Bitbuy Exchange Review (Crypto Exchange Review + Fees + Coin List)

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Bitbuy is a Canada-based cryptocurrency exchange that launched in 2016 and exclusively serves the Canadian market. Its headquarters are based in Toronto, Canada.

The exchange requires KYC (Know Your Customer) identity verification or document protocols to be completed for use of the exchange. US users are not allowed to use this exchange.

History of Bitbuy

Bitbuy is a Canadian owned and operated crypto platform. It is registered with the Canadian agency FINTRAC as a money services business, and is a division of First Ledger Corporation. It is also approved by the Ontario Securities Commission as the first Canadian registered marketplace for crypto assets. Because it has established strong banking relationships and oversight with Canadian regulators, it offers Canadians an easy access point in cryptocurrencies with fiat. 

Bitbuy’s CEO today is Michael Arbus but it was founded by Adam Goldman, who describes himself as a computer analyst, web developer, investor, and serial entrepreneur. He still presides as President of Bitbuy. The exchange was originally designed to be able to serve both newer crypto investors as well as advanced traders. Today, it claims to be Canada’s most secure and trusted platform for crypto access, serving over 350K+ Canadians and having over $4B dollars traded.

As Bitbuy only serves Canadian residents and cannot be used by any other individuals from other countries, it is best suited for users in Canada who do not mind undergoing KYC. Bitbuy offers trading pairs in Canadian dollars (CAD). The exchange currently sees around $2M USD of trade volume per 24 hours.

Bitbuy is best for:

  • All types of Canadian-only cryptocurrency investors and spot traders who desire access to a small amount of top cryptocurrencies with full regulatory approval and oversight by Canadian authorities
  • Spot traders and investors who desire the choice between both an express or “lite” platform as well as an advanced trading platform, a flat 0.2% fee schedule with incentives for market makers on the advanced platform, and easy access to fiat on-ramps and off-ramps for Canadians 

PROS

  • Easy to use
  • Ease of access to banks
  • Well regulated
  • “Express” and “Pro” trading platforms
  • Order books
  • API
  • Corporate product available
  • Mobile and desktop friendly

CONS

  • Only offers 15 cryptocurrencies
  • Only spot trading
  • No staking or interest earning
  • Full KYC required
  • High fees
  • No margin products

Pros & Unique Features

The best features of Bitbuy are its catered range of products for Canadian users. Bitbuy is designed to be simple to use for newbies to crypto who desire access to regulator-approved crypto access, as well as ease of access to banking relationships in Canada.

For these Canadian users, the best feature of Bitbuy will be how easy it is to on-ramp fiat funds via either bank wire or via linking bank accounts, and then using the CAD-to-crypto (or crypto-to-crypto) trading pairs. Its market offering consists of 15 top cryptocurrencies as of Feb 2022.

As far as a trading interface, Bitbuy offers both a “Express trade” version with full buy-sell functionality for its entire line of crypto assets, as well as a Pro trading platform online with advanced charting and trading functionality as well as access to order books and API

Bitbuy also offers a Corporate product for companies to be able to add crypto assets to their corporate treasuries. Bitbuy also runs an OTC (over the counter) desk service for clients looking to make transactions with over $50K. 

There is also a mobile specific app for both Android and iPhone that users can download to trade, alongside wallet access. 

As for customer support,  Bitbuy offers a support service center users can access via logging into the app and submitting a query. The team also maintains a blog with news and reports as well as with tutorials.

Cons & Disadvantages

The main disadvantage of Bitbuy is that compared to its international or US competitors, it does not offer a whole suite of crypto financial services, so it is best suited for those looking for an exchange for casual investment services into crypto without much of a choice of other products or market coin offerings, being that only the top 15 cryptocurrencies are offered to invest or trade.

There do not seem to be any opportunities for staking and/or earning interest on holdings, KYC is required being that it is a regulated exchange, and fees are quite high when compared to other exchanges, but at least market maker incentives are offered, though volume-based trading incentives are not offered. This means that either market takers or makers who wish to receive rebates or lowered fees based on high trading volume may prefer other exchanges that also provide more trading options and products. 

In addition, no margin products or access is offered.

