By: Alex Dabek

Last Updated: Jun 18, 2021

If you use a NowFuture link, we may earn a commission. See our ethics statement.

3.4

NowFuture Rating:

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.

Bitbuy Overview

Overall:

3.4

Coins Available (7):

BTC, ETH, XRP, BCH, LTC, XLM, EOS

Fees:

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

Funding Methods:

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

  • Relatively tight spreads
  • 0.1% Maker, 0.2% Taker fees or 0.20% for express trade
  • Nice interface with multiple order types
  • Suitable for beginner and intermediate investors
  • 1.50% deposit and withdrawal fees for e-transfers
  • Low reviews on Google Play app

Screenshots:

Bitbuy vs. the Competition

How I Tested This

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.

Header
Bitbuy Exchange
Newton Exchange

Coins Offered

7

9

2

Best Funding Fee

1.50%

Free

Free

Fastest Deposit Time

0-6 hours

5-30 minutes

Almost instant

Best Trading Fee

0.1% Maker

0.2% Taker

0%

0%

Spread

0.79%

1.27%

2.54%

BTC Buy Price

$62,427

$62,486

$62,945

BTC Sell Price

$61,938

$61,701

$61,387

Reference Price Difference

Buy: +0.59%

Sell: -0.19%

Buy: +0.69%

Sell: -0.58%

Buy: +1.43%

Sell: -1.09%

Reference Price

$62,058

$62,058

$62,058

Crypto Withdrawal Fees

0.00025 BTC

First $5 of network fees are covered

Free

Promotion

$20 free when you deposit $250

$25 free when you trade $100

$30 free when you trade $100

Best Purchase Fee

2.29%

0.69%

1.43%

Cell


This data was recorded March 01, 2021

Bitbuy Fees

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.

More Info

About Bitbuy

According to Google, Bitbuy was founded in 2016 and is based in Toronto, Canada. Bitbuy markets themselves as an easy to use platform for Canadians whether you're a beginner or experienced trader. Their platform can be accessed via their website as well as an iOS and android app.

Funding and Withdrawals

Bitbuy Deposits and Withdrawals

Screenshot taken Apr 30, 2021

Is Bitbuy Safe?

Based on the info available online, I think Bitbuy is as safe as any other Canadian exchange. Bitbuy is a regulated company in Canada and they have a 95% cold storage policy. Also, since being founded in 2016, they have never been hacked or lost users funds.

On the user side, Bitbuy offers multiple 2 factor authentication options. Bitbuy also allows you to withdrawal your crypto if you don't feel comfortable storing it on their platform. Bitbuy appears safe but there will always be some 3rd party risk when using an exchange. The best way to secure your crypto is to use a hardware wallet like the Ledger Nano.

Bitbuy Exchange
  • Tight spreads and low trading fees
  • 1.50% e-transfer fee in and out
  • Get $20 when you deposit $250
Newton Exchange
  • Fast funding and super low fees
  • Buy/Sell 9 cryptocurrencies
  • Get $25 free when you trade $100

Just Starting With Crypto?

Join our newsletter to shorten your learning curve, find the best products, and more. It's free!

You May Also Like...