Bitbuy Review: We Spent $100 To Fully Test Their Platform

As a Canadian cryptocurrency exchange founded in 2016, Bitbuy is tailored specifically for Canadians, offering both a beginner-friendly platform and advanced tools for experienced investors. I’m Oleg G., owner of OCryptoCanada.ca. With over seven years of experience in crypto trading, testing more than 50 exchanges, and running a popular crypto Reddit community for Canadians, I wanted to see how Bitbuy stacks up in 2025. Here’s my detailed review based on hands-on testing.

Bitbuy Quick Summary

Features

Bitbuy is perfect for both beginners and more experienced traders. The Express platform offers a simple, user-friendly interface, making it easy to buy crypto in just a few minutes. If you’re just looking to make a quick purchase at market price, Bitbuy Express is a great choice. On the other hand, if you want access to advanced order types and detailed charting, and you’re comfortable with a more robust interface, then Bitbuy’s Pro platform is ideal for you.

 How To Use BitBuy

Registration & Verification Process

Signing up to Bitbuy is quite a long process due to their compliance process. 

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• Proof of address (bank statement, utility bill)
• A selfie with a note
• Complete the risk profile
• Complete the financial profile

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.

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.

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

The verification process can take up to two days to complete, but for us it took just one hour to get my documents verified. 

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. 

By requiring these documents, Bitbuy can monitor any unusual or fraudulent activity and pass the information to the relevant authorities. This helps to prevent money laundering and other illicit activities. 

If you’re interested in privacy, you won’t get it with Bitbuy. They require a lot of information before you can trade. 

After you have had your account verified you will need to complete a risk profile.

The risk profile asks you about your risk tolerance, if you understand the risks associated with cryptocurrency, and what your general strategies are. The purpose of the risk profile is to determine if crypto trading is for you.

If you answer that you have zero risk tolerance and not much income, it’s possible Bitbuy will not let you open an account.

Next, Bitbuy will ask you about your finances.

These questions ask you about your net worth, income, and projected income for the next year. The purpose of this financial profile is to assess your “suitability” for investing in crypto. It also helps Bitbuy determine your trading limits. Qualified accredited investors get access to higher limits.

Fees

Bitbuy’s fees were once some of the lowest in the industry, with a flat 0.2% trading fee. However, they’ve recently adjusted their fee structure. Now, there are no deposit fees, but they’ve implemented a tiered trading fee system based on your 90-day trading volume. For volume under $250k, the maker/taker fees are 1.50%, which is relatively high compared to other exchanges.

For comparison, Crypto.com charges 0.4%, NDAX charges 0.2%, and Bitget charges just 0.1% for regular users.

Key details:

• Free CAD deposits
• Tiered fee structure ranging from 0% to 1.5% based on trading volume
• 1.5% withdrawal fee

How Much Does it Really Cost To Trade Crypto With BitBuy?

With the $100 I deposited to Bitbuy, I decided to buy Bitcoin. Although the platform lists a 1.50% trading fee for low-volume users, I ended up receiving $99.80 worth of Bitcoin for my $100 deposit, meaning I paid a much smaller fee of about 0.20% or roughly 20 cents.

It’s possible that Bitbuy’s new fee structure hasn’t been fully applied to my transaction yet, or perhaps there are other factors at play affecting the fee calculation.

I withdrew all of the Bitcoin to a hardware wallet. There was a network fee of about $10 to move the Bitcoin, which meant I ended up with a total of $89.20 worth in my wallet.

Bitbuy Liquidity

The more liquid a crypto exchange is, the less likely there will be unexpectedly high transaction costs. 

CoinMarketCap gives liquidity scores for exchanges with 0 being the most illiquid and 1000 being the most liquid. Bitbuy has a score of 388/1000 for its Bitcoin market and 410/1000 for Ethereum, which shows that Bitbuy has sufficient liquidity for these markets. 

In comparison, CoinField, another Canadian crypto exchange has scores of 159/1000 and 92/1000 respectively. 

These scores are updated daily and you can view the scores for all of Bitbuy’s cryptocurrencies here.

How Long Do Deposits Take with BitBuy?

