We will also gather the opinions of the Canadian crypto community on their experience with Bitbuy. For the average user looking to use e-Transfer combined with express trade, it works out as a total fee 1.70% for a deposit and purchase. Bitbuy Wallets show you all current holdings across all currencies. The company claims to hold 95% of users funds in cold-storage (i.e. offline) to optimize security. Users are required to use 2 Factor Authentication to secure their account, this is compulsory during sign-up. Hi Karolina, please know that we are a regulated money service business, and we do not close our customer accounts without a valid reason.

None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner. José is a copywriter and journalist with over 4 years of experience in the crypto field. He started his career in 2017 amid the Bitcoin and the cryptocurrency boom, and he hasn’t turned his back on the industry since then. While you won’t find hundreds of cryptocurrencies on Bitbuy, you will find most of the popular ones. Trading fees are a little more through Wealthsimple than they are through Bitbuy, but they’re still pretty competitive.

  1. Once this has been completed you can move onto the verification stage.
  2. Bitbuy’s team has proven over the past years that it knows how to achieve stable growth and move things in the right direction.
  3. I even promote it to friends, colleagues and new crypto investors.
  4. The first notable element is a customer support phone line which is usually a scarcity.
  5. To create a Bitbuy account find the account set-up option on the Bitbuy website or app.

Below that provide your phone number and create a unique username and password. Only a North American number starting with the country code +1 can be used to sign up for the service. A verification code will be sent to this number so ensure that it is accessible to you when creating the account.

There’s plenty of ETFs that track the prices of these cryptocurrencies, however many Canadians have the mentality that if you don’t hold the real thing, you really don’t hold it at all. Cryptocurrency trading is taking the world by storm, and we don’t expect it to slow down anytime soon. It’s considered by many new investors a strong alternative to buying stocks. 2 Products with instant approval have a provisional decision within 60 seconds. The credit provider’s final decision is made at their discretion, subject to decisioning criteria. An independent specialist runs an annual Proof-of-Reserves audit of Bitbuy.

Since then it has rebranded to Bitbuy, widening the operation, acquiring venture capital funding and adding to the cryptocurrency selection. I felt very comfortable with the account manager dealing with my transaction. He pointed out all the red flags that were being presented and subsequently saved me from making a huge mistake. 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. All consultations and conversations with Loans Canada and its partners are confidential and risk-free.

Security and Safety

After you have had your account verified you will need to complete a risk profile. If you’re interested in privacy, you won’t get it with Bitbuy. By requiring these documents, Bitbuy can monitor any unusual or fraudulent activity and pass the information to the relevant authorities. bitbuy canada review This helps to prevent money laundering and other illicit activities. Finally, you’ll need to upload a financial document such as a bank statement and a utility bill such as an internet bill. Signing up to Bitbuy is quite a long process due to their compliance process.

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Therefore, in the thank-you popup screen that loads after you confirm the phone number, click on the [Verify account] button to start the ID verification process. Before you proceed with this tutorial, it’s worth noting that only Canadian residents are allowed on the Bitbuy platform. If you do not live in Canada, there are other options that you may want to consider. The platform also makes it easy for these institutional clients to sign up for the service and verify their identities. The process is customized to each corporate client, and therefore businesses do not share a common signup process with retail investors. Users looking to take advantage of its benefits need to contact Bitbuy’s customer support to request access.

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What was exceptional in my eyes, is the fact the company is very active on social media. In fact, if you have a social media account, I’ve found this is a very strong way to get a hold of them with general inquiries as well. The company partnered with Bitcoin security firm BitGo, which made Bitbuy the world’s first platform to keep the full value of its Bitcoin holdings insured. If you’re looking for more details on this partnership and what exactly is insured, Bitbuy has a great explanation and FAQ here. Bitbuy knows this, and with Bitbuy Private Wealth you can avoid slippage and get truly live quotes on a large amount of crypto’s for a fixed price. If you’re looking to move large amounts of cryptocurrency, Bitbuy has you covered with Bitbuy Private Wealth trading.

That means there are no scammers or fake accounts using the exchange. You can simply use your CAD and purchase all the crypto you want. Next, provide your identity details, including your real name, date of birth, and occupation, then click on the [Next] button. Remember also to verify your email address by visiting your email inbox and clicking on the verification link sent to you. Alternatively, you can access the [Verify your account] button within your account after logging in.

How Does Bitbuy Compare to Other Canadian Crypto Brokers?

To make purchases, users must first make a deposit into their account. CAD deposits have Wire Transfer, Interac e-Transfer and Express Interac e-Transfer. Pro trade was added in 2019 to offer traders a live trading view and advanced orders.

BitBuy overall experience is very good

Bitbuy is one of the most popular cryptocurrency trading platforms here in Canada, and for good reason. BitBuy is definitely a solid option if you’re barely starting your crypto trading journey. But if you’re looking for a platform with more trading features and order options, we can recommend FTX or Binance.

In addition to being a crypto exchange, Bitbuy also offers several services aimed at helping its customers navigate the world of cryptocurrencies. Moreover, the positive reputation and satisfied customer base reflect the platform’s dedication to delivering quality service. Whether you are a seasoned trader or just getting started, Bitbuy provides a trusted platform to buy, sell, and securely store your cryptocurrencies. Start your journey with Bitbuy today and explore the exciting opportunities in the world of digital assets.

There are also a host of other features that they have packed into this advanced trading platform. For example, you have a great deal more charting functionality than you have on the Express Trade. If you are sending / receiving funds in CAD then you can use one of the payment methods that we listed in the fees section. It is however important to point out that those processing times are mere indications and will vary greatly depending on your banking provider. All you need to do is request a withdrawal on the platform, paste your receiving address and then confirm via 2-factor authentication.

Final Thoughts on Bitbuy Review

My only complaint is that the fee is disclosed in units of BTC, which is annoying if you’re not familiar the CAD conversion. 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 https://broker-review.org/ recommend you consult your professional financial and legal services provider. CoinSmart’s fees are just 0.2% and they offer the ability to trade any crypto to crypto without having to sell to Bitcoin or Ethereum first. For a market order, simply enter how much of the crypto you wish to purchase and click “buy”.