Centralized cryptocurrency exchanges tend to be rather easy to use. When it comes to Bitbuy, I wouldn’t say that such a problem exists. Of course, it has a clear design and is easy to use but it also offers additional functionality. Yes, Bitbuy is one of the most secure and reliable cryptocurrency exchanges in Canada. If you’re a Canadian crypto enthusiast, you have access to multiple cryptocurrency exchange platforms, both international and local ones.
In addition to its trading-centric features, Bitbuy offers crypto staking on four assets, far lower than platforms we’ve reviewed, like Nexo, which provides 36 assets. Overall, Bitbuy is an accessible exchange offering tools for novice and advanced trades. However, the platform is surpassed by exchanges like Kraken and Crypto.com regarding feature-versatility. It is based in Toronto, offers extremely low trading fees, and boasts excellent customer support. For someone in Ontario looking to explore crypto investing, Bitbuy is where to do it. You want easy access to fund your account and withdraw your profits at any point.
Join thousands of Canadians using Bitbuy every day
- While deposits incur no charges, withdrawal fees are openly disclosed to enable traders to handle their financial statements well.
- However, when it comes to Stellar Lumens, Ripple and EOS processing, it’s almost instant.
- By joining Bitbuy, users can take advantage of the referral program, share their code, and enjoy the rewards that come with referring friends.
- The process is customized to each corporate client, and therefore businesses do not share a common signup process with retail investors.
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Bitbuy’s fees are amongst the cheapest in Canada for high volume traders due to its tiered trading fee structure. Your fee tier is based on your total trading volume over last 90 day period calculated at the end of the month, and will apply to bitbuy canada review the current month. Ensure your exchange allows you to invest in the crypto you want.
What is more, when it comes to usability, Bitbuy makes it even easier by providing you with automated sign-up and onboarding processes. Moreover, they have a new “username” feature for an even smoother experience, especially when it comes to logging in. Also, if FIAT funding isn’t what you’re looking for, you can choose to fund your account with cryptocurrencies.
Best Cryptocurrency Exchange in Canada FAQs
For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for educational purposes only. Hedge with Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries. Moreover, the positive reputation and satisfied customer base reflect the platform’s dedication to delivering quality service.
To see the full list of exchanges registered by the OSC, please visit their site here. The company’s customer support can assist you at any point in this process. They’ll also contact you within two business days to confirm your account registration.
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With every transaction subject to a trading fee of 0.5%, users can participate in trading with full knowledge of the expenses they’re taking on. While deposits incur no charges, withdrawal fees are openly disclosed to enable traders to handle their financial statements well. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person. The exchange platform (i.e. Binance) acts as a middleman – it connects you (your offer or request) with that other person (the seller or the buyer). With a brokerage, however, there is no “other person” – you come and exchange your crypto coins or fiat money with the platform in question, without the interference of any third party. When considering cryptocurrency exchange rankings, though, both of these types of businesses (exchanges and brokerages) are usually just thrown under the umbrella term – exchange.
- No response in 3 days …call their tel # and there are no options to talk to a BitBuy employee.
- In other words, this fee is charged when you place a limit order to sell an asset, but that order is not filled immediately.
- Knowledgeable crypto enthusiasts that trade at a higher frequency or volume mostly automate their operations using an API.
It is registered as a Money Service Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Depending on one’s experience level in the crypto market, Bitbuy offers customizable trading solutions to suit individual requirements. Bitbuy places a premium on user protection, grounding its services in strict adherence to regulatory requirements, strong insurance measures, and steadfast cold storage protocols.
Strong Focus on Security
However, as most users are unlikely to spend more than CAD 250,000 within 90 days, they will be stuck paying the extremely high 2% base trading fee. Below, we’ve compared the default costs for transacting on Bitbuy with a few popular altcoin trading exchanges such as Binance, Kraken, and NDAX. We went through the verification process to ensure our Bitbuy review was as accurate as possible. Users must input details regarding their employment status, source of income, and address. After which, the customer must provide a Canadian photo ID (passport, driving license). Creating a Bitbuy account is a simple process that anyone can complete within a few minutes.
Fee Structure Breakdown
Bitbuy is a cryptocurrency exchange that offers a full suite of digital currency services to individuals, businesses, and institutional investors via an OTC desk. The exchange allows the purchase and sale of the most popular cryptocurrencies, such as Bitcoin, Ethereum, and XRP, at live prices. BitBuy is a Canadian crypto exchange that lets users buy and sell digital currencies using CAD. While its intuitive interface makes Bitbuy suitable for beginners, its lack of advanced features could cause issues for experienced traders. You can buy, sell, and hold over 25 carefully selected cryptocurrencies, all available in Canadian dollars for easy funding and withdrawals.
Bitbuy prioritizes security by implementing powerful security measures to safeguard user assets. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. Once again, people who are interested in buying the most mainstream coins should find Bitbuy more than enough. However, if you’re looking for a platform that gives you more possibilities, then there are other options that you should take into account.
You will need to move your coins off the exchange and transfer them into your crypto wallet. In the interim, ensure the crypto exchange platform offers the best cold storage account security. Cold storage protects your crypto coins with premium security measures. It’s a popular choice among Canadians seeking to purchase Bitcoin.
Bitbuy’s support is typically held in high esteem, yet there is room for improvement. Several clients have pointed out that incorporating more immediate assistance could increase the overall quality of service provided to users. The exchange’s adherence to strict cold storage measures speaks volumes about its commitment to security and reinforces its users’ confidence. By safeguarding most user assets offline, Bitbuy shields them from cyber threats and increases the security of its clients’ investments. Bitbuy presents an array of opportunities to trade crypto-to-crypto pairs. The platform currently facilitates transactions across a diverse portfolio that includes 100+ cryptocurrencies.
Have an account, but the space has no customer service, cant even withdraw my sell. Shiba Inu (SHIB) is the main token of the Shiba Inu ecosystem, aiming to bring the power of a decentralized, community-led currency to millions across the globe. With its roots in the popular meme coin Dogecoin, SHIB gained significant attention in 2021 and has garnered a dedicated community of investors and enthusiasts. It operates on the Ethereum blockchain as an ERC-20 token and offers accessibility with its low price per token and abundant supply. The cost is calculated based on your trading history within the past 90 days.