Bitbuy Review 2023: Is Bitbuy Trading Platform Legit in Canada?

Bitbuy is a well-known platform with a wealth of professional knowledge. Adam Goldman and Ademar Gonzalez, who had previously launched the exchange InstaBT, established the business in 2016. It had an OTC desk for big volume dealers at the time, in addition to a number of cryptocurrencies. The firm updated and redesigned its platform in 2018 so that it was easier and simple to use.

Due to its customer-oriented emphasis and openness, the firm has today solidified its position in the crypto-verse as the premier Canadian cryptocurrency exchange. Additionally, It is also governed by government authorities in Canada (MSB).

Although its services are now only available in Canada, it is expected to expand the company to international markets in the future. You can keep up with the most recent developments in the Canadian cryptocurrency sector and learn more about it by visiting the resources area of Bitbuy’s website. Let’s move forward and see whether this platform is legit or not. And if it is legit, then what are the factors that contribute to its legitimacy?

Bitbuy Overview

The greatest bitcoin exchange in Canada is called Bitbuy, and it is just for Canadian citizens and residents. Bitbuy, which was established in 2016 with the goal of offering a quick, secure, and simple way to trade bitcoin and other popular cryptocurrencies, is now a fully regulated exchange that is under the supervision of Canadian federal authorities. Its key features include the ability to trade 25 cryptocurrencies directly in Canadian dollars and BTC-based pairings, a sophisticated trading interface, and an OTC desk.

How Bitbuy Works?

  • You must validate your email address, phone number, and identification when you sign up to 
  • Establish an account on Bitbuy.
  • A copy of your driver’s licence, passport, bank or credit card statement, CRA document (T4, Notice of Assessment), or a utility bill can be requested of you.
  • You may establish your account by entering your cell phone number and finishing the two-step verification process after your identification has been verified.
  • When it is active, you may add money to your Bitbuy account and choose the digital currency you wish to buy. Bitbuy provides two different trading types: express and pro, just like Coinbase.
  • On Bitbuy Express, you may trade fast and effortlessly, or you can utilise the expert capabilities of Bitbuy Pro for more complex trading.
  • You can withdraw money either through a bank wire transfer or an Interac e-Transfer. The only currencies accepted for funding and withdrawal are Canadian dollars and cryptocurrencies.

Bitbuy: Is It Legit?

Yes, Bitbuy is authorised. One of the secure cryptocurrency exchanges for buying and selling digital money, according to our Bitbuy review team, is Bitbuy. Under the direction of the Financial Transactions and Report Analysis Centre of Canada (FINTRAC), Bitbuy Canada is a licenced Money Services Business (MSB). Additionally, Bitbuy is the first Canadian marketplace for cryptocurrency assets to be registered with the Ontario Securities Commission (OSC).

Exchange offers top-tier security for users, including sophisticated two-factor authentication (2FA) and a 95% cold storage security policy, in addition to stringent regulatory compliance on their end. Since users’ crypto assets are nearly exclusively held offline due to the cold storage security strategy, they cannot be accessible in the event that the exchange is breached.

The exchange does not rely on other companies for custodial wallet services; instead, it employs a unique wallet infrastructure created by its own staff of skilled engineers. To safeguard Bitbuy and its users, their hot, warm, and cold wallets are all kept apart from the main network. As an open accounting of exchange-traded assets, the aforementioned Proof of Solvency is offered.

Which Factors Make Bitbuy Legitimate?

These factors are as follows:

Security Measures

Bitbuy is a secure solution for your bitcoin operations since it is a transparent and licenced exchange in Canada. It recently become FINTRACa-registered as a money service firm (MSB). The exchange is also registered with provincial security commissioners, who will be monitored by the Investment Industry Regulatory Organization of Canada (IIROC).

The IIROC crypto asset research group also includes Torstien Braaten and Dean Skurka, two senior employees.

Only the most well-known and time-tested cryptocurrencies are available on Bitbuy’s exchange; it does not include any dubious crypto assets.

