Bitbuy Review 2026

Canada is known for its strict crypto regulations, and this Bitbuy review covers everything you need to know about this trading platform. Founded in 2016 in Toronto, Bitbuy is a regulated crypto exchange for beginners and experienced traders, with over 900,000 users and $7 billion in processed volume.

If you're wondering, "Is Bitbuy legit?" the answer is yes. It holds marketplace and restricted dealer registrations, offers insured cold storage, and has never been breached, but a lot of customers are complaining about trading fees.

It is best suited for Canadians who want a secure crypto exchange with smooth local banking integration, though its coin selection and the lagging customer support may not satisfy everyone.

BitBuy Review: Pros and Cons

Pros

• Fully regulated in Canada with restricted dealer, marketplace, and FINTRAC registrations, giving you a level of oversight that very few domestic exchanges can match.
• Clean, no-hassle track record with zero security breaches, annual Proof of Reserves audits, and 1:1 backing of all customer funds through an insured custodian.
• Two trading modes under one account allow you to start simple with Express Trade, and move into Pro Trade with TradingView charting whenever you are ready.
• Seamless integration with Canadian banking, including free deposits via Interac e-Transfer and support for Apple Pay, debit, and credit card funding.
• Staking is available on select coins with auto-compounding and no lockup periods on Bitbuy's end, making it easy to start earning without extra steps.

Cons

• The coin selection sits at around 60 tokens, which is far smaller than what global exchanges offer, and some listed coins are limited to trading only without deposit or withdrawal support.
• Trading fees start at 0.50% on Pro Trade, and spreads on Express Trade can reach up to 1.85%, which means Bitbuy doesn't quite qualify as a low-fee crypto exchange for frequent traders.
• No live chat or phone support means you are limited to email tickets, which can lead to frustrating wait times during busy periods or when dealing with complex account issues.
• The platform is restricted entirely to Canadian residents, and you cannot access your account from outside the country, which is a dealbreaker for users who travel often.

BitBuy Exchange Background and Reputation

No crypto exchange review is complete without looking at the company behind it. Bitbuy has a very interesting background and security track record.

Company Overview

Bitbuy is a Canadian-owned crypto exchange headquartered in downtown Toronto. It was launched in 2016 with the goal of giving Canadians an easier way to buy Bitcoin and other cryptocurrencies. The platform originally started under the name Monitex Inc., co-founded by Tommy Dolan, Ademar Gonzalez, Adam Goldman, and Jeremy Murray.

A major turning point came in March 2022, when WonderFi Technologies acquired First Ledger Corp., Bitbuy's parent company, in a deal valued at approximately C$206 million. At the time of the acquisition, Bitbuy had over 400,000 registered users and more than $455 million in custody.

Since then, Bitbuy has continued expanding its user base by absorbing client accounts from other exchanges exiting the Canadian market, including over 110,000 accounts from Bitstamp in April 2024. As of that acquisition, WonderFi's combined user base topped 1.75 million registered Canadians, with over $1.5 billion in custody.

Today, Bitbuy operates as a wholly owned subsidiary of WonderFi and remains one of the top cryptocurrency platforms in Canada by volume.

Regulation & Licensing

Bitbuy is one of the most tightly regulated crypto platforms in Canada. In December 2021, it became the first (and at the time, only) crypto trading platform in the country to be regulated as a marketplace, on top of its existing registration as a restricted dealer. This dual registration is significant because it means Bitbuy matches client orders against live orders on its own regulated marketplace, rather than routing them through unregulated third parties.

On the anti-money laundering (AML) side, Bitbuy is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business and complies with applicable AML requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act. It also holds the Money Service Business (MSB) registration number M20728803.

The exchange is registered as a marketplace and restricted dealer with the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA), which are important regulatory oversight bodies in Canada.

It is worth noting that Bitbuy's regulatory standing is focused entirely on Canada. It doesn't hold licenses from international bodies like FinCEN in the US, the FCA in the UK, or MiCA in Europe. If you are looking for a globally regulated exchange, this may be a limitation. But, for Canadian users, Bitbuy's level of oversight from provincial securities regulators and FINTRAC is among the strongest you will find from a domestic platform.

