Natasha Dean
Editor
Editor
So far, most of our cryptocurrency exchange evaluations have focused on crypto exchanges and trading platforms situated in the United States and catering to American investors. However, there are a number of sites that cater to overseas investors and dealers looking to gain access to crypto assets.
One such platform is Bitbuy, which is one of the most popular bitcoin trading platforms for Canadian citizens and residents. In this Bitbuy review, we examine the platform and determine the types of investors for whom it is most suited.
What exactly is Bitbuy?
As previously said, Bitbuy is a sophisticated trading platform designed specifically for Canadian cryptocurrency aficionados. Bitbuy provides cryptocurrency trading services to Canadian residents. Bitbuy is the ideal answer.
It was founded in 2013 by Ademar Gonzalez and Adam Goldman and provides trading solutions for both novice and experienced clients.
It provides access to many cryptocurrencies such as Bitcoin, Ripple, and Bitcoin Cash. Throughout this evaluation, its whole range of offerings will be reviewed in detail.
Pros and Cons of Bitbuy
The Bitbuy trading platform has various advantages, which include:
Suitable for both new and experienced traders
Because Bitbuy is the largest Canadian cryptocurrency exchange, it has established two distinct service offers that make it ideal for both novice and expert crypto investors, therefore broadening its target market.
The Bitbuy service offering features a one-click trading option for novice investors, which they may utilize to place orders promptly. In this aspect, the process is as easy as picking the asset to trade, inputting the amount to trade, and hitting the buy or sell button.
The basic Express Trading mode does an excellent job at this by delivering a platform that is simple to use and navigate. There are no extraneous options, and consumers may navigate them naturally. This keeps inexperienced investors from becoming overwhelmed by the vast array of tools and alternatives available to them.
At the same time, the Bitbuy platform offers a more complex interface that it primarily employs with its more sophisticated consumers.
These users often demand a number of tools and alternatives in order to properly assess their transactions and make more educated trading decisions.
Users may access the whole trading interface and utilize all of the tools available through the powerful Bitbuy trading platform.
This duality in the platforms offered by the Bitbuy exchange makes it acceptable for investors at various stages of the learning curve, adding to the platform’s popularity.
Crypto Holdings with Insurance
All crypto assets on the Bitbuy platform are covered by a complete insurance coverage purchased via BitGo. This assures that even if the platform is the victim of an attack or a breach, users’ cash will not be lost.
The fact that crypto assets on the Bitbuy exchange are fully guaranteed is one of the main reasons why investors may decide to invest through the platform.
Calculator for Pre-Transaction
Slippage is one of the most important concerns that advanced traders must be aware of and account for when trading.
This occurs because the market may shift slightly between the time the trader enters an order and when it is executed, resulting in the order and execution occurring at different prices.
Normally, this variation is so minor that it makes no difference, but for regular traders with a high trading volume, these minor variances might have a significant influence on their profitability.
Furthermore, many trading platforms have extremely oblique charge structures, making it impossible for traders to tell what costs they would have to pay on every deal. This also makes it difficult for traders to predict their profitability on any one deal.
However, Bitbuy outperforms its competitors in each of these categories. It provides a pre-transaction pricing calculator, which allows customers to see precisely what prices their transactions will be conducted at and how much fees they will be charged for every transaction.
The pre-transaction price calculator is an extremely important tool for high-frequency traders that utilize scalping trading methods.
Highly Controlled
The cryptocurrency industry is continually developing and expanding, and furthermore, exchanges are unregulated in the majority of countries.
This is a dilemma for investors who may want to only invest on regulated platforms since they provide a greater level of security against fraud and other issues.
Bitbuy is one of the world’s few regulated cryptocurrency exchanges, as well as the only regulated Canadian cryptocurrency exchange.
The Ontario Securities Commission (OSC) regulates it, lending credibility to the bank and assuring investors that monies invested through the Bitbuy platform are secure.
Bitbuy has also been registered with FINTRAC as a Money Services Business, which is a regulatory entity that primarily regulates brokerages and exchanges.
Security Procedures
Because the site is regulated and offers a wide range of cryptocurrencies for customers to trade, it has a very high trading volume when compared to some of the other Canadian cryptocurrency exchanges.
While this is unquestionably a positive thing, it also brings with it the risk of cyberattacks and hacks, which is why Bitbuy must continually guarantee that its security measures are up to date in order to prevent these risks.
