11 Best Exchanges To Buy Bitcoin in Canada

The information is needed in order to verify your identity via Bitbuy’s automated 3rd party identity verification service. Bitbuy provides an online platform supporting the investing and trading of cryptos. 2 Factor Authentication and cold storage in place to protect investor assets. Users have multiple 2FA options to accommodate for individual preferences.

bitbuy canada review

Even though this Bitcoin trading platform is only accessible from Canada, it’s already traded more than $4 billion and has over 400,000 users. The company is not accredited by BBB, but it holds an A- rating on this website. The reviews praise the platform’s UI, well-organized documentation, as well as the Bitbuy customer service team. Bitbuy is very serious about the safety of the platform and the Canadian customers. It uses one of the best crypto exchanges using above-par security systems to protect the accounts with additional 2-factor authentication and 95% cold storage. Note that Bitbuy takes security measures very seriously; hence, their in-built top crypto wallets are the most reliable and secure.

Moreover, you’ll be able to fund, buy, sell and withdraw cryptocurrencies very fast and securely. Also, you get all the needed features that allow you to track the currency market prices, your orders, view history, and so much more. That said if you decide to use the platform after reading this Bitbuy review, deriv broker make sure to also get the mobile version as well. It was created for reliable partners to be able to connect to Bitbuy’s 10+ markets that offer a variety of CAD-to-crypto and crypto-to-crypto pairs. This service can be used for crypto-based businesses that want to automate their trading processes.

Listings that appear on this page and/or on this website are of products / companies / services from which this website may receive compensation. This may impact how, where and which products / companies / services we review and write about. This page may not include all available products, all companies or all services. Bitbuy allows members to use Interac e-Transfer and bank transfers, while Coinbase offers bank transfers and ACH transfers. The Express Trade account comes with a 0.50% flat fee on all buys and sells.

On this platform, there are lower trading fees for all transactions. Bitbuy’s mobile app has received excellent reviews, with a 4.6/5 rating on the App Store from 6,000+ reviews. The main drawback of Bitbuy is they only offer 17 different coins on their exchange. KuCoin is another popular crypto exchange that has over 600+ different cryptocurrencies to trade.

In all, Bitbuy is a very secure, well-respected location for trading cryptocurrency. This is particularly true for Canadian traders and is shown in the number of users that the only investment guide you’ll ever need review the company has. They continue to pursue innovation on the trading side, as well as quality regulation and a safe trading environment which is of great importance.

As you can see, there are 17 different coins for you to choose from. Now, if you’re interested in less popular tokens, this might be an issue. However, if the main assets are all you need, then you’ll be happy to know that Bitbuy supports them all. There’s a third-party involvement, they follow rules and regulations, and you do not beaxy exchange review have autonomy over your wallet. While centralized exchanges can be considered safer, there’s an increasing number of decentralized platforms that are coming into the market. Now that you know when and where the company was founded, it’s time to move to the actual Bitbuy review and find out more about the platform’s pros and cons.

However, Coinbase Pro doesn’t let Canadians make fiat transactions. All transactions are crypto to crypto, and fees start at 0.5%, decreasing as a user’s trading volume increases. Although this rate is reasonable, Coinbase Pro can be a little complex for new crypto investors. Both Bitbuy and NDAX separate customer funds from operational funds and keep the majority of them in cold storage.

What Services does Bitbuy offer?

Storing funds in an offline environment provides greater security to Bitbuy’s wallet. The app supports all primary functions and has a clean interface. As a result, you will not face any issues toggling between different options on the app. The Bitbuy application is available for Android and iOS devices. It’s a blessing for traders who don’t have access to a computer and are always on the move. It’s simple to trade from the Bitbuy app and can be done so with the click of a button.

These audits verify the total amount of cryptocurrency held by Kraken. The company appears to be well-capitalized and very safe to use. CoinSmart is a Canadian cryptocurrency exchange offering users a simple trading interface, learning tools for all levels, and enterprise-grade security. CoinSmart is fully licensed in each jurisdiction in which it operates. Coinbase supports a wide selection of digital coins and is one of the largest cryptocurrency exchanges worldwide.

