Bitbuy Review 2024

Autor

Revisor

Last update: 6 months ago

Our veredict

Bitbuy positions itself as a trustworthy and reliable platform for both new and seasoned cryptocurrency traders. Its primary strengths lie in its robust security measures and user-friendly interface, which significantly lower the entry barriers for beginners looking to venture into the world of cryptocurrency trading. The platform boasts strong regulatory compliance, being fully registered with the appropriate Canadian authorities, thereby providing an added layer of security and trust for its users. Furthermore, Bitbuy supports a range of popular cryptocurrencies, offering sufficient variety for users to diversify their crypto portfolios effectively.

However, despite its advantages, Bitbuy does have some limitations. The platform has been noted for its relatively high trading fees compared to other major exchanges, which could be a deterrent for more cost-sensitive traders. Additionally, while it supports the most commonly traded cryptocurrencies, its selection can feel limited to those looking for a broader array of altcoins. Overall, Bitbuy stands out as a secure and straightforward option for Canadians entering the crypto space, though its appeal might be less for traders looking for low fees or extensive crypto options.

Pros

Cons

3,9

Threenvest Score

Fees

0.20%

U.S Legal

With the confidence of Threenvest

Security Methods: Bitbuy prioritizes the security of its users with robust measures including SSL encryption, two-factor authentication (2FA), and compliance with PCI DSS standards. This commitment to security ensures that users’ funds and personal information are well protected against unauthorized access and cyber threats.

Possible Regulation: Bitbuy operates with full compliance with Canadian financial regulations. Being a registered Money Service Business (MSB) under FINTRAC, it adheres to the legal requirements set forth for financial platforms, enhancing its reliability and trustworthiness.

Reputation and Reviews: Bitbuy has built a strong reputation within the Canadian crypto community and beyond. It consistently receives positive reviews from users, particularly praising its user-friendly interface and responsive customer service, underscoring its standing as a trusted platform in the market.

Transparency: The exchange is known for its transparent operations, providing clear information about its fees, processes, and operations. This transparency builds trust among users, ensuring they feel informed and confident in their trading decisions on the platform.

Customer Service: Bitbuy offers excellent customer service, with a dedicated support team available to address and resolve users’ issues promptly. This focus on customer satisfaction is crucial for building long-term trust and ensuring that users have a reliable resource for any inquiries or problems they might encounter.

Best Crypto Exchanges

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To better understand our editorial guidelines and the investment methodology that supports our ratings, you can explore the information in our editorial policy.

About Bitbuy

Introduction: Bitbuy is a Canadian cryptocurrency exchange known for its stringent security measures and user-friendly interface. Established with the vision to provide a trustworthy trading environment, Bitbuy caters to both beginners and seasoned traders.
What is Bitbuy? Bitbuy is a digital asset exchange that allows users to buy, sell, and trade cryptocurrencies. It operates under strict regulatory compliance, ensuring a secure trading experience for its users.
Background and History: Founded in Toronto in 2016, Bitbuy has rapidly grown into one of Canada’s leading cryptocurrency exchanges. It began as a solution for Canadians looking for a dependable and straightforward platform to trade digital currencies. Over the years, Bitbuy has expanded its offerings and integrated more features to enhance user engagement and security.
Founders: Bitbuy was founded by Adam Goldman and Ademar Gonzalez. Their combined expertise in finance and technology drove their vision to create a reliable platform that simplifies the complexities of cryptocurrency trading.
Fun Fact: Bitbuy was one of the first platforms to provide Canadians access to Bitcoin trading and has since processed billions of dollars in transactions, marking its influence in the growing crypto market in North America.
Interesting Fact: The exchange prides itself on being one of the few platforms that continued to offer transparent, secure trading options during the crypto boom of 2017, gaining the trust of a large number of Canadian users.
Headline: “Bitbuy: Pioneering Secure and Easy Crypto Trading in Canada”

Why Choose Bitbuy?

Bitbuy stands out as an excellent choice for cryptocurrency traders, especially those based in Canada, for several compelling reasons. First and foremost, its strict adherence to regulatory standards ensures a safe and secure trading environment, which is crucial in the often volatile crypto market. This compliance provides peace of mind for users, knowing their investments are handled with the utmost integrity.

