{"id":6496,"date":"2023-07-21T08:37:17","date_gmt":"2023-07-21T16:37:17","guid":{"rendered":"https:\/\/www.cultofmoney.com\/?p=6496"},"modified":"2023-08-09T12:46:03","modified_gmt":"2023-08-09T20:46:03","slug":"bitbuy-review","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/bitbuy-review\/","title":{"rendered":"Bitbuy Review | Features, Pros &#038; Cons, &#038; Pricing"},"content":{"rendered":"<p><span><img decoding=\"async\" alt=\"Bitbuy Review\" data-id=\"6501\" data-init-width=\"1200\" data-init-height=\"628\" title=\"Bitbuy Review\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2022\/02\/CoM_Graphics_1200x628_BitBuyReview.jpg\" data-link-wrap=\"true\" data-width=\"360\" data-height=\"188\" style=\"aspect-ratio: auto 1200 \/ 628;\" width=\"360\" height=\"188\"><\/span><\/p>\n<p>If you\u2019re trying to invest in cryptocurrency as a Canadian, it\u2019s sometimes easier said than done. Many leading <a href=\"https:\/\/www.cultofmoney.com\/best-cryptocurrency-exchanges\/\" style=\"outline: none;\">crypto exchanges<\/a> aren&#8217;t available in Canada or don\u2019t provide high starting trading limits for international users.Thankfully, <a href=\"https:\/\/www.cultofmoney.com\/go\/bitbuy\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Bitbuy<\/a> provides Canadian investors with a much easier way to invest in cryptocurrencies. This Canadian-based exchange is one of the most popular ones in Canada, and it lets you buy and sell over a dozen cryptocurrencies.However, while Bitbuy is helping Canadians diversify their portfolios, it\u2019s important to understand its features and fees. That\u2019s why our Bitbuy review is taking a look at everything this exchange has to offer so you can decide if it\u2019s for you.<\/p>\n<p><span><img decoding=\"async\" alt=\"Bitbuy Logo\" data-id=\"6517\" data-init-width=\"225\" data-init-height=\"69\" title=\"Bitbuy Logo\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2022\/02\/Bitbuy-Logo-1.png\" data-link-wrap=\"true\" data-width=\"225\" data-height=\"69\" width=\"225\" height=\"69\" style=\"aspect-ratio: auto 225 \/ 69;\"><\/span><\/p>\n<p style=\"\"><strong>&nbsp; Quick Summary<\/strong><\/p>\n<ul>\n<li><span style=\"\">Leading Canadian cryptocurrency exchange<\/span><\/li>\n<li><span style=\"\">Supports 20+ cryptocurrencies<\/span><\/li>\n<li><span style=\"\">Individual and business crypto investing<\/span><\/li>\n<\/ul>\n<table data-rows=\"5\" data-cols=\"2\" style=\"\">\n<thead>\n<tr>\n<th rowspan=\"1\" colspan=\"2\" style=\"\">\n<p style=\"text-align: center;\"><strong>Bitbuy Details<\/strong><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"\">\n<p style=\"text-align: center;\">Product Name<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">Bitbuy<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\">\n<p style=\"text-align: center;\">Product Type<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">Cryptocurrency exchange<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\">\n<p style=\"text-align: center;\">Supported Coins<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">24<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\">\n<p style=\"text-align: center;\">Promotions<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">Get $20 for funding an account with $250<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2 id=\"t-1645132927957\">Pros And Cons<\/h2>\n<p style=\"text-align: center;\"><strong>Pros<\/strong><\/p>\n<ul>\n<li><span>Simple sign-up process<\/span><\/li>\n<li><span>High trading limits<\/span><\/li>\n<li><span>Invest with Canadian dollars<\/span><\/li>\n<li><span>$20 sign-up bonus<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>Cons<\/strong><\/p>\n<ul>\n<li><span style=\"\">Only 24 available cryptocurrencies<\/span><\/li>\n<li><span style=\"\">High trading fees<\/span><\/li>\n<li><span style=\"\">High withdrawal fees<\/span><\/li>\n<\/ul>\n<h2 id=\"t-1645132927958\">About Bitbuy<\/h2>\n<p>Bitbuy is a Toronto-based cryptocurrency exchange that began in 2016. It\u2019s also one of the most established exchanges in the country and is helping Canadians get more access to <a href=\"https:\/\/www.cultofmoney.com\/invest-in-cryptocurrency\/\">crypto investing<\/a>.For one, <strong>Bitbuy is the first exchange that\u2019s regulated by the Ontario Securities Commission (OSC.)