author image
Austin Jacob • June 23rd, 2020

Bitbuy.ca Exchange Review (2020)

We may receive affiliate commission when you click certain products. Read our important disclosure to learn more.

Buy Cryptocurrency with Bitbuy.ca

bitbuy.ca exchange review

Bitbuy.ca was designed for and by Canadian cryptocurrency investors. This platform is unique in offering exclusive CAD deposit and withdrawal options, and it is reserved for customers with Canadian addresses.

Beyond its regional appeal, the platform features a slick user interface, a good range of deposit and withdrawal methods, solid support, advanced trading, and even lending options.

Bitbuy.ca does not rely solely on being a reliable regional option. It is a high-quality exchange on its own merit, and it has earned a reputation as secure and reliable. This exchange is a top choice for Canadian investors.

Which countries can use Bitbuy.ca?

The platform itself is accessible from anywhere in the world, but it only accepts Canadian dollars and requires a North American telephone number to register.

However, once registered, there are no location restrictions for using the site and carrying out transactions.

This means that a user could register with a Canadian address, deposit, and withdrawal with Canadian currencies, and access their account from anywhere in the world.

As mentioned earlier, the only compatible fiat currency is the Canadian dollar (CAD). Aside from fiat currencies, there are six cryptocurrencies available:

Cryptocurrencies

Bitbuy.ca features the most popular cryptocurrencies along with some new cryptocurrencies.

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Litecoin (LTC)
  • Stellar Lumens (XLM)
  • Bitcoin Cash (BCH)

Payment and Deposit Methods

Bitbuy.ca has extensive deposit methods, and it is preferential to CAD fiat deposits. Additionally, there are a few different withdrawal methods to choose from.

Deposit methods

  • Electronic Bank transfer
  • SWIFT
  • Express Interac e-Transfer
  • Interac e-Transfer
  • Cryptocurrency transfer
  • Flexepin

Withdrawal methods

  • Interac e-Transfer
  • Wire Transfer
  • Electronic Bank Transfer

Fees and Limits

Bitbuy has a fee structure for deposits and different exchange types. The fee structure can be broken down into express trades, pro trades, and deposits.

Express trades cost 0.75% to buy and 0.50% to sell.

Pro trades have a 0.10% maker fee and 0.26% taker fee.

Lastly, wire deposits have a $10,000 minimum and 0.50% fee, white e-transfer deposits have a 1.75% fee.

Does Bitbuy.ca have a mobile app?

No, Bitbuy.ca does not currently have a native mobile app.

Bitbuy.ca users will find the full suite of features available through the official website.

Additionally, mobile users can access all the same features through the mobile version of the official site.

Localization

As of writing, Bitbuy.ca is primarily an English platform.

The Bitbuy.ca Team

Bitbuy.ca was founded by Adam Goldman and Richard Sanders as a division of First Ledger Corp.

The team has been thoroughly vetted by CipherBlade and includes a support team for customers.

Customer Support Options

Bitbuy.ca has extensive support information through their official support page.
Along with articles on the official support page, there is also a system that allows you to submit a custom support request directly to the site.

Bitbuy.ca FAQs

The official support page contains 13 categories: About, mobile users, verification, CAD deposits, CAD withdrawal, crypto funding, crypto withdrawal, express trade, pro-trade, lending, privacy, security issues, and official terms and conditions.

Let’s take a look at some of the most critical frequently asked questions.

Who can use Bitbuy.ca?

Bitbuy.ca is specifically reserved for investors that are based in Canada. In order to quality for Bitbuy.ca, you must meet these three requirements:

First, you must be a permanent resident of Canada, have Canadian citizenship, or both. Proving will require registering with a Canadian address.

Secondly, you must be at least 18 years of age or older. Proving this requires submitting government-issued identification.

Lastly, you must have a North American cell phone number. This can be any phone number that uses +1 as the official country code.

If you meet all these requirements, you are eligible to register for an account with Bitbuy.ca. Once registered, you can access your account and standard features from anywhere in the world.

What is the verification process?

Bitbuy.ca has an automated verification process. However, users that do not pass the automated verification process must undergo the manual verification process.