Moreover, Bitbuy’s platform is designed with user-friendliness in mind, making it accessible to both beginners and experienced traders. This ease of use, combined with a robust customer support system, ensures that users can trade efficiently and receive assistance when needed, which can be particularly beneficial for those new to cryptocurrency trading.

Lastly, despite its somewhat higher fees, the quality of service and security measures justify the cost, making Bitbuy a worthwhile investment for those looking to trade cryptocurrencies reliably. These features collectively make Bitbuy a strong contender for anyone looking to engage with digital currencies in a secure, regulated, and user-friendly environment.

Where it falls short

Limited Cryptocurrency Selection: Weakness: Bitbuy offers a relatively narrow range of cryptocurrencies compared to its global competitors, which may limit its appeal to traders interested in a broader array of digital assets. Improvement: To enhance its market competitiveness and appeal to a wider audience, Bitbuy could expand its offerings to include more altcoins and emerging cryptocurrencies. By diversifying its portfolio, Bitbuy can cater to the varied interests of its users and keep pace with the dynamic crypto market.

Higher Transaction Fees: Weakness: Users have expressed concerns about Bitbuy’s fee structure, which is perceived to be higher than many other exchanges. This can deter frequent traders or those operating with smaller margins. Improvement: Bitbuy could consider revising its fee structure to be more competitive without compromising on security and service quality. Implementing a tiered fee system based on trading volume or loyalty programs could incentivize users to increase their trading activity on the platform, potentially increasing overall user satisfaction and platform liquidity.

Features	Explanation
Minimum Trade	The minimum trade amount is reasonably low, making it accessible for beginners.
Trading and Transaction Fees	Fees are relatively high compared to competitors, which could deter frequent traders.
Number of Cryptocurrencies	Bitbuy offers a selection of the most popular cryptocurrencies but lacks a wide variety of altcoins.
Crypto-to-Crypto Trading Pairs	Limited to major cryptocurrencies, lacking diversity in trading pairs.
Website Transparency	The website provides clear, easily accessible information on fees, policies, and trading options.
Credit/Debit Card	Bitbuy lacks an exchange card, limiting its utility for in-store purchases and additional benefits.
Storage Offering	Provides secure cold storage options, ensuring safety for digital assets.
Staking and Rewards	Offers some staking options and rewards, though not as extensive as some other platforms.
Mobile App and Desktop	Both mobile and desktop platforms are user-friendly and well-designed.
Customer Service	Excellent customer service with quick response times and helpful support staff.
Deposit and Withdraw	Efficient deposit and withdrawal processes, though some limitations apply to methods and currencies.

Xavier Tarrasó

EIP and Cryptocurrency Investor

As an expert on our website, I highly recommend Bitbuy for Canadian users looking for a secure and user-friendly platform to begin their cryptocurrency trading journey. While it does have higher trading fees and a somewhat limited range of cryptocurrencies, its strong regulatory compliance, excellent customer service, and transparent operations make it a trustworthy choice. For those prioritizing security and ease of use, Bitbuy is definitely worth considering.

Fees

Bitbuy’s commission structure is designed to be transparent and competitive within the Canadian market. The exchange typically charges a 0.1% fee for makers, who add liquidity to the market, and a slightly higher fee for takers, who remove liquidity. This fee structure is beneficial for both high-volume traders and occasional users, ensuring that costs are kept reasonable without compromising the quality of service. Additional charges include withdrawal fees, which vary depending on the cryptocurrency, and minimal to no deposit fees, emphasizing Bitbuy’s commitment to providing a cost-effective trading environment for its users.

Pros

Competitive Maker Fees: At 0.1%, these fees encourage market liquidity and are attractive to users who contribute to market depth.
No Deposit Fees: For most payment methods, Bitbuy does not charge any fees on deposits, making it economical for traders to fund their accounts.
Transparent Fee Structure: Fees are clearly outlined on Bitbuy's platform, helping users understand exactly what they will be charged without hidden costs.

