When a trader uses this platform, both maker fees and taker fees are 0.5%. Bitbuy is planning to reduce this fee to 0.2% after launching the new user interface. The trading fees are slightly above the global industry average, but this is compensated with the lower fees for CAD deposits and withdrawals. If a user trades on Pro Trade, the taker fees are 0.20%, while the maker fees are 0.10%. Apart from Bitbuy’s trading fees, there are deposit and withdrawal fees. On this platform, there are lower trading fees for all transactions.

Once you’ve gained some experience, you can upgrade to a Pro Trade account. New users can simply submit their information for automated verification. Bitbuy will review the information, and you can get verified in seconds.

To find an exchange accepting also non-Canadian traders, you can check out our Exchange List. Wallets The best places to hold your crypto; securely, anymously, easily. Merchants We have gathered some of the best merchants that accept crypto in one place.NFT Markets All marketplaces for NFTs in one, easy to compare, list. You will need a cell phone with a North American phone number (+1 country code) to activate and use our two-factor authentication security protocol. Additionally, there is a comprehensive support page and FAQ section to assist in navigating the platform and addressing general queries.

Express trades on the Bitbuy platform are charged at a 0.20% rate while pro platform trades attract 0.10% and 0.20% maker-taker fees, respectively. Depending on the settings, an API can give authority to open and close trades and initiate asset transfers. Sophisticated bots can even perform more advanced functions such as portfolio rebalancing and derivative orders even when the platform does not support them.

Once you have selected the deposit option, copy the wallet address to your external wallet or scan the QR code and complete the transfer. Deposit Bitbuy supported cryptos, for the purposes of trading and investing. Users can easily transfer cryptos between their external wallets and their Bitbuy wallets.

Buying bitcoin and cryptocurrencies in Canada

If you are trading on the “Pro Platform” you will be charged according to a maker / taker fee schedule. If you are a taker you will be charged 0.20% whereas if you are a maker you will be charged 0.10%. This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. You should be aware that you may lose a significant portion of your portfolio. I then bought XLM so I could cheaply transfer to Binance and trade back to Tether.

Thankfully, this platform has the option to place limit as well as market orders. Something else that we really liked about this platform is the fact that it has “break-out” screens. This means that you can pop out any of the screens from the main interface. Essentially, you can set your own trading layout across your screen. The Pro Trade platform also has your standard market depth charts.

As you can see, there are 17 different coins for you to choose from. Now, if you’re interested in less popular tokens, this might be an issue. However, if the main assets are all you need, then you’ll be happy to know that Bitbuy supports them all. Bitbuy crypto exchange has quite a lot to offer, so let’s take a look at each of the aspects separately and see what it’s all about.

Investors and traders simply need to go to the “Wallets” page to access the respective wallets. Here, users may also view a summary of balances held across the respective wallets. For traders using the Pro Trade platform, Bitbuy provides market trading histories in addition to a trader’s orders.

Is BitBuy a legitimate crypto exchange?

In order to ensure the safety of user funds, Bitbuy adheres to a self-imposed mandate to store more than 95% of all client assets in cold storage. This refers to the practice of storing cryptocurrencies offline to avoid being hacked. Bitbuy also uses 2-factor authentication to add an extra layer of security to user accounts.

Most Interac e-Transfers will settle within the same day, and, in some cases, several hours. I’ve had an issue with my crypto deposit but the support team was very helpful and responsive. I also want to shoutout Jeff for being an amazing help with this matter. However, to check the complete fee structure of Bitbuy exchange by clicking here.

Buy or sell with market or limit orders with our live order book. Bitbuy maintains multiple channels through which its users can get help and support. The company maintains social media pages, an informational YouTube channel, and a dedicated support page that also allows customers to submit support tickets for more customized help.

However, if you live in Canada, you should definitely check this platform out. Once again, people who are interested in buying the most mainstream coins should find Bitbuy more than enough. However, if you’re looking for a platform that gives you more possibilities, then there are other options that you should take into account. Bitbuy is very serious about security, so their built-in wallet is also one of the more reliable ones. One of the most exceptional aspects about it is that Bitbuy is the only one Canadian exchange that insure their users’ Bitcoins.

Bitbuy vs Other Crypto Exchanges

Coinbase is one of the world’s largest bitcoin exchanges and also considered to be one of the safest. Coinbase is a regulated company and holds licenses in all districts in which it operates. It is also a VC backed company with over $100 million in funding. Trusted online cryptocurrency exchanges operating in Canada including Bitbuy, CoinSmart, and ShakePay. The app supports all primary functions and has a clean interface. As a result, you will not face any issues toggling between different options on the app.

