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Bitbuy Review

Last Updated: Aug 13, 2022  |  Published: Mar 25, 2022


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Founded in 2016, Bitbuy is one of the larger Canadian cryptocurrency exchanges and has served over 400,000 investors so far.

In this review, we put Bitbuy to the test versus the 15 most popular Canadian crypto exchanges. Read on to see how it performed on fees, features, coins offered, security and much more.

The Bottom Line

Bitbuy has 25+ coins, beginner and advanced trading, and strong security features. However, it comes with high fees. The total fee to buy BTC was 1.99% (10th place) and the total selling fee was 1.72% (11th place).

Overall, due to its limited coins and high fees, we found better platforms for Canadians which you can see in the alternatives section.

Where Bitbuy Shines:

  • Good Reputation: Founded in 2016, owned by a publicly traded company, $4B+ traded on the platform
  • Low Spread: 0.41% spread when tested (7th overall). Bitbuy is inexpensive once your account is funded
  • Beginner & Advanced Trading Interface

Where Bitbuy Falls Short:

  • Expensive Overall: 1.99% purchase fee when tested (10th place). Many cheaper Canadian exchanges available
  • 1.50% trading fee for volume under $250k
  • Withdrawal Fees: Must pay a 1.50% fee to withdrawal CAD
  • Minimal Features: Only 25+ coins and not many features overall
BitBuy

Bitbuy Overview

Total Fees & Spreads: Mar 02, 2022 

Coins Offered

25+ (BTC, BCH, ETH, LTC, XLM, EOS, AAVE, LINK, DOGE, DOT, ADA, UNI, SUSHI, MATIC, SOL, MANA, USDC, APE, LUNA, and more)

Total BTC Purchase Fee

1.99% (10th place)

Total BTC Selling Fee

1.72% (11th place)

BTC Spread

0.41% (7th place)

Trading Fee

1.50%

CAD Deposits

Free Interac e-Transfers (min $50)

Free Wire Transfers (min. $10,000)

6.25% Credit Card buys

BTC Withdrawal Fee

0.00035 BTC

Notable Features

- Express trade for beginners

- Pro trading interface

- Owned by a publicly traded company

Video Review

Listen while you read. Watch the video review published on Mar 10, 2022. Some info in the video could be outdated so refer to the rest of the page as well.

BitBuy

About Bitbuy

Bitbuy is a Toronto-based cryptocurrency exchange that markets themselves as a secure and trusted platform for Canadians. They have nearly 100 employees according to LinkedIn and have served 400k+ Canadians since being founded in 2016.

Some Stats:

  • Founded in 2016
  • Acquired by WonderFi (publicly traded company)
  • Served 400,000+ Canadians
  • Over $4 billion traded on the platform

User Interface

  • Web app

  • Mobile App

Fees & Spread

More Information

We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.

  • Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
  • Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference

You can compare all platforms from the price test on this page

Bitbuy Fees

Amount

*Total BTC Purchase Fee

1.99% (10th place)

*Total BTC Selling Fee

1.72% (11th place)

Tiered Trading Fee

1.50% for volume under $250k

CAD Deposits

Free

CAD Withdrawals

1.50% fee

BTC Withdrawal Fee

0.00025 BTC

Other Fees

N/A

Price Test & Spread

Price Test (On Mar 2, 2022)

Prices

BTC Spread

0.41% (7th place out of 18)

BTC Buy Price

$55,936

BTC Sell Price

$55,708

Ref. Price Difference

Buy: +0.29%

Sell: -0.12%

Reference Price (Google)

$55,774

What We Found

From our tests, 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.

We recommend other platforms in Canada that are a lot cheaper like NDAX, VirgoCX 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 that 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

Platform & Features

List of Features:

  • iOS, Android and Web app
  • About 26 cryptocurrencies
  • Express Trade (Instant Buy and Sell)
  • Pro Trade
  • Corporate Accounts
  • Affiliate and Referral Program
  • OTC Trade ($50,000 and more)

1. iOS, Android and Web App

The Bitbuy platform is available on all your devices.

2. Express Trade

Bitbuy Web App - Express Trade

3. Pro Trade

Bitbuy Web App - Pro Trade

Bitbuy offers a pro trade with real-time spreads, market and limit orders, trading view charts with technical indicators, live order books and 20 trading pairs. You can also filter between light-mode and dark-mode and go through a tutorial through the settings icon.

4. OTC

Bitbuy has an over-the-counter service for clients looking to trade over $50,000. This service can help you save on slippage by working with a Bitbuy expert. 

5. Affiliate & Referral Program

Referrals currently give $40 and get $40 when the client makes a $250 or more deposit.

The Bitbuy affiliate program for influencers offers a tiered reward system starting at $75 per depositor. It goes up to $200 per depositor if you refer 151+ depositors per month.

6. Other Features

Security

Company Security Features

  • Founded in 2016 and no hacks or incidents ever
  • Insurance policy provided by BitGo
  • 95%-99% of assets held in offline cold storage
  • 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

User Security Features

  • 2FA for login
  • View system status in real-time
  • View login history (IP addresses, times, devices etc) for suspicious activity

Can You Trust Them?

Bitbuy is considered a very safe platform since it holds over 95% of crypto in cold storage, has its assets insured and is owned by a publicly traded company. They've also never had any hacks or incidents (founded in 2016).

⚠️ Even though Bitbuy is considered safe, 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.

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.

Bitbuy Customer Support

Bitbuy Compared

Here at RankFi, we're tracking Canada's top cryptocurrency exchanges. You can compare all of them below to find the best one for you:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

150+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

35+

Yes

1.24%

1.67%

0.50%

11/18

25+

Yes

1.99%

0.41%

1.50%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool


BitBuy

Bitbuy

Get $40 free when you deposit $250

Best Crypto Exchanges Canada 2022

Newton.co

Top Overall

1. Newton

NDAX

Lowest Fees

2. NDAX

VirgoCX

Top Runner Up

3. VirgoCX