Trust & History

If you are wondering whether a centralized exchange is safe, Bitbuy's track record is reassuring. As of 2026, it has not experienced any major security breaches or hacks that resulted in customer fund losses. That's a great track record for a platform that has been operating since 2016, especially given how common exchange exploits have become across the industry.

On the transparency side, Bitbuy stands out among Canadian platforms. It was the first Canadian crypto exchange to publicly issue a Proof of Reserves report (PoR), starting in 2019, and has continued releasing them annually.

The most recent audit (its fifth consecutive) was conducted by Blockchain Intelligence Group, an independent blockchain forensics firm, which confirmed that Bitbuy keeps at least 94% of each customer-held crypto in cold storage. Bitbuy was also scored as a "Low Risk" platform during the operational assessment, which reviewed its business activities, registration status, and KYC/AML policies.

On top of that, all custodied cryptocurrency is backed 1:1 at all times, with cold storage held through BitGo, a qualified and insured custodian. Canadian dollar (CAD) deposits are also kept separate from the company's own funds and stored at regulated Canadian financial institutions.

Since Bitbuy's parent company WonderFi is publicly traded on the Toronto Stock Exchange, it is also required to file audited financial statements and other disclosure documents regularly, which adds another layer of accountability.

User Reviews

User feedback on Bitbuy is a bit of a mixed bag, depending on where you look. On Trustpilot, the platform holds a 1.5 rating from 400+ reviews, with 29% of reviewers giving 5 stars and 56% leaving 1-star ratings. The negative reviews tend to focus on withdrawal difficulties, trading fees, account restrictions, and slow customer support responses.

Some frustrated users point to increased compliance requirements since Bitbuy became regulated through the OSC, which has led to accounts being frozen over flagged activity. That said, it is worth noting that many Trustpilot reviews on crypto exchange pages include spam and fake recovery service promotions, which can skew the overall score.

On Reddit, the sentiment tends to be more balanced. Canadian crypto communities generally view Bitbuy as a reputable and reliable exchange, with users frequently praising its straightforward interface and customer support. The most common criticisms on Reddit relate to the limited coin selection and higher fees compared to some competitors.

Overall, Bitbuy performs well with users who value regulation and simplicity, but you may run into friction if you need fast withdrawals or want access to a wider range of tokens.

Initial Setup & User Experience

Getting started with BitBuy Exchange is quite straightforward if you are located in Canada. This is a breakdown of how intuitive the platform feels for different experience levels, and how the interface performs across devices.

How to Sign Up for Bitbuy

The Bitbuy sign-up process is easy, but the verification part is more thorough than what you might find on global platforms. Here is a quick rundown:

1. Head to Bitbuy.ca and click "Get Started."
2. Enter your email address and verify it using the code sent to your inbox.
3. Fill out the application form with your personal details, including your name, date of birth, and address.
4. Verify your phone number by entering the one-time SMS code.
5. Upload your KYC documents: a government-issued ID, a selfie of yourself holding that ID, and a proof of address such as a bank statement or utility bill.
6. Complete the financial suitability questionnaire, which Bitbuy is required to ask under Canadian regulations.

Once approved, fund your account, and you are ready to buy Bitcoin in Canada, Sell Ethereum in Canada, or trade any other supported crypto.

Verification can take up to two days, though many users report being approved within an hour. Keep in mind that submitting blurry, expired, or mismatched documents is one of the most common causes of delays, so double-check everything before you upload.

Ease of Use

Bitbuy is one of the more approachable crypto platforms you will find in Canada. If you are brand new to crypto, you can stick with Express Trade, which strips the experience down to the basics with very little room for confusion. When you feel ready for more, Pro Trade is available under the same account, so you can take your time learning at your own pace without the pressure of figuring everything out on day one.

One area where Bitbuy may feel less intuitive is during the onboarding process. As I've mentioned earlier, the KYC verification is more involved than what many international platforms require, and the suitability questionnaire can catch newcomers off guard.

Once you are past that initial setup, though, the day-to-day experience is smooth and easy to follow. If you have ever used a basic banking app, learning how to use Bitbuy should not take long at all.

Display & Buttons/Touchscreen

On the desktop version, Bitbuy keeps the visual layout clean and uncluttered. The web platform is straightforward to navigate, with all critical pages accessible through the header menu.

