Bitbuy Review
A lot of people have heard about the huge financial opportunities that lie in the cryptocurrency market and many have gone on to venture into the market. Even in this present time more people still look to invest in the market but to be able to do that, they must register and sign up with a crypto exchange platform such as the Bitbuy exchange.
This is the Bitbuy exchange review and in this review, we’ll expressly discuss the benefits, product, features, and services the exchange platform offers traders and investors in the cryptocurrency market. This review is to ensure that new investors have the necessary information about the exchange platform so they can make a conscious decision as to whether or not it’s suitable to meet their trading needs.
As a new investor, it is crucial that you choose a decent exchange platform if you want to have a great chance at succeeding financially in the crypto market. This is because an exchange platform has a great influence on trading outcomes in the crypto market as it oversees the overall trading activities performed by an investor.
An implication to this is that a decent exchange platform will offer decent trading services leading to decent trading outcomes in the market while a mediocre exchange will be unable to do so causing investors to ultimately lose their funds to bad trading.
Therefore, to put investors on the right path in choosing a decent exchange platform, we’ll be making reviews of proven and reliable exchanges in the crypto market and a good example is the Bitbuy exchange platform.
| Exchange Platform | Bitbuy exchange |
| Website | http://bitbuy.ca |
| Withdrawal Fee | 1.5% |
| Trading platform | Web-based platform and mobile app |
| Trading assets | Bitcoin, Litecoin, Ethereum, Ripple, Stellar, and Bitcoin Cash. |
| Payment method | Wire transfer, Interac e-Transfer, and crypto transfer |
| Security | Two-Factor Authentication, Cold wallets, Third-party Auditor, Custody. |
The Bitbuy exchange platform is one of the leading crypto exchanges in Canada. The crypto exchange platform is the brainchild of Adam Goldman who started the exchange as “InstaBT” in 2013 with its headquarters based in Toronto, Canada. By 2016, the exchange platform went through a major rebranding and changed its name to the Bitbuy exchange.
The rebranding saw the Bitbuy exchange incorporated and legislated with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) as a Money Services Business (MSB). The exchange platform then expanded and widened its operations and overall coin offerings to investors and traders in Canada.
Presently, Bitbuy is recognized for its excellent trading services in providing a prompt, secure, and simple way to store, sell, and buy top digital coins in the crypto market. However, these trading services are only provided for Canadian citizens only and also make use of only the Canadian dollar for its fiat trading pairs, withdrawals and deposits.
The Bitbuy exchange platform lists only six digital coins on its trading platform which include Bitcoin, Litecoin, Ethereum, Ripple, Stellar, and Bitcoin Cash. Bitbuy listing just the major cryptocurrencies allows it to focus on building customer trust by being regulatory compliant, and user-friendly rather than being just a one-stop-shop for all sorts of trading services related to crypto.
The Bitbuy exchange from afar seems like a decent exchange capable of meeting the trading needs of many traders. However, let’s have a closer look at its basic features, product, and services to see if the exchange is really what it claims to be.
Registering with Bitbuy
Opening a trading account with the Bitby exchange platform is simple and straightforward. On the exchange’s website is a big Sign-up button which you click to sign up via your email. In the case where you are referred by a friend, you will also need to also submit their referral code.
After submitting your email address, a confirmatory email is then sent to the email address where you’re asked to provide your phone number to establish your Two-Factor Authentication. After that has been done, the next step is to verify your trading account.
Bitbuy Account Verification
The Bitbuy exchange platform mandates all its clients to complete and fulfill the Know Your Customer (KYC) and Anti Money Laundering (AML) regulations as applied to Canada. This implies that investors must verify their identity with the Bitbuy exchange before any trading activities can be performed.
For account verification, clients can verify their trading account either as a personal trading account or a business trading account. And for each verification process, the requirements differ.
- Personal Verification
To verify a trading account as a personal trading account, clients make use of two methods. The first is via a third-party data collection provider known as Trulioo. In using this method, clients provided the necessary documents to Trulioo which had a financial profile on each individual. Once the documents have been verified by Trulioo, you get verified automatically on the Bitbuy exchange platform.
The second method involves the use of a more conventional method which includes manual checks and verification of documents. For the entire verification process, clients are required to submit proof of identity (which can be your international passport, driver’s license, ID card) and proof of residence (utility bill such as water and electricity bill). For the manual verification, it takes about 1-3 working days to verify all submitted documents which are quite normal for non-automated verifications.