<\/strong> This is similar to exchanges like <a href=\"https:\/\/www.cultofmoney.com\/coinbase-review\/\" style=\"outline: none;\">Coinbase<\/a> that are regulated in the United States and essentially means Bitbuy is more than just a broker and manages its own marketplace.WonderFi, a Canadian DeFi platform, also announced its acquisition plans for Bitbuy in January 2022. And the acquisition finalized a few months later in March.With regulation under wraps and an exciting acquisition complete, Bitbuy is establishing itself as one of the best exchanges in Canada. And, the numbers represent this fact. According to its website, Bitbuy has over 450,000 users and has seen over $4 billion in crypto flow through its platform.<\/p>\n<h2 id=\"t-1645132927959\">What It Offers<\/h2>\n<p>If you want a quick way to purchase popular cryptocurrencies with Canadian dollars, Bitbuy is for you.<\/p>\n<p>This exchange offers numerous trading features, and with a quick onboarding process and high trading limits, Bitbuy is ideal for new and experienced crypto investors alike.<\/p>\n<h3>Express Crypto Trading<\/h3>\n<p>If you\u2019re new to crypto investing or want to keep things simple, you want your exchange to permit quick crypto trading.<\/p>\n<p>Sure, reading charts and conducting technical analysis is great if that\u2019s your investing style, but for many investors, simple spot trading is all you need.With Bitbuy\u2019s Express Trading feature, this is exactly what you get.<\/p>\n<p><strong>Once you fund your Bitbuy account with money through Interact e-Transfer or a wire transfer, you can purchase 24 different cryptocurrencies, including<\/strong>:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.cultofmoney.com\/what-is-bitcoin\/\" style=\"outline: currentcolor none medium;\">Bitcoin<\/a><\/li>\n<li><a href=\"https:\/\/www.cultofmoney.com\/how-to-invest-in-cardano-ada\/\" style=\"outline: currentcolor none medium;\">Cardano<\/a><\/li>\n<li>Chainlink<\/li>\n<li><a href=\"https:\/\/www.cultofmoney.com\/dogecoin-experiment\/\" style=\"outline: none;\">Dogecoin<\/a><\/li>\n<li>EOS<\/li>\n<li>Ethereum<\/li>\n<li><a href=\"https:\/\/www.cultofmoney.com\/how-to-invest-in-litecoin\/\" style=\"outline: currentcolor none medium;\">Litecoin<\/a><\/li>\n<li>Polkadot<\/li>\n<li>Polygon<\/li>\n<li>Solana<\/li>\n<li>SushiSwap<\/li>\n<li><a href=\"https:\/\/www.cultofmoney.com\/what-is-uniswap\/\" style=\"outline: none;\">Uniswap<\/a><\/li>\n<\/ul>\n<p>The fact Bitbuy supports popular cryptos like Bitcoin and Ethereum is a plus. However, Bitbuy has far less selection than other exchanges like <a href=\"https:\/\/www.cultofmoney.com\/go\/coinbase\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Coinbase<\/a> and <a href=\"https:\/\/www.cultofmoney.com\/binance-review\/\">Binance<\/a>, which both support over 100 coins.Additionally, Bitbuy doesn\u2019t offer stablecoin trading for assets like USDC, USDT, and DAI. Stablecoins are popular for yield generation by depositing them with various <a href=\"https:\/\/www.cultofmoney.com\/best-crypto-savings-accounts\/\">crypto savings accounts<\/a>, so this is another downside.However, Bitbuy still offers many leading cryptocurrencies, which is perfect for Canadians looking to diversify their portfolios. You can also sell various cryptos you hold as well.<\/p>\n<h3>Pro Crypto Trading<\/h3>\n<p>If you want more control over your trading, Bitbuy\u2019s Pro Trading feature provides an alternative to simple Express Trading.With Pro Trading, you can place market and limit orders. You also get a more comprehensive dashboard rather than just a quote screen. This provides more in-depth trading data and you can also add different indicators if you\u2019re doing technical analysis.