I deposited $100 via Interac e-transfer to Bitbuy and it took just seven minutes for it to arrive in my account, which is the fastest I’ve seen. 

How Long Does it Take to Withdraw Coins?

I withdrew almost $100 worth of Bitcoin to a hardware crypto wallet. The Bitcoin appeared in my wallet within five minutes.

Currencies  & Deposit Methods

Bitbuy allows Canadians to deposit Canadian dollars into their fiat wallets via Interac e-Transfer or bank wire, both of which have no deposit fees. Alternatively, you can use a card through a third-party provider, but keep in mind that this option comes with a standard fee of 6.25%.

Security and Safety

Is Bitbuy safe for Canadians to use? I believe it is. When it comes to keeping cryptocurrency safe, offline storage is crucial, and Bitbuy seems to take that seriously. While not every exchange discloses the percentage of assets kept in cold storage, I value transparency, and Bitbuy clearly states that they store 97% of their digital assets offline, which is above the industry standard of 95%.

In addition to this, Bitbuy offers a 1:1 Bitcoin insurance policy. If you store your Bitcoin in their offline vault, it’s covered by a value-matched insurance policy, adding an extra layer of security. Bitbuy is also fully regulated as a Money Service Business (MSB) by FINTRAC and conducts regular financial audits to ensure transparency.

For added security, you can set up two-factor authentication on your account. If you sign in from a new device or browser, Bitbuy requires you to verify the login via email and also enter a code sent to your phone, which prevents unauthorized access.

Lastly, Bitbuy’s Proof of Reserves Audit released in July 2021 shows that they exceeded their cold storage policy with an average of 98.12%, further demonstrating their commitment to security.

Does Bitbuy Offer Staking or Other Services?

Unfortunately, Bitbuy doesn’t offer features like staking, crypto cards, or the additional perks you might find on other platforms. For now, Bitbuy’s main focus is providing its users with a top-notch trading experience.

That being said, Bitbuy does cater to businesses by offering corporate accounts, which come with dedicated account managers to assist with their trading needs.

Does Bitbuy Have an OTC Desk?

Yes, Bitbuy offers Over-The-Counter (OTC) trading for large crypto transactions. If you’re making a big trade, you’ll receive personalized service with an account manager and a custom trading fee quote. The minimum investment required to use the OTC Desk is $25,000, making it ideal for those looking to execute large-scale trades.

Mobile and Desktop app

Bitbuy’s app provides the same user-friendly experience as its Express platform, making it easy for beginners to navigate. The iOS app has a strong 4.6-star rating from 6,000 reviews, reflecting its smooth user experience. However, the Android app has a lower 2-star rating from 1,000 reviews, with most complaints revolving around the app logging users out after a day without saving credentials, leading to a frustrating login process.

Design and Usability

Trading Platform

Bitbuy’s Express platform is ideal for beginners or anyone who wants to make a quick purchase at market price. Both the mobile app and desktop platform make depositing and purchasing cryptocurrency straightforward.

The wallet page is designed with large, colorful buttons, making it easy to deposit funds. Keep in mind that you can only deposit Canadian dollars. Simply hit the deposit button and follow the easy steps to make your deposit.

To deposit, head to your account dashboard, hit the “deposit” button, and you’ll be presented with a list of available options.

For transfers under $10,000, select Interac e-Transfer as your payment method.

You’ll then be shown all the necessary details to complete the transfer. Open your online banking app and initiate the Interac e-Transfer.

Be sure to enter all the required information, including the security question and its answer, to ensure the transfer goes through smoothly.

Once your funds appear in your fiat wallet, simply scroll down and select the coin you wish to purchase. It will take you to Express Trade. Enter the amount and hit the buy button. It’s that easy. 

The fees will be clearly displayed during the process, so you’ll know exactly what you’re paying.

For more experienced traders, Bitbuy’s Pro Trade platform is the way to go. It offers a more complex interface with live charting, price movements, order books, and advanced order types, making it ideal for those who want to dig deeper into the market.

Bitbuy’s Pro platform is visually appealing, featuring an attractive color scheme that you can customize to suit your preferences. The charting tools are robust, allowing you to select from a range of indicators, like moving averages, from a convenient drop-down menu. This makes it a great option for anyone who wants to perform technical analysis.

