That’s why it’s hard to compare fees between the different exchanges. I prefer the flat fee to the rather “invisible” spread. Express Trade is the easiest way to get trading with Bitbuy. It lets you buy and sell seven different cryptocurrencies using Canadian dollars at a flat fee of .20%, which is very competitive for a standard trading platform. Express is best suited for beginner and novice traders, while Pro Trade unlocks a bevy of features for more advanced users. As a Canadian crypto exchange, Bitbuy is registered with FINTRAC.
Bitbuy, which tailors its entire experience to the Canadian user, is one of the most established in the market. For withdrawing cryptocurrency, you can transfer coins from your Bitbuy wallet to an external wallet. You need to click on the wallet from which you want to withdraw coins and click the withdrawal button. Lastly, enter the destination address of the wallet to which the funds will go, enter the amount and click on Withdraw Request. BitBuy is one of the most popular crypto exchanges in Canada. Oleg is a Canadian citizen & crypto expert who has been trading since 2016.
Bitbuy is one of the most popular cryptocurrency trading platforms here in Canada. This is why we decided to publish this in depth Bitbuy review, so you can decide if the platform is worth getting started with cryptocurrency. In our opinion, this is one of the best crypto trading platforms in the country. Bitbuy is one of the most popular cryptocurrency trading platforms here in Canada, and for good reason.
Bitbuy: Everything You Need to Know About Canada’s Top Crypto Platform
Coinbase will ask you to provide some basic personal information, including your date of birth and address. They’ll also ask you some basic questions, such as your employer and occupation. Withdrawing and depositing digital currency is near-instant depending on each blockchain’s capacity at the time of the request.
They also employ 2-step authentication and offer 95% cold storage for added security. You can trade more than 25 crypto coins with Bitbuy. Canadians who are considering opening a Coinbase account need to be aware that you cannot sell your crypto and transfer directly to your bank account. Your only option is to transfer funds to a PayPal account, then move them to your bank account. It’s not terrible but isn’t as convenient as the options provided by most Canadian cryptocurrency exchanges, like Bitbuy and Coinsmart.
That make this platform a great option for both beginners and advanced investors. Technical storage or access that is used exclusively for anonymous statistical purposes. Users need a Canadian mobile number to register and trade. Bitbuy exclusively provides services to Canadian citizens.
CAD Withdrawal Fees
bitbuy canada review wallets are the most secure means of storing cryptocurrencies, as they are not vulnerable to hackers. When you trade using Bitbuy, the company stores 95% of user currency in offline cold wallets. If you withdraw currency to hold yourself, Bitbuy recommends that you also make use of cold storage. Bitbuy supports deposits and withdrawals via e-transfer or wire transfer while many other cryptocurrency exchanges only support wire transfers. With its advanced trading platform, Bitbuy Pro, and its easy-to-use Bitbuy Express, traders of all levels can easily buy and sell a wide range of digital assets.
So, if you’ve read this Bitbuy review and finally decide you want to open up an account and get started trading cryptocurrencies, fortunately the process is extremely easy. With the volatility of Bitcoin and other cryptocurrencies, price fluctuations can be rapid. So, if you need to get a hold of customer service, you need to do itfast. Fortunately, Bitbuy offers some of the best customer service in the industry. HelloSafe.caoffers site visitors information on insurance and personal finance products in compliance with applicable laws. Our guides, comparison tools and calculators are available free of charge.
Coinbase Review: A Legit Crypto Exchange for Canadians?
As such, it acts as a vital onramp to the crypto ecosystem regardless of which wallet is in use. Bitbuy is registered as a Money Service Business with Canada’s Financial Transactions and Reports Analysis Centre . KOHO’s Credit Building Program helps you build a better credit history with easy to manage payments for just $10/month. Users who refer a friend who signs up can receive $20 ($40 currently – for a limited time). Moreover, the friend that signs up will also receive $20 ($40 if you do it during the promotional period). Low Variety – Users are restricted to 15 cryptocurrencies .
The https://forex-reviews.org/, especially if you’re new, will seem quite advanced. With Bitbuy’s Express Trade feature, beginners who simply want exposure to cryptocurrency in seconds can do so. If that’s you, with Express Trade, all you have to do is enter the amount of CAD you want to invest in a certain cryptocurrency and click “Buy”. In a few seconds only, you’ll see your newly acquired crypto on your account. Overall, in terms of security features, I don’t think there is a better platform in Canada than Bitbuy, and the company is extremely transparent about it.
