, exploring its features, security measures, and ease of use.

    Trading Fees:1.5%
    Promotion:$20 bonus for deposits greater than $250
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    Deposit methodsStarStarStarEmpty StarEmpty Star
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    Our Bitbuy Review - Quick Verdict

    Bitbuy is a fully regulated Canadian cryptocurrency exchange that lets users buy and sell crypto with CAD. However, while the platform is beginner-friendly, it lacks features meaning it's unlikely to appeal to traders looking for advanced tools. Although the platform is user-friendly, the 1.5% trading fee drastically reduces the platform's usability. Overall, while not a bad first exchange for Canadian investors, anyone looking for low fees or tools like leverage will need to look elsewhere.

    BitBuy Pros:

    • Regulated Canadian exchange
    • Suitable for beginners
    • Offers insurance and proof of reserves

    BitBuy Cons:

    • High Fees
    • Limited number of supported assets
    • Spot-only platform

    Pros Explained

    • Regulated Canadian exchange. Cryptocurrency regulation in Canada is strict, meaning few exchanges are allowed to operate within the region. However, Buybit is perfect for Canadian citizens as it's headquartered and regulated within the area.
    • Suitable for beginners. Bitbuy is extremely simple to use, making it perfect for people new to investing. Furthermore, the Pro Trade feature offers an excellent way for users to expand their trading knowledge and get comfortable with an order-book-style interface.
    • Offers insurance and Proof of Reserves. Following the FTX collapse, the need for security in cryptocurrency has become even more apparent. As Bitbuy provides insurance and proof of reserves, the platform is far more secure than most exchanges.

    Cons Explained

    • High Fees. While Bitbuy utilizes a volume-based fee schedule, most users will transact less than $250,000, meaning they'll be charged a 1.5% trading fee. Over time, high costs can quickly eat into profits, making it hard to recommend Bitbuy to smaller investors.
    • Limited number of supported assets. While Bitbuy has explained its range of assets, the exchange still offers far fewer cryptos than its competitors. As a result, Bitbuy is only suitable for users who want to trade a few popular coins.
    • Spot-only platform. Although the Pro Trade platform grants users access to a few extra tools, Bitbuy still lacks any leverage or margin options. As such, traders looking to take advantage of small price movements will need to find another exchange.
    Visit the BitBuy website

    Bitbuy At A Glance

    Exchange NameBitBuy
    FeaturesSpot exchange, staking, user-friendly, insurance, tax reports, express trade
    Accepted Fiat CurrencyCAD
    Deposit MethodsWire Transfer, Interac e-Transfer, Crypto
    Supported Cryptocurrencies25
    Number of Trading Pairs30
    Trading Fees1.5%
    Customer SupportHelp Center, Ticket System
    Security Measures2FA, Insurance, Proof of Reserves
    Mobile AppYes (IOS and Android)

    Bitbuy Overview

    Bitbuy is a Canadian-owned and operated cryptocurrency exchange established in 2016 to provide a reliable, convenient, and secure way to buy Bitcoin and other digital assets. It is one of the best Canadian cryptocurrency exchanges and was ranked among 2020's fastest-growing companies in Canada. The company is a registered Money Service Business (MSB) regulated by FINTRAC, a Federal Government of Canada entity.

    BitBuy WebsiteBitBuy Website

    Bitbuy Compared and Alternatives

    ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
    NDAX logo


    RatingOur 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.
    StarStarStarStarEmpty Star
    None available at this timeVisit NDAXNDAX Review
    VirgoCX logo


    60+Included in spread
    RatingOur 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.
    StarStarStarStarEmpty Star
    None available at this timeVisit VirgoCXVirgoCX Review
    Coinberry logo


    19Up to 2.5% spread
    RatingOur 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.
    StarStarStarEmpty StarEmpty Star
    None available at this timeVisit CoinberryCoinberry Review

    Review of the Top Features on Bitbuy

    Bitbuy is a cryptocurrency exchange 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 the most popular cryptocurrencies, such as Bitcoin, Ethereum, and XRP. Here are a few other notable features and benefits.

    User friendly

    Bitbuy is designed for novice and advanced traders, with products and services for everyone. For example, beginners can use the Express Trade feature, a fast, simple, and easy way to purchase digital currencies. In contrast, the Bitbuy Pro Trade Platform catered to customers who want to perform analysis and trade crypto more seriously.

    Bitbuy Express Trade

    Bitbuy has included a beginner-centric feature called Express Trade that enables users to buy and sell crypto without hassle. While the Express Trade platform doesn't have any analytical tools, its simplicity makes it excellent for new investors making their first foray into the crypto space.

    Bitbuy express tradeBitbuy express trade

    Cryptocurrency staking

    In recent years, a trend called crypto staking, which enables users to earn passive rewards by locking their crypto holdings for a period of time, has become very popular. Bitbuy supports staking for three assets, Ethereum, Solana, and Polygon. However, support for Polkadot will release soon. While the number of supported assets is lackluster, the rates offered range from 4% to 6.51% APY, which are relatively competitive when compared to a comparison of staking platforms.

