Bitbuy Review 2022: Read This Before Signing Up
Users get access to the full trading interface and are able to make use of all of the tools that are available to them through the sophisticated Bitbuy trading platform. In this regard, the process is as simple as the users selecting the asset that they want to trade, inputting the amount that they want to exchange, and clicking on the button that corresponds to either the buy or the sell option. It provides access to a number of other cryptocurrencies, including as Bitcoin, Ripple, and Bitcoin Cash, among others. Bitbuy is the optimal option for everyone located in Canada who is interested in trading crypto assets and who is looking to do so. As was just said, Bitbuy is an advanced trading platform that was established with the primary goal of catering to crypto fans in Canada. Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs, investing, and the gig economy.
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. These services center around an over-the-counter (OTC) trading desk. Advanced trading, market analysis, more control Pro Trade offers detailed charts, live order books, and advanced order types for users who want more in-depth market insight and more control. The mobile app, available on iOS and Android, lets users trade and manage their portfolios on the go.
Is Bitbuy banned in Canada?
Regulatory Status
Bitbuy is highly regulated in Canada.
All assets on the platform are primarily traded against the Canadian dollar (CAD). The platform focuses on established and liquid coins, so you get reliable access to the most popular digital assets without the clutter of obscure tokens. OTC services include a dedicated account manager and deep liquidity, which allows for large-volume trades with zero slippage. As previously mentioned, traders can choose between two platform versions tailored to their needs. This, coupled with recuring orders, allow users to automate their trading strategies and not have their decisions swayed by volatile market conditions.
Account security
Admittedly, it may be intimidating for new traders who are unfamiliar with crypto trading. Its Express Trade interface is clean and intuitive, allowing users to swiftly trade cryptocurrencies. Our Bitbuy exchange review found that the platform balances simplicity for beginners without compromising functionality for experienced traders.
Information Security
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. They continue to pursue innovation on the trading side, as well as quality regulation and a safe trading environment which is of great importance. This is available in your web browser, or on mobile and offers a simple way to quickly buy and sell crypto with few complications.
Safety & Security
These withdrawal fees are a bit steep but are avoidable. Bitbuy isn’t an exception, and it actually has a very lucrative referral program compared to most exchanges.Bitbuy’s referral program pays you $20 when the person you refers signs up and makes a deposit of at least $250. But it’s still a nice feature to have and shows how Bitbuy caters to beginner and serious crypto investors alike. This is a significant improvement to Bitbuy, especially since accessing centralized staking platforms hasn’t always been easy for Canadians.
Is Bitbuy good for beginners?
Although Bitbuy Express Trade is great for beginners wishing to make their first purchase, there is no way to swap one bitbuy canada review crypto for another, which most exchanges offer. Instead, you must sell an asset for CAD, which will trigger a taxable event.
Services
Bitbuy is a cryptocurrency exchange registered with Canada’s national financial intelligence agency FINTRAC. There’s also a more advanced feature of the platform with sophisticated tools to better serve experienced traders. Between 74-89% of retail investor accounts lose money when trading CFDs.
Well-Regulated and Popular Crypto Exchange Focused on Canadian Traders
It’s one of the largest crypto platforms in the country in terms of daily volume traded and overall use. Bitbuy is a Canadian platform for buying, selling, transferring and storing cryptocurrency. Considering the global surge in digital decentralized virtual currencies, regulators around the world have pushed for crypto platforms to take steps to detect and deter money laundering, terrorism financing and other financial crimes. Crypto withdrawal fees vary by asset and are clearly listed before confirming your transaction. The platform has earned a solid reputation for providing secure, compliant, and transparent exchange for Canadians. While the Express Trade version of the exchange is easy to navigate, the Pro Trade platform can be a bit more intimidating.
Usability & User Experience
This is particularly true for Canadian traders and is shown in the number of users that the company has. In all, Bitbuy is a very secure, well-respected location for trading cryptocurrency. There is a corporate option if you wish to trade under a company account, and the Bitbuy API is available for those looking to automate trading and make repeat purchases.
- The fiat withdrawal fees for Interac e-Transfer and bank wires are 1.50% and 1.00% respectively.
- Bitbuy’s trading features solidify its position as one of the best cryptocurrency exchanges available.
