The popular Canadian cryptocurrency exchange Bitbuy was developed in Toronto. All crypto enthusiasts in Canada can access multiple digital currency exchange platforms, both local and international exchanges ones.
One of the best cryptocurrency exchanges in Canada is Bitbuy. It is specialized and client-focused. The main problem with Bitbuy is that their exchange only supports 17 different coins.
What is Bitbuy?
In 2013, Ademar Gonzalez and Adam Goldman created Bitbuy, a Canadian advanced trading platform. The company is First Ledger Corporation’s subsidiary unit, whose primary operation offers exchange solutions to investors. It was originally known as InstaBT, and Canadians are its best users. It was changed to Bitbuy shortly after it began to grow.
The primary goal of the company is to provide customers with safe and secure access to the most well-known cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens, Ripple, and EOS. An evaluation of Bitbuy claims that this platform now supports more than 20 other well-known cryptocurrencies.
Bitbuy Review: Pros and Cons
Pros:
- User-friendly Express Trade feature
- Pro Trade gives access to advanced charts and tools
- Extremely secure crypto exchange with BTC insurance
- Mobile app for iOS and Android
- Zero deposit fees, regardless of payment method
Cons:
- Limited range of only 17 cryptocurrencies
- Only available in Canada and CAD is the only fiat currency supported
- No live chat customer support
How Does Bitbuy Work?
Both novice investors and experienced investors can use Bitbuy’s simple functionality. The user-friendly trading platform’s Express Trade feature provides a super-simple trading process. So let’s begin by going over how this business operates.
On its official website, you must register and sign up to use it. For the process, enter your email ID and password and approve the confirmation link you receive in your email. Once you’ve met the criteria, you’ll be qualified for a $20 promotional discount. The Bitbuy referral program, on the other hand, will give you $40 for each person who registers using your special referral link code.
Enter your phone number to finish setting up and activating the account. In order to confirm a phone number, you will get an OTP on their phone. The Bitbuy platform also requests additional personal information for automatic verification in addition to this 2-factor authentication security measure.
If you fail to pass this instant verification process, provide the documents mentioned below:
- Utility bill (utility bill like a phone, electric, or internet bill), Notice of Assessment, T4, etc.
- Financial Statement (loan, bank statement, credit card, or debit card statement)
- a copy of any ID recognized by the government (such as a passport or license).)
- Selfie with any ID, the face should be visible and should have the caption “For Bitbuy Use Only.” Also, the date should be included.
After the account has been created, you can begin funding it by bank wire, adding cryptocurrency, or using an e-transfer.
How to Creat An Account With Bitbuy
Creating an account on Bitbuy does not take much time; you must follow the easy steps mentioned below:
Step 1: Open the official website and click on Sign-up to Get Started. You would receive a $20 bonus for clicking this link.
Step 2: Enter the necessary information, such as your email address and password, and if you have a referral link or code, be sure to enter it as well. Click Create account once you have finished entering the information.
Step 3: Click the Verify my Email link in the email Bitbuy sent you to confirm your email ID. You will be compelled to set up 2-factor authentication after confirming the email address for security reasons. Your account will be ready in no time, and you can start trading immediately after the verification is complete.
Key Features of Bitbuy
Bitbuy is a trustworthy one-stop shop for multiple cryptocurrency traders. The following features are important to be aware of if you want to start trading cryptocurrencies on this platform.
Bitbuy Canada
It is available only to Canadian citizens and residents and cannot be used if you are located in any other part of the world.
Suitable for a Wide Range of Traders
The platform, which is very easy to use, gives traders two options, Express and Pro, depending on their level of experience. Pro is a good option if you are an experienced cryptocurrency trader. With the Pro Trade platform, buyers can buy and sell crypto assets through the market or limit orders.
But if you’re just getting started, pick Express. With the advanced trading interface’s simplicity, buying cryptocurrencies becomes hassle-free.
Selection of Cryptocurrencies
According to Bitbuy reviews, traders can buy and sell a number of the most well-known cryptocurrencies on this platform, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens, and Ripple.
Complies With Regulations
If you’re looking for a crypto exchange platform, it might be a reliable option. The Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC, has deemed it compliant.
24*7 Customer Service
The platform provides a direct customer support line and promises to respond to emails within 12 hrs. The customer support service team offers quick responses and an approachable attitude, solving customer queries in a few hours.
Product and Services Offered by Bitbuy
The use of centralized cryptocurrency exchanges is straightforward. But they generally lack additional features. Bitbuy, on the other hand, provides a user-friendly platform and a straightforward design with added functionality. Various types of Bitbuy products and services are available for all Canadian traders:-
Express Trade
The platform offers a unique item for new users called the Express Trade platform. There are no extraneous or unnecessary tools that could confuse beginning traders, and the navigation is simple and easy to use.
Pro Trade
This was created specifically for experienced traders. It offers extra features like in-depth market and technical analysis and Bitbuy fees using TradingView technology.
Otc
OTC or Over-the-counter is another product developed for vast trades of over $50,000 in CAD, ETH, or BTC equivalent. It offers you the chance to deal with knowledgeable traders directly through Bitbuy. Additionally, you receive real-time price quotes to prevent slippage.
Api
Experienced traders should use the API service. It offers a variety of crypto-to-crypto and CAD-to-crypto pairs and was created for dependable partners to connect with 10+ markets. This service is used mainly by crypto businesses that wish to automate the trading processes, such as algorithmic developers, traders, institutions, and many more.
How to Use Bitbuy?
If you decide to start trading on the platform after going through this Bitbuy review, you first need to create a Bitbuy account and then add funds to start trading. Because of its low trading fees, Bitbuy is popular with most users.
You can start making deposits into your account once the verification procedure is finished. Going to the Wallet section, which will list all the deposit addresses to which you could send the cryptocurrency, is the first step in the simple process. The desktop and mobile platforms of Bitbuy make it very simple to buy and deposit cryptocurrencies.
As simple as depositing, withdrawing cryptocurrency from the exchange entails sending a withdrawal request, pasting the receiving address, and approving the two-factor authentication procedure. Bitbuy sends the money as a public transaction, which typically propagates slowly throughout the network.
Use any of the payment options below to send or receive money in Canadian dollars. The processing times are provided as a guide only and may vary depending on the bank provider, so all users are urged to keep this in mind.
Bitbuy Review: Our Verdict
One of Canada’s top cryptocurrency exchanges is Bitbuy. It is laser-focused and client-centered. It is focused and customer-oriented, aiming to foster its local customer base, smooth functioning, and regulatory compliance rather than being a global conglomerate.
FAQs
Is Bitbuy Legit Exchange?
The answer is that Bitbuy is a trustworthy platform that has been registered with FINTRAC as a MSB, or money service business.
Does Bitbuy Offer An App?
Yes, Bitbuy has a mobile app that works on both iOS and Android phones and tablets. On the mobile app, users can access all the key functions of the browser version.
Is Bitbuy Regulated?
In Canada, Bitbuy Canada is governed as an MSB. However, it is not a part of CIPF or IIROC.
Is It Safe and Secure to Store Crypto on Bitbuy?
The security of the website and the Canadian users is a top priority for Bitbuy. With additional 2-factor authentication and 95% cold storage, it uses one of the best crypto exchanges with above-par security systems to protect the accounts.
