Home  >  Crypto Exchanges  >  Bitbuy

Bitbuy

Bitbuy

20+

Coins 

2.00%

Trading Fee 

Toronto

HQ

Last Updated Jun 7, 2023  |  Affiliate Disclosure

  • Review

  • Details

  • Compare

Highlights

  • Bitbuy is a fully regulated crypto exchange that offers 20+ cryptocurrencies in Canada. It's owned by a public company called WonderFi.
  • They also have staking, beginner and advanced trading tools, and offer support for Interac e-Transfers.
  • However, Canadians should watch out for the fees, as there is a 2.00% maker/taker fee, 25% commission on staking, and high fee for 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 450k+ Canadians since being founded in 2016. It's also endorsed by Shark Tank investor, Kevin O'Leary.

It's a relatively simple platform as it offers 20+ cryptos, beginner and pro trading, and quick deposits with Canadian Dollars. It also checks a lot of boxes when it comes to security which we'll explore below.

Things To Know

  • Bitbuy was founded in 2016
  • They offer 20+ 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, and SOL
  • They are fully regulated and approved with the Ontario Securities Commission (OSC)
  • It was acquired by WonderFi (a publicly traded company)
  • At the time of this writing, it has a 2.8 star rating for its App

Pros and Cons

  • Good Security: 90% of crypto is in cold storage, they published a Proof of Reserves and are even owned by a publicly traded company. Plus, fully regulated in Canada.
  • Free Deposits: Canadians can enjoy free Interac e-Transfer and bank transfers.
  • Beginner & Advanced Trading Interface: Suitable for both beginner and novice investors.
  • Low Liquidity: While BTC and ETH are decent, a lot of the altcoins might have low liquidity.
  • Very Expensive: On top of low liquidity, there is a 2% trading fee which is the highest I've ever seen but that's not all. There's also a 25% fee for staking and 1.50% fee to withdraw funds.
  • 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 checks nearly all the boxes when it comes to security. They hold crypto in cold storage, published their Proof of Reserves, are fully regulated in Canada, and more. They are even owned by a public company and have a proven track record since 2016.
  • Free Deposits: Canadians will enjoy quick deposits with Interac e-Transfer and Bank Transfer. However, all 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.

Other Features

While those are the key reasons to consider Bitbuy, here are other things they offer:

  • Bitbuy has a small selection of 24 cryptocurrencies.
  • Bitbuy staking is available for 5 coins. However, it's subject to a 25% fee. Kraken on the other hand, has zero-fee staking, more coins, and is also very secure.
  • 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.
  • 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 also teased fractional stock trading coming in 2022 but I'm not sure what happened to that.

Bitbuy Walkthrough

When you log in 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, be careful when trading other altcoins, especially if you'll be placing market orders.

Bitbuy Web App - Pro Trade

3. Crypto Staking

Bitbuy introduced staking for Ethereum (ETH), Polygon (MATIC), Solana (SOL), Cardano (ADA), and Polkadot (DOT), allowing you to earn up to 10% APY. Keep in mind, Bitbuy takes a 25% commission on your staking rewards. Users can unstake at any moment and rewards are automatically deposited every 2-3 days (dependent on the asset). They use BitGo to look after your staked assets. 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 has a safe reputation. 

5. Customer Support

Bitbuy offers customer support only through email. 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

6. Fractional Stock Trading?

Bitbuy said they are working on fractional stock trading however, it's unclear if they've scrapped these plans. It was expected to launch in the first quarter of 2023 but they removed the waitlist on their website. According to the old webpage, they were going to offer fractional trading for thousands of US stocks and ETFs all under a single Bitbuy account. It will be competing with Wealthsimple which has over 2.5 million clients in Canada.

Fees & Spread

From our test, Bitbuy had a 1.99% total BTC purchase fee (10th overall) and a 1.72% total BTC selling fee (11th place). As a result, Bitbuy is pretty expensive overall and it was mostly due to the high trading fees and CAD withdrawal fees. Note, this was before Bitbuy raised their trading fee to 2.00%. We recommend other platforms in Canada that are cheaper like NDAXVirgoCX and Newton.

Deposit & Withdrawals

Bitbuy is a decent fiat on-ramp for Canadian dollars. CAD deposits are free with a minimum $50 e-transfer. It's not a good choice for cashing out CAD since there is a flat 1.50% withdrawal fee. If you want to cash out Canadian dollars, there are many other options in Canada which are free.

CAD Deposit Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

Free

Near Instant

Min $50 - Max $10k

Wire Transfer

Free

3-5 business days

Min $10k - Max $500k

CAD Withdrawal Methods

Type

Fee

Time

Limits (24 hours)

Interac e-Transfer

1.50%

Near Instant

Min $50 - Max $10k

Wire Transfer

1.50%

3-5 business days

Min $20k - Max $500k

Crypto Withdrawal Fees

Type

Fee

Minimum Withdrawal

Bitcoin

0.00035 BTC

0.001 BTC

Ethereum

0.007 ETH

0.05 ETH

XLM

0.02 XLM

26 XLM

USDC

20 USDC

35 USDC

Security

Bitbuy checks most of the boxes when it comes to security. They hold over 90% of crypto in cold storage, crypto assets are insured, and they're owned by a publicly traded company. They're also fully regulated in Canada and have never had any hacks or incidents (founded in 2016).

They also communicate their security on their website as they have a Proof of Reserves page, trust centre, and more.

Security Features List

  • 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)
  • See more on the Bitbuy security page
  • 2FA for login
  • View system status in real-time
  • View login history (IP addresses, times, devices etc) for suspicious activity

Even though Bitbuy is considered safe, it doesn't replace a crypto wallet. 44% of platforms we reviewed have had hacks or incidents. We strongly recommend storing and protecting your crypto on a hardware wallet or a wallet where you own the private keys.

Bottom Line

Bitbuy has 20+ coins, beginner and advanced trading, and strong security features. However, the crypto exchange has poor online reviews, low liquidity, and some of the highest fees in Canada. Our tests showed the all-in fee to buy BTC was 1.99% (10th place) and the total selling fee was 1.72% (11th place).

Due to its limited selection of cryptocurrencies and high fees, there are other exchanges Canadians should use like Newton and NDAX.

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.