Toronto served as the birthplace of Canada’s well-known bitcoin exchange Bitbuy. Fans of cryptocurrencies in Canada have access to several exchange platforms, including both domestic and international markets. The optimal platform for your requirements and the comfort of your users depend on several different criteria. This Bitbuy review aims to provide you with a comprehensive overview of the platform’s many features, including fees, top cryptocurrencies it supports, benefits and drawbacks, security and functionality, as well as solutions to many frequently asked concerns.
Official Website: Signup now
Let’s start by noting that Bitbuy is a well-known and reputable cryptocurrency exchange platform with its headquarters in Toronto, Canada. It is simple and fast to buy digital assets including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, EOS, Ripple, and AAVE currencies. This Canadian bitcoin trading platform is user-friendly for newcomers while still meeting the needs of seasoned investors.
What is Bitbuy?
In 2013, Canadians Ademar Gonzalez and Adam Goldman developed Bitbuy, a sophisticated trading platform. This First Ledger Corporation subsidiary division focuses mostly on investor exchange solutions. This service was created with Canadians in mind and was formerly known as InstaBT. Soon after it began to succeed, the company changed its name to Bitbuy.
How does Bitbuy works ?
Bitbuy’s user interface is simple to use, making it suitable for both novice and seasoned traders. The user-friendly trading interface you are presently using significantly speeds the trading process with a feature called Express Trade. Our first topic of discussion will be how this company operates.
You must first register for an account on the organization’s official website to participate. Enter your email address and password to start the process, and then click the confirmation link that is sent to your email address. You will be qualified to get a promotional discount of 20% if you’ve satisfied all requirements for eligibility. As an alternative, you may benefit from the Bitbuy referral programme, which pays you $40 for each person who signs up for the platform using a link that has a code that is exclusive to you.
Given that this is the organization’s primary goal, access to the most popular cryptocurrencies, such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens, and EOS, should be provided in a safe setting. According to a study by Bitbuy, this site has introduced twenty or more new major currencies.
Your account will finally be activated and set up for you by just entering your phone number. The phone of the person whose number is being authenticated receives an OTP. As part of this two-factor authentication security technique, the Bitbuy platform will also ask for extra personal information to automatically confirm your identity.
If you are unable to pass this brief verification stage, kindly supply the following documents.
- Utility bills (bills for services like phone, electric, or internet), assessment notices, tax returns, and other paperwork of a similar sort.
- A photocopy of any form of official government identity, such as a passport or driver’s licence, must accompany any financial statement (loan, bank account, credit card or debit card statement).
- The image must show the subject’s face and clearly state “For Bitbuy Use Only” to be approved. There must be a date in this.
- Once it has been set up, you may fund your account by adding bitcoin, sending an e-transfer, or sending a bank wire.
The Most Important Features of Bitbuy
For buyers and dealers of cryptocurrencies, Bitbuy is a reliable one-stop store. If trading cryptocurrencies on this platform is something you’re interested in, you should familiarise yourself with the following traits first.
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Bitstore Bitbuy Canada
You’re out of luck if you’re outside of Canada since it’s only open to citizens of Canada and permanent residents.
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Versatile in that a Variety of Traders Can Use It
Depending on the trader’s level of expertise, the platform offers two different modes, Express and Pro, to choose from. If you are an experienced bitcoin trader, we advise you to choose the Pro plan. Buyers may utilise the Pro Trade platform to place market orders or limit orders when buying crypto assets.
On the other hand, if you are just starting, choose the Express plan. It is straightforward to use, makes buying cryptocurrencies simple, and facilitates complex trading.
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Best Cryptocurrency Currency
According to Bitbuy’s estimates, traders may buy and sell some of the most well-known cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Stellar Lumens, and Ripple.
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Consistent adherence to the law is ensured
This one can work for you if you’re looking for a reliable platform to trade bitcoins on. It complies with FINTRAC or the Financial Transactions and Reports Analysis Centre of Canada.
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24/7 Customer Support
The platform offers a direct customer support line and guarantees a maximum of two days and a half for email responses. The customer support staff stands out for its ability to resolve client issues within a few hours and for its prompt replies and kind demeanour.
