The Bottom Line: Bitbuy offers 7 coins, relatively tight spreads (0.79%), and low trading fees (0.1%/0.2% maker/taker), however it's the most expensive Canadian exchange for CAD deposit and withdrawal fees (1.50% e-transfer fee). The user interface is well designed with beginner and pro features however you can't avoid the expensive deposit fees unless you fund your account with crypto.
Coins Available (7):
BTC, ETH, XRP, BCH, LTC, XLM, EOS
Spread: 0.79% (On March 01, 2021)
Trading Fees: 0.1% Maker, 0.2% Taker
CAD Deposit/Withdrawal Fees: 1.50%
Crypto Withdrawal Fees: 0.00025 BTC
Interac e-Transfer: 0-6 hours (1.50% fee in and out)
Wire Transfer: 2-3 business days (0.50% fee $20k min.)
Pros & Cons
Bitbuy vs. the Competition
I reviewed 7 crypto exchanges at the exact same time to see how they compare in price and features. For the reference price, I used Google's price of Bitcoin (which takes data from Coinbase). This reference price was the baseline to compare all exchanges fairly. I then opened every platform at the same time to record the data.
Best Funding Fee
Fastest Deposit Time
Best Trading Fee
BTC Buy Price
BTC Sell Price
Reference Price Difference
Crypto Withdrawal Fees
First $5 of network fees are covered
$20 free when you deposit $250
$25 free when you trade $100
$30 free when you trade $100
Best Purchase Fee
This data was recorded March 01, 2021
Overall, Bitbuy is on the expensive side. Most of their fees are normal like their trading fees, spread, and crypto withdrawals. However, they charge a 1.5% fee to e-transfer money in and out of the platform which makes it expensive overall.
After testing 11 exchanges, Bitbuy ranked 8th most expensive for buying Bitcoin as cheaply as possible. The total purchase fee was 2.29% when you factor in all fees. That's mainly because of the 1.50% fee just to deposit money onto the platform. To compare, NDAX was the cheapest Canadian exchange with only a 0.50% total purchase fee, more than 4x cheaper.
Where Bitbuy Shines:
Features: Bitbuy has a Pro Trade, Express Trade, OTC desk, instant verification, a well designed interface, and more. Their features are competitive with any of the other Canadian crypto exchanges and the platform works great on web and mobile.
Good Spread and Trading Fees: Out of 11 exchanges I tested, Bitbuy had the 5th best spread at 0.79% and their trading fees are 0.1% maker, 0.2% taker.
Where Bitbuy Falls Short:
CAD Deposit and Withdrawal Fees: Unless you are depositing crypto, you must pay fees to get money in and out of the Bitbuy platform. This is generally free across the industry but Bitbuy charges 1.50% for e-transfers coming in and out. You can do wires for 0.50% however it's a $20k minimum which isn't applicable for most people.
Is Bitbuy Right For You?
Bitbuy is a good platform depending on your needs. They have a variety of order types, 7 coins, and tight spreads, but overall, it's the 8th most expensive out of 11 exchanges for buying Bitcoin as cheaply possible. Their platform is also suitable for beginners and intermediate investors. However, if you're looking for the best prices to buy Bitcoin, Newton and NDAX are the cheapest overall.
- Tight spreads and low trading fees
- 1.50% e-transfer fee in and out
- Get $20 when you deposit $250
- Fast funding and super low fees
- Buy/Sell 9 cryptocurrencies
- Get $25 free when you trade $100