Bitbuy Review 2022 The Best Cryptocurrency Exchange in Canada?
However, since Bitbuy is strongly improving, more cryptocurrencies will be added in no time. Bitbuy is considered to be one of the most popular and reliable crypto exchange platforms in Canada. However, to figure out how good it actually is, this Bitbuy review will cover such aspects as security, fees, available cryptocurrencies, functionality, including Bitbuy PRO, and even more. The platform is highly regulated by FINTRAC and the Ontario Securities Commission (OSC). Users can also enable multi-factor 2FA authentication to help secure their accounts. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.
- Bitbuy’s Private Wealth feature facilitates high-volume trades for retail and institutional investors.
- From the main dashboard, you can either click the orange Buy button, or you can click on Express Trade from the menu at the top of your dashboard.
- NDAX is also a good option which offers crypto staking for five cryptocurrencies.
- Luckily, it doesn’t require a separate account, so you can use it whenever you need a deeper insight into the crypto market.
- Once you have submitted these documents then you will have to wait for human verification at Bitbuy.
Luckily, the math checked out on Bitbuy – there were no mysterious ghost fees like what I experienced on NDAX. Withdrawal options are limited and none of them are free. I was also disappointed to find that you can have your funds deposited directly to your account by Electronic Funds Transfer.
CoinSmart
Plus, Bitbuy says that it keeps 98% of all user funds in cold storage, which means they’re offline and inaccessible to hackers and other nefarious people. This https://forex-review.net/ will focus on what this crypto exchange has to offer and how it compares with other platforms. BitBuy is definitely a solid option if you’re barely starting your crypto trading journey. But if you’re looking for a platform with more trading features and order options, we can recommend FTX or Binance.
Enter your name, date of birth and occupation, then hit 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. We use dedicated people and clever technology to safeguard our platform.
There are plenty of cryptocurrency exchanges to choose from no matter where in the world you live. The Pro Trade is accessible from the menu at the top of your dashboard. This platform allows you to place market or limit orders for buying/selling cryptocurrency. From the Pro Trade dashboard, click on List and choose a crypto-crypto or crypto-Canadian dollar pairing.
Top Spot Exchanges
In one case, when one of my withdrawals took longer than expected, I e-mailed bitbuy, bitbuy account manager assured me I need not to worry and made effort to speed up the process. You can contact Bitbuy’s customer support by emailing Bitbuy also has a support help desk with answers to common questions users have. Like OTC trading, you work with a Bitbuy expert to invest in cryptocurrency for your business. Whether you need this for your balance sheet is ultimately up to you, but the fact that Bitbuy has features for everyday Canadians and business owners alike is a plus. For serious crypto traders, you can email to inquire about API access. Getting Bitbuy’s API lets you automate your trading, which is necessary if you’re an algorithmic trader or are building any sort of trading bot.
These fees are pretty standard across the market, so if you use any of these digital assets regularly, you can expect to pay a small fee when moving them off the exchange. The good news is that if you’re sending cryptocurrency to your Bitbuy account, the platform won’t charge you a fee. When withdrawing crypto, you’ll have to pay a withdrawal fee, but that amount will depend on the type of asset you’re moving. There are several products and services available on the Bitbuy platform. While we are independent, we may receive compensation from our partners for featured placement of their products or services.
Express Trading is the fastest way to buy and sell crypto with Bitbuy. But if you want more control over your orders and more market data, you need to use Pro Trading. If you’re new to crypto investing, Bitbuy’s Express Trading feature is what you’re looking for. In fact, it was the very first platform of this kind to become regulated in Canada, hence why we recommended it in our Bitbuy review.
Does Bitbuy Offer Staking or Other Services?
So far, the platform has not reported any major security incident, which has become a testament to its focus on providing secure crypto brokerage, trading, and wallet services. Fiat deposits and withdrawals also attract processing fees which vary depending on the amount transacted and the payment method used. We like the fact that they have a responsive customer support desk, however it was disappointing to learn that they no longer answer requests via telephone. We also thought that their verification and KYC times were some of the lowest in Canada.
Bitbuy pros and cons
It happened 2 times from today April 13 to freeze completely for 2-5 minutes. I learned that if you schedule your trade you pay only 0.5% fee instead of 1.5% not using Express. It can be frustrating for some if the initial requirement isn’t completed.
Below, you can click on any of the cryptocurrencies and it will take you to the Express Trade. The first fully-regulated cryptocurrency exchange in Canada. Once again, people who are interested in buying the most mainstream coins should find Bitbuy more than enough. However, https://forex-review.net/bitbuy-crypto/ if you’re looking for a platform that gives you more possibilities, then there are other options that you should take into account. Even though not all of them offer such an impressive number of digital currencies to choose from, it’s way more than Bitbuy provides.
Unable to do PRO TRADE for 9 days
Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. I can confirm that we do not hold transactions without a specific reason! We appreciate your time while we fulfil our regulatory requirements with FINTRAC. From asking them how to do it, to having it all done took less than 30 minutes. To qualify, though, you’ll need to make a crypto investment worth at least $50,000. Knowledgeable crypto enthusiasts that trade at a higher frequency or volume mostly automate their operations using an API.
Over-the-Counter block trades allow for a more direct sale / transfer between the two parties. If you would like to convert your personal account into a business account, you will be requested additional information. Amongst them, Bitbuy might request the business articles of incorporation along with other corporate documentations. For this manual verification check, you are required to provide a government issued identity document as well as a picture of yourself holding this document. The instant verification uses a third party data collection provider (Trulioo).
Low-latency is joined by pop-out widgets allowing you to design your own trading screen. Bitbuy originally launched in Toronto as Instabit providing a simple way to buy bitcoin, way back in 2013. Since then it has rebranded to Bitbuy, widening the operation, acquiring venture capital funding and adding to the cryptocurrency selection. Bitbuy only supports a handful of tokens, and you have way more options with platforms like Cake DeFi and YieldFlow.
Bitbuy checks most of the boxes when it comes to security. They hold over 90% of crypto in cold storage, crypto assets are insured, and they’re owned by a publicly traded company. They’re also fully regulated in Canada and have never had any hacks or incidents (founded in 2016). 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.
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