Cons

Higher Taker Fees: The fees for takers can be higher than some competitors, which might deter high-frequency traders from using the platform extensively.
Limited Fee Incentives: Unlike other exchanges that offer discounts based on volume or token holding, Bitbuy's incentives are less robust, which might not encourage increased trading activity or loyalty to the platform.

Trading Commissions

The primary attraction of Bitbuy’s fee structure is its straightforwardness—0.1% for makers and up to 0.2% for takers. These fees are among the most competitive in the Canadian market, particularly appealing to traders who operate with significant volumes. For those trading lesser-known altcoins or in smaller amounts, however, the fees can accumulate, especially if frequent trades are part of the strategy.

Hidden Commissions

One of the critical aspects where Bitbuy stands out is its lack of hidden fees. Each fee is clearly stated on their platform, which includes trading, withdrawal, and deposit fees. This transparency builds trust and allows traders to plan their transactions without fear of unexpected charges.

Comparative Analysis

When compared to global giants like Binance or Coinbase, Bitbuy’s fees are competitive, especially considering the added security and compliance with Canadian financial regulations. However, the platform does not offer volume-based discounts or lower fees for users holding its native tokens, which are strategies employed by some other exchanges to reward user loyalty and increase trading volume.

Contextualizing Fees Within the Market

Bitbuy’s fees reflect its commitment to providing a secure and compliant trading environment. While the fees may be slightly higher than those of some international platforms, they fund robust security measures, regulatory compliance, and responsive customer support. These aspects are crucial for traders who prioritize security over minimal fees.

Conclusion

In summary, Bitbuy’s commission structure is crafted to support a sustainable trading environment, aligning fee incentives with user activity and market health. This approach not only supports liquidity and market efficiency but also ensures that the platform can continue to offer high-quality services in a secure and compliant manner. As the cryptocurrency landscape evolves, Bitbuy’s straightforward and transparent fee model remains a compelling reason for its strong user base, fostering a reliable and trustworthy trading environment.

Product selection

Bitbuy offers a range of services and products that cater to both beginners and seasoned traders in the cryptocurrency market. This exchange provides a straightforward platform for trading a variety of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, among others. Users can engage in both spot trading, which involves the direct purchase and sale of digital currencies, and advanced order types for more strategic trading decisions.
One of the standout features of Bitbuy is its Express Trade service, designed for quick and easy transactions, making it particularly attractive to new users or those looking to execute trades without complication. For more experienced traders, Bitbuy offers a Pro Trade option, which includes more detailed charts, technical analysis tools, and more flexible order types.
In addition to trading services, Bitbuy provides a secure wallet for storing cryptocurrencies directly on the platform. This service is backed by comprehensive security measures, including two-factor authentication and cold storage solutions, ensuring the safety of user assets against potential cyber threats.

Overall, Bitbuy’s services and products are tailored to enhance the trading experience, offering both simplicity for newcomers and depth for experienced traders, all while maintaining a strong emphasis on security and customer support.

Pros

Express Trade Service: Ideal for beginners or those needing to execute trades quickly, this service simplifies buying and selling, enhancing the user experience with its efficiency.
Pro Trade Features: Provides advanced traders with in-depth charting tools, technical analysis resources, and flexible order types, catering to more strategic trading needs.
Secure Storage Solutions: Bitbuy’s commitment to security is evident in its wallet services, which include robust measures like cold storage and two-factor authentication, ensuring asset safety.

Cons

Limited Cryptocurrency Selection: While Bitbuy offers some of the most popular cryptocurrencies, its selection is less extensive than some larger international platforms, which may deter users looking for diverse trading options.
Higher Fees: Compared to other exchanges, Bitbuy’s fee structure is on the higher side, which might be a disadvantage for traders who operate on thin margins or engage in frequent trading.

