BitBuy

**Full Disclosure: We are members of the Bitbuy affiliate program and may earn commission on user referrals.

**Disclaimer: The content provided on this page is not financial advice.  All readers should do their own research when deciding if Bitbuy is a good exchange for you.

Canadian Regulations

Bitbuy is based in Canada, with headquarters in Toronto, Ontario, and is entirely focused on serving Canadians looking to buy or sell cryptocurrencies.  They accept Canadian dollar deposits from all Canadian banks and are compliant with Canadian regulations.

Bitbuy is registered with FINTRAC as a money services business in the virtual asset service provider category.

Available Cryptocurrencies

Bitbuy current offers trading of 9 different cryptocurrencies paired with the Canadian dollar.  There are plans to add more coins in the near future.

Here is the list of currencies currently available for trade:

• Bitcoin
• Ethereum
• Litecoin
• XRP (Ripple)
• EOS
• Stella Lumens
• Bitcoin Cash
• Chainlink
• AAVE

Security and Transparency

Bitbuy has a 95% cold storage policy.  This means 95% of Bitbuy’s cryptocurrency assets are held by BitGo Trust Company, which is a cryptocurrency custodian that was built for storing digital assets.  All cryptocurrency assets held in custody with BitGo are covered by a comprehensive insurance policy, which means any cryptocurrency you have in your Bitbuy account would be covered by this policy.

Bitbuy has an outside auditor complete a proof of reserves (cold storage) and platform due diligence report each year to ensure they are satisfying their 95% cold storage mandate and implementing satisfactory customer protection efforts.  In 2021 the Blockchain Intelligence Group complete this report and found that Bitbuy exceeded the 95% cold storage policy, with 98.12% of customer funds in cold storage.

Bitbuy also implements 2FA authentication and device authentication to keep customer accounts as secure as possible.

Fees

Bitbuy does charge fees on all trades, as well as on Canadian dollar deposits and withdrawals (cryptocurrency deposits have no fee).  The fees are transparent and are not hidden within the price of cryptocurrencies, so you know what fees you are paying on each transaction.

Here is a quick breakdown of some of the typical fees you will be charged for various transactions on the Bitbuy website:

Deposits and Withdrawals

• Interac e-Transfer Deposit – 1.50% fee ($50 minimum)
• Bank Wire Deposit – 0.50% fee ($20,000 minimum)
• Interac e-Transfer Withdrawal – 1.50% fee ($50 minimum)
• Bank Wire Withdrawal – 1.00% fee ($20,000 minimum)
• Digital Currency Deposit – 0% fee
• Digital Currency Withdrawal – A flat rate mining fee (see full list of cryptocurrency withdrawal fees here)

Trades

• Express Trades – 0.20% fee

Express trades are market buys or sells.  They are the trades the majority of Bitbuy users will make.

Here is a screenshot of the other trading fees (Pro Trade and Liquidity Providers):

Customer Service

Bitbuy has an extensive FAQ section with 60+ articles that will answer any basic questions that you have.

If you can’t find your answer in the FAQ section, you can also submit a request for assistance to the Bitbuy support team.

I personally sent a support ticket to the team and had a reply in my email within minutes.