- He has a keen and vested interest in cryptos involving decentralized backend exchanges, payment processing, and power-sharing.
- You can find the fully transparent and updated fee model here.
- This means that the bigger your trading volume, the lower the fees that you will be required to pay in this respect.
However, the fee-structure itself is pretty transparent and you do not have to worry about any hidden fees etc. Overall, you can say that while competitive, Bitbuy’s fees tend to be slightly on the higher side. Bitbuy follows the market maker/taker model on its Pro Trade platform. This applies to all buy and sell orders on fiat, as well as for cryptocurrencies. The fiat withdrawal fees for Interac e-Transfer and bank wires are 1.50% and 1.00% respectively.
There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. No matter the type of user, Bitbuy understands getting started with crypto can seem daunting, and the company’s goal is to make the process easier. Since Bitbuy integrated Trulioo into the platform, alongside other tools to improve accuracy and efficiency, the match rate for applicants has increased substantially, and the time it takes to complete the process has fallen significantly. Using a risk-based layered approach to identity verification has helped prevent fraud and ensure compliance while building trust and confidence among users.
- Close to a million traders based in Canada traded over $7 billion on the platform.
- Bitbuy uses Trulioo Business Verification services to ensure corporate accounts are verified and compliant.
- Additionally, the platform provides real-time price quotations for bigger financial transactions, which assists in reducing the amount of slippage that occurs during these transactions.
- BitGo provides coverage for losses resulting from hacks, private key theft, loss of keys, and similar breaches.If that wasn’t enough, Bitbuy is also a FINTRAC-registered business.
- Bitnation.co shall not be liable for the consequences of trading decisions made by the Client and for the possible loss of his capital resulting from the use of this website and information published on it.
Bitbuy has a free mobile app for Android and iOS that lets you check your portfolio and trade. To qualify, you need a minimum of $50,000 CAD trades for Bitcoin and Ethereum and $20,000 CAD for any other coin. When you trade over-the-counter, you’re dealing directly with a seller or broker to buy or sell securities. You can also find higher staking rates on these platforms, although these rates are competitive in Canada. Bitbuy only supports a handful of tokens, and you have way more options with platforms like Cake DeFi and YieldFlow.
Two-factor authentication, often known as 2FA, is a security measure that prevents unauthorised users from accessing their online accounts by requiring the user to provide both a password and a unique code generated by their smartphone. The Pro Exchange platform gives customers the ability to trade cryptocurrencies for both Canadian Dollars and other cryptocurrencies as well as for Canadian Dollars. Even though the wallet is not as complex as the wallets given by some of the platforms that have been around longer, it helps assure that users will be able to simply transfer their crypto assets to another platform. When you want to take money out of your Bitbuy account, there are fees connected with the process. This concept is predominantly utilised by market-maker trading platforms, who take on the role of the trade’s counterparty in order to facilitate the transaction.
In addition, the platform stores 95% of all assets in cold storage, where they are protected from both physical theft and digital intrusion. OTC trading platform Bitbuy is controlled by FINTRAC since it is a licenced MSB (Money Service Business), which gives it a reliable medium for carrying out OTC transactions. Additionally, the platform provides real-time price quotations for bigger financial transactions, which assists in reducing the amount of slippage that occurs during these transactions. Because orders through the OTC platform may only be placed if they are greater than $50,000, this type of platform is best suited for dealing with substantial sums of money. Users also have the choice, according to their preferences, to place orders with either the market price or a limit price. For instance, if you want to make a deposit using the Interac e-Transfer, you will be required to make a deposit of at least $100 and no more than $20,000, and the fees connected with this method are 1.5%.
The fact https://forex-review.net/bitbuy-crypto/ that crypto assets on the Bitbuy exchange are totally covered by insurance is a significant factor that may sway investors’ decisions to channel their capital through the platform. For customers trading under $250,000 per 90 days, both trading types charge a 2% maker and 2% taker fee, which is high in the world of crypto exchanges. 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.With Bitbuy, you don’t pay fees for crypto deposits and withdrawals. Plenty of cryptocurrency exchanges have referral programs to incentivize new users. But if you’re an algorithmic trader, institution, or business that deals with serious amounts of crypto, API access is essential.If you need API-powered crypto trading, email email protected to request access and learn more.