Bitunix Review: Ideal for Canadians Seeking Privacy, But Is It Enough?

After testing over 50 crypto exchanges for Canadians, I came across Bitunix, a platform many people are talking about. In this Bitunix review, I’ll share my experience after testing it.

This exchange is designed for intermediate and advanced traders and offers some of the lowest fees in the industry, similar to Bitget. The biggest advantage? You can sign up and trade without completing KYC, meaning you don’t have to share your personal information. For many in crypto, privacy is a big deal. However, there are trade-offs, and I’ll cover all of them in this Bitunix review.

I conducted extensive research on Bitunix and included a referral link for signing up in the article. If you'd like to support OCryptoCanada and choose to use Bitunix for your cryptocurrency trading, we would greatly appreciate it if you could use our referral link during the sign-up process.

Bitunix Features

After spending some time testing Bitunix, I found it to be a platform designed with intermediate and advanced traders in mind. The tools available, like futures trading, margin trading, and customizable charting, really stood out for me. If you’re someone who enjoys having full control over your trades or wants to explore derivatives, Bitunix offers a lot to work with.

I also tested the mobile app, and while it’s packed with all the features you need, I found it intuitive enough to handle trades on the go without much hassle. That said, this isn’t a simple buy-and-sell platform—it’s clear Bitunix prioritizes more advanced tools, which might feel overwhelming if you’re just getting started.

How To Use Bitunix

Registration & Trading Process

Signing up for Bitunix was shockingly easy. Unlike regulated Canadian exchanges like Bitbuy, where the registration process can be lengthy (check out my Bitbuy review for a comparison), Bitunix keeps things incredibly simple.

What You Need to Open an Account:

• An email address
• A password

Alternatively, you can sign up directly using your Gmail, Facebook, or X account. Honestly, I was surprised by how quick and seamless the process was. Within minutes, I was registered and ready to trade—no ID verification, proof of address, or selfies required.

While the simplicity is great for convenience, I did have some concerns about the lack of regulation and oversight. Since Bitunix doesn’t follow Canadian compliance standards, it’s worth considering the trade-offs if security and accountability are important to you. Keep reading this Bitunix review to find out more about the pros and cons of using this exchange.

Fees

When I first tested Bitunix, one thing that stood out to me was its fee structure. It’s built with high-volume traders in mind, but even for casual users like me, the fees were refreshingly low. Let me break it down for you.

Trading Fees:
Bitunix uses a tiered VIP system where your fees decrease as your trading volume increases. Here’s how it works:

• As a beginner (VIP 0), you’ll pay 0.08% as a maker and 0.10% as a taker for spot trades.
• As your trading volume grows over 30 days, these fees can drop significantly. For example, at VIP 7 (the highest tier), the maker fee is just 0.01% and the taker fee is 0.0325%.

I tested the starting level, and honestly, the fees were already lower than most exchanges I’ve used. If you trade often, reaching higher tiers can make a noticeable difference.

Deposit and Withdrawal Fees:
Deposits are completely free—always a nice perk. But withdrawals? That’s where things get tricky. The fees depend on the cryptocurrency you’re withdrawing.
For example:

• Withdrawing Bitcoin costs 0.00023 BTC.
• Ethereum withdrawals via ERC-20 cost 0.0034 ETH.
• If you’re using USDT, you’ll pay 14 USDT on ERC-20 or just 1 USDT on TRC-20.

I tested a Bitcoin withdrawal, and the fee felt reasonable compared to other platforms. However, it’s worth checking which network your coin uses to avoid surprises.

How It Compares:
To put this into perspective, exchanges like Bitget charge 0.1% for trading fees across the board, NDAX charges 0.2%, while Bitbuy, Coinbase and Wealthsimple Crypto are significantly higher (over 1%) while Bitunix starts slightly lower and gets better as you trade more. But keep in mind, withdrawal fees can add up if you’re moving funds frequently.

My Takeaway:
The low trading fees and free deposits are a big win, especially for Canadians used to higher costs. However, always double-check withdrawal fees, as they vary by coin and network. If you’re an active trader, the VIP system could save you a lot over time.

Can Canadians Trade on Bitunix Without KYC?

Yes, Canadians can trade on Bitunix without KYC, but there are some limits to keep in mind. Here’s a quick breakdown:

KYC Tier	No KYC (KYC 0)	KYC Tier 1	KYC Tier 2 (Advanced)
Daily Withdrawal	Up to 500,000 USDT	Up to 2,000,000 USDT	Up to 5,000,000 USDT

When I tested the platform, I found that while crypto deposits and withdrawals work seamlessly at the no-KYC level (with minimal limits like 500,000 USDT max daily withdrawals), using a Visa card to buy USDT directly required upgrading to the next KYC level.