<\/p>\n<p><span><img decoding=\"async\" alt=\"Bitbuy Pro Trading\" data-id=\"6529\" data-init-width=\"1000\" data-init-height=\"455\" title=\"Bitbuy Pro Trading\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2022\/02\/Bitbuy-Pro-Trading.png\" data-link-wrap=\"true\" data-width=\"702\" data-height=\"319\" width=\"702\" height=\"319\" style=\"aspect-ratio: auto 1000 \/ 455;\"><\/span><\/p>\n<p>This is a lot of data upfront, so if you\u2019re new to crypto investing, it might seem a bit daunting.However, you can always use Pro Trading to place market or limit orders if you want a bit more control over when your trades execute. And, if you\u2019re a more experienced trader and need more data, Bitbuy still has you covered.You don\u2019t need to pay extra for Pro Trading either; you unlock Express and Pro Trading once you sign up and verify your account.<\/p>\n<h3>Staking Rewards<\/h3>\n<p>In 2023, Bitbuy introduced staking rewards, letting investors generate passive income with their digital assets. This is a significant improvement to Bitbuy, especially since accessing centralized <a href=\"https:\/\/www.cultofmoney.com\/best-crypto-staking-providers\/\">staking platforms<\/a> hasn\u2019t always been easy for Canadians.<\/p>\n<p>At the time of writing, Bitbuy lets you earn up to 10% APY with its staking program. Some notable tokens and staking rates you can get right now include:<\/p>\n<ul>\n<li><strong>Cardano<\/strong>: 3.7% APY<\/li>\n<li><strong>Cosmos<\/strong>: Coming soon.<\/li>\n<li><strong>Ethereum<\/strong>: 3.30 \u2013 4.87% APY<\/li>\n<li><strong>Polygon<\/strong>: 4.88% APY<\/li>\n<li><strong>Polkadot<\/strong>: 10% APY<\/li>\n<li><strong>Solana<\/strong>: 4.28% APY<\/li>\n<\/ul>\n<p>Bitbuy only supports a handful of tokens, and you have way more options with platforms like <a href=\"https:\/\/www.cultofmoney.com\/cake-defi-review-fees-features-pricing\/\">Cake DeFi<\/a> and <a href=\"https:\/\/www.cultofmoney.com\/yieldflow-review\/\">YieldFlow<\/a>. You can also find higher staking rates on these platforms, although these rates are competitive in Canada.<\/p>\n<h3>Over-The-Counter (OTC) Trading<\/h3>\n<p>When you trade over-the-counter, you\u2019re dealing directly with a seller or broker to buy or sell securities. OTC trading exists for regular stocks and commodities, and with companies like Bitbuy, you can also OTC trade crypto.The main reason to use OTC trading is to lock in a price and to avoid market volatility. To qualify, you need a minimum of $50,000 CAD trades for Bitcoin and Ethereum and $20,000 CAD for any other coin. But if this is you, it\u2019s worth contacting Bitbuy\u2019s OTC desk to arrange a quick meeting and your enrollment in its OTC service.<\/p>\n<p>Once you fund your account, you email Bitbuy\u2019s OTC support team at otc@bitbuy.ca to start the process.This feature isn\u2019t useful for everyday traders investing under $50,000 in crypto. But it\u2019s still a nice feature to have and shows how Bitbuy caters to beginner and serious crypto investors alike.<\/p>\n<h3>Bitbuy API Access<\/h3>\n<p>Another Bitbuy feature that\u2019s useful for serious cryptocurrency traders is its API tool. API tools are useful because they provide live exchange rates and let you automate trades or trade at high frequencies.For occasional trading, you don\u2019t need API access. But if you\u2019re an algorithmic trader, institution, or business that deals with serious amounts of crypto, API access is essential.If you need API-powered crypto trading, email API@bitbuy.ca to request access and learn more.<\/p>\n<h3>Bitbuy Referral Program<\/h3>\n<p>Plenty of cryptocurrency exchanges have referral programs to incentivize new users. Bitbuy isn\u2019t an exception, and it actually has a very lucrative referral program compared to most exchanges.Bitbuy\u2019s referral program pays you $20 when the person you refers signs up and makes a deposit of at least $250.<\/p>\n<p>The person you refer also gets $20, so that\u2019s $40 just for one person depositing $250.<\/p>\n<h3>Mobile App<\/h3>\n<p>Bitbuy has a free mobile app for Android and iOS that lets you check your portfolio and trade.<\/p>\n<p>You can actually use Express and Pro Trading through the mobile app. However, Pro Trading is better on the web version because it\u2019s easier to view chart data and adjust technical indicators.However, the fact you can place snappy trades from your mobile phone is another small perk of using Bitbuy.