Bitbuy has separate systems for basic traders and more experienced traders , making it perfect for beginners who just want to hop on and purchase some crypto. Before finishing this Bitbuy review, there’s a final thing to remember. If you take your security seriously and are thinking about buying cryptocurrencies, always make sure to also get a secure wallet for your assets. In case you don’t know where to start, check out Ledger Nano X and Trezor Model T first. Bitbuy is one of the most recommended cryptocurrency exchanges in Canada.

Bravo Bitbuy! Hands down best Bitcoin buying app in Canada

In the Pro Trade platform, users trade crypto-CAD and crypto-crypto pairings. They must open the page and select the cryptocurrency they wish to trade from the options in the dropdown menu. Then, enter the quantity you want to buy in CAD or crypto and click the Buy/Sell icon. These wallets are not free, but it is important to protect your cryptocurrencies.

Upon submission of a withdrawal request, a Bitbuy representative will be in touch for your banking information. Choose your withdrawal method, enter the CAD amount that you wish to withdraw, and the name of the bank. In order to make a Canadian Dollar withdrawal, go to the “Wallets” page and then click the “Withdraw” icon located interest rates on treasury bonds on the right-hand-side of the CAD wallet. There is a minimum deposit of C$20,000 and a transfer fee of 0.50%. Additionally, users may view CAD and digital currency balances via the “Accounts” or “Wallets” pages. As shown below, details provided include data, transaction type, amount, coin, status, and blockchain record.

One of the most important requirements for regular cryptocurrency users is the fees that are charged by the exchange. These include fees that are charged when sending / withdrawing currency as well as the fees that one could be charged for merely buying and selling. Bitbuy is now also available on-the-go with their mobile app, which is available for both iOS and Android devices. The app allows users to access all of the features they use on the desktop web version, including buying, selling and transferring CAD and crypto.

Bitbuy Overview

Bitbuy is also registered under the Ontario Securities Commission and the Canadian Securities Administrators as a broker and marketplace. Whether you are an advanced trader or a newbie to crypto, Bitbuy is an excellent option. Coinbrary’s mission is to provide you with the latest news & advice on Bitcoin and cryptocurrency and tips on personal finance generally to help you live your best life. Overall, Coinbase is a solid choice to buy crypto with a Canadian debit card and to withdraw to a Canadian PayPal account. Bitbuy has over 375,000 users and there has been over $4.4B transacted through the platform.

Once done, check the reCAPTCHA box and solve the human-test challenge then click the button. You will be redirected to the phone verification screen where you will enter the code you received on your phone. In the submission form, provide a detailed explanation of your issue and provide an attachment if necessary. Makers are parties that introduce liquidity to the marketplace while takers perform opposite actions.

Key features of the Bitbuy platform include:

While this is certainly inconvenient, it is also in place for security purposes. In this case we think a little inconvenience is worth it for the added safety. As you can see, you can access all of the functionality from this main admin panel. When you buy or sell a coin you are buying at the rate Bitbuy is willing to give you at that particular moment.

Therefore, Bitbuy has not ventured into the territory of a number of other altcoins that are being offered by Canadian exchanges. However, given that EOS and Stellar Lumens are relatively recent additions, it does show that they are willing to add further coin support. They have promised AAVE and LINK are coming soon, so it does look like the number of choices is improving. While you can opt for the express Interac transfer, we are of the view that it not really worth the fees that are charged. It merely requires you to carefully plan your deposits such that you are getting the most bang for your buck. As the exchange progressed, they decided to re-brand to Bitbuy and included a number of other cryptocurrencies on the platform.

With over a decade experience in financial services, he’s passionate about personal finance, investing and helping people take control of their financial life. And if you want to start investing without worrying about the right platform or want to hold crypto in your TFSA or RRSP, a crypto ETF may be for you. The posts below cover the best options available to Canadian investors. In terms of size, it is bigger than Bitbuy and all the other crypto platforms in Canada.

Is Bitbuy Legal In Canada?

In Express Trade, users don’t have to worry about maker-taker fees as all trades carry a 0.50% fee. In Pro Trade, however, the initial maker fee is 0.10% for buy and sell fx choice review orders, while takers pay 0.20%. These fees are relatively lower compared to other exchanges like Coinbase’s Coinbase Pro, which charges makers 0.40% and takers 0.60%.

To withdraw money, you can make a crypto transfer, direct bank deposit , or wire transfer. NDAX also has a separate OTC trading desk for orders above $40,000. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person.

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