{"id":625786,"date":"2023-06-12T12:11:55","date_gmt":"2023-06-12T12:11:55","guid":{"rendered":"https:\/\/info.cashtocode.com\/?post_type=product&p=625786"},"modified":"2024-01-16T14:28:20","modified_gmt":"2024-01-16T14:28:20","slug":"bitbuy-exchange","status":"publish","type":"product","link":"https:\/\/info.cashtocode.com\/en-ca\/reviews\/bitbuy-exchange\/","title":{"rendered":"Bitbuy exchange review"},"content":{"rendered":"\n
7<\/span>Expert Score<\/span><\/div>
Editor's comment<\/div>Bitbuy is a well-known Canadian crypto exchange that has processed over $5 billion to date, with products that are aimed at both day traders and high-volume traders. Despite Bitbuy\u2019s great offerings, there are only two payment method options that don\u2019t include credit or debit cards, a low number of cryptos available to both trade and stake and no live chat or phone support. The advantages are low trading fees, a personal account manager for high-volume traders and registrations with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Ontario Securities Commission.<\/div><\/div><\/div>
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Coin coverage<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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6<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Fees<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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8.2<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Security<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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10<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Features<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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7.5<\/div>\r\n\t\t\t\t\t\t\t<\/div>
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Payment methods<\/span><\/div>\r\n\t\t\t\t\t\t\t\t
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3.5<\/div>\r\n\t\t\t\t\t\t\t<\/div><\/div>
PROS<\/div>
  • Low trading fees\r<\/li>
  • A personal account manager for high-volume traders \r<\/li>
  • Regulated in Canada \r<\/li>
  • Mobile app available \r<\/li>
  • Corporate account solutions\r<\/li>
  • Referral bonus<\/li><\/ul><\/div><\/div>
    CONS<\/div>
    • Low number of cryptos available to trade \r<\/li>
    • Only four cryptos in the staking program\r<\/li>
    • No live chat or phone support \r<\/li>
    • Debit or credit cards not accepted<\/li><\/ul><\/div><\/div><\/div><\/div>\n\n\n\n

      Cryptocurrencies<\/h2>\n\n\n\n

      Bitbuy offers only 34 cryptos, including some of the biggest ones on the market such as Bitcoin, Ethereum and Solana. <\/p>\n\n\n\n

      Bitcoin (BTC)<\/td>Available<\/td><\/tr>
      Bitcoin Cash (BCH)<\/td>Available<\/td><\/tr>
      Ethereum (ETH)<\/td>Available<\/td><\/tr>
      Ripple (XRP)<\/td>Unavailable<\/td><\/tr>
      Solana (SOL)<\/td>Available<\/td><\/tr>
      Dogecoin (DOGE)<\/td>Available<\/td><\/tr>
      Polkadot (DOT)<\/td>Available<\/td><\/tr>
      Polygon (MATIC)<\/td>Available<\/td><\/tr>
      Cardano (ADA)<\/td>Available<\/td><\/tr>
      Litecoin (LTC)<\/td>Available<\/td><\/tr>
      Tether (USDT)<\/td>Unavailable<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, Wirex has over 250 cryptos on its platform, while Bitstamp lists more than 80. However, compared to its competitors, Bitbuy offers corporate account solutions <\/strong>and access to trading liquidity for over 1,500 companies. <\/p>\n\n\n\n

      Payment methods<\/h2>\n\n\n\n

      You can deposit and withdraw in CAD. <\/strong>The Interac payment method has a $10,000 daily deposit limit and $5,000 daily withdrawal limit, while wire transfer has no limits.<\/p>\n\n\n\n

      Deposit limits<\/h3>\n\n\n\n
      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      Interac daily limit (buying in FIAT)<\/td>$10,000 requires KYC verification, ID check and a selfie<\/td><\/tr>
      Wire transfer daily limit (buying in FIAT)<\/td>No limits<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Withdrawal limits<\/h3>\n\n\n\n
      Payment method<\/th>Limits<\/th><\/tr><\/thead>
      Interac daily withdrawal limit<\/td>$5,000 requires KYC verification, ID check and a selfie<\/td><\/tr>
      Wire transfer daily withdrawal limit<\/td>No limits<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      On the other hand, Bitstamp requires multi-step KYC verification to buy, sell and trade cryptos and the company asks you for a selfie, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement. In addition, you must provide information such as country of birth<\/strong>, tax residency as well as a Proof of Funds (POF) document such as an annual income statement.<\/p>\n\n\n\n

