Overview
Bitbuy is a Canada-based centralized crypto exchange founded in 2016 and relaunched in 2018. It operates under strict Canadian regulation, offering spot trading, staking, OTC and advanced features. The platform supports fiat-to-crypto access, regulated compliance, and is considered one of the most transparent and secure exchanges in Canada, though user support reviews are mixed.
Bitbuy - Canada’s First Fully Regulated Crypto Marketplace
Bitbuy operates under Canadian regulatory oversight as a CIRO-regulated crypto asset trading platform and restricted dealer, registered with the Ontario Securities Commission and Canadian Securities Administrators. In December 2021 it became the first Canadian crypto platform recognized as a regulated marketplace, enabling direct order matching on its books and eliminating hidden spreads. It also holds FINTRAC registration as a money services business.
Platform Experience and Features
Bitbuy offers two trading modes: Express Trade for beginners and Pro Trade with advanced tools, charting and full order-book access. The platform supports spot trading, staking, an OTC desk for large trades, and services for institutional clients. It lists around 45–60 cryptocurrencies and keeps adding new assets. Fiat support includes CAD deposits through Interac e-Transfer or bank wire, which are free, while withdrawals carry fees around 1.5 percent for e-Transfer or wire. The platform aims to combine simplicity for retail users with tools for more advanced traders.
Fees, Liquidity and Volume
Express users pay a flat 0.20 percent fee per trade. Pro users benefit from tiered maker/taker fees starting around 0.10 percent maker and 0.20 percent taker depending on volume. Liquidity on CAD pairs is deep, and Bitbuy reports strong order book access for both retail and institutional flows. Weekly volumes reach into the seven-figure range, ensuring smooth trading for most users.
Security and Custody
Security is one of Bitbuy’s strongest points. Over 90 percent of user assets are held in insured cold storage, backed 1:1 by reserves. Since 2019 the platform has undergone annual Proof of Reserves audits, consistently maintaining more than 97 percent cold-storage ratio. Two-factor authentication is mandatory, and the exchange holds insurance coverage for both hot and cold wallet assets.
Reputation and Customer Trust
Bitbuy is praised for its transparency and regulatory compliance. However, its Trustpilot rating is low, around 1.6 out of 5, with over half of reviews giving the lowest score. Complaints often mention poor customer service, account restrictions and difficulties withdrawing cryptocurrencies. Some users describe long delays and unresolved support tickets. Others, especially in app reviews, report positive experiences, highlighting easy CAD purchases and transparent pricing. Opinions remain divided between those valuing its regulation and those frustrated by operational issues.
Pros and Cons
- Pros: Fully regulated under Canadian financial authorities; Cold storage with insurance and audited reserves; Transparent fees and two trading modes; Deep liquidity in CAD markets; Fiat on- and off-ramps through Interac e-Transfer and bank wire.
- Cons: Poor customer service according to many reviews; Reports of restricted or delayed crypto withdrawals; Services limited mainly to Canadian residents; Higher fees for low-volume traders under Pro model.
Who Should Choose Bitbuy
Bitbuy suits Canadian residents looking for a compliant, secure and locally regulated platform with fiat-to-crypto access. Beginners can use Express Trade, while advanced users benefit from Pro Trade. Institutional clients also have access to OTC services and deeper liquidity. However, those outside Canada or traders who prioritize flawless support and unrestricted crypto transfers may find the platform limiting.
Final Verdict
Bitbuy stands out as Canada’s first regulated crypto marketplace, delivering transparency, secure custody and local fiat support. It remains a strong choice for users seeking a safe and compliant exchange within Canada. Yet, recurring complaints about customer service and withdrawal flexibility mean it is best suited to users who can accept these trade-offs while benefiting from its regulatory protection and deep CAD liquidity.