How to Buy Cryptocurrency in Canada in 2021

They have two different rates for sell and buy orders on ‘Express Trade’. When you are using this type of trade you will be charged 0.5%. According to feedback from BitBuy this fee will be reduced to 0.2% once they launch with their new user interface in the coming weeks. In this comprehensive review, we will take a deep-dive on Bitbuy.

bitbuy canada review

BitBuy has a sleek and easy-to-use pro trading platform, as seen below. Many of the negative reviews describe a customer’s account being randomly locked and their funds confiscated or unable to be withdrawn. To BitBuy’s credit, they have responded to many of these negative reviews, asking the customer to reach out to their support email to resolve their issues.

Top 3 Trending Coins: ETH Surges Above $1,600, APE Eyes Recovery to $10

Many crypto currency exchanges pay $5 to $10 in free crypto for opening and funding a new account. A $40 bonus for both users is certainly higher than most crypto exchanges, so this is one nice perk of trying out Bitbuy. Once you fund your account with $50,000 worth of Canadian dollars or BTC/ETH equivalent, you unlock this feature. All you do is email with your request and a Bitbuy expert will reply within the same day. Over-the-counter trading involves transactions between a buyer and seller, not an automated market maker. In other words, when you OTC trade, you’re making a deal with a single person or individual company rather than relying on an exchange to execute the trade.

Is Binance shutting down in Ontario?

Read more here. Cryptocurrency exchange Binance will continue to operate in Ontario after successfully working with Canadian regulators, the company told users in an email on Wednesday.

CoinSmart has a local 24/7 support team that’s super responsive and helpful. The exchange puts an effort into making the user experience as seamless as possible and one of the ways to do so is by designing its dashboard to be minimal and user-friendly. The fact that they’re below the industry-average is yet another reason why people in Canada love it.

Another unique feature of Coinbase is its Wallet app for iOS and Android devices. According to the Google Play store, the app has received a 4.3-star rating, 1 million downloads, and over 24,000 reviews. The Coinbase Wallets themselves allow users to store and trade crypto, collect NFTs, participate in airdrops and initial coin offerings , and browse decentralized apps .

Yes, Bitbuy’s crypto holdings are held by BitGo, a well-respected cryptocurrency custodian whose wallets are insured by Lloyd’s of London for $100 million. Bitbuy’s spreads, which are essentially another form of trading fee, are extremely tight as well. It also means that you receive better trading transparency and deeper liquidity, which leads to better prices.

Deposit and withdrawal methods

The app gives users access to all 17 cryptocurrencies available through desktop trading, and users can view how each cryptocurrency is performing through detailed charts. The Cryptohead team has done extensive research on the security level of each one of the popular Canadian crypto exchanges. If you’re interested in how the platform protects users’ funds, read our “Is Coinbase Safe” review. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges.

Is Binance allowed in Ontario?

TORONTO – The Ontario Securities Commission (OSC) is notifying investors that Binance is not registered under securities law in Ontario. This means they are not authorized to offer trading in derivatives or securities to persons or companies located in the province.

You pay a premium in fees for this luxury, but if you need higher trading limits, Bitbuy is worth it. Exchange security is an important factor to consider when choosing how to trade. After all, unless you hold crypto in your own wallet, you’re relying on your exchange to protect your digital stock market crashes: predictable and unpredictable and what to do about them sébastien lleo assets. Bitbuy is a Canadian cryptocurrency exchange that began in 2016. The company operates out of Toronto, Ontario and currently has over 350,000 users and has processed over $4 billion in crypto. Bitbuy also supports Canadian Dollar funding and Canadian Dollar-crypto trading.

I really liked how simple it was to purchase crypto and learn about their site. Over-the-counter trading allows big traders to avoid slippage and work directly with a trader. Exchange tokens usually offer a trading discount if such a token is used to pay the trading fee. BitBuy is a marketplace and investment dealer, so your trades are fulfilled by BitBuy, never outsourced to a third party. 95% of your coins are kept in cold storage, and BitBuy is a licensed MSB.

Overall, both Newton and Bitbuy are great crypto platforms for beginners and advanced traders alike. However, Newton’s offerings are currently superior to Bitbuy’s. Your overall cost to deposit, trade and withdraw your funds or crypto will be much cheaper with Newton.

They have the biggest trading volume, with the second biggest exchange being FTX. We’ve also created a hub with altcoin buying guides for Canada to help you buy specific cryptocurrencies. Aside from the main cryptocurrencies like Bitcoin and Ethereum, Bitbuy also enables Canadians to buy altcoins like Polygon, Solana, Polkadot, Uniswap, Dogecoin, and many more. Up next, you will receive a confirmation mail from the exchange. Once you confirm your email, Bitbuy will ask a few questions to verify your identity such as first name, last name, date of birth, address, etc. .


BitBuy does not offer a crypto wallet mobile app or web browser extension wallet. There is no BitBuy deposit fee for cryptocurrencies, though you’ll likely pay a transaction fee towards whatever blockchain you’re using. The app has all the functionality of the computer version- buying, selling, and depositing plus500 review and withdrawing crypto. Some exchanges offer staking or interest-bearing accounts if you hold certain coins with them. The exchange likely lends out your coins for a higher rate or used in DeFi. Numerous positive reviews rave about their customer service, and you should feel safe with BitBuy.

bitbuy canada review

Again this platform is available in your browser and you will have access to more charting data and order types for a highly-customizable experience. The owner of this website may be compensated to provide opinions on products, services, websites and various other topics. The views and opinions expressed on this website are purely the author. Any product claim, statistic, quote or other representation about a product or service should be verified with the manufacturer, provider or party in question.

