Sometimes this also happens when you try to withdraw your money – they’ll try to verify something and it’ll take some days. EOS and XML, for their part, seem to be side projects of Bitbuy. They didn’t create them, but they did implement them into their exchange for some academic reasons, no doubt. Bitbuy Wallets show you all current holdings across all currencies. The company claims to hold 95% of users funds in cold-storage (i.e. offline) to optimize security.

• Bitbuy’s trading platform has everything you would need to trade in an attractive color scheme, which you have the option to change.
• Through OTC orders, investors get the current trading price and avoid the slippage that would otherwise occur.
• You have to go to the Pro Trade page, click on List and choose a crypto-crypto or crypto-Canadian dollar pairing.
• Bitbuy will send you the funds as a public transaction which will take time to propagate through the network.
• Ranking, remember that your website is your online business card.

Also, crypto assets on Bitbuy are covered by a comprehensive insurance policy through BitGo. As per its website, it utilizes “industry-leading security systems” to protect your account, including a 95% cold-storage policy and 2-factor authentication. The platform is available on all devices and also offers mobile apps for iOS and Android devices. If you are on the hunt for the next Bitcoin digital asset or want to start trading cryptocurrencies in general, Bitbuy is one option to check out.

Bitbuy Review: Complete Exchange Overview

It is safe to say Bitbuy is up there with the best crypto exchanges in Canada. Yes, you can trust Bitbuy, as it is the most secure and trusted Canadian cryptocurrency exchange. Bitbuy is registered with FINTRAC as a Money Services Provider, and their servers are secured across multiple world class cloud providers and disaster recovery locations.

If you are confused, you can take help by clicking on Use Best Ask or Use Best Bid. Jordan is a Sales Professional and Growth Marketer with 10+ years’ experience. Jordan is passionate about blockchain, bitbuy canada review decentralization and emerging technologies. He is also active in Toronto’s startup community, often attending meet-ups, conferences and having made seed investments in up and coming startups.

If you sign in using a new device or browser, Bitbuy will ask you to verify the login via email, and then text you a code to enter as well. Finally, you’ll need to upload a financial document such as a bank statement and a utility bill such as an internet bill. Enter your name, date of birth and occupation, then hit https://broker-review.org/ next. If your account does not get verified automatically, you’ll be taken to another page where you must upload documents to have your account verified manually. Signing up to Bitbuy is quite a long process due to their compliance process. Easy to use, reliable and transparent to its fees, no hidden charges.

Cryptocurrency trading is taking the world by storm, and we don’t expect it to slow down anytime soon. It’s considered by many new investors a strong alternative to buying stocks. Like many exchanges, BitBuy has an educational section. If both of these options fail, you’ll need to upload a financial statement, utility bill, government ID, and selfie with the ID. It was easy to navigate with a helpful site menu at the bottom of the page. You can also integrate with Trading View charts for signals and indicators.

Open account with Bitbuy and get free $20

The API is available to individuals, businesses, algorithmic traders, cryptocurrency ATMs, and other companies that want to automate their trading activity. The Bitbuy OTC service also offers lower fees on these high-volume orders. The Express Trade interface facilitates one-click buy and sell orders that execute in real-time — a highly convenient, accessible way to buy cryptocurrency.

Bitbuy enables withdrawals and deposits in all supported digital currencies. The Bitbuy OTC service caters to high-volume cryptocurrency traders by ensuring there is enough liquidity to fulfill each order at one price. Large volume traders and business clients can also make use of Bitbuy’s OTC trading desk . Users need a Canadian mobile number to register and trade. Bitbuy exclusively provides services to Canadian citizens. Platforms like Coinbase and Binance have an international presence while also catering to Canadian customers.

I applied for Gold Status which was granted, however they then restricted my account so I cannot use it. I have sent multiple messages to have them open it up and they just send me the same 4 questions that I answered for the Gold status application. I’m completly frustrated as I have money sitting in the account and I cannot access it or buy crypto or do anything until they take the restriction off of my account. Our concerns are unique and mine was based on the fact that I am new to crypto.

However, if you’re looking for more trading options, the company has come out with Bitbuy Pro Trade, which is a platform made available for more advanced users. The best part about it, you don’t need an account to see what it looks like. BitBuy offers a limited amount of crypto and fiat deposit and withdrawal methods. Many of the negative reviews describe a customer’s account being randomly locked and their funds confiscated or unable to be withdrawn.

However, even with the highest level of security, there is a small chance that an exchange can be hacked. The good thing is that Bitbuy stores 99% of their crypto assets in cold storage offline with a comprehensive insurance policy provided by BitGo. Bitbuy has been around since 2016 but still only offers 17 different cryptocurrencies. Although they offer many of the most popular coins, the range is very small for those that want to invest in a variety of crypto assets. If a large number of cryptocurrencies is important to you, you can check out some alternative crypto exchanges such as Binance (over 600+ coins), or KuCoin (over 700+ coins). More experienced cryptocurrency traders would benefit from Bitbuy’s Pro Trade Platform.

Bitbuy trading fees

Bitbuy operates solely as a Canadian cryptocurrency exchange and does not support international trading, buying, or selling. It only backs Canadian dollar deposits from Canadian financial institutions. You would need to find another crypto exchange if you live outside of the country or want to use payments in U.S. dollars, British pounds, or other non-Canadian currency. Bitbuy charges withdrawal and deposit fees on fiat and withdrawal fees on cryptocurrencies. The exchange also charges varying trading fees depending on which trading tool a user is utilizing. Users can withdraw CAD or any of the supported cryptocurrencies from their Bitbuy wallet.

I like how they have Google authenticator as an option for 2 step verification. In 2021 the Blockchain Intelligence Group complete this report and found that Bitbuy exceeded the 95% cold storage policy, with 98.12% of customer funds in cold storage. The instant verification uses a third party data collection provider . If you can corroborate financial information about yourself with this third party then you will be verified. The quickest of these is probably through the use of their instant verification option.

thoughts on “Bitbuy Review 2022: Pros, Cons, Fees, and Alternatives”

The platform offers several different service levels, each catering to another segment of the crypto market. In 2019, the platform also conducted a proof of reserves audit via Cipherblade, a US-based forensics, investigative, and cybersecurity company. Enoch Omololu is a personal finance expert and a veterinarian.

For wire transfers, the minimum limit is $20,000 and the maximum limit is $500,000. You can buy cryptocurrency by depositing Canadian dollars or another Bitbuy-supported cryptocurrency. There is no minimum and maximum limit on depositing or withdrawing cryptocurrency. However, there are limits on depositing or withdrawing Canadian dollars.

They range between 0% and 1.5% for maker fees, and 0.1% and 1.5% for taker fees . Bitbuy users can deposit or withdraw CAD or any supported cryptocurrency. Despite her formal background in linguistics, Maja has always been fascinated by the world of finance. She has spent years and years analyzing the market, including trades, investments, pitfalls to avoid as well as the stock exchange.