Since 2014, Canada has ranked among the top countries to dispense regulatory guidelines to govern the adoption of crypto among citizens. One of these laws is that only licensed crypto exchanges should operate in the country. That poses the question: “Which crypto exchange is licensed in Canada?” Bitbuy is the only answer you need.
Founded in 2016, Bitbuy offers an interface for Canadian users to buy, trade, earn, and hold crypto assets. It also features competitive fees, trading tools, staking, and more. These make Bitbuy a top choice for local investors seeking a platform to maximize their earning potential. This article discusses Bitbuy’s top products and how you can join the ecosystem.
What is Bitbuy?
Bitbuy is a Canadian centralized crypto exchange that allows users to buy, sell, hold, trade, and earn cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and others. These digital assets include memecoins, layer-1 coins, DeFi tokens, and NFT-tied cryptocurrencies.
Zooming in on the crypto trading platform’s ownership, Bitbuy is a subsidiary of WonderFi Technologies Inc., a public company listed on the Toronto Stock Exchange, Frankfurt Stock Exchange, and OTCQB. Adam Goldman is the co-founder of Bitbuy.
Bitbuy’s interface is designed to meet the needs of new and advanced traders. Its intuitive user interface allows new investors to seamlessly buy or trade their preferred crypto assets. On the other hand, the platform’s sophisticated trading functionalities enable professional traders to sharpen their trading skills and boost their earnings. Today, over 900,000 Canadians use Bitbuy.
Bitbuy also offers various products, such as staking, private wealth, express trade, and more. As of the time of writing, the exchange plans to include stock trading in its lineup of products.
One of Bitbuy’s selling points is its competitive fee structure. Most crypto exchanges today charge exorbitant fees whenever they want to deposit or withdraw their crypto earnings. According to its fee schedule, the platform offers free deposits. It also implements a 1.5% fee on withdrawals via direct bank deposits and wire transfers. Users can also deposit as low as $20 to begin trading on the centralized exchange.
Core Products of Bitbuy
Here are the leading products that have won the hearts of Bitbuy users:
Express Trade
Bitbuy Express Trade is the crypto exchange’s feature that allows users to convert Canadian dollars (CAD) into cryptocurrencies, such as BTC, ETH, SOL, and others. To access this service, users must create a Bitbuy account, undergo the know-your-customer (KYC) verification, deposit CAD into their accounts through Interac or wire transfer, and select the desired crypto asset. This feature is designed with beginner traders in mind.
Pro Trade
The Bitbuy Pro Trade is the crypto exchange’s trading interface designed for advanced traders. Here, users can trade supported cryptocurrencies denominated in CAD. Traders have access to features such as the limit order, order book, take profit, and stop loss. The trading platform offers users an opportunity to increase their earnings.
Staking
Staking is a feature that allows users to earn passive income by locking their assets in a pool of digital assets to secure the network and create new blocks. Cryptocurrencies that can be staked on Bitbuy offer varying percentage yields, with the highest yield being 12.77%. Users can use the Bitbuy calculator to ascertain the yield they can earn by investing in a particular digital asset over a specific duration. The platform bolsters users’ earnings by compounding staked assets. Users have earned over $1 million CAD through staking alone.
Private Wealth (OTC)
Users seeking to invest $20,000 CAD and above can tap into Bitbuy’s Private Wealth product. Each user will be assigned a personal account manager through the exchange’s over-the-counter (OTC) desk to guide them in making the most out of crypto rates. Private wealth users are entitled to reductions on on/off-ramp fees across deposits and withdrawals in CAD and USD.
Corporate Solutions
If you’re running a business and wish to gain crypto exposure, Bitbuy has got you covered. Over the years, the crypto exchange has enabled over 1,500 businesses to add crypto assets to their balance sheet. These companies cut across various sectors, such as accounting, law, family trusts, family offices, and medical corporations. Businesses are entitled to white-glove support from personal account managers and communication with account professionals.
Mobile App
Canadians can access Bitbuy through its mobile app on Android and iOS devices. Within the app, users can buy, sell, stake, trade, and store their cryptocurrencies. They can also monitor prices through crypto price alerts to capitalize on price movements and potentially increase their earnings.
Why Choose Bitbuy
If you’re still in doubt as to whether you should invest your Canadian dollars in Bitbuy or not, here are various reasons why the crypto exchange is a top choice for investors:
- Nearly a decade of experience: Bitbuy was launched in 2016. Since then, it has rolled out various features that have thrived for years. This also means that the crypto exchange has weathered some of the worst crypto winters in the industry, such as the 2022 market crash, where FTX, Celsius Network, BlockFi, and other crypto-focused companies went bankrupt. With these years of experience, Bitbuy is poised to help its users navigate the hurdles in future crypto winters.
- Primary focus on Canadian audience: Unlike most crypto exchanges that boost their revenue by expanding their business into various countries, Bitbuy keeps its focus solely on the Canadian market. It enables the crypto exchange to offer top-notch services to local traders. For Bitbuy, it is not about the money, but about the quality.
- Competitive fees: Bitbuy attracts users with its 0% charge on deposits and most withdrawals. Users only have to pay a 1.5% charge for transactions involving direct bank deposits and wire transfers. This way, users can retain most of their earnings.
- Regulatory compliance: Bitbuy boasts being the first to secure a regulatory license from the Canadian government to offer crypto in the country. In compliance with Canada’s financial regulations, Bitbuy is registered under the Ontario Securities Commission and the Canadian Securities Administrators. It is also registered with the Financial Transactions and Reports Analysis Centre of Canada.
- Diverse products: Bitbuy offers various products that meet the financial needs of its users. Although it may not look like much, these products have helped over 900,000 Canadian users to join the crypto industry and start earning.
- Intuitive user interface: Bitbuy stands out from its competitors by featuring a user interface that is tailored for new and advanced traders. Whether a user is just starting on their crypto journey or has been in the industry for years, they will find the much-needed guidance and tools they need to navigate the market.
- Zero record of security breach: In nearly a decade of existence, Bitbuy has recorded no security breach. To downsize the risks of losing users’ funds, the crypto exchange secures assets in cold storage (offline) in the custody of licensed entities. Canadian investors are also protected by the Canadian Investment Protection Fund (CIPF) in the eventuality of a security exploit that results in loss of funds. This means that users’ deposits are covered by up to $1 million per account.
Pros
- Regulatory compliance within Canada.
- Attractive fees.
- User-friendly interface.
- Funds secured in cold storage.
Cons
- Limited number of supported cryptocurrencies.
- Bitbuy is unavailable in countries other than Canada.
Conclusion
Bitbuy is your one-stop shop for everything about crypto in Canada. With nearly a decade of market experience and a regulatory license, Bitbuy is poised to bring the most utility to its users. The cryptocurrency exchange’s low fees, staking capability, intuitive user interface, and more have made it a top choice among Canadians.
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