    Bitbuy stakingBitbuy staking

    Bitcoin Insurance

    Bitbuy is one of the few crypto exchanges offering insurance on crypto holdings. Funds stored on Bitbuy are secured in offline cold storage with insurance up to the total value. This feature is made possible through a partnership with BitGo, a world-class institutional custody provider with a comprehensive insurance policy that extends to customer funds.

    Tax reports

    Monitoring financial transactions and reports to calculate cryptocurrency profits and losses for capital gains tax can be a complex and lengthy process. However, Bitbuy makes it easy by allowing its customers to generate and download comprehensive reports for the financial year.

    The reports itemize all the transactions associated with a Bitbuy account which investors can give to a tax professional. Alternatively, Bitbuy can be integrated into several reputable crypto tax software programs, such as Koinly and CoinTracker.

    Creating and Verifying a Bitbuy Account

    Creating a Bitbuy account is a simple process that anyone can complete within a few minutes. Initially, a user must input an email address and phone number, which the user must confirm. However, before it's possible to trade or deposit on Bitbuy, any customer must complete Know-Your-Customer (KYC) verification.

    We went through the verification process to ensure our Bitbuy review was as accurate as possible. Users will need to input details regarding their employment status, source of income, and address. After which, the customer must provide a photo ID (passport, driving license). Once KYC is complete, all Bitbuy features will be unlocked.

    Supported Fiat Currency and Deposit Methods

    Bitbuy is available to customers that reside in Canada only. The exchange is limited to deposits in Canadian dollars (CAD) from Canadian banks or financial institutions. Bitbuy supports two payment options for its customers located in Canada. Users can deposit CAD to the exchange via bank account transfer and Interac e-Transfers. There is no support for buying crypto using a credit or debit card, although users can deposit using every cryptocurrency available on the platform.

    For large investments, using a bank or wire transfer is best. There is a minimum deposit of $10,00 and no maximum. Conversely, for Interac e-Transfers, the minimum spend is $50, and the maximum is $5,000. The time for the payment to reach Bitbuy can take between 1 to 3 business days, depending on the bank.

    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. The Bitbuy team has advised HedgewithCrypto that this feature will be added shortly to the Express Trade Platform.

    Supported Crypto Assets and Trading Pairs

    Bitbuy supports 25 cryptocurrency assets that can be bought and sold on the exchange. However, the Pro Trade platform does offer five additional trading pairs denominated in CAD and BTC, The digital currencies offered include Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and 21 others.

    While the selection of cryptos on Bitbuy is limited, the available assets are some of the most liquid and popular digital currencies by market capitalization. However, before Bitbuy can compete with the other platforms available in Canada that we have reviewed, like Coinbase and Gemini, the team must add additional cryptocurrencies to the fiat-to-crypto exchange.

    Bitbuy Fees

    Trading fees

    The fee structure on Bitbuy is trading volume-based, meaning frequent traders can earn significant discounts when using the platform. Bitbuy's trade costs initially start at 1.5% for taker and maker fees. However, with a high enough trading volume, users can reduce trading fees on Bitbuy to 0% (maker) and 0.1% (taker). In contrast to other crypto exchanges, fees on Bitbuy Pro Trade are the same as Express Trade. As such, users will be charged between 1.5% and 0% regardless of which platform they choose to use.

    90-Day Trading VolumeTrading Fee (Maker / Taker)
    < $250k0% / 0.1%
    $250k - $1m0.15% / 0.25%
    $1m - $5m0.50% / 0.75%
    $5m+1.5% / 1.5%

    Deposit and Withdrawl Fees

    The Bitbuy Exchange has two methods for depositing Canadian dollars to convert into digital assets, bank wire transfer and Interac e-Transfer. While withdrawals will incur a 1.5% fee, there are no costs to deposit funds. While there are cheaper options, such as Coinberry and Kraken, for smaller amounts, the withdrawal fees on Bitbuy can be more affordable than the local exchange NDAX, which charges a flat CAD 25 fee based on our review.

    While the fees for fiat withdrawals are higher than average, Bitbuy does not levy costs other than a network fee for cryptocurrency-based deposits and withdrawals. However, while assets like Bitcoin only cost 0.00035 BTC (CAD 10.77), other cryptos like USD Coin are far more expensive at 20 USDC (CAD 25) per transaction.

    Bitbuy deposit methods and feesBitbuy deposit methods and fees

    Bitbuy Fees Compared

    Although Bitbuy offers low trading fees for high-volume investors, these lowered costs will be inaccessible to most users. For the platform's fees to be comparable to Binance, a customer must transact over CAD 5 million within 90 days.

    However, as the majority of users are unlikely to spend more than CAD 250,000 within 90 days, they will be stuck paying an extremely high 1.5% trading fee. Below, we've compared the default costs for transacting on Bitbuy with a few popular altcoin trading exchanges such as Binance, Kraken, and NDAX.