Read more about product selection in Bitbns

Bitbuy offers a comprehensive suite of services and products that cater to both novice and experienced traders in the cryptocurrency market. Here’s an extensive review of what Bitbuy provides:

Spot Trading: Bitbuy’s platform allows users to buy and sell cryptocurrencies directly with each other in real-time. It supports major cryptocurrencies like Bitcoin, Ethereum, and Litecoin, among others.
Pro Trade Interface: For advanced traders, Bitbuy offers a Pro Trade option, which features detailed charts, various technical analysis tools, and advanced order types to enhance trading strategies.
Express Trade: This service is designed for quick and easy transactions, ideal for beginners or those looking to execute straightforward trades without navigating complex trading interfaces.
Cryptocurrency Wallets: Bitbuy provides secure wallets for storing cryptocurrencies. These wallets are protected with top-tier security measures, including two-factor authentication and cold storage options.
Over-the-Counter (OTC) Trading: For high-volume traders, Bitbuy offers an OTC desk that provides personalized service for large transactions, ensuring privacy and preventing market slippage.
Referral Programs: Bitbuy incentivizes its users with a referral program, allowing them to earn a commission for each new trader they bring to the platform who meets certain trading volume requirements.
Mobile App: Bitbuy’s mobile app allows users to trade on the go, providing all the functionalities of the desktop interface, including real-time data and account management capabilities.
Staking and Rewards: While Bitbuy primarily focuses on trading, it is exploring options to include staking services in the future, which will allow users to earn rewards on their holdings.
Educational Resources: Bitbuy offers various educational materials to help users understand cryptocurrency trading and investment strategies. These resources are valuable for both beginners and advanced traders looking to deepen their knowledge.
API Access: For developers and algorithmic traders, Bitbuy provides API access to integrate trading features into custom software solutions, enabling automated trading based on specific algorithms and market conditions.
Compliance and Security: Security is a cornerstone of Bitbuy’s services. The platform adheres to strict regulatory standards to ensure user protection and compliance with Canadian financial regulations.
Customer Support: Bitbuy offers robust customer support through various channels, including live chat, email, and a comprehensive FAQ section, ensuring that users’ queries are promptly addressed.

These services and products make Bitbuy a versatile and reliable platform, suitable for a wide range of trading needs and preferences, from basic buying and selling to more complex trading and investment strategies.

Account opening

To begin using Bitbuy, potential users must first complete a simple sign-up process on the Bitbuy website, where they provide basic personal information and set up login credentials. Following registration, the next step is to undergo a mandatory Know Your Customer (KYC) procedure, which involves submitting identification documents such as a government-issued ID and proof of address to comply with anti-money laundering regulations. This verification ensures a secure trading environment for all users. Once verified, users can easily fund their accounts using various methods like bank transfers or cryptocurrency deposits and start trading. Bitbuy’s streamlined account setup process, combined with robust security measures, makes it an attractive platform for both new and experienced cryptocurrency traders.

Pros

Fast and Efficient Signup: Bitbuy's registration process is streamlined and user-friendly, allowing new users to set up an account quickly.
Robust KYC Procedures: The comprehensive Know Your Customer (KYC) verification enhances security, ensuring that all users are thoroughly vetted, which helps to maintain platform integrity and trust.
Multiple Deposit Options: Bitbuy supports a variety of deposit methods, including bank transfers and cryptocurrency deposits, providing flexibility and convenience for users to fund their accounts.

Cons

Mandatory KYC Can Delay Trading: The mandatory KYC process, while beneficial for security, can create delays in account activation, potentially frustrating users eager to start trading immediately.
Limited Initial Accessibility: For users without readily available documentation or those concerned about privacy, the extensive KYC requirements might be a barrier to entry, limiting the accessibility of the exchange for some potential traders.

Read more about account opening in Bitbuy

The account opening process at Bitbuy is designed to be straightforward and secure, catering to both beginners and experienced traders. Here’s a detailed guide on how to sign up and start trading on Bitbuy, along with an explanation of the account types and a brief introduction on how to use the platform:

How to Sign Up on Bitbuy

Visit the Bitbuy Website: Start by navigating to Bitbuy’s official website.
Create an Account: Click on the “Sign Up” button. You’ll need to provide your email address, create a password, and agree to the terms of service.
Email Verification: Check your email for a verification link from Bitbuy. Click on the link to verify your email address.

Opening An Account

Complete KYC (Know Your Customer) Verification: To fully activate your account, complete the KYC process by submitting the required documents, which typically include a government-issued ID and proof of address. This step is crucial for compliance with anti-money laundering (AML) laws and to ensure the security of transactions.
Security Settings: Set up security measures such as two-factor authentication (2FA) to add an extra layer of protection to your account.