Bitbuy Fees

Bitbuy charges a flat fee schedule on trading fees.

Trading fees are 0.2% for both market makers (providers of liquidity) and market takers (takers of liquidity) on Bitbuy’s Express Trade product. There are no incentives or tiers based on trading volume, unlike at many other exchanges. 

For Bitbuy’s Pro Trade product, which offers more trading and charting functionality as well as access to order books, making it a better fit to use for active traders, fees reduce to 0.10% for market makers only, but remains at 0.20% for market takers, regardless of volume.

This fee schedule is simple and easy to understand, however it lacks the benefits of reduced fees, rebates, or preferable rates for liquidity providers (market makers) which is the norm at major centralized exchanges, both internationally, and in the US. 

Trading fees are incurred when an order is filled by the exchange’s matching engine. If an order does not execute, there is no fee charged until it does execute at a later point, or it can be canceled. The full fee schedule can be found here

Other Fees

Bitbuy charges the following deposit, withdrawal, and other fees:

  • No account creation or maintenance fee
  • No deposit fees for any digital asset 
  • Deposit fee for bank wire is 0.50% ($20K minimum, $500K maximum), and 1.50% for Interac e-transfer ($50 minimum, $10K/24 hours maximum)
  • Withdrawal fees for digital assets depends on the asset. BTC withdrawal fee is 0.00025 BTC, for example. This fee is determined by the blockchain network fees and may vary depending on network usage. 

There are no fees for signing up or for having an inactive account, nor any fees for holding funds in an account, and users may hold assets as long as desired. 

Account Tiers & Limits

All users of Bitbuy are required to undergo the same KYC verification procedures as per Canadian regulatory compliance. The requirements for documents for Bitbuy KYC can be noted here.

For full KYC, users are required to submit financial statements from a credit card, bank statement, or loan account, a utility bill from the last 3 months, a government-issued ID, and a selfie holding said ID. Business accounts may need additional verification.

Bitbuy also offers Express KYC verification which only requires a selfie and government ID. Since all users must undergo KYC, there are no tiered account limits, however limits do apply to all users as below.

  • Interac e-transfers deposit minimum of $50 and maximum of $10K per 24H
  • Bank wire deposit minimum of $20K and maximum of $500K
  • Digital currency deposits have no minimum or maximum for any users
  • Digital currency withdrawals have noted minimums and fees that are standardized for all users and can be noted here
  • Maximum trade amounts vary depending on the asset in question and are for the purpose of ensuring better fills

Crypto Security

Bitbuy is a licensed MSB (money services business) with FINTRAC of Canada and operates in full compliance with Canadian laws. The exchange has also engaged both Blockchain Intelligence Group & Cipherblade, a US blockchain forensics and cybersecurity firm to conduct a proof of reserves audit which was passed successfully. A comprehensive insurance policy is also provided by BitGo.

Top tier security protocols are offered for users of Bitbuy, with two-factor authentication being a default and 95% of assets being stored in cold wallets. This ensures that these assets cannot be hacked as they are not exposed to the internet. 

In addition, Bitbuy uses a proprietary wallet architecture that was developed by an in-house team of engineers instead of using a third party for custodial services. The company’s hot, warm, and cold wallets are also kept separately from the core network, which better protects both Bitbuy and its users. 

There have been no reported hacks of Bitbuy and users are encouraged as always to use 2-factor authentication, secure passwords, a new email, and always check links for possible phishing attempts. More information on Bitbuy’s security protocols can be found here.

Bitbuy Review Conclusion

Bitbuy is a great choice of crypto exchange for crypto traders and investors located in Canada who do not mind undergoing full KYC and only desire access to the top 15 cryptos on the market, which is quite limited. Notably, Bitbuy offers access to CAD trading pairs and easy access to CAD fiat on-ramps and off-ramps. 

There is no margin trading and staking or other crypto financial services are nonexistent, but Bitbuy does offer corporate accounts and an OTC desk. With 2 separate exchange interface options, Bitbuy can work well for both newer and more experienced crypto traders who need access to advanced trading features and order books, for example.

Fees are on the higher end, at 0.20% for both makers and takers for the Express exchange interface, and at 0.10% for market makers on the Pro interface, while remaining at 0.20% for takers. There are no other fee incentives for market makers or for volume. 