<\/p>\n<h3>Bitbuy Corporate<\/h3>\n<p>When you sign up for Bitbuy, you choose if you\u2019re a person or corporation. And as a corporation, you can work with Bitbuy specialists to add Bitcoin to your balance sheet.Corporations adding crypto to their balance sheets is a more recent development, and companies like Apple have already added millions in digital assets.With Bitbuy, you work directly with a team member to develop a strategy to invest in crypto for your business. To get started, simply enter information about your business and request a call from <a href=\"https:\/\/bitbuy.ca\/en\/corporate\/\" target=\"_blank\" rel=\"nofollow noopener\" style=\"outline: none;\">Bitbuy\u2019s corporate page<\/a>.<\/p>\n<h2 id=\"t-1645132927960\">Pricing &amp; Fees<\/h2>\n<p>Exchange fees are one of the most important considerations when deciding where to purchase crypto. After all, it doesn\u2019t matter if an exchange has an excellent user experience and high trading limits if fees eat into your potential profits.With <a href=\"https:\/\/www.cultofmoney.com\/go\/bitbuy\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Bitbuy<\/a>, you don\u2019t pay fees for crypto deposits and withdrawals. Additionally, there aren\u2019t account management fees or inactivity fees.However, where Bitbuy falls short is with some withdrawal fees and trading fees.<\/p>\n<table data-rows=\"4\" data-cols=\"5\" style=\"\">\n<thead>\n<tr>\n<th rowspan=\"1\" colspan=\"5\" style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\">Bitbuy Withdrawal Fees<\/p>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\"><strong>Deposit Type<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\"><strong>Minimum<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\"><strong>Maximum<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\"><strong>Withdrawal Fee<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\"><strong>Processing<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\"><strong>Interac e-Transfer<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\">$50<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\">$10,000 every 24 hours<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\">1.50%<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\">Nearly instant<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\"><strong>Bank Wire<\/strong><\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\">$10,000<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\">Unlimited<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\">1.50%<\/p>\n<\/td>\n<td style=\"border: 1px solid rgb(51, 51, 51);\">\n<p style=\"text-align: center;\">Two to three business days<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>These withdrawal fees are a bit steep but are avoidable.<\/p>\n<p>As for trading fees, you pay between 0% and 2% with both Express and Pro trading depending on your 90-day trading volume. For customers trading under $250,000 per 90 days, both trading types charge a 2% maker and 2% taker fee, which is high in the world of crypto exchanges.<\/p>\n<p \"\"=\"\">You can get slight trading discounts if you trade millions of dollars in assets, but for everyday investors, there aren\u2019t discounts.<\/p>\n<h2 id=\"t-1645132927961\">Bitbuy Alternatives<\/h2>\n<p>One notable drawback of Bitbuy versus other popular cryptocurrency exchanges is how few coins it supports.However, Bitbuy largely makes up for this fact by making it easier for Canadians to invest in crypto. While international exchanges like <a href=\"https:\/\/www.cultofmoney.com\/go\/coinbase\" target=\"_blank\" rel=\"nofollow noopener sponsored\" style=\"outline: none;\">Coinbase<\/a> and <a href=\"https:\/\/www.cultofmoney.com\/gemini-review\/\" style=\"outline: currentcolor none medium;\">Gemini<\/a> have more investing options, Canadians usually have low daily trading limits.Here\u2019s how Bitbuy stacks up against Coinbase and Gemini in terms of supported cryptos, trading fees, and interest and <a href=\"https:\/\/www.cultofmoney.com\/what-is-staking-crypto\/\" style=\"outline: none;\">staking<\/a> options to earn rewards.