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Bitbuy – Buying Crypto in Canada made easy

Anjali Sriniwasan

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Source: Bitbuy

The crypto-market has seen an upsurge of investors, traders, and media attention all over the world, and this has resulted in many exchanges and trading platforms emerging everywhere.

While the USA has been home to one of the world’s biggest crypto markets, Canada’s emerging market has seen over 112% growth in its potential traders in 2020.

It is in the background of such growing interest that Bitbuy has established itself as a trusted cryptocurrency exchange in Canada ever since its launch in 2013. Initially launched as InstaBT, the company rebranded to Bitbuy once it started to widen its operations allowing users to buy, sell, withdraw, and deposit cryptocurrencies on mobile and desktop sites using a single screen interface with one view.

Bitbuy’s mission is to provide users in Canada easy access to Over-the-Counter, brokerage, and advanced trading options.

Revamping the platform 

Source: Bitbuy

Catering to the needs of its expansive audience, Bitbuy is also set to revamp its platform soon. Along with changing the look and feel of the platform, several other features are being improved and introduced such as,

  • Quicker and completely automated sign-up and onboarding process
  • New “username” option for a faster login experience
  • Newly introduced Gold account status
  • More cryptocurrencies on the platform
  • An improved CAD funding flows with instant e-Transfers
  • Simplistic yet chic User Interface
  • Enhanced 2-Factor-Authentication options catering to user’s preferences

Comparatively lower fees

A major flaw of any centralized crypto exchange that supports fiat currencies is high deposit fees. Depending upon the type of transaction (bank Wire or Interac e-transfer), Bitbuy provides users 0.50% to 1.50% of fees while depositing or withdrawing Canadian Dollars.

While there are a number of exchanges that cater to only one segment of the market, Bitbuy has two types of services – Express Trade and Pro Trade, which are suited for both crypto-beginners and more advanced traders.

Source: Bitbuy Pro Trade Preview

Pro Trade allows traders to perform trades on the advanced trading platform at a cheaper rate, a maker fee of 0.1% and a taker fee of 0.2% are charged for buying and selling cryptocurrencies, which are extremely low in comparison to other platforms.

This option is for advanced traders who want in-depth market analysis, advanced orders (stop-loss and limit), and live order books.

Source: Bitbuy Express Trade

Using the Express option, a 0.2% fee would be charged for buying every CAD/Crypto trade. Beginners and amateur traders would find this option helpful since it focuses on a simple view, without any distracting tools or data. Bitbuy also has OTC services available for trading large amounts and also the option of a corporate account as well.

Besides this, the Bitbuy wallet also shows a user all their holdings across currencies. According to Bitbuy, the platform holds 95% of its users’ funds in cold storage to enhance security and as mentioned earlier, the newly updated website comes with even more optimized security and more 2-Factor-Authentication options.

Strong security measures

Security is one of the most important factors any user considers while choosing a cryptocurrency exchange platform, and Bitbuy has worked towards establishing itself as one of the most secure platforms in Canada.

One of the first measures to ensure that a user’s identity isn’t stolen is created on the platform by asking a user to confirm their identity while signing up. KYC is used for this purpose. Bitbuy also has an internal ‘user feedback’ chat option to take user’s opinions to consistently improve the services on their platform.

It is also important to note that Bitbuy is registered with FINTRAC (Financial Transactions and Report Analysis Center of Canada), which is a government body responsible for facilitating detection, prevention, and deterrence of money laundering, terrorist activity financing, and other threats of security to the state. They also have a privately maintained codebase.

Since it is registered as an MSB, Bitbuy also follows obligations under the PCMLFTA [Proceeds of Crime (Money Laundering) and Terrorist Financing Act]. Bitbuy, being a centralized cryptocurrency exchange, secures the assets of all its users using hardware wallets.

A smoother CAD flow

Buying any cryptocurrency using fiat money is the easiest way to obtain it and while not all exchanges have the option of buying crypto with fiat, Bitbuy offers its users this service.

Since the platform is created exclusively for Canada, users can choose to buy any cryptocurrency from the available options (BTC, ETH, EOS, BCH, XRP, XLM, and LTC) on the platform with fiat.

Source: Bitbuy

The new update aims to make this process quicker with instant e-Transfers. With the introduction of new coins such as LINK and AAVE, Bitbuy is also keeping up with the prevailing market trends while catering to its expansive demographic of users.

Regular Proof-of-Reserve audits

Bitbuy has remained dedicated to providing its users with a transparent and safe platform and takes various steps to ensure this. Conducting regular Proof-of-Reserve audits as part of its mission towards building trust with its customers.

The regular Proof-of-Reserve audits conducted by a third party include all aspects of their business including cold storage, security practices, and team background checks.

Knox’s partnership for a secure wallet

As mentioned previously, Bitbuy takes its security very seriously. One of the measures taken by Bitbuy to make sure the Bitcoins in the wallets of its users are safe is to insure them.

A partnership with Knox makes sure that these holdings are stored in an offline wallet. Furthermore, it is also insured to cover the full price of the assets. Bitbuy is the only Canadian exchange to offer 1:1 BTC insurance.

One of the most significant threats faced by any centralized exchange is hacks, and Bitbuy tackles this by using the 2-Factor-Authentication protocol which is the industry standard.

When a user creates their Bitbuy account, they are given a built-in wallet with the account itself. The user does not have to worry about going through the hassle of creating a wallet separately.

Conclusion

Bitbuy has built itself as an established name in the Canadian crypto world over the past few years. With Pro and Express trading options, competitively low trading fees, and a Knox secured wallet, Bitbuy offers its users an array of services catering to both the amateur and the professional traders through not just their desktop site but also their mobile application. Bitbuy also offers a ‘Trade on the go’ option, available on their app which allows the users to carry out trades easily on their phones.  

The new update aims to build upon this foundation and provide an improved and more user-friendly experience to its audiences.

So, wait. What are you waiting for? Are you a Canadian citizen? Well, hop on and sign up!

Source: Bitbuy

Disclaimer: This is a paid post and should not be considered as news/advice


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Anjali is currently pursuing her Masters, specializing in Mass communication, and journalism. As a crypto-journalist, her interests lie in blockchain technology adoption across emerging economies.