Of this 99%, an average of 98.12% as of the most recent audit, is held as proof of reserve. As we have demonstrated above, the signup process is also simple and straightforward, making it easy to onboard new users. All of these points combined make Bitbuy a solid option for Canadian-based crypto investors looking for a reputable platform to fulfill their investment needs. Bitbuy has launched an intuitive mobile app that enables the platform’s users to access all the features available on the web interface through the easy-to-use mobile interface. The mobile app is available on both iOS and Android app stores.
- If you wish to buy and sell cryptocurrency, open your wallet page and press Buy/Sell.
- Bitbuy has a dedicated page providing users with Bitbuy supported crypto compatible wallets and a Canadian Dollar wallet.
- Talking about decentralized cryptocurrency exchanges, there’s no third-party involvement and you have full autonomy over your wallet.
Between the OSC regulation and acquisition, it’s clear that Bitbuy is quickly asserting itself as one of the best crypto exchanges in Canada. If you want a simpler way to buy and sell crypto from Canada, Bitbuy could be your best option. And, our Bitbuy review is covering all of the features and pricing so you can decide if this exchange is right for you. For Canadian cryptocurrency investors, it’s often difficult to invest with international exchanges. For example, Coinbase often has low buying limits for Canadian users, and the same is often true for other U.S. exchanges. We’re proud of our content and guidance, and the information we provide is objective, independent, and free.
Bitbuy Review – Is it Legit? (February
Decoin was founded in 2017 and is an exchange that was built by the crypto community for crypto community. Our mission is to provide the most innovative and transparent Pro social Trading platform for top traders… NDAX is a platform that allows traders to instantly buy and sell Bitcoin, Ethereum, and other cryptocurrencies. Our intuitive platform allows beginners to quickly buy and sell 11 different cryptocurrency….
Is Bitbuy better than Coinbase?
In terms of cryptocurrency support, Coinbase blows Bitbuy out of the water. Bitbuy currently only supports eight different cryptocurrencies, while Coinbase supports dozens. Of course, many people are usually just looking for bitcoin and maybe Ether, and either platform has you covered in that regard.
These products may not be suitable for everyone and you should ensure that you understand the risks involved. There is a very high degree of risk involved in trading securities. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies involves a high level of risk. Bitbuy maintains multiple channels through which its users can get help and support. The company maintains social media pages, an informational YouTube channel, and a dedicated support page that also allows customers to submit support tickets for more customized help. Reputation – Bitbuy not only maintains a stellar security record owing to its relatively long stay in the marketplace but also inherits its reputation from its parent companies.
Deposits can be made in all of the above fiat and cryptocurrencies. To make purchases, users must first make a deposit into their account. CAD deposits have Wire Transfer, Interac e-Transfer and Express Interac e-Transfer. You can securely buy and trade Bitcoin, Ethereum, or any other digital currency. Coinsquare’s QuickTrade feature instantly allows you to trade between any two currencies, XRP to Ethereum or Litecoins to EUR.
For comparison, Coinbase had $2.6 billion of trading volume in the past 24 hours. BitBuy only offers OTC and spot trading, and there is no support for NFTs, futures, or option trading. BitBuy is a marketplace bitbuy review and investment dealer, so your trades are fulfilled by BitBuy, never outsourced to a third party. BitBuy shines with its easy-to-use trading interface but doesn’t support staking, futures, or a wallet.
Are There Any Fees?
All information contained herein should be independently verified and confirmed. We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services. Please be aware of the risks involved with any trading done in any financial market.
In sum, it is clear that a happy client is Bitbuy’s priority. Both starting and seasoned traders may enjoy the platform and the way it is designed, which makes up a pleasant trading experience. Although experienced traders may find some aspects of the platform limited, newcomers are surely likely to enjoy a smooth and frictionless cryptocurrency buying and selling process.
After the account has been set up, you can start funding your account by bank wire, by depositing crypto, or through an e-transfer. To finally activate and set up the account, enter your phone number. You will receive an OTP on their phone to verify a phone number.
Bitbuy Review: Canadian Cryptocurrency Exchange
Simply go to the Express Trade page and select the crypto that you wish to buy or sell from the dropdown menu as shown below. Paste your destination wallet address, enter the number of coins you wish to withdraw, and click “Withdraw Request”. In order to withdraw your crypto, select the wallet from which you wish to withdraw your crypto and click the Withdrawal icon. 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.
Is Bitbuy Legit Exchange?
Yes, Bitbuy is a legitimate platform, and it is registered with FINTRAC as an MSB or Money Service Business.
Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. Investors and traders already holding Bitbuy supported cryptos can make a wallet-to-wallet transfer. Bitbuy supports the deposit and withdrawal of Bitbuy supported cryptos. Bitbuy has a dedicated page providing users with Bitbuy supported crypto compatible wallets and a Canadian Dollar wallet.
Payment Methods Accepted by Bitbuy
Here are a few features you would like to know if you want to begin trading cryptocurrency on this platform. Whether you’re an institutional or retail investor, you don’t want to pay high fees or use a slow trading platform with an inadequate selection of tokens. There are plenty of bad exchanges, so it is important to choose a good one.
Bitbuy is also active on social media platforms like Twitter and Reddit, so you can reach out to them there as well, but I recommend just sending them an email if you need to get in touch. Getting my account verified was quick and easy, and only required scanning a piece of ID and taking a selfie with it. Bitbuy maintains a solid security record since its launch in 2016. 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. Mobile app – Bitbuy users are able to access their accounts on the move using the exchange’s intuitive mobile app available on the Apple Appstore and Android’s PlayStore.
Incorrect information could lead to the permanent loss of your crypto assets. Your Litecoin deposit will be credited to your Bitbuy https://forex-reviews.org/ wallet after 6 confirmations on the blockchain. You may also track its progress in the Deposits section of your “History” page.
In the case of transferring already held cryptos, select the appropriate crypto wallet listed on the “Wallets” page and click the deposit option. For demonstrative purposes, we have chosen Litecoin (“LTC”). Bitbuy supports the deposit and withdrawal of cryptos and Canadian Dollars.
In hind site, I am forever grateful for the steps they took to save me from loosing a lot of money. I use 4 other wallets to get the smaller/higher Risk tokens and coins. Although its services are still limited to the Canadian market, it is likely to scale the business to foreign markets in the future. If you’re unsure about the cryptocurrency market in Canada and want to learn more about its latest developments, you can follow its latest updates at Bitbuy’s resources section on its website. The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.
Is Bitbuy a legit site?
Yes, Bitbuy is legal. They are a licensed Money Services Business (MSB) that operates under the guidelines of the Financial Transactions and Report Analysis Centre of Canada (FINTRAC).
This means Bitbuy can offer more features for users and manage transactions on its own marketplace rather than relying on third parties. But we do have to make money to pay our team and keep this website running! TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews . Yes, you can trust Bitbuy, as it is the most secure and trusted Canadian cryptocurrency exchange.
However, we advocate for you to continue to do your own research and make educated decisions. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. After logging into the app, the user must register the device by entering a code sent to the email address linked to the account and then inputting an SMS code. After doing so, Bitbuy users will be shown a screen showing their balance and a list of assets available to buy and sell.