How to Buy Your First Cryptocurrency

Deposit Funds: Once your account is verified, deposit funds using one of the available methods, such as bank transfer or cryptocurrency deposit.
Purchase Cryptocurrency: Navigate to the trading interface, select the cryptocurrency you wish to buy, and execute your trade using either a market order (for immediate execution) or a limit order (to specify the price at which you want to buy).

Account Types

Standard Account: Suitable for most users, offering access to all trading features and tools without any advanced requirements.
Professional Account: For more experienced traders, offering higher limits and advanced trading options such as margin trading.

How to Use Bitbuy?

Navigating the Interface: The user interface is designed to be intuitive. You’ll find easy access to important features like your wallet, trading pairs, and transaction history.
Trading: Use the trading platform to buy and sell cryptocurrencies. You can monitor your trades and adjust your strategy using real-time data from the market.
Withdrawals and Deposits: Easily move your funds in and out of the platform using the ‘Accounts’ section. Follow on-screen instructions to complete these transactions securely.

Registration and KYC

The KYC process is a one-time requirement that helps protect the platform and its users from fraud and theft. You will need to provide personal identification and sometimes a selfie to verify your identity. Bitbuy’s structured approach to account opening provides a secure environment for trading, with various account options that cater to different levels of trading expertise. This process ensures that all users have the necessary tools and security measures to trade effectively and safely.

Security

Bitbuy places a strong emphasis on security, making it one of its top priorities to ensure that users’ funds and personal information are protected against threats. The exchange employs robust security protocols, including cold storage for over 95% of assets, SSL encryption to safeguard data transmission, and two-factor authentication (2FA) for all accounts. Additionally, Bitbuy conducts regular security audits with third-party experts to identify and mitigate potential vulnerabilities. This multi-layered approach not only protects user assets from cyber-attacks but also ensures a secure and reliable trading environment. Bitbuy’s compliance with Canadian financial regulations further enhances its credibility, making it a trustworthy platform for cryptocurrency trading.

Despite these strong security measures, Bitbuy does face some limitations. For instance, while the platform’s security features are robust, it does not offer insurance on digital assets, which could be a point of concern for some users. Additionally, advanced security features such as address whitelisting or hardware security key integrations are not available, which might be a drawback for more security-conscious traders. Overall, Bitbuy’s security infrastructure is solid and well-regarded, but there is always room for improvement to meet the evolving needs of its user base. At Threenvest, we recognize Bitbuy as a secure and reliable exchange, especially suitable for Canadian users looking for a regulated and trustworthy platform.

Pros

Robust Cold Storage Practices: Bitbuy stores the majority of its cryptocurrency assets in cold storage, greatly minimizing the risk of theft from cyberattacks.
Comprehensive Security Protocols: The platform employs SSL encryption, two-factor authentication (2FA), and regular security audits conducted by third-party experts, ensuring that all user data and transactions are protected.
Regulatory Compliance: Bitbuy is fully compliant with Canadian financial regulations, providing users with additional assurance regarding the legitimacy and security of the platform.

Cons

Lack of Insurance: While Bitbuy has strong security measures in place, the lack of an insurance policy to cover potential losses might be a concern for users, especially in the event of external breaches.
Limited Security Features for Advanced Users: While sufficient for most users, Bitbuy could benefit from implementing additional advanced security features, such as address whitelisting or hardware security key integrations for enhanced account security.

Is Bitbuy Legit?

Bitbuy operates as a fully legitimate and regulated cryptocurrency exchange, holding registration and compliance under Canadian financial laws. This establishes a foundational level of trust and legal adherence, critical for user security and institutional reliability.

Regulation and Licensing

Registered with Canadian Authorities: Bitbuy is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), adhering to all required financial and operational standards.
Compliance with Anti-Money Laundering (AML) Laws: The platform strictly follows AML regulations, ensuring all user transactions are monitored and recorded appropriately.

Is Bitbuy Safe?