- Business Verification
To verify a trading account as a business account, additional documents are required to be submitted by clients. These documents include the business’s corporate resolution and articles of incorporation.
The Bitbuy exchange platform will also make some inspires about the nature of clients’ business ti be sure that it is legal and that it generates its crypto earnings the right way. After appropriate confirmation, the business trading account is then verified.
Trading Platform
The Bitbuy exchange platform is looking to provide the best trading experience to its clients offers two web-based platforms; the Express and Pro trading platform and also a user-friendly mobile application.
These trading platforms are designed and built to cater to the trading needs of both newbie and experienced traders, offering prompt transaction services as well as a secure trading environment. Let’s have a look at each of the trading platforms.
- Express Trading platform
The express trading platform is designed to have a simple approach to the buying and selling of crypto assets. This trading platform is an ideal option for newbie and inexperienced investors who are just venturing into the cryptocurrency world.
For this trading platform, Bitbuy maintains a transactional limit to make sure that its clients get the best price when selling and buying various digital coins on the Express Trade.
- Pro Trading Platform
The pro trading platform is designed and modeled for expert and professional traders in the crypto market. These experienced traders can make us do advanced charts, order books, transaction history, trade order, and sophisticated trading tools like the market depth chart.
The Pro trade allows investors and traders to execute various trading techniques with more control and accuracy. Pro trading also offers cheaper fees and commissions when compared to Express trade. However, the Pro trade comes off as too complicated for newbie investors.
Both the Express and Pro trading platforms are user-friendly, smooth, and very easy to navigate by both newbie and expert investors respectively. The trading view of both platforms also consists of components you would normally find on a crypto trading platform. The trading view consists of sell and buy-boxes, price charts, order history, and order book.
Mobile App
The Bitbuy exchange platform aside from the two web-based platforms also provides a mobile trading app for its clients. The mobile app offers on-the-go trading to clients who love to monitor and oversee their trades anywhere and at any time.
The mobile app offers the same trading services as the web-based trading platform and also offers a simple technique for the exchange of various digital coins. The mobile trading app can be easily installed and downloaded on both iOS and Android Operating systems.
Security Protocol
Online trading comes with a lot of risks, and one of the major risks investors and exchange platforms in the crypto industry face is the threats from cyberattacks and various fraudulent activities. And since many investors are well familiar with the damages and harm a successful cyberattack can cause to both investors and exchange platforms, the provision of adequate security has become a serious business in the crypto industry.
To this end, many exchange platforms have upgraded to more sophisticated technologies that are capable of starving off various cyberattacks and ensuring that clients’ funds and personal data are well secured. On the other hand, many investors now look to register with these exchanges so that they can be well assured of the safety of their investment funds and personal sensitive data.
The Bitbuy exchange platform regards the security and safety of its clients as the topmost priority and has ensured that adequate security protocol and measures are set up within its system security.
Some of the security measures put in place by the Bitbuy exchange platform include;
- Two-Factor Authentication (2-FA)
The Bitbuy exchange platform integrates the Two-Factor Authentication (2FA) across its entire network for both its employees and clients to prevent unsanctioned access into the exchange platform.
The Two-Factor Authentication (2FA) protects sensitive trading activities such as logins, password reset, and withdrawals. Upon activating the 2FA, clients’ trading accounts are doubly protected such that even when the login details are compromised, the trading accounts are still secured.
The 2FA works such that a six-digit code is sent to clients via an SMS or through the Google-authentication app each time they want to make withdrawals, reset password, and log in to the exchange platform
- Custody
The Bitbuy exchange platform does not make use of custodial services from third parties. Its cold, warm, and hot wallets are well separated from the network origin to protect both its clients and the exchange platform.
- Cold Wallets
The Bitbuy exchange platform stores and safeguard about 95% of clients’ crypto assets in cold wallets that are stored and kept in offline locations. This is to ensure that clients’ investment funds are secured even in the event of a successful cyberattack on its databases.
The remaining 5% of the crypto asset is then stored in hot wallets to ensure the smooth running of clients’ trading activities on the exchange platform.
- Third-Party Auditors
The Bitbuy exchange platform performs all departmental audits using well-trusted third-partytors. The audits are usually monthly security audits and quarterly financial audits. Furthermore, Bitbuy carries out weekly and daily reviews on transaction reporting audits and various suspicious activities.
