Bitbuy Review: We Spent $100 To Fully Test Their Platform

Bitbuy Review: We Spent $100 To Fully Test Their Platform

We found that cryptos are the best way to deposit and withdraw funds to your Bitbuy account as there is no deposit fee. The withdrawal fee is also cheaper when compared to conventional withdrawal methods. Additionally, the processing time is faster when done via cryptos. Whether you’re a seasoned or just a beginner trader, Bitbuy can help you take the next step towards buying and selling your cryptocurrencies.

• This will decrease your chances of slippage if the trade goes against you; liquidity will likely be thin as many traders rush to exit the market.
• Bitbuy has been operating since 2016 and has never been hacked.Regulation.
• You may also place a limit order, meaning that the transfer will execute only when the price falls to your specified number.
• However, this is still a reasonable funding requirement for everyday investors.
• It allows you to work directly with one of Bitbuy’s experienced traders.
• Users can also enable multi-factor 2FA authentication to help secure their accounts.
• The pullback trade is one of the best strategies for developing your scalping and crypto day trading arsenal.

Other Exchange Reviews

It has 17 coins available that you can buy and sell on the exchange. Bitbuy offers top-of-the-line security, with advanced 2FA and a 95% cold storage security policy. The most recent audit revealed that Bitbuy surpassed its cold storage policy by attaining an average of 98.12%. In terms of deposit fees, for Interac e-Transfer, Bitbuy charges 1.5% and 0.5% for bank wire transfers. Bitbuy Express lets you purchase crypto assets easily in just a few clicks.

Bitbuy vs Wealthsimple Crypto

• I prefunded my account with $50 CAD by eTransfer, which arrived in less than 5 minutes.
• Signing up to Bitbuy is quite a long process due to their compliance process.
• No automation software is available for users who do not use the API.
• However, you usually don’t upload any ID or documents, so it’s quite speedy.
• If you’re just looking to make a quick purchase at market price, Bitbuy Express is a great choice.
• Depending on the feature you’re using, you’ll also be charged various trading fees.
• Toronto-based Bitbuy is the first registered crypto marketplace in Canada.

This review provides all of the features and ways to buy crypto with Bitbuy. There is no shortage of cryptocurrency exchanges to pick from as a Canadian. Bitbuy, which tailors its entire experience to the Canadian user, is one of the most established in the market.

How to Buy Crypto on Bitbuy

Finally, you’ll need to upload a financial document such as a bank statement and a utility bill such as an internet bill. While Bitbuy is tailored for Canadian residents, you can still access it from abroad if you’re based outside of Canada. Sign in to your financial institution or online banking platform and complete the transaction. Do not hesitate and start making the most of this experience. Once your email has been verified, you can sign it to Bitbuy.

Bitbuy Security

This is another great feature that Bitbuy offers at no extra charge. To apply for it, you need to send a request for API and, once approved, you’ll be able to set up CAD-to-crypto and crypto-to-crypto pairings and fully automate your trading routine. Of course, you’ll have to load up your account first, as with all other services we’ll discuss later in our review. It’s worth mentioning that you can only trade a limited selection of cryptos this way, but it’s still a great starting point and works like a charm. Connect with Bitbuy customer service by submitting an online contact form. There’s also a helpful web database of FAQs and help articles to guide you through account setup, funding, trading and more.

Customer support

Users can store their Bitcoin in the platform’s offline vault covered by a value-matched insurance policy. It also conducts frequent financial audits fully regulated as an MBS by FINTRAC. You can also set up two-factor authentication on your account for additional security. Bitbuy was founded in 2013 as InstaBT by Adam Goldman in Toronto.

Over 1,500 businesses have already entrusted their crypto dealings to this company. Pro Trade is Bitbuy’s advanced trading mode and a tool you’ll most likely switch to when you bitbuy canada review learn the crypto trading ropes. The reason for that is really simple – it was the first crypto platform in Canada to become fully regulated as a marketplace.

Signing up to Bitbuy is quite a long process due to their compliance process. Furthermore, Bitbuy is registered by FINTRAC as a Money Services Business (MSB). Before beginning to work in Canada, every MSB business has to be registered by FINTRAC.

But if you’re looking for a secure, efficient and reliable place to buy and sell cryptocurrencies, you can’t go wrong with either NDAX or Bitbuy. In addition, they earn extra bonus of $5 for each friend they refer to the crypto exchange. Learn more about the referral program in this post about Bitbuy promotions.