A crypto exchange guide must provide reviews of all of the exchanges out there, so that you can find the right one for you. This review of Bitbuy consists of four parts: general info, fees, deposit methods and security.
Bitbuy is a Canadian crypto exchange for Canadians. Originally launched back in 2013, but under the name InstaBT, it has its main office in Toronto.
The exchange is fully regulated by Canadian federal authorities through their registration with Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB). Currently, the exchange only onboards residents or citizens of Canada. To find an exchange accepting also non-Canadian traders, you can check out our Exchange List.
Bitbuy supports the five most popular coins: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP) & Litecoin (LTC) and most recently just added Stellar (XLM) to their offerings.
On the picture below, you will find a few of the advantages highlighted by Bitbuy themselves on their website. Out of these advantages, we would say that top rated support, industry leading security and no hidden fees are the most important, but you might very well have a different opinion on what you feel is most important.
In addition to the OTC-desk (see more on that below), there are two different types of trading modes here: Basic & Advanced. Basic are for the easier deals, when your action is not necessarily based on order patterns or order depth or anything like that. Advanced is for more professional traders who maybe want to use different charting tools etc. Here are a few of the advantages that Bitbuy mentions for the Pro version:
Bitbuy also has an OTC-desk. With an OTC-desk, you can execute larger trades with quick settlement. Trades that you for pricing reasons (also known as «slippage») don’t want to execute on on the open market. This picture from Bitbuy’s OTC Cryptocurrency Report 2019 clearly describes how an OTC-deal is carried out:
Bitbuy Trading View
Different exchanges have different trading views. And there is no “this overview is the best”-view. You should yourself determine which trading view that suits you the best. What the views normally have in common is that they all show the order book or at least part of the order book, a price chart of the chosen cryptoc and order history. They normally also have buy and sell-boxes. Before you choose an exchange, try to have a look at the trading view so that you can see that it feels right to you. This is the trading view at Bitbuy:
Bitbuy Trading fees
Trading fees are naturally very important. Every time you place an order, the exchange charges you a trading fee. The trading fee is normally a percentage of the value of the trade order. Many exchanges charge what we call taker fees, from the takers, and what we call maker fees, from the makers. The takers are the people who “take” orders from the order book. This means that they remove order options from the order book and thereby remove liquidity. Makers are the ones who put the orders on the order book in the first place.
The main alternative to this is to simply charge “flat” fees. Flat fees mean that the exchange charges the taker and the maker the same fee.
At this exchange, they charge 0.26% from takers and 0.16% from makers. These fees are both roughly in line with the global industry average.
Bitbuy Withdrawal fees
Bitbuy charges a withdrawal fee amounting to 0.0005 BTC when you withdraw BTC. This is below the global industry average with almost 40% (the global industry average BTC-withdrawal fee is 0.000812 BTC per BTC-withdrawal). Accordingly, the withdrawal fees here are competitive.
Bitbuy offers CAD fiat currency deposits through wire transfer, Interac E-transfer or through an expedited Express Interac E-transfer. If you for some reason would prefer to deposit to your choice of trading platform via your credit card then you need to find another exchange. Don’t worry though, you can find an exchange that accepts credit card deposits simply by using our Exchange Finder tool.
Security is very important when it comes to crypto exchanges. Primarily due to the following:
- Exchanges store a massive amount of valuable personal info.
- Exchanges handle a lot of cash or crypto deposits and withdrawals.
Bitbuy’s security score is B, when performing the test at Observatory by Mozilla (https://observatory.mozilla.org/). This is far above average and is accordingly a real “feather in the cap” for Bitbuy.
Finally, the exchange reviewed above is what we call an “entry-level exchange”. This means that this exchange also makes it possible for someone to enter the cryptocurrency market with fiat currency. There are numerous entry-level exchanges out there, including (but not limited to):