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Kevin OLeary-backed WonderFi closes deal to buy crypto exchange Bitbuy after long regulatory hurdles

Bitbuy was founded in 2013 when the crypto market was relatively new to the general public. They have grown, creating a sophisticated platform for beginner and advanced traders. This Canadian-owned and operated cryptocurrency platform is headquartered in Toronto.

Please don’t interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder.com compares a wide range of products, providers and services but we don’t provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service. There are a couple of ways users can contact Bitbuy’s customer service. There is a Bitbuy support page that has an easy-to-navigate UI with frequently asked questions.

Money Reverie is a top personal finance and finance blog in Canada. We share finance tips & self-help to live a rewarding life. Bitbuy does not offer a demo account for paper trading.

It’s available to both personal and institutional traders looking to automate trades in an algorithmic fashion; great for more sophisticated traders. The Canadian dollar can be exchanged by customers for any of the above cryptocurrencies. Easily track your progress on Bitbuy’s minimal and easy to navigate platform. Bitbuy currently has multi-tiered security and is a FINTRAC registered money business. Enter your email address to get valuable personal finance & small business tips from top experts delivered to your inbox weekly. FINTRAC regulates Bitbuy as a Money Service Business in Canada.

  • Proving your identity documents including proof of address is a requirement by FINTRAC.
  • Thanks to this simple and straight-forward platform, Canadians now have secure and dependable access to Bitcoin and other digital currencies.
  • The minimum amount you can deposit or withdraw using this method is $50 $100.
  • Aja double majored in Spanish and Economics and holds a Bachelor of Arts degree from University of Illinois at Urbana-Champaign.
  • For limit orders you will need to enter your preferred price.

Bitbuy also has an address listed on its website, with an office located in downtown Toronto, Ontario. From there they will need to register an email account and user name. Once they have completed that step, they will need to click the verification link in their email inbox.

Trading, Deposit, and Withdrawal Fees

Bitbuy does not charge its users any annual account r maintenance fees. You are certainly not alone if you are curious about how to buy cryptocurrency in Canada. With the surge in popularity of cryptocurrencies like Bitcoin and Ethereum in the recent…

If you are looking for a true Canadian cryptocurrency exchange, look no further. Bitbuy, founded in 2016, is a dependable and, most importantly, secure option for your crypto assets. The platform has over 400,000 users, with more than $4 billion traded. Founded in 2016, Bitbuy is a Toronto-based crypto trading platform that’s owned and operated in Canada. Their exchange is now one of the most popular in the country and was the first crypto platform to become fully regulated as a marketplace and as a restricted dealer. Coinsquare is a unique trading platform that was launched in 2014 in Canada.

Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.

NDAX is an exchange platform for cryptocurrencies that is situated in Calgary… The mobile application also supports biometric security measures to keep your portfolio safe. Bitbuy’s mobile app is available for both Android and iOS devices.

Compare Bitbuy against other exchanges

Cryptocurrency trading is taking the world by storm, and we don’t expect it to slow down anytime soon. It’s considered by many new investors a strong alternative to buying stocks. The Bitbuy API is a tool that third-party platforms can use to access market data. Express Trade – This is for anyone who’s just starting out or looking to make simple investments. For example, anyone looking to buy a cryptocurrency simply needs to select the crypto they’d like to buy, the amount they want and then confirm their order.

But its trading fees seem expensive when compared to Bitbuy. Bitbuy is one of Canada’s safest crypto exchange platforms, where you can buy and sell digital currencies. This Bitbuy review talks about what Bitbuy is, its pros and cons, fees, available crypto coins, and its notable features. Find out all of this in our detailed review to better understand what they offer. Bitbuy is a secure and user-friendly cryptocurrency exchange that Canadians use to buy and sell cryptocurrencies easily.

But there are other platforms that support much more, like Binance which supports 350+ cryptocurrencies and Coinbase that supports 40+. Actions like logging into one’s account or making a purchase require two forms of authentication- a password and a smartphone. 2FA is in place for both users and employees to prevent unauthorized access.

You cannot access their website or sign up for an account from any other country. You should have a Canadian mobile number to register with this crypto trading platform. If you are looking for a trustworthy crypto exchange, this Bitbuy review might be helpful for you. In this age of the internet, digital currency is the new trend, which is here to stay. This growing industry allows investors to trade in cryptocurrencies, like a stock exchange. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

bitbuy review

Since all the trading goes through the website, it is essential to analyze how easy to use their interface is. In this section of the bitbuy canada review, we will discuss whether their website is user-friendly or not. You can even fund your account using your Visa or Mastercard. The fee for purchasing coins directly with a credit card is 6.5%(min. $10). This is a near-instant transfer, and you will have to deposit a minimum of $50.

Below, we have collated a few tables to inform our users of the Bitbuy trading fees. The company has received industry acclaim by providing consumers with very competitive rates. Bitbuy is registered with FINTRAC as a money services business in the virtual asset service provider category. You can buy, sell, trade, deposit and withdraw Bitcoin and others cryptocurrencies right on your phone in a seamless native experience. The Express Trade platform allows users to quickly buy and sell their cryptocurrencies at the best possible market price at that very moment.

Services Offered by Bitbuy

You can trade these assets on both Coinbase and Coinbase Pro. If you’re serious about trading cryptocurrency, you’ll want to have a Bitbuy account to do so. The initial sign up requires only a few things from you, like a username, a password, and a North American phone number (+1).

bitbuy review

You can buy BTC or ETH from Shakepay and quickly transfer them to your personal wallet. Shakepay is popular among traders as it does not charge any trading, deposit, or withdrawal fees. It is a secure and legitimate platform registered as an MSB and regulated by FINTRAC. The platform also uses two-factor authentication and SSL encryption to protect your account. In just five years, it has become the largest crypto trading platform.

How To Withdraw Money From Bitbuy

When I want to withdraw my funds I do it through bitbuy. With the Bitbuy affiliate program, you’re rewarded for promoting the Bitbuy exchange and having new users sign up using your provided affiliate link. The affiliate program rewards increase based on the number of new users that sign up to the exchange. Users are rewarded on a monthly payout once their commissions reach a minimum of CAD$500. Bitbuy offers a Pro Trade option along with over the counter accounts for large volume and institutional traders, but it has fewer products than its competitors. Low trading fees at 0.20% and multiple fiat currencies supported.

Bitbuy is trusted by nearly 400,000 Canadians and they currently offer 15 crypto coins and tokens, with Bitcoin being one of their main sellers. An independent specialist runs an annual Proof-of-Reserves audit of Bitbuy. The most recent audit showed that Bitbuy surpassed their own 95% cold storage policy for an average of 98.12% https://broker-review.org/ in the major coins. Unlike Bitbuy, CoinSmart allows you to access the platform from different countries. This will enable you to deposit money in other fiat currencies and buy and sell your cryptos through the platform. Once you have signed up for the platform, you need to make your minimum deposit and start trading.

The Best Crypto Exchange in Canada: Investor’s Guide

Since then, Bitbuy has been ranked one of the fastest growing start-up in Canada. Bitbuy only accepts deposits in CAD and the supported cryptocurrencies. Users can’t deposit other fiat currencies like USD or EUR. The Bitbuy exchange offers a concierge OTC service for those looking to conduct high-volume trades without slippage.

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