      NDAX requires KYC verification to buy, sell and trade cryptos and the company asks you for a selfie<\/strong>, proof of identity, which can be a drivers licence, government-issued ID or passport, as well as proof of address, which can be a utility bill, correspondence from a government department or bank account statement.<\/p>\n\n\n\n

      CashtoCode eVoucher<\/h2>\n\n\n\n

      You can\u2019t fund your account with a CashtoCode eVoucher as this isn\u2019t offered at Bitbuy.<\/p>\n\n\n\n

      Trading fees<\/h2>\n\n\n\n

      There are no deposit fees but Bitbuy charges trading fees whenever you buy, sell or exchange cryptos and differing rates of withdrawal fees for over 30 listed cryptos. For example, Bitcoin has a 0.0005 withdrawal fee and it\u2019s 0.007 for Ethereum. The trading fees are based on a maker\/taker structure and they differ based on the amount you\u2019re trading <\/strong>within a 90-day timeframe. There\u2019s also a flat 1.5% withdrawal fee for Interac and wire transfers.<\/p>\n\n\n\n

      Tier level<\/th>90-day trading volume<\/th>Maker fee<\/th>Taker fee<\/th><\/tr><\/thead>
      1<\/td>Under $250,000<\/td>2%<\/td>2%<\/td><\/tr>
      2<\/td>$250,000-$1,000,000<\/td>0.5%<\/td>0.75%<\/td><\/tr>
      3<\/td>$1,000,000+<\/td>0.15%<\/td>0.25%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Staking<\/h2>\n\n\n\n

      Bitbuy offers a program that allows users to stake only four cryptos<\/strong>, <\/strong>however the company does state on its website that Cardano and Cosmos is going to be added to the staking program at an undisclosed date in the future. In comparison, Bitstamp offers a staking program with 10 eligible cryptos and annual percentage yields (APYs) of up to 4.4%. <\/p>\n\n\n\n

      Cryptocurrency<\/th>APY<\/th><\/tr><\/thead>
      Ethereum<\/td>4.87% <\/td><\/tr>
      Polygon<\/td>4.88%<\/td><\/tr>
      Solana<\/td>4.28%<\/td><\/tr>
      Polkadot<\/td>10%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      Is Bitbuy exchange safe?<\/h2>\n\n\n\n

      As a regulated Over-the-Counter (OTC) exchange, Bitbuy has been in operation since 2016 and amassed over 400,000 users. The company has a range of security measures in place that offer a high level of security for users,<\/strong> from third-party insurance coverage to holding 97% of customers' assets offline in geographically distributed cold storage systems.<\/p>\n\n\n\n

      A relatively high percentage of users (44%) rate Bitbuy with five stars <\/strong>on Trustpilot, which is a high indicator of safety. In addition, the company hasn\u2019t been involved in any known scandals. <\/p>\n\n\n\n

      Trustpilot<\/td>2 star<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      The most common issues raised are related to account, customer service and withdrawal concerns. However, people praise them for their low trading fees and referral bonus. <\/p>\n\n\n\n

      Security<\/h3>\n\n\n\n

      Bitbuy has a range of security measures in place such as servers secured across multiple cloud providers <\/strong>that are all ISO, SOC and FIPS 140-2 compliant, monthly network audits, holding 97% of customers' assets offline in geographically distributed cold storage systems, end-to-end data encryption, all customer funds are backed 1:1 in custody, registrations with Ontario Securities Commission and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Service Business (MSB). In addition, Bitbuy maintains third-party insurance coverage for the digital assets it holds on behalf of customers. <\/p>\n\n\n\n

      Safe coins storage<\/td>97% deposits are held in geographically distributed cold storage systems.<\/td><\/tr>
      Two-factor authentication<\/td>Two-factor authentication via SMS verification is required at Bitbuy.<\/td><\/tr>
      Information security<\/td>End-to-end data encryption.<\/td><\/tr>
      Platform security<\/td>All transactions on the platform are monitored.<\/td><\/tr>
      Network security<\/td>Servers secured across multiple cloud providers that are all ISO, SOC and FIPS 140-2 compliant and monthly network audits. <\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

