Bitbuy Review 2023: Is this Crypto Exchange Legit?

Last updated Jul. 8, 2024 by Peter Jakes

Bitbuy Review 2023: Is this Crypto Exchange Legit?

In the ever-evolving world of cryptocurrency, finding a reliable and secure trading platform can be a daunting task. As we move into 2023, Bitbuy has emerged as one of the prominent crypto exchanges in Canada, raising the question: Is Bitbuy legit? This comprehensive review dives deep into Bitbuy’s features, services, regulatory compliance, security measures, and user experience to help you make an informed decision.

Overview of Bitbuy

Bitbuy was established in 2016 and has grown significantly since then. As a Canadian-based crypto exchange, Bitbuy aims to make buying, selling, and trading cryptocurrencies straightforward and secure for its users. The platform is designed for both beginners and experienced traders, offering a range of features to cater to different trading needs.

Key Features

1. User Interface and Experience: Bitbuy’s platform is intuitive and user-friendly, making it suitable for traders of all skill levels. The straightforward design allows users to navigate the platform easily and execute trades efficiently.

2. Regulatory Compliance: Bitbuy is a FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) registered Money Services Business (MSB). This ensures that the platform operates within the regulatory requirements, providing users with a layer of confidence and security.

3. Security Measures: Security is a top priority for Bitbuy. The platform employs robust security protocols including 95% cold storage for digital assets, two-factor authentication, and regular third-party security audits to safeguard users’ funds and personal information.

4. Variety of Cryptocurrencies: Bitbuy supports a range of popular cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and more. This allows traders to diversify their portfolios and explore various investment opportunities.

5. Quick Trade and Pro Trade Platforms: Bitbuy offers two different trading platforms – Quick Trade for beginners and Pro Trade for advanced users. Quick Trade is designed for those who want to buy or sell cryptocurrencies quickly with minimal effort, while Pro Trade provides advanced charting tools, order types, and market data for experienced traders.

6. Customer Support: Bitbuy provides excellent customer support through various channels including email, phone, and a comprehensive help center. The support team is responsive and knowledgeable, ensuring that users’ issues are resolved promptly.

7. Transparent Fees: Bitbuy offers transparent and competitive fee structures. The platform charges a 0.2% fee for buy and sell transactions on Quick Trade, while Pro Trade fees vary depending on the trading volume.

Security and Trustworthiness

One of the critical aspects of a crypto exchange is its security measures. Bitbuy stands out in this area by employing the following security practices:

• Cold Storage: 95% of user funds are stored in cold storage, reducing the risk of hacks and unauthorized access.
• Two-Factor Authentication (2FA): Users are required to enable 2FA to add an extra layer of security to their accounts.
• Third-Party Audits: Regular security audits are conducted by independent third parties to ensure the platform’s integrity.
• Insurance: Bitbuy offers insurance coverage for digital assets held in cold storage, providing additional peace of mind for users.

Regulatory Compliance

Operating as a registered Money Services Business (MSB) with FINTRAC, Bitbuy adheres to strict regulatory standards. This compliance ensures that the platform operates legally within Canada and meets international standards for anti-money laundering (AML) and counter-terrorism financing (CTF) measures.

By complying with these regulations, Bitbuy demonstrates its commitment to providing a secure and transparent trading environment. Users can trust that their funds and personal information are protected by robust regulatory frameworks.

User Interface and Experience

Bitbuy’s user interface is designed to cater to both novice and seasoned traders. The platform’s layout is clean and intuitive, allowing users to execute trades effortlessly. Quick Trade offers a simplified trading experience with minimal options, making it perfect for beginners. On the other hand, Pro Trade provides advanced features such as detailed charting tools, limit orders, and various order types, catering to the needs of experienced traders.

Bitbuy also offers a mobile app, available on both iOS and Android devices, enabling users to trade on the go. The app maintains the same user-friendly interface and offers full functionality comparable to the desktop version.

Supported Cryptocurrencies

While Bitbuy may not offer as many cryptocurrencies as some global exchanges, it supports a sufficient variety to meet the needs of most traders. The platform includes popular cryptocurrencies such as:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Bitcoin Cash (BCH)
• Stellar (XLM)
• EOS (EOS)

The list of supported cryptocurrencies is continuously updated, ensuring users have access to the most popular and valuable digital assets available in the market.

