Bitbuy Canadian Exchange Review, Safety, Supported Coins & Fees

Bitbuy has a flat 2.00% trading fee on all maker and taker orders. Discounts are available if you hit $250K trading volume in 30 days. CAD deposits are free, while CAD withdrawals take a flat 1.50% fee.

If you’re thinking of opening a Bitbuy account, here’s what to know. Bitbuy caters to a wide range of investors by providing two trading experiences. For beginners, it offers an intuitive Express Trade platform for easy fiat-to-crypto exchanges. Meanwhile, seasoned traders can leverage the advanced Pro Trade platform, which features complex order options. Users must submit more information than most other exchanges require to create an account, and KYC information is securely stored.Past hacks.

BEWARE Scam exchange reminds me of coinfield.

• Bitbuy is one of the few Canadian crypto exchange platforms that allows you to buy, sell and deposit cryptocurrencies.
• This is a lesser selection than some of the leading exchanges such as Binance and Coinbase.
• It doesn’t provide any additional, unnecessary tools that would make your experience more confusing.
• Personally, I love it for CAD-crypto trading pairs, but this is a drawback of you’re looking for crypto-crypto swaps.
• Day trading crypto involves buying and selling within a single day or trading session to profit from short-term price changes.
• Bitbuy was launched in 2016 and quickly became one of the most prominent Canadian platforms for buying and selling crypto.
• WonderFi, Bitbuy’s parent company, bought CoinSmart and user accounts were automatically transferred to the Bitbuy platform.

With its intuitive and easy-to-use interface, buying your first crypto is very easy and straightforward. New Bitbuy users earn a bonus of $5 when they sign up using a referral link and make a first deposit of at least $250. Therefore, if you are planning to buy your cryptocurrencies on Bitbuy, then you can rest assured that your money will be safe with the exchange.

In this section, we’ll cover how to place stop losses and profit targets. Consider entering with a reduced position size, and if volume flows back in, cut your loss. It’s less costly to re-enter a trade than to get caught offside—there’s no saying how far the market may move. Mean reversion, otherwise known as fading, involves trading over extended moves with the intention bitbuy canada review of taking profit on a market correction or reversal back to the average value or mean. It’s not uncommon for reversals to happen mid-way through trading zones.

In addition, they’re owned by a public company called WonderFi, which means strict auditing and compliance. You can visit the  trust centre page on their website for more info regarding their security. Bitbuy Pro Tade has live order books, real-time spreads, market orders, limit orders, and charts from TradingView with technical indicators. You can also filter between light-mode and dark-mode and go through a tutorial through the settings icon.

Crypto Exchanges

• Most of the negative reviews stem from Bitbuy delisting XRP and account withdrawal issues relating to that crypto, not customer support delays.
• It lets you buy and sell seven different cryptocurrencies using Canadian dollars at a flat fee of .20%, which is very competitive for a standard trading platform.
• They believe that everyone should have access to the same investment opportunities, not just those with deep pockets who can afford high-priced advisors and brokers.
• Don’t make the same mistake many of us have done, and DO NOT SIGN UP with bitbuy.
• Bitbuy is known for serving the Canadian market, while Coinbase is a widely recognized platform with a global user base.

You can also sell cryptocurrencies you hold through the Express Trade. To fund your account with Canadian dollars, you use Interac e-Transfer or a wire transfer. To deposit crypto into your Bitbuy account, you send crypto to your specific Bitbuy wallet address for that particular cryptocurrency.

Best crypto day trading platform for the most supported coins: Bitget

The platform’s variety of cryptocurrencies allows crypto enthusiasts to trade digital assets as they please. Bitbuy is also expanding its market and adding new coins as it goes. As a standout Canadian crypto exchange, Bitbuy’s core services demonstrate its commitment to accommodating the different needs of cryptocurrency users. Adam Goldman, a trailblazer within Canada’s cryptocurrency space, was the mastermind behind this vision and remains at the helm of the Bitbuy team today.

You may also place a limit order, meaning that the transfer will execute only when the price falls to your specified number. Alternatively, you can execute traded using the Best Ask or Best Bid options. The Pro Trade is accessible from the menu at the top of your dashboard. This platform allows you to place market or limit orders for buying/selling cryptocurrency. From the Pro Trade dashboard, click on List and choose a crypto-crypto or crypto-Canadian dollar pairing.

Bitbuy’s Core Offerings

The fees in this account are also less when compared to the Express account. The Pro Trade option is cheaper when compared to the Express Trade. A maker fee of 0.1% and a taker fee of 0.2% is charged to buy/sell cryptos. In comparison, a flat fee of 0.5% is charged for using the Express trade option to either buy or sell the available cryptocurrencies. The minimum amount that you can withdraw is $50 and $20k with Interac e-transfer and bank wire transfer, respectively.

Buy and sell crypto with 900,000 other Canadians on Bitbuy, Canada’s first registered crypto platform. Click on the Submit button to finish the ID verification process. You can access the Express Trade feature directly from your dashboard by click on the orange Sell button, or by clicking Express Trade from the menu at the top of your dashboard. While it can take up to 24 hours to fund your account this way, the money was deposited into my account in less than 5 minutes.

The platform is based in Toronto, Ontario, serves more than 400,000 Canadians, and supports over 15 cryptocurrencies. Bitbuy maintains a solid security record since its launch in 2016. So far, the platform has not reported any major security incident, which has become a testament to its focus on providing secure crypto brokerage, trading, and wallet services.