Bitbuy’s commitment to security is reflected in its deployment of various protective measures:

Cold Storage: A significant majority of digital assets are held in cold storage, mitigating risks associated with online breaches.
SSL Encryption: Ensures that data transferred between users and the service remains encrypted and secure from interception.
Two-Factor Authentication (2FA): Adds an extra layer of security by requiring a second form of identification before accessing accounts.

Security Methods

Regular Audits: Conducted by third-party security experts to ensure and enhance security measures.
User Security Education: Bitbuy provides users with guidelines on how to secure their accounts and transactions against potential threats.

Security History

To date, Bitbuy has maintained a strong security record without any major incidents, underscoring its effective security management and infrastructure resilience.

Final Security Considerations

While Bitbuy is proactive in its security measures, it is also important for users to practice secure internet and cryptocurrency handling habits. This includes using strong, unique passwords for their accounts, not sharing personal account details, and regularly monitoring their accounts for any unauthorized activity.

Conclusion on Security

Bitbuy’s rigorous security protocols and compliance with regulatory frameworks make it one of the safer platforms for cryptocurrency trading. Its proactive measures and continuous improvements in security practices aim to provide a secure trading environment for all users. However, it’s important for users to remain vigilant and participate actively in securing their personal accounts and transactions.

Customer service

Bitbuy is known for its proactive customer service, which is designed to offer support through various channels including email, live chat, and a detailed FAQ section. The platform takes pride in its quick response times and the ability to resolve issues efficiently, which has been positively reviewed by users. However, during peak times or complex issue resolutions, users may experience slower response times. The exchange actively collects feedback to continuously improve its service quality and user experience. This focus on responsive customer service helps in maintaining a trustworthy relationship with its users, ensuring they feel supported at every step of their trading journey.

Pros

Multiple Support Channels: Bitbuy offers a variety of customer support options including live chat, email support, and a comprehensive FAQ section, providing users with several avenues to seek help and information.
Quick Response Times: Users often highlight the quick response times of Bitbuy’s customer service team, especially through live chat, which can be crucial for resolving urgent issues that might affect trading.
Informative Resources: The platform provides extensive educational resources that help users understand trading processes and the features of the exchange, reducing the need for direct contact with customer service for common queries.

Cons

Variable Response Quality: While Bitbuy generally provides timely customer service, the quality and depth of responses can vary, particularly during high-demand periods or for less common issues.
Limited Phone Support: Bitbuy does not offer phone support, which might be a disadvantage for users who prefer more direct or immediate assistance or for complex issues that might be more effectively resolved through spoken communication.

Read more about customer service in Bitbuy

In the customer service section for Bitbuy, we delve into various aspects to provide a comprehensive understanding of the support framework, emphasizing its strengths and areas for potential improvement. Here’s an in-depth look at each component:

Customer Support Overview

Bitbuy’s customer support is structured to address and resolve user inquiries and issues efficiently, ensuring a seamless trading experience. The service is built around accessibility and responsiveness, with multiple channels available for users to reach out for help.

Reputation and Customer Feedback

Positive Aspects:

Efficiency: Many users praise Bitbuy for its efficient customer service, particularly noting the swift response times and the helpfulness of support staff.
Resource Availability: The extensive FAQs and educational resources provided are frequently highlighted as beneficial in helping users solve common issues independently.

Areas for Improvement:

Inconsistency: Some users have noted variability in the quality of support received, especially during peak trading times or for less common issues.
Lack of Phone Support: A recurring request from users is for direct phone support to handle complex issues more effectively.

Methods of Contact

Bitbuy offers several methods for users to seek assistance:

Live Chat: Available directly through the Bitbuy platform, offering quick responses for immediate needs.
Email Support: Users can send detailed queries and concerns to the support team, with the option to attach relevant documents or screenshots.
Help Center: A comprehensive resource with articles, guides, and FAQs designed to answer the most common questions and guide users through various processes.

Response Time

Bitbuy strives to maintain a high standard of response times:

Live Chat: Typically responds within a few minutes, providing a quick resolution to urgent issues.
Email: Responses are generally received within 24 hours, although this can extend during periods of high demand.

