If you’ve been paying attention to the Canadian cryptocurrency scene for more than five minutes, you’ve probably heard of Bitbuy. It’s one of those names that seems to have been around forever—or at least, as long as "forever" can be in the crypto world.
I remember when Bitbuy first popped up around 2016. Back then, the Canadian market was... let’s just say it was the Wild West. We had exchanges disappearing, funds getting stuck, and a general sense of "fingers crossed" every time you hit the send button. Bitbuy was part of that early wave trying to legitimize things.
Fast forward to 2026, and the landscape is totally different. We aren't just looking for a place to buy Bitcoin anymore; we're looking for platforms that won't implode. We want regulation. We want insurance. And, ideally, we don't want to pay ridiculous fees for the privilege.
In this deep-dive review, I’m going to tear apart Bitbuy.ca. I’ve used the platform extensively, from its basic Express interface to the more complex Pro charts. I’ll walk you through the fees (the real ones, not just the marketing fluff), the staking rewards, and the heavy-duty security that they claim makes them the safest bet in Canada.
Is it perfect? No. Is it the right choice for you? Maybe. Let's figure that out.
The Big Picture: What is Bitbuy?
First off, a bit of housekeeping. Bitbuy is a Toronto-based cryptocurrency exchange. It’s not a broker (like Wealthsimple, initially) but a full-fledged marketplace. This is a crucial distinction we'll get into later.
In recent years, Bitbuy was acquired by WonderFi, a massive player in the Canadian decentralized finance space backed by names like Kevin O'Leary. While acquisitions can sometimes make users nervous (corporate overlords and all that), in this case, it seems to have cemented Bitbuy's position as a pillar of the Canadian industry rather than a scrappy startup.
They serve over 400,000 Canadians and have facilitated billions in trades. But stats are boring. What matters is that they were the first Canadian crypto trading platform to become regulated as a marketplace by the federal government. That’s the headline.
Is Bitbuy Safe? Legitimacy and Regulation
Let’s be honest. This is the only section that really matters. If an exchange isn't safe, I don't care if they pay me to trade there.
Bitbuy’s main selling point is its regulatory status. They aren't just operating in a grey area; they have leaned hard into compliance.
The CIRO Seal of Approval
Bitbuy is a registered Money Services Business (MSB) with FINTRAC. That’s the baseline requirement these days. But they went a step further. They are a member of the Canadian Investment Regulatory Organization (CIRO), formerly known as IIROC.
Why should you care? Because CIRO regulates investment dealers. It means Bitbuy has to adhere to strict capital requirements, operational audits, and ethical standards similar to what your traditional stockbroker follows. When you trade on Bitbuy, you are trading on a platform that the government is actually watching.
Cold Storage and Asset Backing
"Not your keys, not your coins," right? It’s the golden rule. But if you are going to leave your coins on an exchange (and let's face it, many people do for convenience or staking), you want to know they aren't sitting in a hot wallet connected to the internet.
Bitbuy claims that 95% to 99% of all digital assets are kept in cold storage. They use custodial partners like BitGo and Knox. These aren't just USB sticks in a safe; these are institutional-grade custodians with comprehensive insurance policies.
If Bitbuy gets hacked, the cold storage funds are theoretically untouchable. And importantly, Bitbuy states they practice 1:1 asset backing. They don't lend out your Bitcoin to other traders or risky DeFi protocols unless you explicitly opt into a specific earning product that states otherwise (and even their staking is done on-chain, not via lending). Your Bitcoin is your Bitcoin.
Account Setup and Verification (KYC)
I’ll warn you now: signing up for Bitbuy isn't like signing up for a burner email address. Because of that heavy regulation I just praised, their Know Your Customer (KYC) process is rigorous.
When I set up my account, I had to provide:
- Full legal name.
- Current Canadian address.
- Date of birth.
- A selfie and a photo of my government ID (Driver’s License or Passport).
It feels a bit intrusive, I know. I always hesitate for a second before uploading my passport to the cloud. But in Canada, if an exchange doesn't ask for this, run the other way. It means they aren't compliant.
The good news? It’s usually automated. My verification went through in about five minutes. They use third-party identity verification software (like Trulioo) that matches your details against credit file databases instantly. If the auto-check fails, you might have to wait a day for manual review, which is a pain, but it happens.
Pro Tip: Make sure your address matches exactly what’s on your bank statement and ID. If you’ve moved recently and haven't updated your license, you’re going to hit a wall.
Bitbuy Features: Express vs. Pro Trade
This is where things get interesting—and where most people get confused about fees. Bitbuy essentially offers two different platforms under one roof.