And if you want to start investing without worrying about the right platform or want to hold crypto in your TFSA or RRSP, a crypto ETF may be for you. The posts below cover the best options available to Canadian investors. In terms of size, it is bigger than Bitbuy and all the other crypto platforms in Canada. You may use a software or hardware wallet, but the latter provides the highest form of security.

In addition, Bitbuy keeps 99% of its user’s funds in cold storage, meaning the funds aren’t accessible through the internet for hackers to steal. To ensure the highest standards are continuously met, Bitbuy regularly passes third-part cold storage and proof-of-reserve tests. To make sure US users always have access to their funds, the minimum payout is around $0.10, though this will fluctuate based on exchange rates.

Bitbuy Offers Strong Security Measures

If you are a Bitbuy ProTrade user or using an API client to trade, then there is a 0.1% maker fee along with a 0.2% taker fee. For liquidity providers, the maker and taker fees are also 0.1% and 0.2% respectively if you have accumulated under $1.5m CAD in total maker fees paid in the previous 12 month period. If you exceed $1.5m CAD, there is no maker fee and a 0.1% taker fee. The exchange is also registered as an MSB under FINTRAC the Canadian financial regulator.

How do I buy Bitcoin in Canada?

  1. Choose a Broker or Crypto Exchange. To buy cryptocurrency, first you need to pick a broker or a crypto exchange.
  2. Create and Verify Your Account.
  3. Deposit Cash to Invest.
  4. Place Your Cryptocurrency Order.
  5. Select a Storage Method.

Upon submission of a withdrawal request, a Bitbuy representative will be in touch for your banking information. Choose your withdrawal method, enter the CAD amount that you wish to withdraw, and the name of the bank. In order to make a Canadian Dollar withdrawal, go to the “Wallets” page and then click the “Withdraw” icon located on the right-hand-side of the CAD wallet. There is a minimum deposit of C$20,000 and a transfer fee of 0.50%. Additionally, users may view CAD and digital currency balances via the “Accounts” or “Wallets” pages. As shown below, details provided include data, transaction type, amount, coin, status, and blockchain record.

In the case of transferring already held cryptos, select the appropriate crypto wallet listed on the “Wallets” page and click the deposit option. Investors and traders already holding Bitbuy supported cryptos can make a wallet-to-wallet transfer. Do note that, in order to make deposits, you will need to go through the registration process in order to open a Bitbuy account. You must also be located in Canada and have a Canadian mobile phone number. Bitbuy supports the deposit and withdrawal of cryptos and Canadian Dollars.

Bitbuy Review: Complete Exchange Overview

This is about the standard waiting time for non-automated verifications. The move was made by Bitbuy as part of their commitment to best practices in the cryptocurrency exchange industry while awaiting greater regulatory clarity in Canada. While exchange security is a priority, the user is often the weakest link when it comes to crypto theft. Therefore, Bitbuy has instituted the best practices in user protection on their systems. One of the biggest threats to exchanges and their users are hackers.

How do I cash out Bitcoin in Canada?

“You just go into the Netcoins platform, and on the trade page, click 'SELL' to convert your crypto back into Canadian Dollars.” Cashing out is always free, and you can send the funds straight to your bank account.

When it comes to safety and security, Binance is more than reliable. It has its very own money vault called SAFU to which it pools money from the trading fees users pay. Finally, if you’re looking for an exchange to day trade or margin trade, then we recommend trying this exchange out.

Bitbuy FAQs

Easily discover all details about cryptocurrencies, best crypto exchanges & wallets in one place. Read fact-based BitDegree crypto reviews, tutorials & comparisons – make an informed decision by choosing only the most secure & trustful crypto companies. There are several trading platform options available at Bitbuy. These allow you to choose the best option based on your experience level and trading needs. The most user-friendly and streamlined trading platform is Express Trade. This is available in your web browser, or on mobile and offers a simple way to quickly buy and sell crypto with few complications.

bitbuy canada review

On Newton, you can purchase Bitcoin, Ethereum, Litecoin, Ripple, Monero, Tether, Bitcoin Cash, Stellar Lumens, USD Coin, and QCAD. If you like, you can temporarily store the cryptocurrencies you’ve bought into Newton’s secure digital wallet. As stated previously, we highly recommend not leaving your coins on global exchanges .

