How to Buy Cryptocurrency in Canada in 2021: Bitbuy Review

Once your identity is verified, which is usually instant, you’ll be ready to start trading. Thankfully, their knowledge base features many helpful guides users can consult if they face challenges. The interface is uncluttered and comes with instructions, which are invaluable to new users. The Pro Trade interface is what you’d expect from professional trading interfaces.

You can get slight trading discounts if you trade millions of dollars in assets, but for everyday investors, there aren’t discounts. Additionally, there aren’t account management fees or inactivity fees.However, where Bitbuy falls short is with some withdrawal fees and trading fees. API tools are useful because they provide live exchange rates and let you automate trades or trade at high frequencies.For occasional trading, you don’t need API access. Another Bitbuy feature that’s useful for serious cryptocurrency traders is its API tool. Once you fund your account, you email Bitbuy’s OTC support team at email protected to start the process.This feature isn’t useful for everyday traders investing under $50,000 in crypto.

Mobile app experience

Device and 2FA Authentication via Google Authenticator and Authy are in place for those trading through the platform. When it https://forex-review.net/bitbuy-crypto/ comes to security while trading with Bitbuy, they are also conscious of creating a secure environment. They are also currently the only Canadian platform listed on Coinmarketcap.

The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers. We are not responsible for any investing or trading decisions that you may make based on content that you read on CryptoVantage.com. The best choice depends on your location and trading needs. Check your account status or contact support for specific guidance. Withdrawal issues can result from incomplete verification, pending security reviews, network congestion, or insufficient funds.

FINTRAC classifies the platform as a regulated MSB, which stands for money service business. Users of Bitbuy also have access to a cryptocurrency wallet, which can be used for the completion of transactions as well as the simple withdrawal or deposit of cryptocurrency funds. To place an order on the Express Trade platform, a user need merely go to the website, select the cryptocurrency they wish to purchase, set the desired purchase amount, and then click the buy or sell button. As a participant in the cryptocurrency ecosystem, Bitbuy provides its consumers with a variety of different services, which we will go over in more detail in the next section.

Account security

We needed to protect our bank accounts and make sure we weren’t dealing with bad actors. Before we integrated Chainalysis into our platform, we did not have a tool to consolidate all the information out there from the open source and some closed source intelligence. Bitbuy has achieved their business goals by using Chainalysis Know Your Transaction (KYT) and Chainalysis Reactor. Bitbuy selected Chainalysis after a thorough evaluation of the various options on the market. Bitbuy first launched their platform without a blockchain analytics solution provider. Bitbuy offers these value-add services to our clients at no cost as an invaluable benefit in working with us.”

High Onboarding Rates for People and Businesses

• Users of their OTC services have the option to trade in United States dollars.
• The Bitbuy service offering includes a trading mechanism that just requires one click, which makes it possible for inexperienced investors to place orders right away.
• Pro Trade offers detailed charts, live order books, and advanced order types for users who want more in-depth market insight and more control.
• You can buy, sell, and hold 60 carefully selected cryptocurrencies on Bitbuy,  all of which are available in Canadian dollars for easy funding and withdrawals.
• Expert cryptocurrency analyst and trading platform reviewer with extensive experience in evaluating automated trading systems and blockchain technologies.

These allow you to choose the best option based on your experience level and trading needs. The same minimum and maximum limits apply to withdrawals with a 1.5% fee on Interac e-Transfer withdrawals and a 1% fee on withdrawal via bank wire. The minimum bank wire deposit is $20,000 with a $500,000 maximum and a fee of 0.5%. If you exceed $1.5m CAD, there is no maker fee and a 0.1% taker fee. Additional trading pairs, more than 20 in total, are available through the Bitbuy ProTrade service. The exchange is also registered as an MSB under FINTRAC the Canadian financial regulator.

The platform offers specialized services to advanced traders and institutional clients through its Private Wealth and Corporate Solutions. The platform was one of the first crypto exchanges to issue proof of reserve audits and has published them annually since 2019. While the platform is transparent regarding fees, there are several indirect costs users may be forced to pay.

Institutional & API Tools

• In fact, Bitbuy promises that registered users can buy crypto in as little as a few seconds.
• This fee structure varies depending on how you trade with the exchange.
• The platform is highly accessible for beginners, while advanced traders can take full advantage of the Pro Trade options.
• You can also sell various cryptos you hold as well.
• The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers.
• Check your account status or contact support for specific guidance.

Bitbuy also has a corporate division for businesses that want to get involved in crypto. Successfully managing a regulated crypto platform means running efficient and accurate identity verification from the start of the customer journey. Bitbuy is increasing its focus on those accounts and striving for a high rate of business verification.

Customer Service

Bitbuy also offers OTC trading for those looking to directly buy (or sell) huge crypto stashes from a counterparty. In 2020, the platform added an extra layer to its trust factor by teaming up with Montreal-based Bitcoin security firm Knox. In 2016, InstaBT founder Adam Goldman introduced the rebranded and revamped crypto platform with the launch of Bitbuy. In fact, Bitbuy promises that registered users can buy crypto in as little as a few seconds.

If you are using their Express Trade function then a flat fee of 0.2% on buying and selling applies to all cryptocurrencies. This fee structure varies depending on how you trade with the exchange. Users may only buy and sell the most popular cryptocurrencies like Bitcoin, Bitcoin Cash, and Ethereum, which severely limits the market’s depth and breadth.

Bitbuy Features

Trading fees, also known as order execution fees, are the costs incurred by users when placing orders on a platform and having those orders carried out. Bitbuy has some of the highest withdrawal costs of any cryptocurrency trading platform, as will be covered at length in the Fees section of our Bitbuy review. Bitbuy’s customer service is widely regarded as being among the very finest in the cryptocurrency sector, which is another way in which the company distinguishes itself from the vast majority of other cryptocurrency exchanges. Bitbuy is the only cryptocurrency exchange in Canada that is governed by applicable regulations, making it one of the very few regulated cryptocurrency markets in the whole globe. The world of cryptocurrencies is still in its infancy and seeing rapid expansion; yet, exchanges are not regulated in the majority of nations. For high-frequency traders, such as those who employ scalping trading tactics, the pre-transaction price calculator is an extremely helpful piece of trading software to have at their disposal.

This means that the bigger your trading volume, the lower the fees that you will be required to pay in this respect. Despite the fact that this function is ideally suited for the vast majority of Canadian traders and investors, it may provide a challenge for Canadians who are employed online and paid in a number of different currencies. Bitbuy has made the assertion that it plans to keep adding new cryptocurrencies to the platform whenever and however it is able to do so.

Cryptocurrencies Supported

Each trade made on the platform includes a spread fee. Users only pay trading fees, withdrawal fees, and payment-specific charges. Bitbuy has no membership or account maintenance fees. Technically, Bitbuy is among the oldest crypto exchanges still around today in 2021.

Users can stake several proof-of-stake assets on the platform. They also have an academy featuring a library of tutorials and education guides, allowing users to maximize what the platform has to offer. The exchange has never been hacked or had major security breaches. They are also registered with FINTRAC as a money service business.