1. Express Trade
This is the default view. It’s designed for your grandmother. Or your friend who just wants "some Dogecoin" and doesn't care about candlestick charts.
The interface is incredibly simple. You see a Buy button and a Sell button. You pick your coin, enter the dollar amount, and click go.
The Catch: Convenience costs money. Express Trade doesn't charge a commission in the traditional sense, but the fees are often baked into the spread or charged as a flat percentage (usually around 0.2% on top of a spread). It’s not the most efficient way to trade. If you are buying $100, it’s fine. If you are buying $10,000, please don't use Express Trade.
2. Pro Trade
Click the toggle to Pro, and suddenly you feel like a Wall Street trader. You get the order book, the depth chart, the recent trade history, and all the tools.
This interface connects you directly to Bitbuy’s marketplace. When you buy here, you are buying from another user selling, not just from Bitbuy’s liquidity pool.
- Maker vs Taker: If you place a Limit Order (saying "I will only buy Bitcoin if it drops to $90,000"), you are a Maker. You add liquidity to the book.
- Taker: If you place a Market Order ("Give me Bitcoin right now at whatever price"), you are a Taker.
Using Pro Trade is significantly cheaper. It might look intimidating with all the flashing numbers, but learning to set a Limit Order is a skill that will save you thousands of dollars over your lifetime.
3. Bitbuy Private Wealth (OTC)
I haven't used this personally (I wish my portfolio was that big), but for those moving $25,000 or more, Bitbuy offers an Over-The-Counter (OTC) desk. Basically, you get a dedicated account manager so you don't crash the price of Bitcoin by dumping a million dollars on the open market at once.
Bitbuy Staking: Earning Passive Income
Staking was a grey area in Canada for a long time, but Bitbuy was one of the first to offer it fully regulated.
Here’s how it works: You hold assets like Ethereum (ETH), Solana (SOL), Polkadot (DOT), or Polygon (MATIC) in your Bitbuy wallet. You click Stake. Bitbuy pools your assets with others and participates in the network's validation process.
The Yields:
- Ethereum: Usually ranges between 3-4%.
- Solana: Can be higher, around 5-6%.
- Polkadot: Often sees high rates, sometimes 10%+.
- Note: These change constantly based on the network.
The Risk: There is always a risk. Slashing (a penalty from the network if a validator messes up) is a real thing in crypto. However, Bitbuy uses high-quality validators to minimize this. Also, while your coins are staked, there is usually an "unbonding" period. You can't just sell your SOL instantly if the market crashes; you might have to wait 2-3 days for it to unstake.
Is it worth it? If you are holding long-term anyway, absolutely. It’s free money. Just be aware of the lock-up times.
The Fee Structure: Let's Talk Numbers
Okay, grab your calculator. This is the part that usually hurts.
Deposit Fees
- Interac e-Transfer: 0%.
- This is huge. Most of us fund with Interac. Minimum deposit is usually $50. It’s almost instant (within 30 mins).
- Wire Transfer: 0%.
- Great for large amounts, but your bank might charge you to send it.
- Crypto Deposit: 0%.
Withdrawal Fees
Here is where Bitbuy used to get a lot of flak, but they have improved.
- Interac e-Transfer Withdrawal: Usually 1.5% or sometimes free depending on the promotion. Wait, let me correct that based on the latest 2026 data. Historically, Bitbuy charged 1.5% for withdrawals. Recently, they have been pushing free withdrawals via Interac to compete with Wealthsimple. However, always check the current dashboard. If the 1.5% fee is active, it’s a pain point. If it’s free, they are top-tier.
- Wire Withdrawal: 1.5%.
- Crypto Withdrawal: Dynamic. You pay the network fee (mining fee) plus a small markup. It’s not the cheapest for withdrawing small amounts of BTC, but it’s standard.
Trading Fees (The Important Part)
- Pro Trade Maker Fee: 0.10%.
- Pro Trade Taker Fee: 0.20%.
This is very competitive. For comparison, Wealthsimple builds a spread of roughly 1.5% to 2% into their price. If you buy $1,000 of Bitcoin on Wealthsimple, you lose about $15-$20 instantly to the spread. If you buy $1,000 of Bitcoin on Bitbuy Pro (Limit Order), you pay $1.00 in fees.
See the difference? $1 vs $20. That is why I always tell people to learn how to use the Pro interface.
Bitbuy vs. The Competition
Canada has a few good options now. How does Bitbuy stack up?
Bitbuy vs. Wealthsimple Crypto
Wealthsimple is the king of convenience. It’s the same app where you keep your TFSA and RRSP. It’s beautiful, easy, and trusted.