      In contrast, NDAX has advanced security measures in place such as Multi-Party Computation (MPC) wallet technology, holding customers' assets offline in multi-signature cold storage vaults, registrations with Revenue Quebec and FINTRAC as a Money Service Business, adherence with Anti-Money Laundering (AML) guidelines and Canada\u2019s Terrorist Financing Act, data servers that are monitored 24\/7 with video cameras and a highly coveted SOC II certification<\/strong>. In addition, NDAX maintains $13 million insurance coverage for the digital assets it holds on behalf of customers. <\/p>\n\n\n\n

      Wirex has a variety of security measures in place such as accounts being secured with state-of-the-art facial verification and biometric technology, <\/strong>as well as 256-bit AES data encryption. The majority of assets deposited onto the platform are held in multi-signature cold storage vaults and Wirex adheres to both Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) guidelines. The company is a licensed e-money issuer with the UK\u2019s Financial Conduct Authority (FCA) and is also regulated by the Croatian Financial Services Supervisory Agency.<\/p>\n\n\n\n

      How to start trading at Bitbuy exchange?<\/h2>\n\n\n\n

      Registration<\/h3>\n\n\n\n

      You need to create an account in order to register with Bitbuy this can be done by:<\/p>\n\n\n\n

        \n
      1. Visiting the homepage and inputting your email address so you can create a password and start the process. <\/li>\n\n\n\n
      2. You then need to verify your email address.<\/li>\n\n\n\n
      3. After verifying your email address, you need to select if you want to open an individual account or corporate account. <\/li>\n\n\n\n
      4. You then have to enter your phone number to receive an SMS verification text message.<\/li>\n\n\n\n
      5. After verifying your phone number, you have to complete KYC verification.<\/li>\n\n\n\n
      6. Upon successful registration and passing verification, access to all functions of the site including higher limits are available to you.<\/li>\n<\/ol>\n\n\n\n

        KYC<\/h3>\n\n\n\n

        After filling in your account details, you need to go through multi-step KYC verification<\/strong>. This process is required for anyone who wants to buy, sell or exchange cryptos on the platform. Passing KYC checks also unlocks functionalities such as a personal account manager or the ability to earn rewards on your crypto balance through a staking program. <\/p>\n\n\n\n

        You must provide a clear and visible picture of the front and back side of your documents such as proof of address and passport. In addition, you need to submit a selfie. <\/strong><\/p>\n\n\n\n

        Customer support<\/h2>\n\n\n\n

        Despite being a well-known and prominent Canadian crypto exchange, customer service options are limited<\/strong> at Bitbuy with only a Help Center displaying FAQs, email address and no live chat or phone support.<\/p>\n\n\n\n

        Live chat<\/td>No live chat <\/td><\/tr>
        Phone support<\/td>No phone support<\/td><\/tr>
        Email<\/td>support@bitbuy.ca<\/td><\/tr>
        FAQs<\/td>Available<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

        Unlike most other crypto exchanges, Bitbuy doesn\u2019t use a ticketing system<\/strong> where users can fill in an online form with a subject, description and optional attachment in order to contact the company. For users who are dealing with emergency account issues, there\u2019s no way to speak with customer service on the phone or through live chat. <\/p>\n\n\n\n

        Conclusion<\/h2>\n\n\n\n

        Bitbuy is recommended to high-volume traders who are looking for a regulated exchange that charges low trading fees and also offers third-party insurance coverage. However, there are a low number of cryptos available to both trade and stake<\/strong>, making the service less accessible for active traders, only two payment method options that don\u2019t include credit or debit cards and no phone support or live chat. <\/p>\n\n\n\n

        But if you don\u2019t mind this, Bitbuy can still be a great option if you\u2019re looking for a personal account manager <\/strong>or referral bonus scheme, which is a major differentiating factor and unique selling point (USP) for the platform. The platform could improve its service by increasing the available range of cryptos that can be traded and staked or offering phone support and live chat. <\/p>\n\n\n\n

        Alternatives of Bitbuy<\/h2>\n\n\n\n