International users looking for lending, borrowing, and staking options, or institutional clients looking for other features may find other competitors more valuable. US users may not use Bitbuy.

  • Bitbuy offers access to ~15 top cryptos for Canadian clients with full regulatory oversight and KYC
  • Intermediate to advanced traders trading margin or futures who desire access to advanced trading tools and charting would prefer to pick a different exchange especially if desiring one not requiring KYC, and US users cannot use Bitbuy at all

Other Alternatives

For customers who desire access to a more comprehensive crypto exchange that also offers a host of financial services such as staking and cashback cards, either Crypto.com, Gemini, Coinbase, and Binance (except in Ontario) can make great alternatives, all with much greater amount of cryptocurrencies offered to trade along with competitive trading fees and more functionality.

Beginners, buy-and-hold investors, and low volume traders may prefer the easy to use features and functionality of Voyager and Coinbase with their brand presence, US regulatory approval, and regulatory approval. Canadian users specifically can also use Crypto.com and Coinbase with ease, but not Voyager.

Coinbase is best designed for buy-and-hold investors or casual to intermediate cryptocurrency users—Coinbase offers 402 pairs vs. Bitbuy’s ~15 coins—and offers an advanced desktop trading interface as well as a mobile app. 

Active traders who need access to order books and advanced charting functionality may prefer using Coinbase Pro, FTX, Binance (except in Ontario), or KuCoin though their fee structures and product offerings differ and most exchanges on the market use maker-taker fee schedules that give volume incentives, unlike Bitbuy.

For customers who desire to trade and invest in stocks in addition to top cryptocurrencies and do not mind having a smaller selection from which to choose or only desire access to the top 20 cryptos on the market, Webull and Robinhood are brokers that offers US equities and a small selection of cryptocurrencies. 

Other competitors to Bitbuy include CoinSmart, Coinberry, Kraken, OKX, Bitvavo, and Binance (except in Ontario).

Bitbuy vs Coinbase 

Coinbase is better in most aspects of trading and products offered if compared to Bitbuy, since it focuses on a holistic range of services suited for both new users and advanced users with Coinbase Pro, while Bitbuy only serves Canadians with 15 coins offered and no other crypto products besides trading/investing. 

Bitbuy and Coinbase both offer only spot trading, and both are roughly tied in the fee department, though their fee schedules differ. An advantage for high volume traders will be the volume-tiered fees at Coinbase, which decrease most rapidly over $20M in 30-day trading volume. Bitbuy has flat 0.20% fees for express trading, and they decrease to 0.1% for pro trading for market makers.

The one benefit Bitbuy has over Coinbase is the presence of CAD trading pairs and ease of access to Canadian banking institutions, plus regulatory approval under Canadian laws, but this is only pertinent to Canadian users.

Coinbase also offers much more of a selection of trading pairs compared to that offered at Bitbuy, with 440 trading pairs, compared to 15 coins at Bitbuy, as well as advanced charting, accessible order books, and advanced order types, which both exchanges offer.

Coinbase is a public US company and offers transparency into its industry-leading security along with its brand reputation, while Bitbuy has an MSB license with FINTRAC (Canada’s FINCEN) and requires KYC as well. However, Bitbuy still lacks the brand presence that Coinbase has achieved, but it can be considered one of the top exchanges in Canada.

Ultimately, advanced users who desire both competitive fees and a greater selection of trading products than what either Bitbuy or Coinbase offer may find the choices below equally valuable.

Bitbuy vs FTX 

FTX will win against Bitbuy for all intermediate or advanced traders, as FTX offers 323 coins and 492 trading pairs, which is far higher than Bitbuy’s ~15 coins offering.

Derivatives traders who want to trade margin, extensive crypto futures pairs, or leveraged tokens and options will prefer FTX since Bitbuy does not offer any futures pairs or even margin at all.

FTX is known for its extensive futures pairs and top-class matching and liquidation engine for advanced derivatives traders, and traders can use third party bots at FTX as well, while Bitbuy does offer advanced charting and order books access for spot trading only in its Pro platform, plus an API.