- Winner for Fees: Bitbuy. Wealthsimple’s 1.5%+ operational fee is steep for frequent traders.
- Winner for Ease of Use: Wealthsimple.
- Winner for Selection: Wealthsimple. They list way more "memecoins" and altcoins than Bitbuy.
- Verdict: Use Wealthsimple if you just want to buy $50 of crypto and hold it for 10 years. Use Bitbuy if you plan to trade or invest significant amounts and want to save on fees.
Bitbuy vs. Newton
Newton is a "no-fee" brokerage (spread-only).
- The Math: Newton’s spread is usually around 0.6% to 0.8%. Bitbuy Pro is 0.1% to 0.2%.
- Verdict: Bitbuy is cheaper if you use Pro Trade. Newton is cheaper than Bitbuy Express Trade. Newton has had some reliability issues in the past during high traffic, whereas Bitbuy’s uptime has been solid.
Bitbuy vs. Kraken
Kraken is a global giant with a Canadian presence.
- Verdict: Kraken has deeper liquidity and more advanced features (like futures, though restricted in Ontario). However, funding Kraken with CAD can sometimes be trickier or slower than the seamless Interac integration Bitbuy has. Bitbuy feels more "native" to the Canadian banking system.
User Experience and Mobile App
I’ve got the Bitbuy app on my iPhone. It’s... fine.
Honestly, it gets the job done. It’s clean, it loads relatively fast, and it has biometric login (FaceID). You can switch between Express and Pro modes in the app, which is a nice touch that wasn't there a few years ago.
However, charting on mobile is always a nightmare, and Bitbuy is no exception. If I’m doing technical analysis, I’m sitting at my desktop. The app is great for checking your portfolio while you’re in line for coffee or making a quick panic-buy when the market dips, but don't expect a Bloomberg terminal in your pocket.
One gripe: I’ve found the app logs me out more often than I’d like. Security feature? Probably. Annoying? Definitely.
Pros and Cons
Let’s break it down simply.
Pros:
- Regulation: CIRO member and FINTRAC registered. Top-tier safety.
- Fees: Extremely competitive 0.1% Maker fees on Pro Trade.
- Staking: Regulated earning on major assets like SOL and ETH.
- CAD Native: Free Interac deposits.
- Support: They actually have a support team you can reach (though email is faster than chat).
Cons:
- Coin Selection: They list the majors (BTC, ETH, SOL, MATIC, etc.), but if you are looking for the latest obscure AI coin, you probably won't find it here.
- Withdrawal Fees: If the 1.5% CAD withdrawal fee applies to your tier, it stings.
- Complexity: The split between Express and Pro can be confusing for total newbies.
FAQ: Questions I Get Asked a Lot
Is Bitbuy insured? Yes and no. Your CAD balance isn't CDIC insured (like a bank account), because crypto exchanges aren't banks. However, the crypto held in cold storage is insured by their custodians (BitGo/Knox) against theft or hack of the storage itself. It’s as good as it gets in this industry.
How do I withdraw money from Bitbuy? It’s easy. Go to Wallets, select Canadian Dollar, and choose Withdraw. You can send an Interac e-Transfer back to your bank email. In my experience, it usually lands in my bank account within 1-2 hours, sometimes instantly.
Is Bitbuy better than Coinbase for Canadians? In my opinion, yes. Coinbase is great, but their fees for Canadians can be high, and the CAD funding options aren't always as smooth as Bitbuy’s Interac integration. Plus, Bitbuy’s servers and operations are domestic.
Conclusion: Who is Bitbuy For?
After poking around Bitbuy for years, my verdict is this: Bitbuy is the "Adult in the Room."
It’s not the flashiest exchange. It doesn't have a cute dog mascot. It doesn't promise you will get rich overnight. But it works. It’s legally compliant, it’s secure, and if you take ten minutes to learn the Pro interface, it’s one of the cheapest places to buy Bitcoin in Canada.
You should use Bitbuy if:
- You are a Canadian resident.
- Security and regulation are your top priorities.
- You are investing more than $500 and want to avoid high spreads.
- You want to stake your assets in a regulated environment.
You might look elsewhere if:
- You want to trade hundreds of obscure altcoins (Try Kraken or international exchanges).
- You want zero-fee trading and don't care about spreads (Try Newton, though the math often favors Bitbuy).
For 2026, Bitbuy remains a top-three contender in the Canadian market. It’s the reliable workhorse of my portfolio, and for most Canadians, that’s exactly what is needed.
