Home  >  Crypto Exchanges  >  Bitbuy

Bitbuy

Bitbuy

45

Coins 

2.00%

Trading Fee 

Toronto

HQ

Last Updated Mar 18, 2024  |  Affiliate Disclosure

  • Review

  • Details

  • Compare

Highlights

  • Bitbuy is a fully regulated Canadian crypto exchange where you can buy and sell 45 cryptocurrencies. You can sign up here to Get $20 free when you deposit $250.
  • Key features include beginner and advanced trading tools, crypto staking, and free e-Transfer deposits.
  • However, Canadians should watch out for the fees. Bitbuy charges a flat 2.00% trading fee, 25% commission on staking, and 1.50% fee on CAD withdrawals. 

What Is Bitbuy?

Bitbuy is a Toronto-based cryptocurrency exchange that markets themselves as a secure and trusted platform for Canadians. They have nearly 50+ employees according to LinkedIn and have served 900,000 Canadians since being founded in 2016. It's also endorsed by Shark Tank investor, Kevin O'Leary.

They were acquired by a public company called WonderFi, which is traded on the TSX. Overall, Bitbuy is a legit platform, but it's not in our list of best Canadian exchanges because of the high fees.

Things To Know

  • Bitbuy was founded in 2016
  • They offer 45 cryptocurrencies, staking, as well as beginner and pro trading
  • Deposits are free while withdrawals have a 1.50% fee
  • If you are trading under $250K, the trading fee is a whopping 2.00%
  • You can stake ETH, ADA, DOT, MATIC, SOL, and more
  • They are fully regulated in Canada and approved with the Ontario Securities Commission (OSC)
  • They were acquired by WonderFi (a publicly traded company)
  • At the time of this writing, it has a 2.8 star rating for its mobile app

Pros and Cons

  • Good Security: Bitbuy has never been hacked or lost user funds. They are also owned by a public company. More on security below.
  • Free Deposits: Canadians can enjoy free deposits for CAD via Interac e-Transfer and wire transfer.
  • Beginner & Advanced Trading Interface: Bitbuy is suitable for beginners and advanced traders. They offer a web app and mobile app as well.
  • Low Liquidity: While BTC and ETH are decent, a lot of the altcoins can have low liquidity, which means higher prices.
  • High Fees: There's a 2% trading fee which is higher than most of the Canadian platforms we compared. Plus, with 25% staking fees, high crypto withdrawal fees, and more, Bitbuy is expensive. 
  • Limited Features: Small selection of cryptocurrencies and features.
  • Low Ratings: The mobile app has a 2.8 star rating with 1,000+ reviews which is not a good sign.

Key Features & Benefits

Bitbuy Web App - Pro Trade
  • Fully Regulated & Secure: Bitbuy ticks a lot of the boxes when it comes to security. They hold 90% of crypto in cold storage, have a yearly Proof of Reserves, and have never been hacked or lost users funds. Plus, they are fully regulated and are even owned by a publicly traded company.
  • Free Deposits: Canadians will enjoy quick deposits with Interac e-Transfer and Bank Transfer. However, keep in mind all CAD withdrawals are subject to a 1.50% fee.
  • Trading Interface: Novice traders can use Express Trade, while experienced users can use Bitbuy Pro. There are live order books, however the volume is relatively low, especially for some of the altcoins.
  • Cryptocurrency Selection: Bitbuy offers 45 cryptocurrencies, covering the major digital assets like Bitcoin, Ethereum, USD Coin, Solana, Polygon, and more. You can find their full list of altcoins here.

Other Bitbuy Features

  • Crypto Staking: Bitbuy staking is available for 8 coins. However, it's subject to a ~25% fee and lower APYs. For staking in Canada, Kraken is the top platform as it has has zero-fees, more assets supported, and top-notch security.
  • Referral Programs: Affiliate and referral program which pays up to $200 per referred user. The affiliate program for influencers offers a tiered reward system starting at $75 per depositor and goes up to $200 per depositor if you refer 151+ depositors per month.
  • OTC Desk: Bitbuy also has an over-the-counter (OTC) service for clients looking to trade $20,000+. This service can help you save on slippage by working with a Bitbuy expert. 

Bitbuy Walkthrough

When you log on to Bitbuy, it's a very simple platform with only a few pages. Here's what it looks like once you create an account:

1. Home Dashboard

On the log in page, you will see your portfolio value on the top with quick buttons to buy, sell, deposit or withdraw funds. Below, you can click on any of the cryptocurrencies and it will take you to the Express Trade.

Bitbuy Main Dashboard and Portfolio

2. Express Trade

Express Trade, meant for beginners, will place a market order on Bitbuy's live order books. The minimum trade amount is $5 and every transaction is subject to a 2.00% fee if you're trading under $250K per month.

Bitbuy Web App - Express Trade

2. Pro Trade

Bitbuy Pro Tade has live order books, real-time spreads, market orders, limit orders, and charts from TradingView with technical indicators. You can also filter between light-mode and dark-mode and go through a tutorial through the settings icon.