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. The verification process can take up to two days to complete, but for us it took just one hour to get my documents verified. It goes against our guidelines to offer incentives for reviews. We also ensure all reviews are published without moderation.
All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only. When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. At OCryptoCanada, we like to give people knowledge to become aware and catch up in the cryptocurrency industry.
If you’re serious about trading cryptocurrency, you’ll want to have a Bitbuy account to do so. Sure, the platform has flaws, much like any other platform. I’d like to see them introduce a live chat, as most brokerages and online platforms I operate with now have one.
- This is requested to verify your identity and prevent identity fraud.
- You have to be a citizen or resident of Canada to become a member.
- Bitbuy supports deposits and withdrawals via e-transfer or wire transfer while many other cryptocurrency exchanges only support wire transfers.
- Then, you can scan the QR code or copy the address to your external wallet to complete the transaction.
However, fees for withdrawing crypto vary based on your currency and market conditions. Visit the Bitbuy network to see real-time crypto prices. If you’re an advanced trader looking to invest more than $50,000, then Bitbuy’s OTC feature can benefit you. It is a large-scale concierge service for high-volume traders and institutional investors placing orders of $50,000+. For a set fee, traders can avoid slippage and get live quotes on large crypto amounts. However, if you’re looking for more trading options, the company has come out with Bitbuy Pro Trade, which is a platform made available for more advanced users.
Constant issues withdrawing crypto to…
I let you know if Coinbase is worth it for Canadians, and share a few alternatives. Bitbuy is one of the few Canadian crypto exchange platforms that allows you to buy, sell and deposit cryptocurrencies. Bitbuy is a safe and reliable cryptocurrency exchange with a user-friendly interface, competitive fees, and excellent customer support. It’s quite impressive to watch this company grow, and is one of the number one crypto trading platforms we recommend to Stocktrades Premium members.
You’ll get a personal account manager and a personal trading fee quote for your order. The minimum investment for use of the OTC Desk is $25,000. Bitbuy’s fees used to be some of the cheapest of any crypto exchange at 0.2%. However, they have recently changed their fee structure. Now, there are no deposit fees and they have implemented a tiered trading fee structure based on your trading volume over the last 90-day period. For volume under $250k, the maker/taker fees are 1.50%, which is quite high in comparison to other exchanges.
- Trading pairs available are mostly CAD to crypto, but you can trade Bitcoin against Ethereum, Stellar, Bitcoin Cash, EOS, and Litecoin.
- The initial sign up requires only a few things from you, like a username, a password, and a North American phone number (+1).
- In this Coinbase Review, I take a close look at one of the world’s most popular cryptocurrency exchanges.
- You can see a transparent fees summary for all transactions.
Affordable – Bitbuy has affordable and more transparent fees compared to many other cryptocurrency platforms. Moreover, as a subsidiary of the First Ledger Corporation, Bitbuy provides the utmost in terms of transparency and cyber-security for its consumers. Bitbuy is trusted by nearly 400,000 Canadians and they currently offer 15 crypto coins and tokens, with Bitcoin being one of their main sellers. An active dividend and growth investor, Dan has been involved with the website since its inception. And finally, Bitbuy uses a “KYC” model, which is short for Know Your Customer.
However, I got a response the following day with an explanation why the process was taking long. In hind site, I am forever grateful for the steps they took to save me from loosing a lot of money. Hi Gisele, I’m truly sorry to hear about this experience. This is not the customer experience that we want our users to have. I have reached out to you directly via the open support thread for more details regarding this ongoing issue. Extremely fast, typically you can get cash from fiat to your favourite crypto exchange within 30 minutes to an hour.
Next, you will see all of the information you need to make the transfer. Go to your online banking app and make an Interac e-Transfer. 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.
Depositing funds on Bitbuy can take anywhere between 0 to 6 hours. Newton, on the other hand finishes the process in 5-30 minutes and Shakepay gets it done almost instantly. Bitbuy requires a minimum deposit of C$100, which is quite a high figure compared to other platforms. Shakepay, for example, requires only a C$5 minimum deposit. New users can register and complete verification within a few minutes. On the Express Trade platform, you will be charged 0.5% fees for every transaction.