FTX is known for catering to active derivatives traders and optimizing for high order volume and trading execution speed. Neither FTX nor Bitbuy can be used by US persons, and FTX offers a US version of its exchange whose trade offerings are far more limited than its parent global exchange and do not at all compare to FTX International’s selection, but are more extensive than what Bitbuy offers, though it remains competitive in its fee. FTX US wins for US users over Bitbuy (US users cannot use Bitbuy anyway). 

International users who can use FTX International may prefer FTX. US users trading at FTX US need to do KYC procedures and likewise for Bitbuy for Canadians. Fees may be slightly more competitive at FTX as a trader’s volume is higher, since FTX offers both fee incentives for volume and for holders of its FTT token, though Bitbuy offers no incentives. 

Canadians can use FTX but may experience some restricted markets and features. 

Bitbuy vs Gemini

Bitbuy and Gemini are similar in their product offerings and Gemini is more focused on its holistic crypto financial services and regulatory approval in the US specifically, while Bitbuy focuses on that in Canada.

There is a major difference in fees to start giving Bitbuy the slight edge: the minimum fee tier at Gemini starts at 0.35% for takers and 0.10% for makers, with a flat transaction fee between $0.99-$2.99 and 1.49% transaction fee for trades over $200, so there are extra fees per transaction and extra “auction” fees, while Bitbuy charges flat 0.20% trading fees only for both makers and takers on its express spot platform, and 0.10% for makers and 0.20% for takers on its pro platform. 

Gemini offers volume incentives while Bitbuy does not, both as far as fees go, neither platform is competitive as compared to the global crypto market offerings, but users of these two platforms pay for the safety and convenience of using a regulated exchange and custodian.

US investors and traders are allowed to use Gemini with KYC verification only, since Gemini is regulated and based in the USA, however as a result, Gemini offers no margin or futures products. Bitbuy also only offers spot trading with full KYC needed for Canadians only.

Gemini offers 62 coins and 86 trading pairs which is much larger than the amount offered by Bitbuy. Another major difference is the existence of Gemini’s interest product and credit card, neither of which exist at Bitbuy.

Bitbuy vs Kraken

Kraken offers margin trading at up to 5X leverage even for US investors and several other margin offerings, which is a win over Bitbuy’s lack of any margin or leverage offerings for any users. US users may prefer Kraken for its regulatory compliance and strong track record if they are traders especially, as they cannot use Bitbuy anyway.

Kraken uses a maker-taker fee schedule, starting at 0.16% maker fees and 0.26% taker fees at the entry level which is already more competitive even as Bitbuy’s 0.20% flat fee schedule. Market makers enjoy reduced fees however at Kraken and fees also reduce with volume, which is not the case at Bitbuy.

Kraken offers a greater variety of cryptocurrencies and pairs (over 90 coins, over 400 pairs), so users who value a large selection and advanced traders who seek margin will prefer Kraken.

If an active trader wishes to trade other instruments beyond crypto and prefers not to KYC, he or she may prefer other exchanges such as Bybit or OKX, but if he or she prefers a much larger selection of crypto only instruments and does not mind KYC, Kraken wins. If a user however in Canada seeks easy access to a regulated exchange for a few top coins, Bitbuy may be the winner.

Kraken is accessible in 48 US states with KYC and is regulated and licensed by FinCEN in the USA, while US users can also use Bitbuy also as an MSB license from FINTRAC in Canada, but is not US-based.

Bitbuy vs Binance

Binance is the leading global crypto established exchange by trading volume, offering a much larger selection of cryptocurrencies than Bitbuy—over 351 coins and over 1300 pairs. Please note that residents of Ontario cannot use Binance.

The two exchange’s offerings are fundamentally different in their scope, with Bitbuy being an exchange catering only to Canadians, while Binance is focused on being a global leader and fast innovator in every crypto product, and serves Canadians as well for all of its products, which even US users cannot use.

Traders looking solely for the most advanced trading options such as high leverage margin and futures products specific to crypto only will prefer Binance, as it offers many USDT futures pairs not found anywhere else besides potentially OKX or FTX. Bitbuy only offers spot products in CAD trading pairs.

