| Aspect | Information |
| Company Name | bitbuy |
| Registered Country/Area | Canada |
| Founded year | 2016 |
| Regulatory Authority | FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) |
| Numbers of Cryptocurrencies Available | 7 |
| Fees | Trading fees: 0% - 2% (based on trading volume) |
| Payment Methods | Interac e-Transfer, Bank Wire, Express Interac e-Transfer |
Overview of bitbuy
Bitbuy is a Canadian virtual currency exchange platform that was founded in 2016. It is registered in Canada and operates under the regulatory authority of FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). The platform offers a total of 7 different cryptocurrencies for trading.
In terms of fees, Bitbuy charges trading fees ranging from 0.2% to 0.5%, depending on the trading volume. Users can choose from various payment methods including Interac e-Transfer, Bank Wire, and Express Interac e-Transfer.
Pros and cons
| Pros | Cons |
| Wide range of payment methods | Limited number of cryptocurrencies available for trading |
| Responsive customer support | Trading fees can be high for low-volume traders |
| Exceeded regulation status |
Security
Bitbuy prioritizes the security of its users' funds and personal information. The platform implements various protection measures to ensure a secure trading environment.
One of the key security features is two-factor authentication (2FA), which adds an extra layer of protection to user accounts by requiring a second verification step, usually through a mobile device. This helps to prevent unauthorized access to accounts even if a password is compromised.
Bitbuy also utilizes cold storage for the majority of user funds. Cold storage refers to offline wallets that are not connected to the internet, making them less susceptible to hacking attempts or online threats. This adds an additional layer of protection to users' funds by minimizing exposure to potential security breaches.
Cryptocurrencies Available
Bitbuy offers a total of 7 different cryptocurrencies for trading. These include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), and Chainlink (LINK).
How to open an account？
The registration process for Bitbuy is straightforward and can be completed in just a few steps:
1. Visit the Bitbuy website and click on the “Sign Up” button to begin the registration process.
2. Enter your email address and create a secure password for your account. Make sure to choose a strong password that includes a combination of letters, numbers, and symbols.
3. Verify your email address by clicking on the verification link sent to your email inbox. This step is necessary to confirm the ownership of the email address and activate your account.
4. Provide your personal information, including your full name, date of birth, and residential address. Bitbuy requires this information to comply with regulatory requirements and to verify your identity.
5. Complete the verification process by uploading a valid government-issued identification document, such as a driver's license or passport. This document will be used to confirm your identity and ensure compliance with anti-money laundering (AML) and know your customer (KYC) regulations.
6. Once your account and identity are verified, you can proceed to deposit funds into your Bitbuy account and start trading cryptocurrencies.
Fee
Bitbuy charges a maker-taker fee structure for trading cryptocurrencies. This means that you pay a different fee depending on whether your order is filled (maker) or takes the order of someone else (taker).
- Maker fees: are paid when you create an order that is not immediately filled. This type of order adds liquidity to the market, so it is rewarded with a lower fee. The average maker fee at Bitbuy is 2%.
- Taker fees: are paid when you create an order that immediately fills an existing order. This type of order takes liquidity away from the market, so it is charged a higher fee. The average taker fee at Bitbuy is 2%.
The detailed fees vary from different tiers and trading volume. You can refer to the following charts :
| Tiers | Trading Volume | Maker fee | Taker fee |
| Tier 4 | $5m + | 0% | 0.10% |
| Tier 3 | $1m - $5m | 0.15% | 0.25% |
| Tier 2 | $250k - $1m | 0.50% | 0.75% |
| Tier 1 | < $250k | 2% | 2% |
Payment Methods
Bitbuy offers users a variety of payment methods to deposit funds into their accounts. These payment methods include Interac e-Transfer, Bank Wire, and Express Interac e-Transfer.
Interac e-Transfer is a popular payment method in Canada that allows users to transfer funds directly from their bank accounts to their Bitbuy accounts. Bank Wire transfers are also available for users who prefer to make direct wire transfers from their bank accounts. Express Interac e-Transfer is a faster option for Interac e-Transfers, which allows for quicker processing times.
The processing time for deposits may vary depending on the payment method. Interac e-Transfer deposits are usually processed within a few minutes, while Bank Wire transfers can take one to two business days to be credited to the user's account. Express Interac e-Transfer deposits have faster processing times, typically within two hours.
Details:
Bitbuy supports a variety of deposit methods, including:
- Interac e-Transfer: Free for amounts up to \$50,000. A 1.5% fee applies for amounts over \$50,000.
- Bank wire: \$25.
- Cryptocurrency: Free.
Withdrawal Methods
Bitbuy supports a variety of withdrawal methods, including:
- Interac e-Transfer: Free for amounts up to \$10,000. A 1.5% fee applies for amounts over \$10,000.
- Bank wire: \$25.
- Cryptocurrency: Free.