    Exchange NameTrading Fee (Maker / Taker)
    Binance0.1% / 0.1%
    Kraken0.16% / 0.26%
    NDAX0.2% / 0.2%
    BitBuy1.5% / 1.5%

    Bitbuy Ease of Use

    Designed for beginners and experienced traders alike, Bitbuy features a simple interface and a Pro Trade platform. The standard Bitbuy interface provides easy access to critical features, including staking, buying and selling, and the user's portfolio. However, trading on this platform is straightforward but limited. While users can buy and sell digital currency, no charting tools or order types are available, making it challenging to dial in the specifics of a trade.

    Bitbuy main account pageBitbuy main account page

    Anyone needing access to more advanced features can use the order book-based Pro Trade interface. Using the Pro platform, Traders can add technical indicators and overlay drawings to perform analysis on the charts. Unlike most other platforms, any chart overlays will remain when switching between trading pairs, which reset the analysis each time.

    As Bitbuy offers tools for beginners and advanced traders, the platform is highly accessible and excellent for crypto enthusiasts of all experience levels. However, while the Pro Trade platform offers an increased number of features, popular exchanges like Binance, Crypto.com, and Kraken still offer a superior feature set.

    Bitbuy Pro Trade screenshotBitbuy Pro Trade screenshot

    Bitbuy Mobile App

    Bitbuy offers an intuitive and responsive mobile application for users to buy and sell crypto markets anytime and anywhere. The Bitbuy app is available for download on IOS and Android devices. However, the user must have their app store region set to Canada to access the app.

    After logging into the app, the user must register the device by entering a code sent to the email address linked to the account and then inputting an SMS code. After doing so, Bitbuy users will be shown a screen showing their balance and a list of assets available to buy and sell.

    bitbuy mobile app screenshotsbitbuy mobile app screenshots

    Unfortunately, the Bitbuy mobile app is limited compared to the desktop platform. While users can buy, sell, and stake crypto, no advanced tools are present. Although a basic chart is available for all cryptos, no indicators or charting tools are available. Therefore, the Bitbuy app is only suitable for quick purchases, not performing detailed analysis.

    The Bitbuy mobile app is suitable for performing quick trades while on the go, but its lack of charting tools hinders its performance significantly. As such, users wishing to access technical indicators will need to use another crypto charting software platform, like TradingView.

    Bitbuy Customer Support

    Access to fast and well-informed customer support is instrumental to a trading platform's usability. To ensure that users can get a prompt response to any query, Bitbuy has created a comprehensive help center with articles covering topics ranging from how to sign up, the basics of trading, and Bitbuy's trading fees.

    For any less common questions, Bitbuy has an email-based direct customer support line, allowing users to create a ticket to receive assistance via email. While a few users reported long wait times, most Bitbuy reviews agreed that the support offered by Bitbuy was effective and fast.

    Bitbuy Security Measures

    Bitbuy is a safe and regulated money services business in Canada that uses industry-leading security systems and protocols such as Two Factor Authentication (2FA) and 95% cold storage for client funds. The company is fully transparent with its holdings and frequently updates its 'proof of reserves' report with the number of funds held in cold storage.

    The first Canadian registered marketplace for crypto, Bitbuy also offers 1-to-1 insurance for users to store their holdings in a secure offline vault. As a result, customers can have peace of mind when using Bitbuy that their funds are protected by value-matched insurance. As it stands, Bitbuy has never been hacked, and its reserve transparency and 1:1 insurance make it an incredibly secure platform to store crypto assets.

    Frequently Asked Questions

    Bitbuy is a fully regulated exchange located in Toronto, Canada. The platform is designed for beginners and first-time investors to buy and sell Bitcoin and other crypto assets. Buitbuy is easy to use on desktop and mobile devices. As the exchange focuses on creating a safe environment for users to buy and sell digital assets, Bitbuy is one of the best places for Canadian citizens to purchase crypto.

    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.

    Bitbuy is a Canadian crypto exchange cryptocurrency exchange that lets residents buy Bitcoin and other digital currencies using CAD. The platform is strictly regulated by FINTRAC and only serves Canadian customers. US residents cannot use Bitbuy and must find a USA cryptocurrency exchange.

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

    Bitbuy Review - Final Verdict and Scores

    Review CriteriaHWC Score
    Features4.2 / 5
    Supported Fiat and Deposit Methods3.5 / 5
    Supported Crypto & Trading Pairs3 / 5
    Fees2 / 5
    Ease of Use4 / 5
    Customer support4 / 5
    Security Measures4.5 / 5
    Mobile App4 / 5

    To conclude our Bitbuy review, 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. Although the Bitbuy platform has good security features, including 2FA, Bitcoin insurance, and proof of reserves. However, with no access to leverage, extremely high trading fees, and confusing crypto withdrawal costs, Bitbuy is unlikely to dethrone any of the top Canadian crypto exchanges.

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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. 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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