Fee Structure

Bitbuy is transparent about its fee structure, which is competitive compared to other Canadian exchanges. The fees are as follows:

• Quick Trade Fees: 0.20% per transaction for buying and selling
• Pro Trade Fees: Maker fee of 0.10% and taker fee of 0.20%
• Deposit Fees: Free for Interac e-Transfer over $500, 1.50% for under $500, free for crypto deposits.
• Withdrawal Fees: 1.50% for Canadian Dollar withdrawals, varies for crypto withdrawals based on the specific cryptocurrency network fees.

Deposit and Withdrawal Options

Bitbuy provides various options for depositing and withdrawing funds, ensuring convenience for its users. Supported methods include:

• Interac e-Transfer: Quick and convenient for Canadian users.
• Bank Wire Transfer: Suitable for larger transactions.
• Cryptocurrency Transfers: Users can deposit and withdraw cryptocurrencies directly.

Deposits via Interac e-Transfer are usually processed within a few hours, while bank wire transfers may take up to 48 hours. Cryptocurrency transfers depend on the specific blockchain network and may take anywhere from a few minutes to several hours.

Customer Support

Bitbuy excels in customer support, offering multiple channels for users to seek assistance. The platform provides email and phone support, along with a comprehensive help center containing detailed guides and FAQs. Users frequently praise the responsiveness and helpfulness of Bitbuy’s support team, which adds to the overall positive user experience.

Educational Resources

Recognizing the need for investor education, Bitbuy offers a range of educational resources to help users understand the complexities of cryptocurrency trading. The platform’s blog covers various topics, including market analysis, trading tips, and industry news. Additionally, Bitbuy’s help center offers detailed guides on using the platform, enhancing users’ trading skills and knowledge.

Advantages of Bitbuy

• Robust Security Measures: Cold storage, 2FA, and regular audits ensure a high level of security.
• Regulatory Compliance: Compliance with FINTRAC regulations provides a secure and transparent trading environment.
• User-Friendly Interface: Both Quick Trade and Pro Trade platforms cater to different user needs.
• Responsive Customer Support: Multiple support channels ensure prompt issue resolution.
• Transparent Fee Structure: Competitive and clearly outlined fees.

Drawbacks of Bitbuy

• Limited Cryptocurrency Selection: While sufficient for many traders, the platform may not offer the extensive range of cryptocurrencies available on global exchanges.
• Deposit and Withdrawal Fees: The 1.50% fee for Canadian Dollar withdrawals may be higher compared to some other exchanges.

Conclusion

Bitbuy has established itself as a reliable and secure crypto exchange in Canada. With its user-friendly interface, robust security measures, regulatory compliance, and responsive customer support, Bitbuy is a legitimate option for both novice and experienced traders. While the platform’s cryptocurrency selection may be limited compared to global exchanges, its range of popular digital assets is sufficient for most users. Overall, Bitbuy offers a trustworthy and efficient trading experience for Canadian cryptocurrency enthusiasts.

FAQs

1. Is Bitbuy Safe?

Yes, Bitbuy is considered safe. It uses robust security measures such as 95% cold storage, two-factor authentication, regular security audits, and insurance for digital assets held in cold storage.

2. How long do deposits and withdrawals take on Bitbuy?

Interac e-Transfer deposits are usually processed within a few hours, while bank wire transfers can take up to 48 hours. Cryptocurrency transfers depend on the blockchain network and can vary from a few minutes to several hours.

3. What cryptocurrencies does Bitbuy support?

Bitbuy supports several popular cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), and EOS (EOS).

4. What are the fees for trading on Bitbuy?

Quick Trade fees are 0.20% per transaction, whereas Pro Trade has a maker fee of 0.10% and a taker fee of 0.20%. Deposits and withdrawals have additional fees, with Canadian Dollar withdrawal fees at 1.50%.

5. Does Bitbuy provide customer support?

Yes, Bitbuy offers excellent customer support through multiple channels including email, phone, and a comprehensive help center.

In summary, Bitbuy is a trusted and secure crypto exchange, well-suited to both beginners and advanced traders. Its commitment to regulatory compliance, user-friendly interface, and robust security measures make it a legitimate option for trading cryptocurrencies in Canada.