It can also rightfully claim to be a relatively secure platform with a decent track record so far. We believe that’s another big advantage when it comes to the security of user funds. The whole point of the cold storage approach is to deny perpetrators the access to private keys to user funds. For those out of the loop, “cold storage” simply refers to the practice of taking a crypto wallet offline and storing it in an air-gapped environment.
The exchange claims to have stored 95% of user funds on cold storage to minimize the impact should it ever fall prey to cyber-attacks. As of today, security is one key aspect where Bitbuy seems to have an edge over most of its competitors, if not all. You can find the fully transparent and updated fee model here. CAD deposits and withdrawals can take anywhere between 1-6 hours for Interac e-Transfers and up to 2-3 business days for bank wires. As you can imagine, the lack of support for debit/credit card payments can be a bummer for many otherwise would-be users.
- Once you fund your account, you email Bitbuy’s OTC support team at email protected to start the process.This feature isn’t useful for everyday traders investing under $50,000 in crypto.
- The exchange claims to have stored 95% of user funds on cold storage to minimize the impact should it ever fall prey to cyber-attacks.
- Bitbuy’s partnership with Trulioo allows the platform to take a risk-based approach for identity verification during onboarding.
- Considering the global surge in digital decentralized virtual currencies, regulators around the world have pushed for crypto platforms to take steps to detect and deter money laundering, terrorism financing and other financial crimes.
Users’ cash are protected in this way so that they won’t lose them even if the platform is compromised in some way and becomes the target of an attack or a breach. These customers typically demand a variety of tools and options so that they may better examine their transactions and make judgments regarding their trading based on more accurate information. In addition to its standard user interface, the Bitbuy platform also offers a more sophisticated one, which is utilised mostly when dealing with the site’s more seasoned customers. There are no superfluous choices, and users are able to navigate among the selections without any difficulty. By delivering a platform that has been developed extremely simply and is very straightforward to browse, the fundamental Express Trading mode performs a very excellent job of fulfilling this requirement in an effective manner.
Well-Regulated and Popular Crypto Exchange Focused on Canadian Traders
Bitbuy uses Trulioo Business Verification services to ensure corporate accounts are verified and compliant. “We strive to provide a fully digital experience that is safe, convenient and offers minimal friction while users onboard onto the Bitbuy platform,” Michael Arbus said during his tenure as Bitbuy CEO. Bitbuy, one of Canada’s fastest growing crypto platforms, faced the hurdle of providing the best possible digital experience for customers while complying with evolving regulations.
That’s why our Bitbuy review is taking a look at everything this exchange has to offer so you can decide if it’s for you. All products and services are presented without warranty. The Cult of Money does not include all companies or offers available in the marketplace. CultOfMoney.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. But we do have to make money to pay our team and keep this website running!
Spot trading fees
Please be aware of the risks involved with any trading done in any financial market. Trading in any type of financial product including forex, CFDs, stocks, and cryptocurrencies involves a high level of risk. According to the statistics, 75-89% of customers lose the funds invested and only 11-25% of traders earn a profit. Moreover, we hereby warn you that trading on the Forex and CFD markets is always a high risk. However, there are some limitations to the platform that must be taken into account.
Bitbuy safeguards client’s funds and trust
We do not accept any liability for any loss or damage whatsoever caused in reliance upon such information or services. This risk is higher with Cryptocurrencies due to markets being decentralized and non-regulated. There is a very high degree of risk involved in trading securities. Bitnation.co shall not be liable for the consequences of trading decisions made by the Client and for the possible loss of his capital resulting from the use of this website and information published on it. Information on the Bitnation.co website is for informational purposes only and does not constitute any motive or suggestion to visitors to invest money. Because the source code used in the construction of the exchange is kept secret, there is no chance that it could ever be compromised.
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Is Bitbuy better than Coinbase?
Bitbuy has lower trading fees compared to Coinbase simple's higher fees (up to 3.99%). Coinbase offers over 240 cryptocurrencies while Bitbuy only supports 33 cryptocurrencies.
However, at the present, customers may only trade a select few crypto assets through the site. In addition to all of these capabilities, the Bitbuy platform also has a Frequently Asked Questions page that is quite comprehensive and may be utilised by traders who are experiencing frequent concerns. It has been licenced by the Ontario Securities Commission (OSC), which gives the bank a degree of validity and reassures investors that the money they invest through the Bitbuy platform is safe to do so. All of the cryptocurrency holdings that are managed through the Bitbuy platform are protected by an all-encompassing insurance policy that was purchased through BitGo. The fact that the Bitbuy exchange provides two distinct platforms makes it acceptable for investors who are at various stages along the learning curve, which contributes to the overall appeal of the platform.
