Aja McClanahan is a personal finance writer who has a story of getting out of over $120,000 in debt. She's been featured in Yahoo! Finance, MarketWatch, U.S. News and World Report, Kiplinger and has written for publications like Business Insider, Credit Karma, Inc., and many others. Aja writes about investing and personal finance for Wealthsimple. In her spare time, she manages her own investment portfolios for herself, husband, and two kids. Aja double majored in Spanish and Economics and holds a Bachelor of Arts degree from University of Illinois at Urbana-Champaign.
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What is Bitbuy?
Bitbuy is an online digital currency platform based in Canada. Founded in 2016, Bitbuy allows users to buy and sell various forms of cryptocurrencies. It’s different from many competitor exchanges in that it directly supports and services Canadian customers who need to buy, sell, withdraw, and deposit funds denominated in Canadian dollars.
As of February 2022, the list of cryptocurrencies the trading platform supports include:
Stellar Lumens (XLM)
Bitcoin Cash (BCH)
Bitbuy is unique in that it is tailored for Canadian clients and operates in Canadian dollars. Bitbuy claims to focus on safety and security, with a multi-tier cybersecurity strategy. Additional security protocols include protecting users with two-factor Authentication and SSL for trades that take place via the web and mobile app. Bitbuy also offers insurance from BitGo, with a transparent Proof-of-Solvency that highlights all of the digital assets being traded.
In January 2022, Bitbuy announced that it was to become Canada’s first regulated cryptocurrency trading platform, partnering with Eventus for trade surveillance. To-date, Bitbuy has more than 350,000 users and has had over $4 billion in transactions conducted through the platform. It’s the first organization that is a restricted dealer and digital asset marketplace, allowing Canadians to invest in crypto assets. Bitbuy features a compliance department that uses Validus to ensure it operates with integrity, in line with new Canadian regulations announced the previous year.
In 2019, it has submitted to an audit by an independent agency to verify reserves and security protocols. The resulting report, “Bitbuy Proof of Reserve and Security Audit Report,” shows that steps were taken to evaluate and verify the company’s claims solvency, proof of (fiat) reserves, liquidity, cold storage policies, and staff risk.
What services does Bitbuy offer?
Bitbuy allows users to buy, sell, transfer, and store digital currencies. Bitbuy accounts also offer customers a secure cryptocurrency wallet that can be used to send and receive all of their cryptocurrency holdings. Account funding and withdrawal methods include Interac e-transfers and bank wire transfers, which are convenient for users.
When you sign up for Bitbuy, your account is instantly verified, meaning you can fund your account and start trading cryptocurrencies almost immediately. If you are looking to trade cryptocurrencies in and out of Canadian dollars then Bitbuy has a number of options to choose from.
This option allows you to set up your account quickly and use certain features of the Bitbuy trading platform. With Express trade, you can buy and sell all of the available cryptocurrencies in Canadian dollars. After opening an account, you fund it with Canadian dollars that are then used to purchase cryptocurrencies. Once your purchases are complete, you can store Bitcoin on your BitBuy exchange account or transfer it to a wallet.
Bitbuy’s Express option is ideal for novice traders who do not need the bells and whistles of an advanced trading platform. This option is best designed for market orders. The platform is easy-to-navigate and user-friendly, so is less of a learning curve for users.
Bitbuy’s “Pro” option offers an enhanced viewing experience composed of an elaborate dashboard and various widgets for the more advanced trader. This tool is more intuitive for day traders, and offers a wealth of customizable options to suit your needs.
The ProTrade experience allows you to view Bitbuy’s live order book, which features information on spreads and liquidity for buy-side and sell-side analytics. You will be able to see booked sell and buy orders, along with volume for various cryptocurrencies.
Other features of the Pro Trade dashboard include:
Market depth chart
Order status and history
Trading view charts
Live trading and market statistics
“Break out” screens
Bitbuy’s OTC service is available for larger trades so as to avoid “slippage.” OTC trading services are only available for trade sizes of over USD$50,000. When buying low- and high-price orders, the average price can end up being higher than the “market price.” Using Bitbuy’s OTC can help you get a “live” price quote for larger orders at a fixed price while avoiding ordering higher prices due to slippage.
What are Bitbuy’s fees?
Because Bitbuy functions as a regulated exchange, as opposed to a peer-to-peer marketplace, Bitbuy’s fees are slightly higher than other platforms.
Despite this, Bitbuy boasts a relatively simple, transparent fee schedule, as listed below.
Express trade fee
There is a 0.20% fee on all express trades.
Pro Trade fee
Maker 0.10% | Taker: 0.20%
Deposits and withdrawals using Interac e-Transfer have a fee of 1.5% and a processing time of 30 minutes to 24 hours. The minimum amount you can deposit or withdraw using this method is $50 $100. Wire transfers cost 0.5% of the transfer amount for a deposit, and 1.00% of the amount for a withdrawal.
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