On Bitbuy’s Pro Trade platform, you can easily view your open orders, select either a limit or market order when making a purchase, and see all market orders from other users. This gives you a clear overview of the trading activity happening in real time.

The platform primarily supports CAD to crypto trading pairs, but you can also trade Bitcoin against other popular cryptocurrencies like Ethereum, Stellar, Bitcoin Cash, EOS, and Litecoin. This variety provides you with flexibility when choosing which assets to trade.

Making a Purchase with Pro Trade 

To make a purchase on Bitbuy’s Pro Trade platform, click on the BTC-CAD pair in the top-left corner. A drop-down menu will appear, featuring a search bar where you can enter the cryptocurrency you wish to buy. You’ll also be able to view all available trading pairs. Simply select the one you want, and you’re ready to proceed with your trade.

Once you’ve selected your trading pair, you can choose whether you want a limit order or a market order. For a limit order, you’ll need to enter your preferred price.

If you’re opting for a market order, simply enter the amount of cryptocurrency you wish to purchase and click “buy.” Just make sure you have enough funds in your account before completing the transaction.

To sell, enter the amount you wish to sell and click “sell”.

Customer Support

Bitbuy has a well-organized support page on its website, where you can find guides and answers to common queries about topics like account verification and deposit methods. If you can’t find what you need, you can easily submit a support request via an online form or reach out to their support team directly at [email protected].

I personally reached out with a general question regarding their listed coins and received an immediate response. While the reply seemed automated, it was still helpful. For more specific issues, you may expect a slightly longer response time, but the promptness of their support is something I appreciated.

Bitbuy’s Consumer Ratings, Reports & Reviews on Other Platforms

Bitbuy generally receives more “excellent” reviews than “bad” ones on Trustpilot, indicating that most customers are satisfied with the platform.

Happy users often praise Bitbuy’s customer support and its user-friendly interface, making it easy for both beginners and experienced traders to navigate. The positive feedback highlights the ease of making deposits, the smooth trading experience, and the helpfulness of the support team.

Some users who are unhappy with Bitbuy cite the increased “red tape” that has come with its regulatory compliance, particularly since becoming aligned with the Ontario Securities Commission. Several customers have reported that their accounts were frozen due to any suspicious activity, no matter how minor. This has led to frustrations for users who feel that the platform’s security measures might be overly stringent or inconvenient.

Does Bitbuy Restrict or Freeze Accounts?

Yes, Bitbuy has been known to freeze accounts or hold deposits and withdrawals. Since Bitbuy is fully regulated, anything suspicious can be flagged. Sometimes people who trade a larger than usual amount, or deposit more frequently than usual may have their funds put on hold while Bitbuy investigates. If this happens to you, you can contact the support team to get it resolved. When trading with Bitbuy, it’s best not to do anything unusual for your account.

Latest Updates on Bitbuy For Canadians

Bitbuy has introduced staking options for select cryptocurrencies, allowing users to earn rewards. The platform continues to focus on security, with 90% of assets stored in cold storage. Additionally, Bitbuy now emphasizes a transparent and competitive fee structure, potentially more appealing compared to older perceptions of high fees. These improvements further enhance Bitbuy’s position as a reliable, feature-rich cryptocurrency exchange for Canadian users.

Bitbuy Alternatives

There are several other Canadian crypto exchanges to choose from and I recommend Bitget as a good alternative to Bitbuy. 

NDAX is also a good option which offers crypto staking for five cryptocurrencies. 

Conclusion

Is Bitbuy legit? Yes, it is. Bitbuy is a trusted and secure cryptocurrency exchange in Canada. It is fully regulated, has a strong track record of security with no known hacks, and offers a platform suitable for both beginners and experienced traders.

However, the downsides include its new, higher trading fees and a lengthy verification process. While the increased regulation and compliance measures can offer peace of mind, some users find the detailed requests for financial status, employment, and investing goals a bit intrusive.

Although Bitbuy doesn’t have the largest selection of altcoins, it covers the major cryptocurrencies you’ll need. If you’re looking for a secure and reputable Canadian exchange, Bitbuy is a solid choice. For more information and to claim your free $50, visit their official website.