For the manual process, four documents are required:

Users must submit one of three possible financial statements. This can be a credit card statement, bank statement, or loan account statement. This is to verify the user as a customer of standard financial services.

Next, users must submit a copy of a utility bill. This is not limited to electricity, water, internet, and phone account statements. This could include an official financial or vehicle registration document from the Canadian government, a statement of public benefits, Canadian Revenue Agency documents, and T4 income tax documents.

Users must also supply a government-issued ID. These include passports and driver’s licenses. Health cards are not accepted, but any other identifying document is admissible.

Lastly, the user must submit a selfie with their government-issued ID. This photo must contain your government-issued ID and a piece of paper with “For Bitbuy Use Only” along with the current date.

Is Bitbuy.ca safe?

Yes, Bitbuy.ca has several layers of security that make it a secure platform for buying and selling cryptocurrency.

Bitbuy.ca operates through cloud servers, has disaster recovery locations off-site, and redundant instances to ensure constant uptime. All the hosting providers for Bitbuy.ca are compliant with cybersecurity standards and regulations.

Like many other exchanges, Bitbuy.ca uses two-factor authentication to prevent accounts from becoming compromised. This means that two secure devices are required to access your account and carry out transactions.

Bitbuy.ca also has its own proprietary software for their wallets and cryptocurrency storage. Official assets and cryptocurrency storage are separate from the core servers operating their exchange service, and this adds yet another layer of security.

Lastly, Bitbuy.ca hires auditors from third parties in order to test and secure their network, has closed source in-house software for their exchange services, and is compliant with all Canadian cryptocurrency regulations.

How does the Cred partnership work?

The Bitbuy.ca partnership with Cred works as a high-interest cryptocurrency investment account. Signing up for a Cred account with Bitbuy.ca allows you to make deposits that accumulate 10% interest on a quarterly basis.

This is rather high as far as cryptocurrency investing goes, and the contract matures after 6 months with the possibility of extension. That’s a sizable 20% compounded over 6 months.

These high returns are possible through retain investors, crypto investment funds, digital asset companies, and crypto mining operations.

Why are there limits on Express Trading?

The Express Trade service for Bitbuy.ca puts a maximum limit on individual trades. This limit is $25,000.

The limit exists in order to facilitate multiple trades for Express Trade users. Those looking to trade $25,000 over multiple transactions will be required to make multiple trades at the best possible prices.

However, users can make individual trades over $25,000 if they contact the official Bitbuy.ca OTC trading desk.

Why use Bitbuy.ca?

Bitbuy.ca is a very fundamental and secure exchange. It is geared specifically towards Canadian residents, but it stands on its own as an overall solid exchange.

The exchange features standard transaction methods and six popular cryptocurrencies. At its most advanced, Bitbuy.ca offers an investment program with Cred and some advanced order types.

Who is this exchange made for?

Canadian investors that are looking for a very solid exchange with the most essential features would be interested in Bitbuy.ca. This exchange shines most at the most fundamental aspects.

There is no long list of cryptocurrency pairs or advanced leverage instruments, it is designed for essential transactions with the highest level of security. Proprietary storage, proprietary client software, external auditing, and stringent adherence to regulatory standards make Bitbuy.ca very secure.

The main market for Bitbuy.ca is Canadian investors that are looking for a very sturdy and straightforward investing experience.

Who is this exchange not made for?

Of course, investors outside of Canada would be inclined to look elsewhere. However, investors can still access the exchange from outside the country, and foreign investors with Canadian addresses can also access the exchange.

Those looking for leveraged trading instruments, a wide variety of cryptocurrency and cryptocurrency pairs, and deposits/withdrawals with multiple fiat currencies would also be inclined to look elsewhere.

Bitbuy.ca does not entice new investors with flashy tactics, it relies on building a simple and trusted reputation.

Conclusion

In short, Bitbuy.ca may be the most secure exchange available to Canadian cryptocurrency investors. It does not have the most trading features, the longest list of cryptocurrencies, or the widest range of fiat currency options.

It is designed for a very specific purpose that it does really well: Investing CAD into cryptocurrency on a very secure platform. It goes above and beyond standard financial and cryptocurrency regulations, and it is designed with trust in mind. In the industries of finance and cryptocurrency, this trust is crucial.

shape shape shape shape shape shape shape