Final Thought: Bitbuy Review

Registration is a simple process, the interface is clean, and the site has been operating for over 7 years. Coinbase is a well known crypto company founded in San Francisco, USA. It’s known to be very trustworthy and reliable as a way to buy and sell crypto. In Canada you can fund your Coinbase account using a debit card.

Additionally, the platform shares trading tips on its YouTube channel and other regular tidbits to its followers on social media. Bitbuy maintains a solid security record since its launch in 2016. So far, the platform has not reported any major security incident, which has become a testament to its focus on providing secure crypto brokerage, trading, and wallet services. The former is ideal for transacting relatively small amounts , while the latter is appropriate for higher amounts.

Signing up for Bitbuy is very simple, and you can unlock complete access to the platform in about five minutes. The Bitbuy referral program pays you $40 if people you refer open an account and make a deposit of at least $250. However, you can create a Bitbuy Corporate account if you’re a business owner looking to add Bitcoin to your balance sheet. The fact you can set market and limit orders is what makes this feature so appealing, and even beginner investors should take advantage of this functionality. You will need a cell phone with a North American phone number (+1 country code) to activate and use our two-factor authentication security protocol. Additionally, there is a comprehensive support page and FAQ section to assist in navigating the platform and addressing general queries.

Before finishing this Bitbuy review, there’s a final thing to remember. If you take your security seriously and are thinking about buying cryptocurrencies, always make sure to also get a secure wallet for your assets. In case you don’t know where to start, check out Ledger Nano X and Trezor Model T first.

bitbuy canada review

However, the platform integrates with Ledger Nano S, which is one of the most popular Bitcoin e-wallets. Ledger Nano S allows you to store your bitcoins offline in a secure environment. It also supports other cryptocurrencies such as Ether, Litecoin, Dogecoin, and Zcash. If you are looking for cold storage for your cryptos, Ledger Nano S is the way to go. Started account with Bit Buy approximately 3 weeks ago and found it to be easy to navigate and start trading.

How Is This Binance vs Bitbuy Comparison Created?

Bitbuy also offers the most CAD to crypto pairings of any exchange. Based in Canada, Bitbuy has been operational since 2016 and is one of the leading exchanges in the country. Finally, you can benefit from the Referral Program, which offers a great way to earn some extra money by referring friends and family to the Bitbuy platform.

To this day, Bitbuy is only available to Canadian, and therefore only supports one fiat — Canadian Dollar . You can make CAD deposits using Interac e-Transfer and Wire Transfer, although there is no option for deposits using a debit or credit card. As you can imagine, the lack of support for debit/credit card payments can be a bummer for many otherwise would-be users.

The platform is suitable for Canadian citizens only and is considered to be one of the most popular and leading crypto exchange platforms in the country. Fiat deposits and withdrawals also attract processing fees which vary depending on the amount transacted and the payment method used. Bitbuy has launched an intuitive mobile app that enables the platform’s users to access all the features available on the web interface through the easy-to-use mobile interface.

Bitbuy’s new automated sign-up and onboarding process has made the entire account opening procedure even faster. Bitbuy fees vary depending on the type of account you have, as well as the type of trade you’re making. Bitbuy Corporate is a great solution for businesses that are interested in crypto investing.

They now have an app to make trading super easy and convenient. On the user side, the platform offers SSL encryption and two-factor authentication , the latter comes handy as a robust security feature even if your password falls into the wrong hands. For those out of the loop, “cold storage” simply refers to the practice of taking a crypto wallet offline and storing it in an air-gapped environment.

Maker fees are less than Taker fees since Makers add liquidity to the market while Takers remove liquidity from the market. Bitbuy has invested heavily to ensure that its users’ crypto assets are always stored safely and that they can trade with the lowest possible spreads. To start off this Bitbuy review, let’s look a bit deeper at Bitbuy’s pros, cons and features so you can get a better feel for what they have to offer. Bitbuy does not offer Live Chat support, they only have an automated bot and email support. Some people are not too bothered about the lack of Live Chat, so it is more of a personal preference whether you find this an issue or not. If you find customer support a priority, I recommend VirgoCX, one of Canada’s bestcrypto exchanges, which supports Live Chat.

For starters, Bitbuy is the first regulated Canadian cryptocurrency exchange by the Ontario Securities Commission , so it’s more than just a restricted dealer. This means Bitbuy can offer more features for users and manage transactions on its own marketplace rather than relying on third parties. Bitbuy is a crypto-exchange platform that doesn’t have an in-house e-wallet.

Bitbuy Review: Our Verdict

Kraken is a real crypto veteran as it was launched in 2011 and available for trading in 2013. These fees are considerably higher than those offered by other Canadian just forex review exchanges which is why MyBTC is not our favorite. However, the fact that they’re locally-based, accessible, and support CAD payments is what got them on our list.

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