While the platform’s security measures will be examined in detail later in the review, it is worth noting that the approaches used by the platform are industry-grade and ensure that the funds and data on the platform are kept as secure as possible.
Customer Service
Bitbuy Customer Service
Another feature that distinguishes Bitbuy from most other cryptocurrency exchanges is its customer support, which is often regarded as among the finest in the business. For example, the platform provides consumers with 24X7 customer service for both basic and difficult concerns.
The platform’s customer service strategy is comprised of three components:
The site provides a live chat service that is available 24 hours a day, seven days a week, where users may get simple questions answered.
Bitbuy also provides phone support for customers who want more tailored assistance or guidance to address their difficulties.
Finally, email help is offered for more complicated problems that may take some time to resolve; yet, even for these issues, Bitbuy provides incredibly swift turnaround times.
In addition to all of these capabilities, the Bitbuy platform has a comprehensive FAQ page for traders who are experiencing frequent problems.
Bitbuy Review – Drawbacks
The Bitbuy trading platform, like every coin, has two sides. There are various disadvantages to using the platform, which include:
Cryptocurrency Selection Is Limited
Despite being one of Canada’s major cryptocurrency exchanges, Bitbuy offers extremely limited crypto offerings when compared to larger and more established worldwide exchanges such as Binance and Coinbase.
While the precise spectrum of cryptocurrencies accessible for trading on the Bitbuy platform will be explored later in this review, It is worth noting that some of the world’s top cryptocurrencies are conspicuously absent from the platform.
Bitbuy has indicated that it would continue to add additional cryptocurrencies to the platform as they become available; but, at the moment, customers may only trade a restricted number of crypto assets through the site.
Accepts only CAD
Another downside of the site is that deposits and withdrawals are only accepted in Canadian Dollars (CAD).
While this is an excellent feature for most Canadian traders and investors, it can be an issue for people in Canada who work online and get payments in a number of foreign currencies.
Secondly, users who want to deposit funds into Bitbuy using a foreign currency will have to pay a currency translation charge, which can frequently be a time-consuming and expensive operation.
Withdrawals Are Costly
While the various platform costs have been explored in further detail in the Fees part of our Bitbuy review, it is crucial to know that Bitbuy has one of the highest withdrawal fees of any cryptocurrency trading platform.
For instance, if you want to deposit or withdraw CAD from your Bitbuy account, the costs would range between 0.5% and 1.5%, depending on whether you use a bank transfer or a credit/debit card for the transaction
Because although you opt to deposit and withdraw funds using cryptocurrency, you will still be charged more costs than most other brokers in the business. For example, in addition to the gas expenses, you will have to pay an extra $1-$20 in mining fees to Bitbuy for the transaction.
Bitbuy – Cryptocurrencies Available
As we have previously noted, Bitbuy is the largest cryptocurrency exchange in Canada, and this is nearly entirely due to the fact that it provides various cryptocurrencies that customers can easily trade.
The following cryptocurrencies are available for trading on Bitbuy:
Fees for Bitbuy
There are two sorts of fees charged by any trading platform: trading fees and non-trading costs.
Trading Fees for Bitbuy
Trading costs are the fees that users pay to place orders on the platform and have them fulfilled. The majority of bitcoin exchanges impose trading fees in one of two ways: spreads or commissions.
Spreads
The spread is the difference between the bid and ask prices. This concept is generally used by market-maker trading systems that act as the trade’s counterparty. As a result, you are trading against the platform.
When this occurs, there is frequently a gap between the price at which the asset may be purchased and the price at which it can be sold at any given time.
The purchasing price, also known as the bid price, is nearly always higher, and the gap between the two is referred to as the spread.
This basically indicates that if you bought and sold an item at the same moment, you would incur a loss.
Commissions
Another type of trading fee that an exchange may impose is a flat commission on each trade that you make.
This is normally a relatively tiny fraction of the trade volume and is done in a descending order. In other words, the bigger your trade volume, the lesser the costs you’ll have to pay in this respect.
Fees for Bitbuy
The trading costs you will pay on Bitbuy will vary depending on whether you use the Pro platform or not.
If you use the Pro Trade platform, you will be charged based on the type of order you place. Fees for a market order completed at the current price are 0.20% of the order amount.
However, if you create a limit order, which will only be made when the price is above or below a set amount that you choose, the costs are just 0.10% of your order value.
If you use the Express Trade feature, you will be charged a fixed cost of 0.20% for each order you place.