This is what makes Bitunix ideal for intermediate to advanced users who prefer privacy but are comfortable navigating these nuances.

For beginners, it’s still easy to use. The fastest way to deposit funds privately is by using a Canadian exchange like Coinbase. For example, you can buy 1,000 USDC via Interac e-Transfer or a Canadian credit card on Coinbase, transfer it to Bitunix, and start trading immediately without completing KYC.

Once your trading is done, transfer your assets to a cold storage wallet for extra security. I discovered best crypto wallets for Canadians here. 

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

With my $100 USDT (which I’ll refer to as $100 going forward) deposited to Bitunix, I decided to buy Bitcoin. After the trade, I received BTC worth $99.79, meaning I paid a fee of just 0.21% or roughly 21 cents. It includes both, trading and spread fees and consider to be extremely cheap.

Once I had the Bitcoin, I withdrew it to my Ledger Stax hardware wallet. For this, I paid a withdrawal and network fee of 0.00035 BTC, which translated to about 3.43% at the time. This meant that after all fees, I ended up with $96.39 worth of Bitcoin in my wallet.

It’s worth noting that if I had made a $1,000 transaction instead of $100, the fees would have been much lower as a percentage of the total. Bitunix is clearly designed with larger traders in mind, where higher volumes mean minimal commission costs.

Bitunix Liquidity

Liquidity plays a critical role in ensuring smooth transactions, especially during a bull market when trading volumes surge. The more liquid an exchange is, the less likely you’ll encounter slippage or unexpectedly high transaction costs.

According to CoinMarketCap’s liquidity scores (0 being the least liquid and 1000 being the most), Bitunix performs impressively. Its Bitcoin market has a score of 700/1000, and its Ethereum market scores 680/1000. These scores indicate robust liquidity, making it easier to execute trades even during peak market activity.

For comparison, Canadian exchanges like NDAX have Bitcoin and Ethereum liquidity scores of 450/1000 and 430/1000, respectively, while Bitbuy scores 388/1000 and 410/1000 for the same markets. Bitunix’s liquidity clearly outpaces these platforms, which is a significant advantage for active traders.

These scores are updated daily, and you can check the latest liquidity metrics for all supported cryptocurrencies on CoinMarketCap.

Currencies & Deposit Methods for Bitunix

Unlike Canadian exchanges like Bitbuy, which offer Interac e-Transfer and bank wire options, Bitunix does not support CAD deposits or withdrawals. There’s also no P2P market available, which could make deposits tricky for Canadians new to crypto.

You can deposit with a credit card, but you’ll need to complete KYC, and the processing fee is close to 4%.

On top of that, some Canadian banks may block or flag these transactions as suspicious, adding another layer of complexity.

The best method, in my experience, is depositing cryptocurrency directly into your Bitunix account. Here’s how I do it:

1. Go to Coinbase Canada and purchase USDC (a stablecoin tied to USD) using Interac e-Transfer or a credit card.
2. Once the USDC is in your Coinbase account, transfer it to your Bitunix wallet. To get your wallet address, go to your “Asset Overview” on Bitunix, click Deposit on the left-hand sidebar, and copy the USDC wallet address.
3. Use this address to withdraw USDC from Coinbase to Bitunix.

When I tested this method, depositing took less than 5 minutes overall, and I was ready to trade.

How Long Does it Take to Withdraw Coins?
I withdrew Bitcoin worth about $100 to my Ledger Stax hardware wallet. The Bitcoin appeared in my wallet within 2 minutes, which is impressively fast.

Security and Safety

Is Bitunix safe to use? While it offers some standard security measures, I found its approach less reassuring compared to highly regulated Canadian exchanges like Bitbuy.

Bitunix states that it uses cold wallet storage for the majority of user funds, which is a key feature for protecting assets from hacking attempts. However, the platform does not disclose the exact percentage of assets held offline, which is less transparent than exchanges like Bitbuy, where 97% of funds are stored securely in cold wallets.

The platform supports two-factor authentication (2FA), which adds an extra layer of security to your account. You’ll also receive email notifications for login attempts or significant account changes. These measures help reduce the risk of unauthorized access, but they don’t quite match the level of security you’d expect from regulated Canadian exchanges.

Regulation and Oversight
One major difference is that Bitunix isn’t regulated in Canada. Unlike Bitbuy, which is a registered Money Service Business (MSB) with FINTRAC, Bitunix operates internationally without adhering to Canadian compliance standards. This could raise concerns for users who prioritize security and accountability.

