Bitbuy offers Spot trading on 60 cryptocurrencies with a maker/taker fee of 0.50%/0.50%. The minimum trade size and minimum deposit are CAD 20.
The exchange offers a Staking service with up to 11.57% annual rewards.
Bitbuy; One of the Oldest Crypto Exchanges in Canada
Bitbuy is a Canadian cryptocurrency exchange founded by Adam Goldman on June 1, 2016. The company has a total funding amount of CAD 1.7M.
The company is owned by WonderFi and is registered with multiple regulatory bodies through multiple legal entities, including:
- Coinsquare Capital Markets Ltd registered with FINTRAC and regulated by CIRO
- Bitbuy Technologies Inc. registered with the Ontario Securities Commission and Canadian Securities Administrators
Bitbuy Exchange Table of Specifications
Bitbuy offers various services, including Express Trade for beginners, Pro Trade for advanced users, staking opportunities, and corporate solutions.
The wide range of services and commitment to regulatory framework make Bitbuy one of the Crypto exchanges in Canada.
Exchange | Bitbuy |
Launch Date | 2016 |
Levels | N/A |
Trading Fees | 0.50% |
Restricted Countries | Only available to residents of Canada |
Supported Coins | 60 |
Futures Trading | No |
Minimum Deposit | CAD 20 |
Deposit Methods | Crypto, Bank Wire, Interac e-Transfer |
Withdrawal Methods | Crypto, Bank Wire, Interac e-Transfer, Direct Bank Deposits |
Maximum Leverage | 1:1 |
Minimum Trade Size | CAD 20 |
Security Factors | 1 to 1 Crypto Holding, Cold Storage, BitGo Custodian Solution, $1M Insurance Scheme |
Services | Staking, Express Trade, Pro Trade, OTC, API, Payment Solution (SmartPay) |
Customer Support Ways | Ticket, Email |
Customer Support Hours | 24/7 |
Fiat Deposit | Yes |
Affiliate Program | Yes |
Orders Execution | Market |
Native Token | No |
Does Bitbuy Offer User Levels?
The company doesn’t offer a tiered user level structure for volume-based fee discounts. The lack of user levels is considered a disadvantage in this Bitbuy review.
Fees Explained
Bitbuy offers a wide range of products with different fee structures. For example, it charges a spread markup of 0.5% – 1.85% on Express Trades.
- Express Trade: 0.5% – 1.85% spread markup with up to 2% extra in low-liquidity conditions
- Pro Trade: A Maker / Taker fee of 0.50% / 0.50%
- Deposit: No charges
- Withdrawal: 1.5% for direct bank deposits and wire transfers
- Staking: Ranging from 25% to 30%, based on the asset
Listed Digital Assets on Bitbuy Exchange
The company has listed 60 cryptocurrencies on its platform and allows trading with a budget as low as $20. Some of the assets include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Cardano (ADA)
- Dogecoin (DOGE)
- Bitcoin Cash (BCH)
- Litecoin (LTC)
- Polkadot (DOT)
- USD Coin (USDC)
Note that some listed assets, including 1Inch Network (1INCH), Algorand (ALGO), and Arbitrum (ARB), are trade-only.
Leveraged Trading on Bitbuy
Bitbuy does not provide Margin or Futures trading options. All trades must be fully funded in advance, requiring users to deposit sufficient funds into their accounts before executing any transactions on the platform.
Bitbuy Account Opening and KYC
As a registered Money Services Business (MSB) in Canada, Bitbuy only services clients over 18. It has a thorough KYC procedure which you can complete by following the steps below:
- Visit the exchange’s official website;
- Click “Get Started”;
- Enter your email address;
- Provide the verification code sent to your email;
- Fill out the sign up form;
- Enter the OTC sent by SMS;
- Complete personal information;
- Provide supporting documents, including:
- Passport (Canadian)
- Canadian Provincial or Territorial Driver's License
- Canadian Provincial or Territorial Photo ID Card
- Permanent Residence Card
Users in British Columbia, Newfoundland and Labrador, New Brunswick, Nova Scotia, Northwest Territories, Yukon, and Nunavut must be at least 19 years old to use the platform.
Security and Safety
Bitbuy exchange's commitment to security is evident in holding over 90% of customer assets in insured cold storage vaults and conducting annual Proof of Reserves audits to demonstrate a 1:1 backing of customer funds. It also has implemented:
- Licensed Custodians: Partners with BitGo offering $680M USD in insurance coverage
- CIPF Protection: Cash holdings covered up to $1M per account by the Canadian Investment Protection Fund
- Two Factor Authentication: 2FA to add a layer of security to clients’ accounts
Bitbuy Deposit and Withdrawal
While the exchange supports Crypto payments, it also offers several methods for depositing and withdrawing Canadian dollars (CAD), including:
Payment Method | Min Deposit | Min Withdrawal |
Interac e-Transfer | $20 | $20 |
Bank Wire | $10,000 | $10,000 |
Direct Bank Deposit | Not Available | $20 |
Note that Bitbuy doesn’t accept Dash (DASH) token deposits.
User Experience
The exchange doesn’t perform well when it comes to user experience. There are 412 comments on the Bitbuy TrustPilot profile, resulting in a bad 1.6/5 score.
Bitbuy Support Channels
One of the biggest letdowns in this Bitbuy review is the lack of live chat support and a phone center. However, the exchange provides 24/7/365 support through a dedicated ticket system and email.
- Bitbuy Email: support@bitbuy.zendesk.com
- Ticket: Available through the “Contact Form”
Bitbuy Exchange Staking and Copy Trading
Bitbuy has paid over CAD 1M in staking rewards. The platform offers up to 11.57% annual rewards on various cryptocurrencies, including:
Cryptocurrencies for Staking | Annual Interest Rates |
Polkadot (DOT) | 10.73% |
Ethereum (ETH) | 2.89% |
Polygon (MATIC) | 2.96% |
Solana (SOL) | 6.26% |
Cardano (ADA) | 1.87% |
NEAR Protocol (NEAR) | 5.74% |
Cosmos (ATOM) | 11.57% |
Injective (INJ) | 7.2% |
Celestia (TIA) | 6.61% |
Geo-Restrictions
As a FINTRAC and CIRO-regulated company, Bitbuy is primarily designed for Canadian users and only provides services to this country's residents.
Writer's opinion and conclusion
Bitbuy provides Canadian users access to the Crypto market with spread markups ranging from 0.50% to 1.85% and no additional costs for OTC trading.
The exchange has a bad TrustPilot score of 1.6 out of 5. It supports CAD deposits and withdrawals via Interac e-Transfer and Bank Wire.
