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.
Perhaps the most interesting development in the cryptocurrency ecosystem is how people access and trade their digital currencies. Whether you trade Bitcoin, XRP, Ethereum, or others, using a reputable, a robust trading platform is ideal to create the best most secure trading experience possible. One of the most popular is Bitbuy. Here’s an overview.Buy and Sell Bitcoin, Ethereum, and over a dozen other cryptocurrencies with Wealthsimple. Sign up and Trade here.
What is Bitbuy?
Bitbuy is a digital currency platform based in Canada and founded in 2016. Bitbuy allows users to buy and sell various forms of cryptocurrencies. It’s different than many 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 January 2021, the list of cryptocurrencies the trading platform supports include:
Stellar Lumens (XML)
Bitcoin Cash (BCH)
In addition to being focused on Canadian customers and Canadian dollars, Bitbuy claims to focus on safety and security. Additional security protocols include protecting users with two-factor Authentication and SSL for trades that take place via the web and mobile app.
Bitbuy reports that it maintains only 5% of total coin holdings in hot wallets (these are wallets connected to the internet in some way.) Keeping BTC assets insured through Knox, a bitcoin insurance provider, while the company contends its a fully regulated exchange with oversight from Canadian federal authorities. Bitbuy is registered with FINTRAC and undergoes annual audits for proof of reserves and has 1:1 BTC insured balances.
A separate report on the company’s website reveals that 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 and bank wire.
When you sign up for Bitbuy, your account is instantly verified, meaning you can fund your account and buy cryptocurrencies 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 seven of the available cryptocurrencies in Canadian dollars. After opening an account, you find 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.
Bitbuy’s “Pro” option offers an enhanced viewing experience composed of an elaborate dashboard and various widgets for the more advanced trader.
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
Live trading and market statistics
Break out” screens
Bitbuy’s OTC service is available for larger trades so as to avoid “slippage.” 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 order 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.
Buy: 0.50% | Sell: 0.50%
Maker 0.10% | Taker: 0.20%
Deposits using Interac e-Transfer have a fee of 1.5% and wire transfers cost .5% of the transfer amount. Withdrawals using Interac e-Transfer have a fee of 1.5% and wire transfers cost 1.5%.
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