My Personal Recommendation
While I appreciate the convenience and privacy Bitunix offers by allowing trading without KYC, it’s important to recognize the risks. Platforms like this often attract a mix of users, including those making gray-area transactions. Personally, I’m cautious about keeping funds on exchanges like Bitunix. Since there’s no guarantee the platform will be operational tomorrow, I transfer all my crypto to my hardware wallet (I use Ledger Stax) immediately after completing trades. I only keep a small balance on the exchange for immediate trading purposes.

If you decide to use Bitunix, I recommend doing the same to minimize risk. Always prioritize the security of your assets over convenience.

Mobile and Desktop App

Bitunix’s app and desktop platform are built with active traders in mind, offering a streamlined experience that balances usability and advanced functionality.

The mobile app, available for both iOS and Android, supports all core trading features, including spot trading, futures trading, and account management. Personally, I found the app easy to navigate, with a clean design that made it simple to monitor market movements and execute trades. While testing, I didn’t experience any major issues on the iOS version, though the Android version has received reports of minor bugs. On the App Store, the iOS app holds a 4.6-star rating, while I was not able to find it on Google Play Store. I reached out to their support and they said it’s currently under maintenance because they are doing a big update, so keep an eye Android users.

The desktop platform quickly became my favorite. It offers customizable charting tools, live market data, and advanced order types like limit and stop-loss orders. The interface is intuitive, with a sleek design and the ability to toggle to dark mode. For someone like me who enjoys keeping track of technical indicators, tools like moving averages, RSI, and Bollinger Bands were a great addition.

Design and Usability

Navigating the platform was straightforward on both mobile and desktop. The wallet page makes deposits and withdrawals simple, with clearly labeled buttons. Depositing crypto directly involves just a few steps:

1. Click Deposit on the left sidebar.
2. Select your cryptocurrency of choice.
3. Copy the wallet address provided.

Withdrawals follow the same intuitive flow.

Making a Trade on Bitunix

To trade, head to the Markets tab, where you can explore pairs like BTC-USDT or ETH-USDT.

1. Choose your desired trading pair.
2. Select between a market or limit order. For a market order, enter the amount you want to trade, and it executes instantly at the current price.
3. Limit orders allow you to set your price, and the trade triggers when the market hits your target.

I genuinely enjoyed using both the mobile and desktop versions of Bitunix. Both platforms were intuitive, user-friendly, and efficient, which made my trading experience smooth and enjoyable. While it’s clear Bitunix is tailored for experienced users, I believe even beginners could pick it up quickly with a bit of exploration. If you value advanced tools and a seamless interface, you’ll likely enjoy the experience as much as I did.

My Experience with Bitunix Customer Support

Bitunix provides 24/7 multilingual customer support through live chat, email, and phone, ensuring assistance is readily available.

On Trustpilot, Bitunix holds a 4.7-star rating. However, the presence of numerous one-star reviews raises concerns about potential manipulation through fake positive feedback.

In my experience, Bitunix’s support team was responsive and helpful when I was not able to receive verification code to my email. 

Bitunix Alternatives For Canadians

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

Here’s a comparison table for Bitunix alternatives:

Platform	Trading Fees	Number of Cryptocurrencies	Security Features
Bitunix	0.08% – 0.10% (Spot, VIP tiers available)	190+	Cold wallet storage, 2FA, lacks Canadian regulation.
Bitget	0.1% (Flat Spot Fees)	800+	Cold storage, 2FA, anti-phishing codes, $300M insurance policy.
Bitbuy	0.2% (Pro Platform)	25+	98% cold storage, regular audits, FINTRAC-regulated MSB.
NDAX	0.2%	30+	Cold storage, Ledger Vault integration, 2FA, registered with FINTRAC and AMF.

Key Takeaways:

• Bitget offers the widest range of cryptocurrencies and competitive fees, ideal for altcoin traders.
• Bitbuy excels in security and ease of use, especially for Canadians new to crypto.
• NDAX strikes a balance with strong regulation and solid security features.

Conclusion

So, is Bitunix legit for Canadians? Yes, it is—if you use it right. The platform offers low fees, advanced trading tools, and the ability to trade without KYC, which makes it appealing for privacy-conscious users and high-volume traders. However, it’s important to recognize the trade-offs. The lack of Canadian regulation, no CAD deposit options, and reliance on crypto transfers mean this exchange is better suited for experienced users who are comfortable navigating these nuances.

Personally, while I enjoyed the ease of trading and found the platform intuitive, I wouldn’t recommend holding significant funds on Bitunix for long. I transfer my assets to a hardware wallet immediately after trading to ensure security. If you’re someone who values privacy and advanced tools, Bitunix is a great option—but always proceed with caution and prioritize the safety of your funds.