Bitbuy Review 2023: Pros, Cons, Fees, and Alternatives
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Hot wallets, which are connected to the internet, and cold wallets, which you could store offline on, for example, a USB key. Cold wallets are the most secure means https://forex-reviews.org/ of storing cryptocurrencies, as they are not vulnerable to hackers. When you trade using Bitbuy, the company stores 95% of user currency in offline cold wallets.
It’s considered by many new investors a strong alternative to buying stocks. Some of the products and services listed on our website are from partners who compensate us. This may influence which products we compare and the pages they are listed on. Bitbuy in cold storage are insured by BitGo Trust Company.
- The delay caused me to miss out on an opportunity to invest the bitcoin elsewhere, and I incurred additional fees because of the delay.
- Bitbuy is one of the most popular cryptocurrency trading platforms here in Canada, and for good reason.
- All you’ve to do is select the crypto asset you want to buy, enter the dedicated amount, and click on purchase.
- You will have to use your bank account to deposit money into your Bitbuy crypto wallet.
- Bitbuy supports deposits and withdrawals via e-transfer or wire transfer while many other cryptocurrency exchanges only support wire transfers.
- This growing industry allows investors to trade in cryptocurrencies, like a stock exchange.
If you are withdrawing via Bank Wire, a Bitbuy representative will contact you for your banking details after your withdrawal request has been made. Step 5 -You will then need to verify your email ID and phone number and enter some personal information. New users can register and complete verification within a few minutes. You can sort through transactions based on transaction type, date, amount, bank, method and status.
Depending on your level of expertise, one will cater to you better than the other. BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time.
Final Verdict: Is Bitbuy Good?
In our books, it’s what makes them the best overall cryptocurrency exchange in Canada. For example, if you’re more interested in trading alternative currencies, you might want to check out Coinsquare. As always, I recommend that you take the time to do the proper research to make the most informed decision. Bitbuy is a highly safe and secure platform to store your cryptocurrencies.
Next, you will see all of the information you need to make the transfer. Go to your online banking app and make an Interac e-Transfer. Like with most exchanges, you can set up two-factor authentication on your account to prevent unwanted access. I withdrew almost $100 worth of Bitcoin to a hardware crypto wallet.
Bitbuy Mobile App
This is a near-instant transfer, and you will have to deposit a minimum of $50. A deposit fee of 1.50% is charged by Bitbuy on Express Interac electronic funds transfer. Here’s what some users thought could be improved about the Bitbuy experience. The platform has a simple registration process, with KYC being the most crucial step.
2FA is in place for both users and employees to prevent unauthorized access. You need to go to the Wallets page and click on the Withdraw button to the right of the Canadian dollar wallet. Then select a withdrawal method, enter the amount and enter the name of the bank. You can make an Interac transfer between 8 am and 11.59 pm. There is a minimum limit of C$100 and a maximum limit of C$10,000.
As we end this Bitbuy review, here’s what you should remember about this crypto exchange. Bitbuy is one of Canada’s leading and most secure crypto trading platforms. It is designed exclusively for Canadians and offers a competitive fee structure.
Bitbuy Exchange Pros
This protects the platform from any illegal scams and prevents unlawful funding. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. Overall, my experience with Bitbuy was frustrating and disappointing. I cannot recommend their services due to the delays and unnecessary requests for information. They asked me why I wanted to withdraw the bitcoin and where I intended to send it, which seemed unnecessary and invasive. They also asked me to confirm my bitcoin wallet, which I had already done in my initial withdrawal request.
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. Calculations in comparison tables will vary based on personal data input. Strong reputation for exceptional customer support, with a knowledgeable and responsive team.
Express Bank and Interac e-Transfers take one or two days. Electronic funds transfer takes about 2 to 4 days, and wireless transfer takes about 3 to 5 days. To make a cryptocurrency deposit, go to the Wallets page, select a crypto wallet and click on the deposit option.
Young investors can trade stocks and ETFs, all for free. If their customer team doesn’t get back to you within a day, you can reach out to them on social media channels. However, in my experience, the best way to contact them is through email.
Bitbuy Review: We Spent $100 To Fully Test Their Platform
This section of the Bitbuy review will discuss the different crypto assets available on the platform. When you deposit funds on your Bitbuy wallet via e-transfer, your funds will be processed almost instantly. In contrast, other crypto trading platforms take 30 minutes for the amount to reflect in your wallet. Even though the platform has been in the market for quite a few years, it supports only a limited range of digital currencies. Bitbuy only offers 19 different cryptocurrencies on its platform.
Coating Glossary™
On the one hand, trades cost a small percentage fee per executed order. Bitbuy applies the maker-taker model here, as is standard in the industry. Makers pay 0.1% on their trade while takers have to pay double, i.e. 0.2% of their bitbuy review trading volume. Crypto asset trading platforms that hold cryptocurrencies on behalf of their clients are subject to securities legislation and must be registered with FCNB. Bitbuy has taken numerous steps to ensure your security.
To make a deposit, go to your account dashboard and hit the “deposit” button. Bitbuy does, however, offer corporate accounts for businesses with dedicated account managers. If you sign in using a new device or browser, Bitbuy will ask you to verify the login via email, and then text you a code to enter as well. I deposited $100 via Interac e-transfer to Bitbuy and it took just seven minutes for it to arrive in my account, which is the fastest I’ve seen. The verification process can take up to two days to complete, but for us it took just one hour to get my documents verified. This time I tried to fund the account but could only put $3000 in due to transaction limits.