<\/p>\n<table data-rows=\"7\" data-cols=\"4\">\n<thead>\n<tr>\n<th>Header<\/th>\n<th><span><img decoding=\"async\" alt=\"Bitbuy Logo\" data-id=\"6517\" data-init-width=\"225\" data-init-height=\"69\" title=\"Bitbuy Logo\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2022\/02\/Bitbuy-Logo-1.png\" data-link-wrap=\"true\" data-width=\"169\" data-height=\"52\" width=\"169\" height=\"52\" style=\"aspect-ratio: auto 225 \/ 69;\"><\/span><\/th>\n<th><span><img decoding=\"async\" alt=\"Coinbase logo\" data-id=\"2653\" data-init-width=\"738\" data-init-height=\"275\" title=\"Coinbase logo\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/09\/Coinbase-logo.jpg\" data-link-wrap=\"true\" data-width=\"169\" data-height=\"63\" width=\"169\" height=\"63\" style=\"aspect-ratio: auto 738 \/ 275;\"><\/span><\/th>\n<th><span><a href=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/10\/Gemini-logo.png\"><img decoding=\"async\" alt=\"Gemini logo\" data-id=\"3143\" data-init-width=\"483\" data-init-height=\"104\" title=\"Gemini logo\" loading=\"lazy\" src=\"https:\/\/www.cultofmoney.com\/wp-content\/uploads\/2021\/10\/Gemini-logo.png\" data-link-wrap=\"true\" data-width=\"169\" data-height=\"36\" width=\"169\" height=\"36\" style=\"aspect-ratio: auto 483 \/ 104;\"><\/a><\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\n<p><strong>Star Rating<\/strong><\/p>\n<\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td style=\"\">\n<p><strong>Supported Coins<\/strong><\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">24<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">100<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">50+<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><strong>Trading Fees<\/strong><\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\">Starts at 2.0%<\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\">Starts at 0.50%<\/p>\n<\/td>\n<td>\n<p style=\"text-align: center;\">0.35% taker and 0.25% maker fees<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\">\n<p><strong>Passive Income Options<\/strong><\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">Yes<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">Yes<\/p>\n<\/td>\n<td style=\"\">\n<p style=\"text-align: center;\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\">\n<p><strong>NFTs<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">No<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">Yes<\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\">\n<p style=\"text-align: center;\">Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\">Cell<\/td>\n<td rowspan=\"1\" colspan=\"1\"><\/td>\n<td rowspan=\"1\" colspan=\"1\"><\/td>\n<td rowspan=\"1\" colspan=\"1\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>If you\u2019re just investing in popular cryptocurrencies like <a href=\"https:\/\/www.cultofmoney.com\/what-is-ethereum\/\">Ethereum<\/a> and <a href=\"https:\/\/www.cultofmoney.com\/how-to-invest-in-sol-solana\/\">Solana<\/a>, Bitbuy is a reliable exchange. You should also use Bitbuy if you\u2019re struggling with low trading limits on exchanges like Coinbase and need a Canadian-run exchange.That said, Bitbuy has some steep fees. The fact you pay deposit fees is also unusual, so you\u2019re certainly paying for the convenience Bitbuy provides Canadian investors.If you\u2019re not investing a significant amount of money in crypto, exchanges like Coinbase and Gemini are better on fees and also support significantly more coins.&nbsp;<\/p>\n<p>Plus, both <a href=\"https:\/\/www.cultofmoney.com\/coinbase-nft-marketplace\/\" style=\"outline: none;\">Coinbase<\/a> and Gemini are branching into <a href=\"https:\/\/www.cultofmoney.com\/what-is-an-nft\/\" style=\"outline: none;\">NFTs<\/a>, so the platforms will have even more options to invest in digital assets.