Other security measures installed within the Bitbuy exchange security system include;
- Use of Secure Socket Layer (SSL) to safeguard its clients
- Well encrypted and distributed backups.
- Passed Proof of Reserve and Security Audits
- Compulsory KYC verification for all customers.
- Surveying of transaction data for patterns that indicate suspicious activities.
Commissions and Fees
One of the many factors investors consider when selecting an exchange platform is the fees and commission charged. Well, in the crypto market, it is quite natural for exchanges to charge distinct fees on trading activities. However, investors look to choose an exchange platform that charges considerably low fees so they can fully maximize their profits.
In the crypto market today, many exchanges charge investors on trading activities such as deposits, withdrawals, and trade execution and this isn’t different from the Bitbuy exchange platform. As mentioned earlier, Bitbuy offers two web-based platforms, and each platform charges differently in terms of trade execution.
The Express trading platform charges a trading fee of 0.50% which is considerably high when compared to the industry’s average of 0.20%. On the other hand, the Pro trading platform charges a takers fee of 0.20% and a makers fee of 0.10% which corresponds with the industry’s average.
- Deposit Fee
Bitbuy charges varied deposit fees depending on the payment method used in depositing funds into the Bitbuy trading account. For wire transfer and Interac e-Transfer, the exchange platform charges 0.5% and 1.5% respectively.
Furthermore, each of these payment methods has a minimum and maximum deposit limit. For the Interac e-Transfer, clients can deposit a minimum of C$100 and a maximum of C$3,000. On the other hand, a minimum deposit of C$20,000 and a maximum deposit of C$500,000 applies to wire transfer.
- Withdrawal Fee
Bitbuy also charges varied withdrawal fees depending on the payment method used in withdrawing funds out of the Bitbuy trading account. For both wire transfer and Interac e-Transfer, the exchange platform charges a withdrawal fee of 1.5%.
Just like the deposit, each of these payment methods has a minimum and maximum deposit limit. For the Interac e-Transfer, clients can withdraw a minimum of C$100 and a maximum of C$3,000. On the other hand, a minimum withdrawal of C$50 and a maximum withdrawal of C$500,000 apply to wire transfer.
Withdrawal and Deposit
The Bitbuy exchange platform makes available a simple and straightforward withdrawal and deposit process to its clients. The exchange platform allows the withdrawal and deposit of funds in either the Candian Dollars or Cryptocurrencies.
For the deposit and withdrawal of Canadian Dollars, clients can make use of either Wire transfer or the Interac e-Transfer. However, for transactions using wire transfer, it takes about 1-2 working days before the payment is approved. And for transactions using Interac e-Transfer, it takes within 1-4 hours before the payment is approved.
For deposits and withdrawals using cryptocurrencies, clients can easily transfer their preferred supported digital coin from an external crypto wallet into the Bitbuy crypto wallet and vice versa.
In summary, the payment methods offered by the Bitbuy exchange are very straightforward and simple to use, offering both an effective way to withdraw and deposit funds for both newbie and experienced traders.
Customer Support
Support is crucial for every investor present in the crypto market. Hence, investors need a crypto exchange platform that can adequately provide the required assistance and help needed when trading most especially during unforeseen situations.
For most crypto exchanges, the customer being offered is usually at best average but that’s not the case with the Bitbuy exchange platform. Bit by offers impressive customer support to its clients ensuring that they get the best assistance available in answering their requests and complaints.
The Bitbuy exchange platform provides support agents that are efficient, customer-friendly, and ready to deliver at the highest standard. The exchange platform then offers various support channels so its clients can easily reach out to the support agents.
The support channels made available include email channels; in which clients can easily send their requests or complaints through email, Phone calls, and Social Media platforms such as Twitter, Whatsapp, Facebook, Youtube, and Instagram.
The exchange platform also provides an FAQ section on its websites answering all common questions relating to the services being offered by the Bitbuy exchange. On the Youtube channel, different educational materials are also made available for both newbie and expert traders in the market.
Final Thoughts
This review about the Bitbuy exchange platform is quite straightforward and simple. Bitbuy is an effective exchange platform that can be used to purchase various digital coins using Canadian Dollars. The exchange platform offers a safe and secure trading atmosphere for investors and traders and the fees charged are quite in line with the industry’s average.
All-in-All, the Bitbuy exchange is a great crypto exchange for Canadian residences and crypto enthusiasts looking for a simple and easy way to buy top digital coins.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