Binance’s maker-taker fee schedule is unique in its competitiveness compared to that of other exchanges, starting at 0.1%, plus Binance also offers further 25% reduction in fees if paid in BNB, alongside offering reduced fee tiers for higher volume and even maker rebates. 

Binance definitely wins in the fee department as Bitbuy’s fees are a flat 0.20% for makers and takers with almost no incentives for reductions.

Binance also offers a more extensive web and ecosystem of products, support, and liquidity, especially given its larger daily volume as compared to Bitbuy. Binance is the most popular and well-known futures market in the global cryptocurrency industry and well-known for its extensive futures pairs. 

The Binance exchange is not at all accessible to US persons and US customers will have to use Binance US which is a much more limited version of its global parent site, with only 64 coins and 130 pairs, but even Binance US wins for US users as compared to Bitbuy.

Binance requires full KYC now to trade even spot products, and Bitbuy requires full KYC compliance as well to use. Advanced traders and intermediate users alike who value a large selection of cryptocurrencies, products like staking, lending, and more, competitive fee structures, and futures and margin products will probably prefer Binance. 

FAQ – Frequently Asked Questions

Is Bitbuy Safe?

Yes, Bitbuy is safe given that it is regulated as per Canada’s laws and uses top tier security protocols.

Bitbuy is a licensed MSB (money services business) with FINTRAC of Canada and operates in full compliance with Canadian laws. The exchange has also engaged both Blockchain Intelligence Group & Cipherblade, a US blockchain forensics and cybersecurity firm to conduct a proof of reserves audit which was passed successfully. A comprehensive insurance policy is also provided by BitGo.

Top tier security protocols are offered for users of Bitbuy, with two-factor authentication being a default and 95% of assets being stored in cold wallets. This ensures that these assets cannot be hacked as they are not exposed to the internet. 

In addition, Bitbuy uses a proprietary wallet architecture that was developed by an in-house team of engineers instead of using a third party for custodial services. The company’s hot, warm, and cold wallets are also kept separately from the core network, which better protects both Bitbuy and its users. 

There have been no reported hacks of Bitbuy and users are encouraged as always to use 2-factor authentication, secure passwords, a new email, and always check links for possible phishing attempts. More information on Bitbuy’s security protocols can be found here.

How long does Bitbuy Withdrawal take?

All crypto transactions at Bitbuy are given a “Pending” status after they have been submitted, which remains until the withdrawal has been processed and given a status of “In Progress.” This designation means that the withdrawal has been initiated and can be tracked on a blockchain explorer as per its status. The status of the withdrawal will remain ‘In Progress’ until there have been sufficient confirmations on the blockchain. You can view the number of confirmations required here.

For crypto withdrawals, on average it takes from 30 minutes to several hours for a transaction to be confirmed due to the blockchain. BTC withdrawals take 3 confirmations, while ETH withdrawals take 12, for example.

Please note that for crypto, the number of confirmations required for actual depositing of funds is determined by every receiving platform individually, for each particular currency, according to its own security standards.

Is Bitbuy a good exchange?

Yes, Bitbuy is a good choice of crypto exchange for crypto traders and investors located in Canada who do not mind undergoing full KYC and only desire access to the top 15 cryptos on the market, which is quite limited. 

Notably, Bitbuy offers access to CAD trading pairs and easy access to CAD fiat on-ramps and off-ramps. For Canadians, crypto.com may be a better choice of exchange, and Canadians can also use many other international exchanges, such as Binance (except in Ontario) and FTX.

There is no margin trading and staking or other crypto financial services are nonexistent, but Bitbuy does offer corporate accounts and an OTC desk. With 2 separate exchange interface options, Bitbuy can work well for both newer and more experienced crypto traders who need access to advanced trading features and order books, for example.

Fees are on the higher end, at 0.20% for both makers and takers for the Express exchange interface, and at 0.10% for market makers on the Pro interface, while remaining at0.20% for takers. There are no other fee incentives for market makers or for volume. 

International users looking for lending, borrowing, and staking options, or institutional clients looking for other features may find other competitors more valuable. US users may not use Bitbuy.

Where is Bitbuy located?

Bitbuy is headquartered in downtown Toronto, ON, Canada.

Does Bitbuy require KYC?