Bitbuy Wallets

The platform has a long history and impeccable record with almost no security breaches . You can still opt for Kraken if you’re interested in things like margin or futures trading as the platform is a true leader when it comes to advanced trading services. To learn more about the safety measures employed by the platform, check out our post on Kraken’s safety features and history. Bitbuy is also FINTRAC registered (i.e. fully compliant) and their customer support is top-notch.

bitbuy canada review

Bitbuy also provides a total crypto balance in Canadian Dollar equivalent. Users may view transaction histories by deposits, withdrawals, and referrals. For traders, Bitbuy offers traders a wide range of crypto-crypto and crypto-Canadian Dollar pairings via its Bitbuy Pro Trade platform. Once you have verified your email address and phone number you will need to provide further personal information.

Bitbuy is a Toronto-based crypto exchange for Canada residents. Unfortunately, at the moment, Bitbuy does not offer real-time customer support through either phone or online chat. The exchange uses a maker-taker pricing model within its Pro trading platform, with fees charged at a flat rate of 0.10% and 0.20%, respectively. The platform also makes it easy for these institutional clients to sign up for the service and verify their identities. The process is customized to each corporate client, and therefore businesses do not share a common signup process with retail investors.

It is also a VC backed company with over $400 million in funding. Coinbrary’s mission is to provide you with the latest news & advice on Bitcoin and cryptocurrency and tips on personal finance generally to help you live your best life. Overall, Coinbase is a solid choice to buy crypto with a Canadian debit card and to withdraw to a Canadian PayPal account. Bitbuy has over 375,000 users and there has been over $4.4B transacted through the platform. It is also now owned by the company WonderFi with the notable investor Kevin O’Leary.

The exchange platform (i.e. Binance) acts as a middleman – it connects you with that other person . With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses are usually just thrown under the umbrella term – exchange. The good news is that whilst using Bitbuy you won’t miss out on anything. The provider offers the ability to trade not only using the desktop platform but also their mobile app that’s available for both iOS and Android users.

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Supported Countries

For 4 days now they’ve have 500$ of mine restricted so i cant withdraw it in either my initial fiat transaction or in bitcoin. This is after going „gold“ with all the extra information they’re asking for now. I’ve been back and forth for days now with their customer support team and still my account is restricted for no reason. All i wanted to do was buy 500$ in BTC and instantly transfer that BTC to my wallet. Banks, who hold peoples entire life savings, arnt this difficult to deal with. As far as ease/good platform, i dont know what some people are talking about.

Researching the various crypto exchanges in Canada can get quite tricky as they all offer very similar features. The best thing about this platform is that it has no extra fees! Newton makes profit from the small “bid-ask spread” or the difference between the buying and the selling price. Upon activation, your account has a trading limit of maximum 500 CAD per day that continues to go up as you trade more and more. Knowing the importance of security and regulatory compliance, Newton registered with FINTRAC shortly after its launch.

As a result, Bitbuy is pretty expensive overall and it was mostly due to the high CAD deposit and withdrawal fees. Founded in 2016, Bitbuy is one of the larger Canadian cryptocurrency exchanges and has served over 400,000 investors so far. It’s also important to do a thorough cryptocurrency exchange fee comparison. Binance vs Bitbuy cryptocurrency exchange overall score comparison reveals that Binance has a higher overall score of 9.8, while Bitbuy gathered an overall score of 6.0.

We currently rate it number one in our article – 6 Best crypto exchanges for Canadians. For desktop trading, Coinbase is often praised as the best option for new traders. The interface is clean and easy to follow, with clear options to buy/sell and send/receive cryptocurrency at the top of the page. Users can view their assets through the Assets tab or trade over 150 cryptocurrencies through the Trade tab, where all currencies and their current performances are listed. Instead of looking for innovative features, Bitbuy has focused on mastering the basics. The platform is extremely user-friendly, making it easy for beginners to get started even if they have no prior crypto experience.