Bitbuy Review – Is Bitbuy Safe? Features and Fees Explained

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Bitbuy is an online cryptocurrency exchange based in Canada that allows you to buy, sell, and trade a reasonable selection of digital tokens. The platform is potentially suited for both newbies and experienced traders alike – and offers competitive fees in a regulated environment. But, is Bitbuy the right exchange for you?

In this Bitbuy review – we cover everything there is to know about this popular Canada-based platform – covering metrics surrounding fees, supported coins, accepted payment methods, safety, and more.

What is Bitbuy?

Bitbuy is an online digital currency exchange that allows Canadian users to buy and sell 15 crypto asset pairs. The platform is safe and secure – not least because it is approved by the Ontario Securities Commission. This makes Bitbuy the first Canadian cryptocurrency exchange of its kind. Moreover, Bitbuy is also registered with FINTRAC as a money services business.

In addition to offering a safe environment to trade cryptocurrencies, Bitbuy is home to highly competitive fees. For instance, the platform offers a flat commission of 0.20% per trade. Market makers offering liquidity on the Bitbuy Pro Trade platform are offered even lower commissions – at 0.10% per trade. Bitbuy also aims to make the process of buying cryptocurrencies simple for Canadians.

bitbuy review

This is because the platform accepts deposits in the form of CAD – via a bank wire or Interac e-Transfer. The minimum amount to get started when depositing through Interac e-Transfer is just $50. However, those opting for a bank wire will be required to deposit no less than $20,000. Our Bitbuy review found that the exchange offers two platforms – Express Trade for beginners looking to buy crypto and Pro Trade for seasoned traders.

Bitbuy Pros and Cons

If you’re looking for a snapshot overview of our Bitbuy review findings – check out the pros and cons outlined below.


  • Safe and secure platform for Canadians to trade
  • Low commissions of 0.20% per trade
  • Suitable for both newbies and seasoned traders
  • CAD deposits and withdrawals accepted
  • Clean interface
  • Top-rated customer service
  • Minimum deposit of $50 when using Interac e-Transfer


  • Only 15 cryptocurrencies supported
  • Bank wire deposits require a minimum of $20,000

Cryptoassets are highly volatile unregulated investment products. Always consider the risk of loss before proceeding. 

Bitbuy Supported Markets

Our Bitbuy review found that the exchange offers a total of 15 cryptocurrencies that you can buy directly from the platform.

This includes the following:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Bitcoin Cash (BCH)
  • Litecoin (LTC)
  • Stellar (XLM)
  • Chainlink (LINK)
  • EOS (EOS)
  • Polkadot (DOT)
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • Solana (SOL)
  • Polygon (MATIC)
  • Uniswap (UNI)
  • Sushiswap (SUSHI)

Although this figure is much lower than other exchanges active in this space – our Bitbuy review found that a greater number of pairs are available when using the Pro Trade platform. This covers both crypto-to-fiat and crypto-cross pairs. For example, the Pro Trade platform at Bitbuy allows you to trade all of the above 15 digital currencies against the Canadian dollar.

Ordinarily, online platforms force Canadians to trade crypto assets against the US dollar – so this will be a bonus for domestic users. Moreover, the Bitbuy Pro Trade platform also allows you to trade digital currencies against Bitcoin – with pairs including but not limited to LTC/BTC, ETH/BTC, and BCH/BTC.

Bitbuy Platforms

As noted earlier in our Bitbuy review, the exchange offers two primary platforms – Express Trade and Trade Pro.

We unravel how each platform works in the sections below.

Bitbuy Express Trade

The Express Trade platform at Bitbuy is arguably more suited to beginners that are looking to buy cryptocurrency in a fast, simple, and low-cost manner. The platform itself is clean and easy to navigate – so no prior experience is needed to get started.

As previously noted, the Express Trade platform supports the core 15 digital currencies listed above – all of which can be purchased with Canadian dollars. We explore payments in more detail shortly, albeit, our Bitbuy review found that you can use a bank wire or Interac e-Transfer for this purpose.

bitbuy supported coins

Another beneficial aspect of the Express Trade platform at Bitbuy is that the KYC (Know Your Customer) process is automated. As such, you can buy crypto assets like Bitcoin and Ethereum in a matter of minutes – rather than needing to wait for your documents to be verified manually.

Bitbuy Pro Trade

As the name suggests, the Bitbuy Pro Trade platform is designed for those that wish to actively buy and sell digital asset pairs. In other words, this platform will suit those that wish to engage in day or swing trading. We mentioned earlier that you can trade all of the 15 supported cryptocurrencies against Canadian dollars on the Pro Trade platform – as well as crypto-cross pairs denominated in Bitcoin.

bitbuy pro trade

The Pro Trade platform itself undertakes a black background with green and red colors to illustrate order book prices and trading activity. At first glance, you notice straight away that the platform is clean and very easy on the eye. in terms of core features, we like the fact that Bitbuy allows you to choose from a limit or market order. We also like that real-time pricing charts are provided by TradingView.