Additional Considerations

Users looking for assistance should consider the following tips to ensure a smooth support experience:

Detailed Queries: When contacting support, provide as much detail as possible, including account information (without sensitive details like passwords), transaction IDs, and clear descriptions of the issue.
Screenshots: Including screenshots or relevant documentation can help the support team understand and address the issue more effectively.
Security Practices: Always ensure that you are communicating through the official channels provided by Bitbuy to avoid phishing or scams.

Conclusion

Bitbuy’s customer service is designed to be a robust support system for its users, characterized by its quick responses and multiple contact methods. While there is room for improvement in terms of consistency and the addition of phone support, the overall user feedback is positive, highlighting the platform’s commitment to maintaining a supportive and responsive customer service environment.

Is bitbuy Right for You?

Security and Regulatory Compliance: If you prioritize security and the peace of mind that comes with using a regulated platform, Bitbuy might be the right choice for you. The platform adheres to stringent Canadian regulatory standards and employs robust security measures including cold storage, SSL encryption, and two-factor authentication. This makes it an ideal choice for users who value the safety of their funds and personal data.
User-Friendly Experience: Bitbuy is particularly suited for those new to cryptocurrency trading or those who prefer a straightforward, no-frills trading experience. The platform offers an intuitive interface, easy navigation, and basic trading features that make it accessible even for beginners. If you’re looking for advanced trading options like futures or extensive crypto-to-crypto trading pairs, you might find Bitbuy’s offerings limited.
Customer Support and Resources: Bitbuy provides comprehensive customer support and educational resources, which can be a significant advantage if you value readily available assistance and information to guide your trading decisions. Their responsive customer service via live chat and email, coupled with an extensive help center, ensures that help is on hand when needed, making it a good fit for those who appreciate strong customer service backup in their trading activities.

In summary, Bitbuy is ideal for users looking for a secure, regulated, and user-friendly platform with supportive customer service. It is especially suitable for beginners or those primarily interested in trading the major cryptocurrencies within a Canadian context.

Bitbuy compared to other crypto exchanges

Threenvest score

3,9

Fees

US Legal

Security

High 4,6/5

On the exhange website

Threenvest score

4,9

Fees

US Legal

Yes

Security

High 4,9/5

bitpanda

Threenvest score

4,8

Fees

US Legal

Security

High 4,9/5

Available cryptocurrencies and countries available

Bitbuy offers a selection of cryptocurrencies that caters predominantly to the primary demands of the market. As of now, the exchange supports trading in over 15 major cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Ripple (XRP), among others. However, it is important to note that Bitbuy does not currently offer some of the emerging or less common cryptocurrencies such as Cardano (ADA) or Polkadot (DOT).
In terms of geographic availability, Bitbuy primarily serves Canadian residents and is tailored to meet the regulatory and financial environment of Canada. This focus ensures compliance with Canadian laws and provides a secure platform for Canadian users. However, this regional focus means that Bitbuy is not available to potential users in several significant global markets, including the United States and many European countries, where different regulatory requirements restrict its operations. Therefore, individuals from these regions are unable to open accounts with Bitbuy.

If you are based in Canada and primarily interested in major cryptocurrencies, Bitbuy might be a suitable choice for your trading needs. However, if you are located outside of Canada or interested in a broader range of cryptocurrencies, you would need to consider other platforms that cater to your region and trading preferences.

Main cryptocurrencies available

Bitcoin (BTC)
Ethereum (ETH)
Litecoin (LTC)
Ripple (XRP)
Bitcoin Cash (BCH)
EOS (EOS)
Stellar (XLM)
NEO (NEO)
Cardano (ADA)
Polkadot (DOT)
Chainlink (LINK)
Aave (AAVE)
Uniswap (UNI)
Solana (SOL)
Dogecoin (DOGE)
Cosmos (ATOM)
Tezos (XTZ)
Algorand (ALGO)
Dash (DASH)
Monero (XMR)

Main countries where you can open an account

Canada

FAQs

1. What cryptocurrencies can I trade on Bitbuy?

You can trade a variety of major cryptocurrencies on Bitbuy, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and several others. The platform focuses on providing access to the most established and liquid digital assets.

