Bitbuy Review: Safe Exchange? Everything We Found Out!!

What is more, when it comes to usability, Bitbuy makes it even easier by providing you with automated sign-up and onboarding processes. Moreover, they have a new “username” feature for an even smoother experience, especially when it comes to logging in. First of all, every Bitbuy user has to confirm its identity, meaning that the platform ensures there are no fake accounts and scammers on the platform. That protects users from being impersonated or scammed in the future.

These are helpful, as they give you an overview of the bullish/bearish sentiment in the market. This order flow can also complement the technical analysis that you are doing on the charts. For this manual verification check, you are required to provide a government-issued identity document as well as a picture of yourself holding this document. The quickest of these is probably through the use of their instant verification option. Once you have given them your email, then they will send you a confirmation email. You will just need to confirm the email address, after which, Bitbuy will require you to set up your phone for two-factor authentication for security reasons.

https://forex-reviews.org/ fees are one of the most important considerations when deciding where to purchase crypto. After all, it doesn’t matter if an exchange has an excellent user experience and high trading limits if fees eat into your potential profits. Another Bitbuy feature that’s useful for serious cryptocurrency traders is its API tool. API tools are useful because they provide live exchange rates and let you automate trades or trade at high frequencies. Bitbuy is a Toronto-based cryptocurrency exchange that began in 2016. It’s also one of the most established exchanges in the country and is helping Canadians get more access to crypto investing.

Over 95% of client assets in cold storage, keeping them secure against a possible data breach. That make this platform a great option for both beginners and advanced investors. Digital assets are risky, check out the Risk Disclosure Document on your platform of choice for more details and consider getting advice from a professional. Complete the transaction by logging in to your financial institution’s or online banking platform. Sign in to your financial institution or online banking platform and complete the transaction. As you can see, Bitbuy’s fees depend on which deposit method you choose.

Bitbuy wallet

Not only does this protect user assets, but it also keeps customer accounts from being impersonated. After all, what good does it do you to be able to perform transactions with every cryptocurrency in existence if it’s just going to get stolen? There are plenty within the crypto industry who believe that security is the most important feature of any exchange or platform. Not very many exchanges offer live chat support, so if getting help when you need it is important, Wealthsimple is a solid option. Bitcoins are created by employing cryptocurrency mining methods.

• Unfortunately, the Bitbuy mobile app is limited compared to the desktop platform.
• So, unless you send Bitbuy some form of identity and proof of address, you cannot use them.
• The main goal of the company is to provide Canadians with easy and secure access to Bitcoin and other cryptocurrencies.
• Whether you’re an institutional or retail investor, you don’t want to pay high fees or use a slow trading platform with an inadequate selection of tokens.

Yes, Bitbuy is a legitimate cryptocurrency exchange founded in Toronto in 2016. It is registered with FINTRAC as a Money Services Business. 1) Express Trade feature makes it extremely easy to buy and sell 17 different cryptocurrencies using Canadian Dollars, even for beginners. Bitbuy’s OTC trading platform is available to high-volume traders and institutional investors. The ability to buy and sell 25 different cryptocurrencies. Cryptocurrencies such as Bitcoin , Ethereum , Litecoin , and many others are digital assets that are revolutionizing the way we transact and store value.

Fiat Support (CAD)

If it’s not there, you should click “Resend Verification Email”. Furthermore, Bitbuy is registered by FINTRAC as a Money Services Business . Before beginning to work in Canada, every MSB business has to be registered by FINTRAC.

The move was made by Bitbuy as part of their commitment to best practices in the cryptocurrency exchange industry while awaiting greater regulatory clarity in Canada. While exchange security is a priority, the user is often the weakest link when it comes to crypto theft. Therefore, Bitbuy has instituted the best practices in user protection on their systems. One of the biggest threats to exchanges and their users are hackers. We know all too well about the damages that can be caused when a hacker is able to penetrate an exchange’s system.