<\/p>\n<h2 id=\"t-1645132927962\">Account Opening Process<\/h2>\n<p><a href=\"https:\/\/www.cultofmoney.com\/go\/bitbuy\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Bitbuy<\/a> is only available for Canadians, and the entire sign up process takes a few minutes. When signing up, Bitbuy asks you for your:<\/p>\n<ul>\n<li>Email<\/li>\n<li>Name<\/li>\n<li>Phone number<\/li>\n<\/ul>\n<p data-empty=\"true\">You create a username and password. Also note that your phone number must be a North American number and that Bitbuy sends a SMS verification message. Bitbuy also sends an email with a verification link once you verify your phone number.Once you verify your email, you enter extra information to complete your account. This includes your address and employment information. Overall, the entire process is similar to the <a href=\"https:\/\/www.cultofmoney.com\/kyc-aml-crypto-exchanges\/\">KYC requirements<\/a> exchanges like <a href=\"https:\/\/www.cultofmoney.com\/go\/gemini\/\" style=\"outline: none;\" target=\"_blank\" rel=\"noopener sponsored\">Gemini<\/a> and <a href=\"https:\/\/www.cultofmoney.com\/kraken-review\/\" style=\"outline: none;\">Kraken<\/a> require.However, <strong>Bitbuy verifies most accounts instantly without you uploading government ID or extra information<\/strong>.Bitbuy works with third-party providers to verify customers. In some cases, you still upload government ID or documents like bank statements to prove your identity, but most verification occurs automatically.<\/p>\n<h2 id=\"t-1645132927963\">Safety &amp; Security<\/h2>\n<p>Bitbuy takes several steps to improve its security.<\/p>\n<p>Most importantly, it holds at least 95% of assets in cold storage. Cold storage means holding assets offline rather than on an exchange or <a href=\"https:\/\/www.cultofmoney.com\/best-crypto-wallets\/\" style=\"outline: none;\">crypto wallet<\/a>, making it practically impossible for hackers to access and drain Bitbuy\u2019s funds.Bitbuy also has digital asset insurance under BitGo. Many international exchanges don\u2019t have any type of insurance with the exception of their own insurance funds, so this is another perk of using Bitbuy. BitGo provides coverage for losses resulting from hacks, private key theft, loss of keys, and similar breaches.If that wasn\u2019t enough, Bitbuy is also a FINTRAC-registered business. FINTRAC is Canada\u2019s financial intelligence agency that monitors financial activity to detect illegal activity like money laundering. Overall, this is just another indicator that Bitbuy is legit and following regulations.Of course, prevention is still the best way to protect yourself as an investor. This is why using features like Bitbuy\u2019s two-factor authentication and creating a secure password is important.Additionally, never hold significant amounts of cryptocurrency on any exchange unless you\u2019re actively trading. Instead, use your own crypto wallet to hold your funds since this is the only way to maintain control over your <a href=\"https:\/\/www.cultofmoney.com\/not-your-keys-not-your-coins\/\">private keys<\/a> and funds.Hardware wallets like Ledger and Trezor are two popular choices, and you can read our <a href=\"https:\/\/www.cultofmoney.com\/ledger-wallet-review\/\" style=\"outline: none;\">Ledger review<\/a> and <a href=\"https:\/\/www.cultofmoney.com\/trezor-wallet-review\/\" style=\"outline: none;\">Trezor review<\/a> for more information.<\/p>\n<h2 id=\"t-1645132927964\">Customer Service<\/h2>\n<p>There are two ways to get customer support from Bitbuy.<\/p>\n<p>The first method is to email support@bitbuy.ca with your questions. Alternatively, you can reference its support help desk to get answers for common questions people have.Bitbuy states it gets back to questions as fast as possible. A lack of a customer support phone number is a downside.<\/p>\n<p>However, Bitbuy customer reviews on Trustpilot and forums like Reddit are generally quite positive and cite timely customer support.<\/p>\n<h2 id=\"t-1645132927965\">The Bottom Line<\/h2>\n<p>Bitbuy is asserting itself as one of the best Canadian cryptocurrency exchanges. Overall, this exchange provides a simple way to invest in popular cryptocurrencies, and it also caters to individual investors and businesses.However, Bitbuy falls a bit short when it comes to cryptocurrency selection and trading fees. If you regularly invest in crypto, international exchanges like <a href=\"https:\/\/www.cultofmoney.com\/go\/binance\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Binance<\/a> <a href=\"https:\/\/www.cultofmoney.com\/ftx-review\/\" style=\"outline: none;\"><\/a>are better on fees, and trading limits aren\u2019t always low for new users. You can also use exchanges like Coinbase to keep your crypto investing simple.That said, if international and U.S.