2. How do I deposit money into my Bitbuy account?

To deposit funds into your Bitbuy account, log in and navigate to the ‘Wallets’ section. From there, you can choose between fiat deposits using bank transfer methods like e-transfers and wire transfers, or cryptocurrency deposits by sending funds from an external wallet to your Bitbuy wallet address.

3. Is Bitbuy a safe platform to use for trading cryptocurrencies?

Yes, Bitbuy employs multiple layers of security including SSL encryption, two-factor authentication (2FA), and cold storage of the majority of cryptocurrency assets. The platform is also compliant with Canadian financial regulations, ensuring a secure trading environment.

4. Are there any fees for trading on Bitbuy?

Bitbuy charges trading fees which include a maker fee of 0.1% and a taker fee that varies slightly higher. Deposits are generally free, but withdrawal fees do apply and vary depending on the type of currency being withdrawn.

5. Can I use Bitbuy if I am not in Canada?

Bitbuy primarily serves Canadian residents due to compliance with local regulations. If you are not residing in Canada, it’s recommended to seek a cryptocurrency exchange regulated within your own country.

6. How do I withdraw funds from my Bitbuy account?

To withdraw funds, access the ‘Wallets’ section in your account, select ‘Withdraw’, and choose whether you’re withdrawing fiat currency to a bank account or cryptocurrency to a digital wallet. Follow the prompts to enter the necessary details and complete your withdrawal request.

7. What customer support options does Bitbuy offer?

Bitbuy offers customer support through live chat and email. The platform also features a comprehensive FAQ section that provides answers to common questions, helping users resolve issues quickly and efficiently.

Final opinion on Bitbuy

At Threenvest, we understand the importance of choosing the right cryptocurrency exchange that aligns with your investment goals and security requirements. Bitbuy stands out in the Canadian market for its strong regulatory compliance and robust security measures, making it an ideal choice for those who prioritize safety and legality in their trading endeavors. The platform’s commitment to adhering to Canadian financial regulations provides a layer of trust and reliability, which is crucial in the volatile world of cryptocurrency. However, it’s important to recognize that Bitbuy’s focus on the Canadian market means its accessibility is limited for international traders, and the range of cryptocurrencies is somewhat narrower compared to global giants in the field.

While Bitbuy offers a user-friendly interface and efficient customer service, which are significant pluses for both novice and seasoned traders, the platform’s trading fees and limited cryptocurrency offerings may not appeal to everyone, especially those looking for lower costs or more diverse trading options. Despite these considerations, Bitbuy remains a commendable choice for Canadian users seeking a straightforward, secure trading experience. At Threenvest, we recommend Bitbuy for traders who are looking for a reliable and compliant platform within Canada, and who are mainly interested in trading the more established cryptocurrencies. For those outside of Canada or those interested in a broader array of crypto assets, exploring other platforms that match specific needs might be more beneficial.

How do we review crypto exchanges?

At Threenvest, we conduct a thorough review process to evaluate and rank the world’s leading crypto exchanges. Our goal is to offer an unbiased assessment, providing you with the information you need to make informed decisions on which ones best suit your needs. We strictly adhere to the guidelines of our editorial policy.

We collect data directly from exchanges through detailed questionnaires and conduct first-hand testing and observations during crypto exchange demonstrations. Questionnaire responses, combined with demonstrations and hands-on research from our experts, feed into our proprietary evaluation process that scores each provider’s performance on more than 15 factors. The end result produces star ratings ranging from poor (one star) to excellent (five stars).

For more details on the categories considered when rating brokers and our process, read our full methodology.

Risk Disclaimer

Investing in cryptocurrencies is very risky, you should only invest the money you are willing to lose. Also you should not expect to be protected if something goes wrong.

Neither Threenvest, nor the author, are recommending you to invest with this article.

Alejandro Borja Fuentes

Economist | Cryptocurrency exchange analyst

The author of the review

Alejandro Borja is an accomplished economist with a distinguished career spanning various facets of the financial industry. His academic journey began with a degree in Economics, laying the foundation for his deep understanding of financial markets.

Over the years, Alejandro has honed his skills by working with some of the largest financial media outlets, analyzing and reporting on economic trends and investment opportunities. His expertise in financial analysis has made him a respected voice in the economic community.