Bitbuy OTC and Corporate Services

In addition to the exchange’s two primary trading platforms – Bitbuy also offers OTC (Over-the-Counter) services. This allows Canadians wishing to invest at least $50,000 into the cryptocurrency markets to benefit from a personalized order process alongside more favorable pricing.

OTC trading at Bitbuy also allows you to avoid slippage and obtain a fixed quote based on the amount you plan to purchase. In addition to OTC services, Bitbuy also offers corporate accounts. This allows Canadian companies to purchase cryptocurrencies in a safe, legal, and compliant manner.

Bitbuy App

Our Bitbuy review also found that the exchange offers a popular mobile app that allows you to buy, sell, and trade digital currencies on the move. Compatible with both iOS and Android, the Bitbuy app is free to download and will connect to your main account.

The Bitbuy app has excellent reviews in the public domain. For instance, on the App Store, Bitbuy carries a rating of 4.6/5 across more than 6,500 individual reviews.

Just like the main Bitbuy website, the mobile app is very easy on the eye and simple to use. The app also gives you access to other core account features – such as being able to view your investments in real-time, as well as deposit and withdraw funds in CAD.

Bitbuy Fees

When choosing the best crypto exchange for your needs, fees are an important metric to consider. After all, exchanges are in the business of making money – so you need to ensure that you are getting a good deal.

With this in mind, this section of our Bitbuy review will explore what fees to expect.

Bitbuy Trading Fees

First and foremost, Bitbuy claims to be transparent with its pricing structure, and thus – we can confirm that you will not come across hidden fees when trading on this exchange.  In terms of commissions, this will depend on whether you are using Express Trade or Pro Trade.

  • If using Express Trade, Bitbuy offers a flat commission model of 0.20% per trade.
  • In simple terms, this means that you will pay 0.20% when you invest in cryptocurrency and again when you decide to cash out.

If, however, you decide to use the Pro Trade platform at Bitbuy, the exchange utilizes a maker/taker model.

  • For those unaware, market makers provide exchanges with liquidity.
  • While market takers trade based on the liquidity already available.
  • At Bitbuy, market takers will still pay 0.20% per trade, while in the case of market makers, this is reduced to 0.10%.
  • Furthermore, those providing liquidity of more than $1.5 million will pay no trading commissions at all.

So how do these fees compare to other cryptocurrency exchanges serving Canadians? Well, Coinbase charges a standard commission of 1.49% when buying and selling crypto assets on its platform.

bitbuy fees

You then have the likes of Gemini, which also charges a commission of 1.49% per trade. As such, in comparison to the aforementioned exchanges, Bitbuy commissions are competitive.

Bitbuy Payment Fees

When it comes to payment fees, our Bitbuy review found that the platform is also competitive in this department.

  • For example, if you choose to deposit funds in CAD via a bank wire, you will only pay a fee of 0.50%. Withdrawals made via a bank wire are slightly more expensive at 1%.
  • On the other hand, both deposits and withdrawals via Interac e-Transfer are charged a fee of 1.5%.

If you choose to withdraw funds via cryptocurrency – the specific fee will depend on the respective token. You can view the relevant fees on the Bitbuy website.

Bitbuy Deposits and Withdrawals

As noted above, Bitbuy accepts deposits in CAD via bank wire and Interac e-Transfer. In terms of processing times, Interac e-Transfer deposits will typically hit your account instantly. This is, of course, after you have verified your identity. Interac e-Transfer withdrawals are also speedy, with most cash-out requests processed in under 24 hours.

bitbuy payment methods

Bank wires, on the other hand, are slower – with both deposits and withdrawals averaging processing times of 2-3 working days. When it comes to account minimums, Interac e-Transfer and bank wires require $50 and $20,000 respectively.

With this in mind, bank wires will likely only be suitable for those wishing to invest larger sums of money. The other option you have is to deposit funds in cryptocurrency. You can do this with any of the 15 supported digital currencies and no fees are charged by Bitbuy. Fees will, however, apply when you withdraw digital currency from your account. As noted earlier, the specific fee will depend on the cryptocurrency being withdrawn.

Is Bitbuy Safe?

While fees are an important metric to consider when choosing a cryptocurrency exchange – nothing is more important than safety. This not only includes factors surrounding compliance and regulation – but internal security controls.

In this section of our Bitbuy review, we explore whether or not the exchange can be trusted.


First and foremost, Bitbuy has a great reputation in the Canadian trading space. The platform was first launched in 2016 – so this provides the exchange with a track record of over five years. During this time, Bitbuy has served more than 350,000 Canadians – which translates into trading volume of over $4 billion.