Bitbuy introduced staking rewards, letting investors generate passive income with their digital assets. And, if you’re a more experienced trader and need more data, Bitbuy still has you covered.You don’t need to pay extra for Pro Trading either; you unlock Express and Pro Trading once you sign up and verify your account. If you want more control over your trading, Bitbuy’s Pro Trading feature provides an alternative to simple Express Trading.With Pro Trading, you can place market and limit orders. Sure, reading charts and conducting technical analysis is great if that’s your investing style, but for many investors, simple spot trading is all you need.With Bitbuy’s Express Trading feature, this is exactly what you get.
Bitbuy’s partnership with Trulioo allows the platform to take a risk-based approach for identity verification during onboarding. Through Trulioo, though, much of the manual verification is reduced, allowing Bitbuy’s customer success teams to focus on improving other areas of the business and improve the customer experience. Upon final verification, customers may open an account. Prior to that, the company voluntarily adhered to guidelines and regulations by observing the initiatives fintech companies outside of crypto followed for compliance.
FINTRAC Regulated
As a result, Bitbuy’s target market is significantly expanded as a result of these developments. Bitbuy is one of these sites, and it is widely regarded as one of the best places for Canadian citizens and residents to engage in bitcoin trading. Earn $20 for funding a new account with at least $250 Bitbuy holds at least 95% of assets in cold storage and you can enable two-factor authentication FINTRAC is Canada’s financial intelligence agency that monitors financial activity to detect illegal activity like money laundering. BitGo provides coverage for losses resulting from hacks, private key theft, loss of keys, and similar breaches.If that wasn’t enough, Bitbuy is also a FINTRAC-registered business.
As for crypto deposits, you can choose any of the supported assets including BTC, ETH, BCH, LTC, XRP, EOS, and XLM. Gold account holders will enjoy perks such as higher deposit and withdrawal threshold and access to exclusive offers. In addition to these account types, the exchange recently introduced a new Gold https://forex-review.net/bitbuy-crypto/ account status.
Close to a million traders based in Canada traded over $7 billion on the platform. Spread fees may increase during adverse market conditions or during periods of low liquidity. Bitbuy Express Trade users can buy cryptocurrencies instantly using fiat currency. Bitbuy Pro Trade users pay maker and taker fees, which are usually 0.50%.
Express Trade
Bitbuy has a free mobile app for Android and iOS that lets you check your portfolio and trade. To qualify, you need a minimum of $50,000 CAD trades for Bitcoin and Ethereum and $20,000 CAD for any other coin. When you trade over-the-counter, you’re dealing directly with a seller or broker to buy or sell securities. You can also find higher staking rates on these platforms, although these rates are competitive in Canada. Bitbuy only supports a handful of tokens, and you have way more options with platforms like Cake DeFi and YieldFlow.
Bitbuy Features
These metrics are straightforward and allow users to make informed decisions regarding their investment portfolios. Its portfolio analytics tools allow investors to track their investments with detailed performance metrics. This is in addition to hiring third-party security firms to perform annual security audits to ensure their systems are up to standard.
- Bitbuy crypto exchange is a straightforward, easy-to-use platform available on both mobile and desktop, ideal for anyone looking to manage cryptocurrencies without hassle.
- As you can imagine, the lack of support for debit/credit card payments can be a bummer for many otherwise would-be users.
- This is due to the fact that the asset’s liquidity is directly proportional to its purchase price.
According to its website, Bitbuy has over 450,000 users and has seen over $4 billion in crypto flow through its platform. Bitbuy is a Toronto-based cryptocurrency exchange that began in 2016. Bitbuy was designed for new traders seeking a simple interface and advanced traders who know their way around the crypto world.
How old is Bitbuy?
Established in 2016, Bitbuy is one of Canada's oldest and most trusted platforms for BTC, ETH and other cryptocurrencies.
Customer support
If you want a quick way to purchase popular cryptocurrencies with Canadian dollars, Bitbuy is for you. And the acquisition finalized a few months later in March.With regulation under wraps and an exciting acquisition complete, Bitbuy is establishing itself as one of the best exchanges in Canada. If you’re trying to invest in cryptocurrency as a Canadian, it’s sometimes easier said than done. Bitbuy’s mission is to provide a convenient, secure, trusted and compliant platform for Canadians to access the digital asset universe.