While some of the top cryptocurrency exchanges are, indeed, based in the United States (i.e. KuCoin or Kraken), there are other very well-known industry leaders that are located all over the world. For example, Binance is based in Tokyo, Japan, while Bittrex is located in Liechtenstein. Reading through various best crypto exchange reviews online, you’re bound to notice that one of the things that most of these exchanges have in common is that they are very simple to use. While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market. When it comes to digital cryptocurrency deposit and withdrawal fees, they’re completely free.
Safe and Secure
Overall, there are over 60 different coins for you to choose from. Now, if you’re interested in less popular tokens, this might be an issue. However, if the main assets are all you need, then you’ll be happy to know that Bitbuy supports them all. Bitbuy has included a beginner-centric feature called Express Trade, enabling users to buy and sell crypto without hassle. While the Express Trade platform lacks analytical tools, its simplicity makes it excellent for new investors making their first foray into the crypto space. Withdrawal issues can result from incomplete verification, pending security reviews, network congestion, or insufficient funds.
What are the fees on cryptocurrencies?
However, no cryptocurrency is currently considered legal tender in Canada. There is no indication that it will be regarded as so in bitbuy canada review the future. Bitbuy has a built-in wallet in each user’s account that you can use to store your SHIB safe and securely.
Initially, you must input and confirm your email address and phone number. However, before it’s possible to trade or deposit on Bitbuy, any customer must complete Know-Your-Customer (KYC) verification. Monitoring financial transactions and reports to calculate cryptocurrency profits and losses for capital gains tax can be a complex and lengthy process. However, Bitbuy makes it easy by allowing its customers to generate and download comprehensive reports for the financial year. The team at CryptoVantage.com only recommends products and services that we would use ourselves and that we believe will provide value to our readers.
Buying cryptocurrency directly from individuals is slow and risky. Cryptocurrency exchange platforms like Bitbuy make the process faster and far more efficient. Compared to other international and Canadian crypto exchanges, Bitbuy’s offering of cryptocurrencies might seem slim. I am new to crypto investing and would like to join a reliable exchange. Compared to other Canadian exchanges such as Coinsmart and Newton, Bitbuy is a great choice for Canadian traders who value digital assets’ security, reliability, and variety.
What are the benefits of trading on the centralized exchange?
Bitbuy enjoys a positive reputation, with strong user reviews and no history of major security incidents, making it, in my view, one of the most reliable options for Canadian crypto investors. Highly rated, it offers a mobile version of the crypto exchange platform experience. Most crypto investors rely on stablecoins, like Bitcoin, creating a high demand in the market. Many crypto exchanges carry these stablecoins in their portfolio. Since they are more niche, you may only find specific altcoins on several Canadian crypto exchanges.
Other useful features you should know about
Of course, you’ll have to load up your account first, as with all other services we’ll discuss later in our review. It’s worth mentioning that you can only trade a limited selection of cryptos this way, but it’s still a great starting point and works like a charm. We compared Bitbuy side-by-side against some other Canadian and global crypto exchanges. Bitbuy will review your information and documents and typically approve your account within 1-2 business days. Bitbuy offers top-of-the-line security, with advanced 2FA and a 95% cold storage security policy.
Bitbuy Review 2024: Fees, Pros, Cons & Features
- At Crypto Head we use a rigorous research and rating process to assess each platform.
- Bitbuy supports buying and selling 24 cryptocurrency assets on the exchange.
- Unfortunately, no advanced analysis or trading tools are available on the mobile app.
- We compared Bitbuy side-by-side against some other Canadian and global crypto exchanges.
Instead, you must sell an asset for CAD, which will trigger a taxable event. Additionally, Express Trade’s fees are 2% per transaction, which makes it an expensive way of cashing out your crypto for CAD. So although Bitbuy seems to be working to develop its staking service, as it stands, there are better options for Canadian investors.
We update our data regularly, but information can change between updates. Confirm details with the provider you’re interested in before making a decision. This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply. Yes, Bitbuy is a regulated exchange in Canada and complies with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Alternatively, you can access the Verify your account button within your account after logging in. At this point, you can successfully log in to your Bitbuy account and start browsing it, but to perform any transactions, you will need to verify it.
A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books. Scroll further down to accept the terms of using Bitbuy’s partner ID verification provider Trulioo. In the final verification screen, declare your exposure to political activities by marking either of the provided radio buttons. Next, provide your identity details, including your real name, date of birth, and occupation, then click on the Next button. Makers are parties that introduce liquidity to the marketplace while takers perform opposite actions.
Deposit & withdrawals fees
It is legal to buy and sell crypto through Bitbuy and similar exchanges. Bitbuy was designed for both new traders seeking a simple interface and for advanced traders who know their way around the crypto world. We understand that getting started with cryptocurrency can seem a little daunting and our goal is to make the process easier for you. Interac e-Transfer is the most popular way to pay online in Canada. Canadians want to buy SHIB with Interac, but banks do not make it easy. Bitbuy exists to simplify the process when you want to buy SHIB in Canada with Interac.
If you’re interested in buying bitcoin, these exchanges are a good place to start. An API allows developers to gather information from Bitbuy’s servers as well as send automated commands to the exchange. No automation software is available for users who do not use the API. We may receive compensation when you click on links to products we review. Our Website may link to external sites or content not controlled by us. Such links don’t imply our endorsement, and we aren’t liable for the content, products, or services of these third-party entities.
- Now it’s time to check your email address, you should have received a letter from Bitbuy.
- Bitbuy offers a referral program where, for each friend you refer to the platform, you both get $20 after your referred friend makes a $250 deposit.
- For someone in Ontario looking to explore crypto investing, Bitbuy is where to do it.
- A taker fee is a fee charged when a buy order is matched immediately with a sell order on the books.
It may also collect withdrawal fees and nominal spreads on certain transactions. The platform is transparent about its fee schedule and displays all charges before order confirmation. Bitbuy does not currently offer crypto lending services to its Canadian users.
The site allows you to earn a passive income by buying a stake in some crypto. Currently, you can only do this for two Bitbuy coins – Ether (ETH) and Solana (SOL) – but the company plans to add support for Polygon, Polkadot, Cardano, and Cosmos in the near future. It also provides access to many more cryptocurrencies than the Express Trade mode. Pro Trade is Bitbuy’s advanced trading mode and a tool you’ll most likely switch to when you learn the crypto trading ropes. Depending on your trading experience and whether you’re looking for a quick trade or deeper research, you can choose either the Express or Pro trade route. Bitbuy has been touted as Canada’s leading platform for crypto traders.
In this review, we’ll explore what the site has in store and analyze whether it really is the best destination for Canadian crypto traders. Although they do not offer telephone support, you can reach Bitbuy’s customer service support via email, support page, and social media like Twitter and Reddit. You can also reach out to the customer service team through one of their many social media channels for a fast and professional response.