Team will assist you promptly as they are at your disposal 24/7. If for some reason you are not able to use this feature, the company will manually verify your identity, which should not take longer than 24 hours . Bitbuy is a regulatory-compliant platform that is registered as a Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada . Do not hesitate and start making the most of this experience. Once your email has been verified, you can sign it to Bitbuy. Now it’s time to check your email address, you should have received a letter from Bitbuy.

• For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein.
• The platform is used to broker direct trades between the buyers and sellers without listing them on its order book.
• His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.

Bitbuy offers fiat support, meaning that you’ll be able to purchase cryptocurrencies without much trouble. However, since the platform is created specifically for Canadians, it supports Canadian dollars only. Based on a variety of Bitbuy reviews, this shouldn’t cause any issues.

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Provides an easy-to-understand user interface and a safe way through which to buy cryptocurrencies. Strong reputation for exceptional customer support, with a knowledgeable and responsive team. Assets are insured and held in cold storage, which gives investors an added peace of mind. The exchange is specifically tailored towards Canadian users. Their website won’t even load unless accessed from a Canadian IP address. It was developed with the intention of allowing buyers easy access to a variety of cryptocurrencies.

Moreover, you’ll be able to fund, buy, sell and withdraw cryptocurrencies very fast and securely. Also, you get all the needed features that allow you to track the currency market prices, your orders, view history, and so much more. That said if you decide to use the platform after reading this Bitbuy review, make sure to also get the mobile version as well. Talking about decentralized cryptocurrency exchanges, there’s no third-party involvement and you have full autonomy over your wallet. This exchange offers numerous trading features, and with a quick onboarding process and high trading limits, Bitbuy is ideal for new and experienced crypto investors alike. Bitbuy continues to add new coins, services and resources that meet the growing needs of users and they will continue to do so in 2022.

Design and Appearance

Users will need to input details regarding their employment status, source of income, and address. Once KYC is complete, all Bitbuy features will be unlocked. Creating a Bitbuy account is a simple process that anyone can complete within a few minutes.

There is a minimum limit of C$100 and a maximum limit of C$10,000. For bitbuy reviews, the minimum limit is $20,000 and the maximum limit is $500,000. 1 The use of “featured”, “popular”, “best” and “top” on Finty do not constitute a product rating or recommendation and are subject to our general disclaimer.

As you can see, there are 17 different coins for you to choose from. Now, if you’re interested in less popular tokens, this might be an issue. However, if the main assets are all you need, then you’ll be happy to know that Bitbuy supports them all. There’s a third-party involvement, they follow rules and regulations, and you do not have autonomy over your wallet. While centralized exchanges can be considered safer, there’s an increasing number of decentralized platforms that are coming into the market. Now that you know when and where the company was founded, it’s time to move to the actual Bitbuy review and find out more about the platform’s pros and cons.

Now, you should know that not all crypto exchanges support fiat currencies. It means that you have to purchase them on the other platforms first and then transfer your coins to that specific platform that you want to continue using for trading. Bitbuy is considered to be one of the most popular and reliable crypto exchange platforms in Canada. Bitbuy is asserting itself as one of the best Canadian cryptocurrency exchanges.

However, when it comes to Stellar Lumens, Ripple and EOS processing, it’s almost instant. Partnership with BitGo allows Bitbuy users to store their bitcoin holdings in an offline vault. Also, the insurance covers up to the full price of your assets.

Moreover, the same advantages that make Bitcoin and its brethren appealing to cybercriminals can be exploited by the authorities to find and seize unscrupulous individuals’ funds. Join the 1,500+ businesses that trust Bitbuy Corporate Solutions to add crypto to their balance sheet. Easy to use, reliable and transparent to its fees, no hidden charges. There were, of course, a few things that we thought warranted improvement. However, given that Bitbuy is constantly looking for feedback, it is likely that these improvements could be in the pipeline.