-focused exchanges aren\u2019t working for you, give Bitbuy a try. There\u2019s a reason it\u2019s one of the most popular players in Canada, and the future is certainly bright for this cryptocurrency exchange.<\/p>\n<h2 id=\"t-1645132927966\">Bitbuy Features<\/h2>\n<table data-rows=\"14\" data-cols=\"2\" style=\"border: 1px solid rgb(128, 128, 128);\">\n<thead>\n<tr>\n<th style=\"\"> <strong>Product Type<\/strong><\/th>\n<th style=\"\">\n<p><span style=\"font-weight: normal;\">Cryptocurrency exchange<\/span><\/p>\n<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"\">\n<p><strong>Minimum Purchase<\/strong><\/p>\n<\/td>\n<td style=\"\">\n<p>Varies depending on trading pair<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\">\n<p><strong>Supported Coins<\/strong><\/p>\n<\/td>\n<td style=\"\">\n<p>24<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\">\n<p><strong>Free Wallet<\/strong><\/p>\n<\/td>\n<td style=\"\">\n<p>Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"\">\n<p><strong>Maintenance Fees<\/strong><\/p>\n<\/td>\n<td style=\"\">\n<p>No<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p><strong>Deposit And Withdrawal Fees<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p>1.50% for withdrawals<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p><strong>Trading Fees<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p>Pay a 2.0% maker\/taker fee at starting trading volume<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p><strong>Payment Types<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p>Interac e-Transfer and wire transfer<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p><strong>Insurance<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p>Bitbuy gets digital asset insurance from BitGo to cover losses from events like hacks, loss of keys, and private key theft<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p><strong>Security<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p>Bitbuy holds at least 95% of assets in cold storage and you can enable two-factor authentication<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p><strong>Mobile App<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p>Android and iOS<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p><strong>Desktop Availability<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p>Yes<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p><strong>Customer Support<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p>You can contact Bitbuy customer support at support@bitbuy.ca<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p><strong>Promotions<\/strong><\/p>\n<\/td>\n<td rowspan=\"1\" colspan=\"1\" style=\"\">\n<p>Earn $20 for funding a new account with at least $250<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Bitbuy is one of the most popular Canadian cryptocurrency exchanges. But is it worth using? Our review covers all the features you need to know.<\/p>\n","protected":false},"author":11,"featured_media":6503,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[672],"tags":[671],"acf":[],"_links":{"self":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/6496"}],"collection":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/comments?post=6496"}],"version-history":[{"count":52,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/6496\/revisions"}],"predecessor-version":[{"id":9423,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/6496\/revisions\/9423"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/media\/6503"}],"wp:attachment":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/media?parent=6496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/categories?post=6496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/tags?post=6496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}