Non-Trading Fee for Bitbuy
In addition to the trading cost, bitcoin platforms may levy a range of extra fees and levies. These are covered in further depth below.
Deposit Charges
To allow customers to deposit funds into their accounts, most cryptocurrency exchanges impose fees.
The deposit fee you pay on Bitbuy is determined on the form of deposit you pick.
For example, if you use Interac e transfer, you must deposit a minimum of $100 and a maximum of $20,000, and the fees are 1.5%.
Bank transfers, on the other hand, demand a minimum of $20,000 and a maximum of $500,000, with fees of 0.50%.
The fees for depositing cryptocurrencies vary depending on the currency you choose to deposit and the network you utilize.
Withdrawal Fees
In addition to deposit fees, most cryptocurrency exchanges impose withdrawal fees. There are withdrawal charges connected with withdrawing money from your Bitbuy account, depending on the mode of withdrawal you select.
For example, if you use the Interac e transfer, you must withdraw a minimum of $50 and a maximum of $20,000, and the fees are 1.5%.
Bank transfers, on the other hand, demand a minimum of $20,000 and a maximum of $500,000, with fees of 1%.
The fees for withdrawing cryptocurrencies vary depending on the coin and network you use.
Bitbuy Advantages
The Bitbuy platform provides various distinct benefits to users as part of its crypto ecosystem, which we shall cover further below.
Trade Express
This option is primarily intended for newbie investors and allows them to place orders without having to consider any of the tweaks or complex tools offered.
To place an order using the Express Trade platform, users must first access the Express Trade website, Choose the cryptocurrency they want to buy, enter the amount, then click either buy or sell.
The transaction is then carried out quickly.
Bitbuy Crypto Wallet Bitbuy also provides a crypto wallet that customers may use to execute transactions as well as withdraw or deposit crypto money.
While the wallet is not as complex as some of the more established platforms’ wallets, it helps to guarantee that users may simply move their crypto assets to another platform.
Trade Advantage
Bitbuy Pro Transaction
The Pro Trade platform was developed for expert investors, which explains why some transactions have reduced costs.
Users of the Pro Exchange site may trade cryptocurrencies for Canadian dollars and other cryptocurrencies are accepted.
Users can also choose between market and limit orders based on their preferences.
OTC
For bigger orders or individuals who may want more support in executing sensitive deals. Because only orders above $50,000 may be placed through the OTC platform, it is better suited for major financial transactions.
Bitbuy’s OTC trading platform provides various advantages, including the following:
Competitive Pricing
The OTC trading platform provides consumers with competitive prices that are established in real-time by the forces of demand and supply by users all over the world.
Quotes of the Day
The technology also provides live price quotations for major financial transactions, which aids in the elimination of slippage.
FINTRAC Controlled
The Bitbuy OTC trading platform is FINTRAC-regulated as a licensed MSB (Money Service Business), making it a trustworthy medium for executing OTC transactions.
Bitbuy Security Review
Bitbuy is one of the most secure Canadian exchangers on the market for a variety of reasons. The platform’s key safety measures include the following.
Authentication using Two Factors
2FA (through Authy or Google authenticator) employs two kinds of authentication – a smartphone and a password – and is used to prevent illegal access to accounts.
Information Safety
The code used to construct the exchange is kept confidential, guaranteeing that it cannot be hacked. Furthermore, the platform stores 95% of all assets in cold storage, protecting them from cyber-attacks and intrusions.
Regulatory
Regulatory Compliance
FINTRAC classifies the platform as a regulated MSB, or Money Service Business.
Custody
The platform also does not rely on any third-party services for the custody of the assets transacted via it, which means that all wallets on the platform are isolated from the network.
Bitbuy Review 2022 – Final Verdict
Bitbuy is a Canadian cryptocurrency exchange with a solid customer support base, minimal trading costs, and a wide range of features and abilities. All of this makes it an excellent platform for Canadian customers looking to enter the world of cryptocurrency trading.
However, there are several disadvantages to using the platform. To begin, the cryptocurrency selection is fairly restricted, with users only being able to trade a few prominent cryptocurrencies such as Bitcoin, Bitcoin Cash, and Ethereum. The platform’s deposit and withdrawal fees are also rather expensive, and the cryptocurrency exchange only takes Canadian dollars, making it unsuitable for investors who are not Canadian residents.
With an eye for detail and understanding of this exciting industry. My experience has given me an understanding of crypto trends and how to effectively break them down. I have a soft spot for NFTs and the Metaverse.