While there is decent liquidity for Bitcoin and Ethereum, there is often low volume for some of the altcoins. Be careful when trading, especially if you'll be placing market orders. I recommend getting a dedicated altcoin exchange so you can trade more coins, with more volume and lower fees.

Bitbuy Web App - Pro Trade

3. Crypto Staking

Bitbuy introduced staking for Ethereum (ETH), Polygon (MATIC), Solana (SOL), Cardano (ADA), and Polkadot (DOT), and more allowing you to earn up to 11.23% APY. Keep in mind, Bitbuy takes a ~25% commission on your staking rewards. For most coins, users can unstake at any moment and rewards are automatically deposited every 2-3 days (dependent on the asset).

BitGo is the custodian that looks after your funds. BitGo is one of the largest crypto custodians with over $64 billion USD in assets under custody.

While Bitbuy is a convenient and easy way to stake crypto assets on a centralized platform, there are better staking choices for Canadians. For instance, Kraken offers zero-fee staking, more coins overall, and also industry-leading security.

5. Customer Support

Bitbuy offers customer support through email (no live chat is available). You can submit a request here. They also have a support center with blogs, articles and FAQs. I have not personally tested it so I cannot vouch for its quality. 

Bitbuy Customer Support

Fees & Spread

Bitbuy has a flat 2.00% trading fee on all maker and taker orders. Discounts are available if you hit $250K trading volume in 30 days. CAD deposits are free, while CAD withdrawals take a flat 1.50% fee. Crypto withdrawals are fixed and multi-chain withdrawals are not supported. 

  • 2% Trading Fee (Discounts start after $250K trading volume)
  • 0% CAD Deposits
  • 1.5% CAD Withdrawals
  • Fixed fee on crypto withdrawals (Multi-chain withdrawals are not supported)
  • ~25% Staking Fee (dependent on the asset)

In addition, I bought Bitcoin on all Canadian platforms and published the results here. Bitbuy had a 1.99% total BTC purchase fee (10th overall) and a 1.72% total BTC selling fee (11th place). Bitbuy is expensive overall and this test was before Bitbuy raised their trading fee to 2.00%. You can find an updated list of our best Canadian exchanges here.

Deposit & Withdrawals

For depositing CAD, Bitbuy supports Interac e-Transfer and Wire Transfer. It's free and a minimum $50 deposit is required. You can also buy crypto with a debit card (1.95% fee) and credit card (2.95% fee).

Looking at withdrawals, you can cash out CAD via Interac e-Transfer and Wire Transfer for a flat 1.50% fee. Keep in mind, most Canadian exchanges let you withdraw CAD for free. You can find that information and compare Canadian platforms in our free comparison tool.

Security

Bitbuy is a secure exchange. They were founded in 2016 and have never been hacked or lost user funds. They hold over 90% of crypto in cold storage, have a yearly Proof of Reserves, and users can further secure their account with 2FA.

In addition, they're owned by a public company called WonderFi, which means strict auditing and compliance. There are no red flags and Bitbuy ticks all the boxes. You can visit the trust centre page on their website for more info regarding their security.

Bitbuy Security Features

Here is a list of security measures collected from Bitbuy's website:

  • Founded in 2016 and no hacks or incidents ever
  • Insurance policy and custody provided by BitGo
  • 95%-99% of assets held in offline cold storage
  • Proof Of Reserves
  • OSC regulated 
  • FINTRAC regulated in Canada: MSB #M20728803
  • Owned by WonderFi, a publicly traded company (Ticker: WNDR-NE)
  • KYC required (must prove identity when signing up)
  • 2FA for login
  • View system status in real-time
  • View login history (IP addresses, times, devices etc) for suspicious activity

While Bitbuy is considered secure, you should not hold a large majority of your assets on a centralized exchange (not your keys, not your coins). If you're in the market for a crypto wallet, you can check out our hardware wallet comparison tool to find the best one.

Is Bitbuy Worth It?

Due to its high fees, we don't recommend Bitbuy at this time. While Bitbuy has 45 coins, staking, high security, and free CAD deposits, the fees are too significant compared to other platforms on the market. You should check out our best Canadian exchanges this year and our free comparison tool where we put every Canadian crypto exchange to the test. 

Bitbuy Alternatives

There are many great platforms in Canada like the choices below. You can also see our best exchanges of the year and free comparison tool where we put every Canadian exchange to the test.

NDAX.io

Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.

  • Lowest fees to buy Bitcoin
  • Free e-transfer deposits
  • Based in Canada
  • Low volume on some coins
  • Only 37 coins
Kraken

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. 

  • e-Transfers supported
  • Industry-leading security
  • Zero-fee staking
  • 0.16%/0.26% trading fees
  • Fiat withdrawal fees
BYDFi

If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

  • 450+ coins
  • No KYC, No VPN
  • Up to 200x Leverage
  • No $CAD supported
  • Beginner-friendly

Author

Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.


Compare Canada's

Crypto Exchanges

Save hours of research. We signed up for every crypto exchange and brokerage so you don't have to.