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Oleg Galeev

4 weeks ago

Bitbuy Review: Is It A Scam Or A Legit Crypto Exchange For Canadians?

Bitbuy Review: Scam or Legit for Canadians warning image

Bitbuy is a Canadian cryptocurrency exchange that was founded in 2016. Specifically for Canadians, Bitbuy has both a beginner-friendly platform and a more advanced platform for experienced crypto investors. We signed up to Bitbuy and reviewed it to see if it’s worth using. Here’s our Bitbuy review.

waBitbuy Quick Summary

Whether you’re new to crypto or an experienced investor, Bitbuy has you covered with its Express and Pro platforms. The exchange offers nine of the most popular cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Ripple XRP, EOS, Stellar Lumens, AaVE, Chainlink, and Litecoin. There is a 1.5% deposit and withdrawal fee when you use Interac e-Transfer and a 0.50% fee when using a wire transfer. 

Pros

  • Bitbuy Express and Bitbuy Pro platforms
  • Offers an offline Bitcoin vault with a 1:1 insurance policy
  • 95% of assets held in cold storage
  • Fully regulated in Canada
  • OTC Desk for large trades available
  • Seven of the most popular cryptocurrencies available
  • Interac e-Transfer available 

Cons

  • There is a 1.5% Interac e-Transfer fee (deposit and withdrawal)
  • Android app has a low rating
  • Bitbuy is for Canadian residents only
  • $20,000 minimum for wire transfers 

Bitbuy Features

Bitbuy is suitable for both beginners and experienced traders. The Express platform offers a simple, easy-to-use interface where you can buy crypto in minutes. If all you’re looking for is a quick purchase at market price, then Bibuy Express is the way to go. If, however, you’re looking for more advanced order types and charting and don’t mind a more advanced interface, then Bitbuy’s Pro platform might be for you. 

Bitbuy Registration & Verification Process

Signing up to Bitbuy is a simple process. First, enter your email address, phone number and password. Bitbuy will send a code to your phone which you’ll need to access your account. Before you can start buying crypto, you’ll need to go through the verification process. 

Identity verification process at Bitbuy

Enter your name, date of birth and occupation, then hit next. Then you will have to enter your full address. If your account does not get verified automatically, you’ll be taken to another page where you must upload documents to have your account verified manually. 

If this is the case, you need to upload images of your government-issued identification, driver’s licence, or passport, and a selfie with you holding your ID and a piece of paper with today’s date and “for Bitbuy use only” written on it.

Butbuy verification process: uploading ID and you selfie

Finally, you’ll need to upload a financial document such as a bank statement and a utility bill such as an internet bill.

Butbuy verification process: uploading your financial statement and utility bill

The manual verification process can take one to two days to complete. For more information on verification, visit Bitbuy’s support page

Bitbuy Fees

Bitbuy fees summary

Bitbuy’s fees are comparable to other Canadian cryptocurrency exchanges, however, unlike several other exchanges, Bitbuy charges a fee to deposit and withdraw via Interac e-Transfer. While that is disappointing, Bitbuy has a fairly tight spread to make up for it.

  • 1.5% CAD deposit and withdrawal fees
  • 0.2% buy/sell fee
  • 0.79% spread
  • 0.1% Maker 0.2% Taker fees
  • Wire transfer 0.50% ($20k minimum)
  • Free crypto deposits
  • 0.0025 BTC withdrawal mining fee

The full list of Bitbuy’s fees can be found here

Bitbuy Currencies  & Deposit Methods

Bitbuy offers Canadians the ability to deposit Canadian dollars into their fiat wallets via Interac e-Transfer or bank wire. There is no option to use your credit or debit card. While Interac deposits can take just a few hours, you’ll be paying a 1.5% fee every time you make a deposit. With Bitbuy, you’ll be better off making slightly larger deposits rather than frequent smaller ones. Bitbuy only offers support for one fiat currency – Canadian dollars. 

Bitbuy Security and Safety

Bitbuy's security and safety

Is Bitbuy safe for Canadians to use? We think so. Offline storage is the only way to keep cryptocurrency safe, so it’s important to find an exchange that utilizes it. Not every exchange will state the percentage of coins that are kept offline, but we think transparency is important. Bitbuy states on its website that it holds 95% of its digital assets in cold storage, which is the amount we would expect from a reputable exchange.

Bitbuy also has a 1:1 Bitcoin insurance policy. You can store your Bitcoin in Bitbuy’s offline vault that is covered by a value-matched insurance policy. Bitbuy also conducts regular financial audits and is fully regulated as a Money Service Business (MSB) by FINTRAC

Like with most exchanges, you can set up two-factor authentication on your account to prevent unwanted access. 

In addition, in the latest Proof of Reserves Audit that was released on July 2021, BitBuy surpassed their cold storage policy for an average of 98.12%. 

Bitbuy Mobile and Desktop app

Bitbuy's phone & desktop apps quick look

Bitbuy’s app offers the same beginner-friendly interface as its Express platform. Bitbuy’s iOS app has a 4.6-star rating from 6,000 ratings and its Android app has a 2-star rating from 1,000 ratings. Its low rating on the Google Play store seems to mostly be associated with the app logging you out after one day without saving credentials, leading to a frustrating login process.

Design and Usability

Bitbuy’s Express platform is perfect for beginners or anyone looking for a quick purchase at market price. Both its mobile app and its desktop platform make it easy to deposit and purchase cryptocurrency.

The wallet page has large, colourful buttons which makes it easy to deposit funds. Bear in mind, the only fiat currency you can deposit is the Canadian dollar. Hit the deposit button and follow the simple steps to make a quick deposit. A full guide on making deposits can be found here. 

Making a deposit on Butbuy's app

Once your funds appear in your fiat wallet, simply select the coin you wish to purchase, enter the amount and hit the buy button. It’s that easy. 

Express Trade on Bitbuy's app

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. 

Bitbuy's Pro trade

You can view your orders, select a limit or market order when purchasing, and view all market orders from other users. 

Bitbuy Customer Support

Bitbuy has a comprehensive support page on its website where you can find answers and guides to common questions such as verification and making deposits. You can also submit a request using an online form or contact them at [email protected]. We reached out using the support email with a general question and received a personalized response instantly. However, as it was a general question about their coins, the response was most likely an auto-generated reply. A response to a support ticket would likely take longer. Still, we appreciate the swift answer. 

Conclusion

So is Bitbuy legit? Yes, it is. Bitbuy is a safe bet when it comes to trading cryptocurrency. It is fully regulated, has a secure platform that has never been hacked, and is suitable whether you’re a beginner or an experienced trader. 

The downsides are its frustrating and somewhat buggy Android app, and it only offers one fiat wallet. You can’t trade in USD, for example. While Bitbuy has some of the most popular cryptocurrencies available, it does not have a large portfolio of altcoins. Nevertheless, if you’re only looking to deposit Canadian dollars and purchase the major coins, then Bitbuy is a solid crypto exchange for Canadians. Visit their official website for more information.

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