BitBuy ca Review 2023 Pros and Cons of Using BitBuy in Canada

You can sort through transactions based on transaction type, date, amount, bank, method and status. Orders are displayed with order type, order ID, date, quantity, price, value and fee. Orders are classified as Completed, Open, Cancelled and OTC. Bitbuy has a History page for tracking and reviewing transactions. The page has three sections- Orders, Transaction and Crypto Transaction.

He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users. CoinSmart is another reputable exchange with low fees, free deposits and some of the most popular cryptocurrencies.

How Long Does it Take to Withdraw Coins?

It also helps Bitbuy determine your trading limits. Qualified accredited investors get access to higher limits. Since Bitbuy is a regulated crypto exchange, it must comply with all regulations. Proving your identity documents including proof of address is a requirement by FINTRAC. Got a restrictive notice for withdrawing an amount for $380. This isn’t any of their business where I spend my money and freezing my account concerns me for the future for bigger amounts.

• When you trade using Bitbuy, the company stores 95% of user currency in offline cold wallets.
• There is no minimum and maximum limit on depositing or withdrawing cryptocurrency.
• Then, you can scan the QR code or copy the address to your external wallet to complete the transaction.
• The Bitbuy Corporate is designed for corporations and provide small accounts for sole practitioners to large international companies.
• The purpose of this financial profile is to assess your “suitability” for investing in crypto.

To the right of ’CAD’, click on the ’Withdraw’ button. You must have a minimum Canadian dollar balance of $50 in order to make a withdrawal with Bitbuy. When you sign up through the link below you’ll get $40 free when you deposit $250. In this article, we will provide you with a detailed introduction to Bitbuy, including information about rates, and a breakdown of the Bitbuy pros and cons. Flat buy/sell fee of 0.2%, which is lower than Bitbuy. All the features of the desktop version, including access to the Pro Trade and Express Trade.

Customer support

Shakepay, for example, requires only a C$5 minimum https://forex-reviews.org/. On the Express Trade platform, you will be charged 0.5% fees for every transaction. On the Pro Trade platform, the fee depends on the kind of order you place.

When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. For a market order, simply enter how much of the crypto you wish to purchase and click “buy”. Note, you will need to have sufficient funds in your account first. Bitbuy’s Pro Trade is more complicated and suitable for experienced users who would like to see live charting, price movements, order books, and advanced order types. Our concerns are unique and mine was based on the fact that I am new to crypto.

Cryptocurrency Deposit Fees

You can see a transparent fees summary for all transactions. To make a cryptocurrency deposit, go to the Wallets page, select a crypto wallet and click on the deposit option. Then, you can scan the QR code or copy the address to your external wallet to complete the transaction. You can track your transaction on the History page in the Deposits section.

Some exchanges like Coinbase have a longer track record of providing secure services than Bitbuy. But otherwise there are no stark differences between security measures of Bitbuy and other platforms. You can access your Bitbuy account from the website or your phone through the app.

The handling of crypto purchases on Bitbuy.ca is designed so simply that even absolute beginners can quickly get their first coins without any problems. For traders with a very high trading volume of over 1.5 million USD per year, reduced trading fees apply. Such so-called Liquidity Providers pay no fees as Makers and only 0.1% as Takers, i.e. half of the usual Taker fee.

Express Trade is the easiest way to get trading with Bitbuy. It lets you buy and sell seven different cryptocurrencies using Canadian dollars at a flat fee of .20%, which is very competitive for a standard trading platform. Express is best suited for beginner and novice traders, while Pro Trade unlocks a bevy of features for more advanced users. As is customary in the industry, the regulated Canadian trading exchange keeps its clients’ cryptocurrencies, i.e. private keys, in cold storage.

An independent specialist runs an annual bitbuy reviewof-of-Reserves audit of Bitbuy. The most recent audit showed that Bitbuy surpassed their own 95% cold storage policy for an average of 98.12% in the major coins. Please follow the steps below to make a withdrawal from Bitbuy. For the Bitbuy withdrawal fees, please check out our Bitbuy fees section, above.

With a career as a Financial Analyst and over a decade writing about personal finance, Tom has the knowledge to help you get control of your money and make it work for you. Withdrawing and depositing digital currency is near-instant depending on each blockchain’s capacity at the time of the request. The Bitbuy API is a tool that third-party platforms can use to access market data. Slippage occurs when there isn’t enough cryptocurrency available at a specific market price.

The platform also monitors your transaction data for suspicious activity. Have this pegged as one of the most secure crypto exchange sites in Canada. Pro traders will need to pay a 0.10% maker and 0.20% taker fee. If you want to make deposits in other fiat currencies such as USD and EUR, you should consider other options. While other platforms like Coinbase and Binance do accept card payments, you’re probably not going to be able to fund them with your Canadian credit card. Users need a Canadian mobile number to register and trade.

Just go to your account to get your unique referral code. To log in on the app or online you can enter your Bitbuy ca login credentials, after which you will receive a 2FA code in a text message. Once you have entered the correct code, you will have passed security and will be able to make trades. Please note for both web and app transactions, if you are withdrawing via Interac e-Transfer, Bitbuy will send it to the email address linked to your Bitbuy account. Bitbuy is only available to Canadians, and only offers trades between supported cryptocurrencies and CAD. Bitbuy is one of the most convenient and safest online exchange platforms for Canadians.

Technical storage or access that is used exclusively for anonymous statistical purposes. Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing. Step 2 – You will need to enter your phone number, email ID, password and referral code if you have been referred.

• After responding to them via email, up till this moment, they couldn’t resolve my case.
• All the tools they need to actively trade in crypto.
• Since his arrival in Canada, he’s built his credit score from nothing.
• Customers can have customer service contact them directly by phone to process an OTC deal.
• However, approval of your application is not guaranteed.

Although users have access to a wallet on the Bitbuy platform, it isn’t technically a wallet in itself. The core function of the Bitbuy platform is to act as a cryptocurrency exchange — users can choose to hold their funds in another wallet. Although Bitbuy supports more trading pairs than many platforms, it falls short of others.

You may also place a limit order, meaning that the transfer will execute only when the price falls to your specified number. If you are confused, you can take help by clicking on Use Best Ask or Use Best Bid. The Pro Trade page allows you to place market or limit orders for buying cryptocurrency.

All the tools they need to actively trade in crypto. In case it doesn’t work, you can submit your financial statement, utility bill, a copy of a government issued ID and a selfie with your ID. Once you are through, your account is ready for use. The Bitbuy platform has a codebase that keeps core elements closed source. It means that no one can tamper with the code without getting reported. Bitbuy servers are secured by ISO, SOC and FIPS compliant cloud providers with multiple disaster recovery locations.