Bitbuy Review 2025: Safety, Pros & Cons

Additionally, the platform shares trading tips on its YouTube channel and other regular tidbits to its followers on social media. Bitbuy maintains a solid security record since its launch in 2016. So far, the platform has not reported any major security incident, which has become a testament to its focus on providing secure crypto brokerage, trading, and wallet services.

After going through the steps on Bitbuy Onfido to verify my identity, Bitbuy reset my 2FA back to SMS verifications and I was once again able to log into my account. We appreciate and acknowledge your help in fulfilling our many regulatory obligations. I see that this has since been resolved, and you are now able to withdraw when needed.

While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. The good news is that whilst using Bitbuy you won’t miss out on anything. The provider offers the ability to trade not only using the desktop platform but also their mobile app that’s available for both iOS and Android users. Bitbuy offers fiat support, meaning that you’ll be able to purchase cryptocurrencies without much trouble.

stay away from this company

Initially, you must input and confirm your email address and phone number. However, before it’s possible to trade or deposit on Bitbuy, any customer must complete Know-Your-Customer (KYC) verification. The order book and market depth chart mean technical traders can easily compare the available liquidity at particular price points, helping people to implement tailored strategies.

However, only a handful of stablecoins is available, and there is currently no integration of DeFi tokens, staking, or lending programs. NFTs and other emerging asset classes are also not supported, which is a notable difference from platforms targeting more advanced traders or those interested in digital collectibles. To minimize costs on Bitbuy, consider using the Pro platform for larger trades to benefit from lower maker/taker fees, and plan fiat withdrawals to minimize frequency-based charges. Always check crypto withdrawal fees before transferring assets, as network congestion can impact costs. I asked to be able to withdraw my crypto which they disabled for me to do that. They took my money no problem and bought me some crypto XLM but then said i couldnt withdraw it.

Bitbuy Pro Trade Feature Review

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• They charge a 1.5% fee for CAD bank and wire withdrawals.
• They have a highest charge among all the crypto platforms not in Canada but in whole universe ..
• For example, beginners can use the Express Trade feature, a fast, simple, and easy way to purchase digital currencies.
• There’s no live chat or phone support for regular users, but comprehensive help articles and a web support center are available to guide you through platform features and resolve common questions.
• In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person.

What is the difference between a crypto exchange and a brokerage?

All you have to do is head on over to your “Wallet” section. You will select the coin in question and you will hit “Deposit”. This will populate the wallet box with the deposit address where you should send the crypto.

The reason for the rejection was legitimate, and I learned my lesson. So I wasn’t concerned about future withdrawal requests.But then I tried to withdraw my crypto again. The rejection of that first withdrawal had disabled crypto withdrawals on my account. There is no indication of this anywhere – you only find out about it at the last step of submitting a withdrawal request – putting in the 2FA code. A little box pops up to say that your account’s withdrawals have been disabled and to contact support.I’ve been contacting support since March 12 and have still not had this resolved. They got back to me two days later asking for a lot of information, including screenshots to prove that I own the wallet (as another recent reviewer mentioned).

• Makers are parties that introduce liquidity to the marketplace while takers perform opposite actions.
• After account and user verification steps are complete everything goes well.
• Its mobile app will enable users to trade on the go keeping up with their trading activities.
• We’ll take a look at the security measurements, supported cryptocurrencies, functionality, fiat money support, digital wallet, and even more.

Reset 2FA to SMS verification – to allow login

Being a registered Money Services Business governed by the Ontario Securities Commission, Bitbuy conforms to Canadian financial regulation standards. Bitbuy prioritizes security by implementing powerful security measures to safeguard user assets. Bitbuy has a mobile app on both the Apple App Store and Google Play. Scroll further down to accept the terms of using Bitbuy’s partner ID verification provider Trulioo. In the final verification screen, declare your exposure to political activities by marking either of the provided radio buttons. There were of course a few things that we thought warranted improvement.

Buy & Sell Major Cryptocurrencies

I find Bitbuy’s integrated crypto wallet to be both secure and convenient, allowing users to hold and transfer multiple cryptocurrencies directly through the platform. This custodial solution streamlines deposits and withdrawals, reducing the complexity of managing multiple external wallets for various assets. Compared to some global exchanges with extensive wallet feature sets, Bitbuy focuses on simplicity and security, which is ideal for Canadian retail users prioritizing protection and ease of use. Bitbuy demonstrates a strong commitment to regulatory compliance as one of the first Canadian crypto exchanges registered as a Restricted Dealer under Canadian Securities Administrators (CSA) oversight.

One significant limitation is the absence of advanced products such as crypto derivatives, margin trading, and cryptos as CFDs, which are increasingly popular in other markets. Bitbuy chooses a fixed, transparent fee structure, which I consider straightforward compared to peers that rely on floating spreads or opaque markups. Spreads are generally tight on major pairs, but I have observed they widen during peak volatility, a common scenario across the industry. I deposited money via etransfer and bitbuy sent me an email saying it’s been accepted but no money came into my account. It has been 2 weeks, I have contacted support multiple times.

Bitbuy Alternatives

Specifically, we will consider what the platform offers its users, how much it costs to use it, its approach to security, and customer support. In addition, a detailed step-by-step tutorial on how to sign up for the service is provided. 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.

About Bitbuy Exchange

Even though it’s quite low compared to some of the industry giants, it’s crucial to remember that Bitbuy is a Canadian-only crypto exchange platform. For significant investments, using a bank or wire transfer is best. Conversely, Interac e-Transfers, have a minimum spend of $50 and a maximum of $10,000 per day. While wire transfer deposits can take between 1 to 5 business days to reach Bitbuy, Interac e-Transfers complete near-instantly. Monitoring financial transactions and reports to calculate cryptocurrency profits and losses for capital gains tax can be a complex and lengthy process. However, Bitbuy makes it easy by allowing its customers to generate and download comprehensive reports for the financial year.

Before you can even get started trading on Bitbuy, you have to go through the rigorous verification process (which usually involves providing proof of identification). The reason for this is Bitbuy’s commitment to certifications and compliance with regulations and insurers. A maker fee is the fee charged when you propose an order for other traders to take.

While this has improved recently, there is still much to be desired. Bitbuy says that they operate a policy of 95% cold storage of coins. This is the standard among cryptocurrency exchanges and protects the bulk bitbuy review of user’s assets from hackers. In layman’s terms, a cryptocurrency exchange is a place where you meet and exchange cryptocurrencies with another person.