Goods and Services offered by Bitbuy
Centralized exchanges for cryptocurrencies have user-friendly interfaces. Even yet, it happens often that they lack any brand-new capability. On the other hand, Bitbuy provides customers with a platform that is easy to use, has a minimalistic design, and incorporates other functionality. A wide selection of Bitbuy goods and services are available to all Canadian retailers, including:
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Expedite Trade
The platform, known as the Express Trade platform, offers a tailored service for newcomers to the market. Simple navigation is used, and there is no additional equipment that isn’t necessary to make things more difficult for novice traders.
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Trade Pro
This has been created specifically for traders with greater expertise. Additionally, it provides customers with additional services including in-depth market and technical research and bills them via the TradingView platform. Bitbuy also uses a similar strategy.
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OTC
A product called OTC, or “over-the-counter,” is made for large transactions worth more than $50,000 in CAD, ETH, or BTC equivalent. It enables you to speak with knowledgeable Bitbuy dealers directly. To prevent slippage, you also get updated pricing quotations.
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API
Traders with experience will find that the API service meets their needs. We designed it to link ten or more marketplaces for reliable partners. Both cryptocurrencies to cryptocurrency and cryptocurrency to Canadian dollar pair trading options are available. Most often, crypto organization’s wishing to automate their trading procedures employ this solution. Traders, institutions, algorithmic developers, and several other businesses are examples of these enterprises.
How does Bitbuy work for purchases?
After reading this Bitbuy review, if you decide to start trading on the platform, the first step is to create an account with Bitbuy. After that, you must deposit money into your account to start trading. The majority of consumers choose Bitbuy because of its affordable trading costs.
After the verification process is finished, you may start making deposits into your account. The process is simple; all you need to do is go to the Wallet area, where you will see a list of all the deposit addresses to which you may transfer bitcoin. With Bitbuy’s desktop and mobile tools and platforms, buying and storing bitcoin is simple.
A withdrawal request must be created, the receiving address copied and pasted, and the two-factor authentication method confirmed to withdraw bitcoin from the exchange. After that, Bitbuy will transfer the money as a public transaction, which often takes some time for the network to fully propagate.
Any of the following payment methods may be used to send or receive Canadian dollars (CAD). All users need to understand that the processing times offered are just suggestions and may vary substantially depending on the bank provider.
Pros
- Quick verification completed for all Canadian users.
- Amazing customer service is available 24/7.
- In 95% of cases, cold storage.
- advance transactional pricing calculation.
- The wire transfer has a high cap.
Cons
- Currently, just a select few coins may be bought.
- Dollars only from Canada are accepted (CAD).
- only accessible to users in Canada.
The Following Payment Methods are Accepted by Bitbuy:
Users may choose to deposit either fiat money or a kind of cryptocurrency. Before they can make any purchases, consumers must load their Bitbuy accounts with bitcoin. Through Bitbuy, you may make deposits using any of the following methods of payment in Canadian dollars:
- Bank wire transfer
- Interac e-transfer
- Express Interac e-transfer
Be aware that there are no credit or debit card-based payment options available on bitcoin exchanges.
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Wallets that Bitbuy provides
It’s simple to move bitcoin from one Bitbuy wallet to another. There are a few options available to traders and investors, including:
- The best location for consumers to keep their digital assets is not a bitcoin exchange.
- Users of Bitbuy may buy and sell several cryptocurrencies using their deposit money.
Due to Bitbuy’s focus on security, the best cryptocurrency wallets that are integrated into their platform are the most reliable and safe options available right now. It guarantees that its traders have Bitcoin and is the only exchange of its kind among the most popular in Canada. It established a partnership with Knox, which enables users to securely store their Bitcoin holdings in a vault that is accessible even when the user is offline. Additionally, the insurance will pay the full amount of your cryptocurrency holdings.
A hardware wallet is now available for purchase, greatly enhancing your security. Three other ways for purchasing cryptocurrencies are strongly recommended by us:
- Trezor Model T
- Ledger Nano X
- KeepKey
Although using one of these wallets may cost you money, the security of your money always comes first. Visit the Wallets page and browse the available wallets if you don’t want to spend money on a wallet. You may check the balances of any wallet you have here. This Canadian exchange transfers one Canadian dollar into each wallet in addition to the existing money and cryptocurrency balance.
Bitbuy Reviews From Customers
Conclusion
One of the best bitcoin exchanges in Canada, according to many, is Bitbuy. It is targeted to them and customer-centric. Instead of striving to be a worldwide conglomerate, it is client-centric and laser-focused, with the goals of expanding its local clientele, ensuring efficient operations, and adhering to legal requirements.
