Bitbuy is a Canadian cryptocurrency exchange platform that only admits applications from Canadian residents. Once customers are verified, they can use their Google or Facebook accounts to sign into their Bitbuy trading accounts.
Individual Accounts
Bitbuy conforms with Canada’s KYC (know-your-customer) and AML (anti-money-laundering) regulations. Before you are permitted to trade on Bitbuy, you must first undergo the verification process of the exchange. You have to submit a selfie of yourself holding your Canadian government-issued photo ID as well as a photo of a document verifying that you live in Canada. The process usually takes about 24-36 hours for completion, but it may take up to three business days.
Business Accounts
Even though Bitbuy emphasizes on individuals, the company does permit people to trade, representing a Canadian business. Users must offer proof that they have the authorization to do so and they must give copies of the company’s corporate resolution and articles of corporation. The corporate parent of Bitbuy, First Ledger company, provides various crypto services to businesses. For more details on Bitbuy checked here for useful information.
What Can Be Traded On Bitbuy?
1. Crypto Currencies
Bitbuy is supporting four cryptocurrencies, namely, ethereum, bitcoin, litecoin, and bitcoin cash.
2. Fiat Currencies
The only fiat currency that is supported on Bitbuy is the Canadian dollar.
3. Currency Exchanges
Instead of offering a full trading platform, Bitbuy provides a currency exchange facility. Users can exchange Canadian dollars with any of the four supported cryptocurrencies. Bitbuy peruses the most significant crypto exchanges to locate the best available places and rates to trade in real-time. It is not possible to trade with other Bitbuy users to make direct crypto-to-crypto trades.
Trading fees and tools
Trading Interface
The Bitbuy app has a contemporary and clean user interface, which is designed to provide customers with a smooth and user-friendly platform to buy cryptocurrency. When you select a cryptocurrency, you are taken to the basic market page, which shows the price history.
Mobile App Support
Bit buy does not own a dedicated mobile app, but it has a website that is accessible in mobile browsers.
Withdrawals And Deposits
Fiat currencies – Bitbuy only supports Canadian dollars. Deposits can be made via a wire transfer, Flexepin or Interac. No fees are charged for dollar deposits. Withdrawals can be made with an Interac or wire transfer or via direct bank transfer. The prices are charged at 1.75% for electronic bank transfers and Interac and 3% for expedited bank transfers, which are the most pricey, but such a transfer concludes within two business days. For smaller withdrawals, you can use Interac electronic transfers that take 24 hours to conclude.
Transaction Fees
The trading fees for Bitbuy are 0.5% on sales and 0.75% for purchases. The fees are relatively expensive compared to other Canadian exchanges. NDAX charges only for market takers, and in such a case, the fee is only 0.3%. Einstein Exchange has a flat fee of 0.25% while QuadrigaCZ only charges a 0.5% fee.