Yes, all users of Bitbuy are required to undergo the same KYC verification procedures as per Canadian regulatory compliance. The requirements for documents for Bitbuy KYC can be noted here.

For full KYC, users are required to submit financial statements from a credit card, bank statement, or loan account, a utility bill from the last 3 months, a government-issued ID, and a selfie holding said ID. Business accounts may need additional verification.

Bitbuy also offers Express KYC verification which only requires a selfie and government ID. 

What are the Deposit and Withdrawal Methods and Fees for Bitbuy?

Bitbuy offers the following deposit and withdrawal methods, with the corresponding fees:

  • Crypto assets: deposits and withdrawals—no deposit fees. Withdrawal fees depend on the asset (and blockchain network) in question: the fee list is here. This fee is determined by the blockchain network fees and may vary depending on network usage. 
  • Fiat deposits may be made via bank wire or via Interac e-transfer: 0.50% fees for wires, 1.50% fees for Interac e-transfer
  • Fiat withdrawals may be made via bank wire or via Interac e-transfer: 1.00% fees for wires, 1.50% fees for Interac e-transfer
  • No option to purchase crypto with a credit or debit card

What is the Minimum Withdraw Amount for Bitbuy?

The minimum withdrawal amount for crypto assets or fiat is listed for each asset in this page. For fiat, the minimum withdrawal amount is $50 for Interac e-transfer, and $20K for bank wire, which is quite high if compared to other exchanges.

For crypto assets, the minimum withdrawal depend on the asset in question. For BTC, the minimum is 0.001 BTC, and for ETH it is 0.05 ETH.

How do you withdraw from Bitbuy?

Instructions for withdrawing from users accounts can be found here from official support.

Users can withdraw from the wallet by navigating to the “Holdings” section of their account page, then clicking the crypto the user wishes to withdraw.

From there, fill in the details of the withdrawal including toggling the correct currency and be sure to include a tag or memo if needed. The withdrawal options including the blockchain network and any associated fees will then populate on the screen. 

Finally, the user clicks the “Submit” button, opens his or her email, and confirms the withdrawal. The 2FA code is also required for security.

Note that withdrawals can be held by the exchange for up to 3 business days for security confirmations. Mobile app withdrawal instructions are on this page.

Is Bitbuy a wallet?

No, Bitbuy is a cryptocurrency trading exchange that also offers a custodial wallet solution for trading services, but is not a non-custodial standalone wallet.

How to use Bitbuy?

Note that Bitbuy can only be used by Canadian users.

Using Bitbuy can be done by going to http://bitbuy.ca, clicking the “Sign Up” link on the top right, creating an account on the platform, first undergoing KYC verification procedures for Canadian users, waiting for verification to complete, and then depositing any trading funds into the account (either crypto assets or fiat using Interac e-transfer to link your Canadian bank, or bank wire) and then getting access to the market offerings and begin trading.

User Reviews

  1. Canadian users discuss using Bitbuy and their performance. u/billbuchanan_ says, “I use bitbuy and they are really good. Never had an issue. They seem to be the most transparent exchange in canada.” u/AustonMothews says: “Yes I use bitbuy. I haven’t had any issues, I would say the only annoying part is getting charged a Fee for depositing CAD, then being charged another Fee on the purchase of the Bitcoin and then being charged yet another Fee, when you send it to your cold storage. In the end it works out to around a good $20-$30 in Fee’s which sucks but there’s not a ton of other options.” Though other users note that the KYC verification times can be extensive.
  2. Users discuss if Bitbuy is safe for custody: “Never had or heard of any credible issues. That said, regardless of the exchange, it is always better to store in your own wallet where you own the keys.” 
  3. Users on Quora discuss if Bitbuy is safe to use and give their experiences. “Not since their so called upgrade (early 2021). You can easily get locked out of your account and there isn’t very much you can do about it. Customer support takes around 12–24 hours to respond.”
  4. u/Puzzleheaded_Bird943 notes their experience with Bitbuy: “I have had to contact customer service a few times and I was satisfied with the outcome in each case. Bitcoin holdings are also insured through KNOX (a Montreal insurance company). It doesn’t apply to the other six coins offered.”
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