Regarding platform security, Bitbuy provides the following safeguards:

  • The majority of user funds—95%—are stored in cold wallets.
  • Two-factor authentication (2FA) with Authy and Google Authenticator 

Device Verification

  • Daily backups that are distributed and secured.
  • It uses Secure Socket Layer (SSL) for customers’ data security.
  • Obligatory KYC checks.
  • Examining transaction data for trends that could point to suspicious activity.
  • Passed the security and proof of reserve audits.
  • Passed the tests for managing customer information, team background, and third-party cold storage.

Trustworthy and Transparency

Bitbuy is a transparent and compliant exchange that sets the bar high for how to handle crypto-security problems. In addition to routine third-party audits, it also does third-party security measures and vigilantly observes its platform actions. Additionally, the team’s background and customer information management checks indicated that they operate a very professional service. An SMS-based 2FA user account security solution, which has been shown to be weak in the past, may be the sole problem.

Bitbuy is a very safe and reputable bitcoin exchange since it has never been hacked.

Usability and design

The Pro and Express trading programs are available on Bitbuy.

Express trading makes trading easy; all you have to do is choose the crypto assets you want to acquire, enter the designated quantities, and hit the purchase button. It is the best choice for new traders who are just getting started in the cryptocurrency industry, but it also has higher costs (as mentioned above).

For more seasoned traders searching for sophisticated orders, charts, order books, market transaction history windows, and other useful features like market depth charts, pro trading is a great option. In essence, it gives you the ability to more precisely and effectively implement your trading plan. In addition, the transactions are less expensive there, albeit they can be too much for new users.

Deposit and withdrawal methods

You may transfer money into and out of the Bitbuy platform via wire transfers or Interac e-Transfers, depending on your preference. Additionally, you may use your credit card to buy BTC, ETH, and USDC, and the exchange intends to introduce additional currencies shortly.

The transfer timeframes vary depending on the technique you use. Usually, bank wire transfers take two to three days. The majority of Interac e-Transfers settle within the same day, and occasionally within a few hours.

What Charges Does Bitbuy Impose?

For both cash and cryptocurrency trades as well as platform withdrawals in both fiat and cryptocurrency, Bitbuy levies fees. As of July 2022, deposits to the site are free for both cash and cryptocurrency. However, depending on the network, crypto processing might take anywhere between 3 and 12 confirmations. Bitbuy provides fast and pro trades, similar to Coinbase and Coinbase Pro. Trading professionals use sophisticated trading platforms.

A hierarchical fee system is used to determine the maker and taker costs for all spot trading pairs, which means that the more trades you execute over the course of the previous 90 days, the lower the number of fees you will pay for each transaction. For maker fees, they vary from 0% to 1.5%, while for takers’ fees, they range from 0.1% to 1.5%.

Key Attributes Of Bitbuy

The platform Bitbuy is renowned for being user-friendly and making it simple, quick, and convenient to purchase popular cryptocurrencies. As a user-friendly, legally compliant, and cryptocurrency-focused exchange, it focuses on creating trust rather than acting as a one-stop shop for all kinds of crypto-related services.

Bitbuy’s main attributes are as follows:

  • Accessible To Only Canadian residents; it is not accessible outside of Canada.
  • Express and Pro: These are the two platforms that Bitbuy offers. Express enables hassle-free cryptocurrency purchases while Pro trading is targeted at seasoned traders.
  • Regulation. Bitbuy is a platform that complies with regulations and is registered as a money services business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) (MSB).
  • Outstanding client service. Bitbuy provides an email-based direct customer service line that answers in 12 hours or less.

Overall, Bitbuy is a tiny but really devoted and reliable platform for Canadians.

Our Concluding Remarks!

Bitbuy is one of the top cryptocurrency exchanges if you reside in Canada. While other exchanges rule the world, Bitbuy focuses on providing easy, safe, and legal bitcoin trading for Canadians.

The user-friendly interface will appeal to novice and intermediate investors. An exchange that supports more crypto assets and sophisticated trading techniques may be preferred by seasoned traders.

For this reason, Bitbuy is the top cryptocurrency exchange in Canada, and the best adjectives to describe it are dedicated, trustworthy, and customer-oriented. The majority of novices choose a cryptocurrency exchange that focuses on cultivating their local user base, regulatory compliance, and the seamless operation of the exchange rather than becoming a worldwide conglomerate.