Regulatory Compliance

Our Bitbuy review found that the platform is federally approved as a restricted dealer. More specifically, the exchange is approved by the Ontario Securities Commission as the first Canadian registered marketplace for crypto assets.

We should also note that Bitbuy is registered as a money service business with FINTRAC. Such a strong regulatory framework ensures that Canadians can trade digital currencies at Bitbuy in a safe and secure manner.

is bitbuy safe?

Furthermore, this means that Bitbuy is required to comply with anti-money laundering laws – which is why all registered users must have their identity verified.

Security Controls

The other thing that you need to consider when choosing a cryptocurrency exchange is the level of internal security offered. In other words, what controls does the exchange offer to keep your cryptocurrency assets safe?

  • In the case of Bitbuy, the platform claims to keep 99% of client digital funds in cold storage.
  • In simple terms, this means that the respective wallets are kept offline at all times.
  • Presumably, the remaining 1% is used for liquidity purposes.
  • Bitbuy also notes that it has a “comprehensive insurance policy provided by BitGo”.
  • With that said, the specific amount of insurance in place is not stated.

Another core security feature offered by Bitbuy is two-factor authentication (2FA). This means that when you attempt to log into your Bitbuy account, a code will be sent to your smartphone. In turn, this acts as an additional layer of security on your funds.

Bitbuy Customer Service

If at any point you need to speak with a member of the Bitbuy customers service team – you will be pleased to know that the support department works 24/7. With that said, the only way that you can obtain support is via email at [email protected] or submitting a ticket on their Support page.

As such, Bitbuy does not offer support via live chat or telephone. Nevertheless, Bitbuy also offers a comprehensive support center that aims to resolve the most common account queries.

How to Get Started With Bitbuy Today? Detailed Walkthrough

If you have read our Bitbuy review all of the way through and wish to get started with this top-rated Canadian exchange today – we will now walk you through the process step-by-step.

Step 1: Open Bitbuy Account

The first step is to open an account with Bitbuy. This is a standard process that will require you to enter some personal information. In addition to your full name and email address, you will also need to choose a username and password.

After reading and accepting the terms of conditions, click on the ‘Create Account’ button to proceed.

Step 2: KYC

Before you can deposit funds at Bitbuy, you will need to go through a quick KYC process. On the one hand, you will need to upload a total of four documents – which can seem somewhat cumbersome, however, most users will be automatically verified.

However, Bitbuy utilizes automated KYC systems – meaning that in most cases, your account should be verified in under two minutes.

The documents that you need to provide are as follows:

  1. Financial Statement – This can be a credit card or bank account statement issued within the prior three months.
  2. Utility Bill – For additional proof of address, you can upload a utility bill issued within the prior three months. Other documents are also supported – such as a statement issued by a Canadian government body.
  3. Photo of Government-Issued ID – For proof of identity, you can upload a copy of a valid passport or driver’s license.
  4. Selfie With Your ID – Finally, you also need to upload a picture of you holding the above government-issued ID next to your face.

Once your account has been verified, you can proceed to deposit funds.

Step 3: Deposit Funds

You can now head over to the deposit section of your Bitbuy account. If you wish to deposit funds in Canadian dollars – you can choose from a bank wire or Interac e-Transfer.

The best option here is the latter – as Interac e-Transfer deposits are processed near-instantly and the minimum requirement is just $50. You can also deposit funds via cryptocurrency.

Step 4: Choose Platform

Now that you have a fully-funded Bitbuy account, you can proceed to trade. You will, however, first need to decide which platform is best for your skillset.

bitbuy exchange review

For instance, if you simply want to buy cryptocurrency – you will be better suited for the Express Trade platform. On the other hand, if you have prior experience of trading digital currencies and seek access to more advanced tools – opt for the Pro Trade platform.

Step 5: Trade Crypto

Finally, you can now place an order on your chosen cryptocurrency pair. After you have decided which digital currency you wish to trade, you will need to specify your investment stake. After you confirm the order, your trade will be executed.

Bitbuy Review – Conclusion

In summary, if you’re based in Canada and you’re in the need of a safe, reliable, and low-cost cryptocurrency exchange – Bitbuy is well worth considering. Not only is Bitbuy approved by the Ontario Securities Commission – but it is registered with FINTRAC.

You can trade digital currencies on this platform from just 0.20% per trade – and CAD deposits and withdrawals can be processed with ease. Moreover, Bitbuy offers both a newbie-friendly and advanced trading platform – so investors of all skillsets are catered for.

Cryptoassets are highly volatile unregulated investment products. Always consider the risk of loss before proceeding. 


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About Kane Pepi PRO INVESTOR

Kane Pepi writes for several high profile publications such as InsideBitcoins, the Motely Fool, and Learnbonds. Based in Malta, Kane is extremely skilled at complex subjects related to financial matters - including a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and actively engaged in Doctorate Degree research, for the money laundering threats of the blockchain economy.