Buttons and labels are clearly marked throughout, so there is very little guesswork involved when checking balances, making deposits, or managing your account. The design avoids cramming too many elements onto a single screen, which keeps things easy to read even for first-time users.

In typical conditions, the platform performs well with real-time price updates and quick responsiveness, though some users have reported occasional slowdowns during periods of high volatility.

One limitation on the desktop side is the lack of multi-screen charting, which is something a growing number of exchanges now offer. If you like to compare multiple trading pairs side by side, you will need to work around this by opening extra browser tabs.

Still, for most users, the desktop experience is well-organized and responsive, whether you are doing a quick check-in or spending more time on the platform.

BitBuy Exchange Key Features & Services

Now I'll break down the main Bitbuy features in terms of tools and services. Below, I'll cover everything from buying and selling crypto to trading features, wallet custody, staking, security, fees, support, availability, and the mobile app.

Buying & Selling Crypto

The list of Bitbuy-supported coins is currently 60+ cryptocurrencies, which covers the most popular coins, but is noticeably smaller than what global exchanges offer. You will find major tokens like Bitcoin, Ethereum, Solana, Cardano, and XRP, along with altcoins such as Polkadot, Chainlink, Uniswap, Dogecoin, and Shiba Inu.

Stablecoins like Tether and USD Coin are available too. While the selection covers the most commonly traded coins, it remains limited compared to international platforms. So, if you are looking for niche altcoins or decentralized finance (DeFi) tokens, you will likely need to go elsewhere.

One thing to be aware of is that not all listed coins have full functionality. Bitbuy groups its supported currencies into categories: some can be deposited, traded, and withdrawn freely, while others are limited to trading only or selling and withdrawing without the ability to deposit. You can check the Bitbuy support page before sending any crypto to the platform to make sure the coin you want supports the actions you need.

For fiat on-ramps and off-ramps, Bitbuy accepts Interac e-Transfer, bank wire, credit and debit card, and Apple Pay, all in Canadian dollars. There is no support for P2P trading or e-wallets like PayPal. I will go into more detail on deposit and withdrawal methods, fees, and limits in the Payment Methods & Fees section.

As for the actual buying and selling experience, it is one of the simplest you will find on a Canadian exchange. You can start with as little as $20 CAD, pick your coin, enter an amount, and confirm. No complicated order forms or confusing interfaces to deal with.

Trading Platform

Bitbuy splits its trading experience into two distinct interfaces. Express Trade is the simplified side, built for users who just want to buy or sell crypto quickly. You select a coin, enter your amount in CAD, and confirm. The interface is straightforward, with no charts or analysis tools, though you can view an asset's price in CAD and its 24-hour price movement. It is essentially a one-click trading experience, and both the web and mobile versions work the same way.

Pro Trade is where things open up for users who want more depth. It runs on the TradingView software, providing in-depth charting for technical analysis, and includes pop-out widgets that allow you to customize your trading screen layout.

You also get a live order book that shows where other traders have placed buy and sell orders, and an interactive market depth chart that visualizes the total volume of client orders at each price level. Both Express and Pro Trade are available on mobile and desktop, and you can switch between them freely without needing a separate account.

In terms of order types, Pro Trade supports market orders and limit orders with three fill instructions: Good-Til-Canceled (GTC), Immediate or Cancel (IOC), and Fill or Kill (FOK). This gives you reasonable flexibility over execution, but Bitbuy does not offer stop-loss or One-Cancels-the-Other (OCO) orders, which is a gap for traders who depend on automated risk management tools.

There is no margin trading, futures, or any derivatives on Bitbuy. All trades are spot-only and must be fully funded before execution.

When it comes to liquidity, Bitbuy has processed over $7 billion in total trading volume. For transactions above $50,000, an Over-the-Counter (OTC) trading desk is available with dedicated support and deeper liquidity.

Supported Wallets & Custody

Bitbuy is custodial, which means when you buy crypto on it, the exchange holds your private keys for you. Think of it like a bank holding your money: you log in, you see your balance, you can buy and sell, but you are not directly managing the keys that control your funds behind the scenes.

For most beginners, this is actually a good thing since it removes the stress of handling private keys yourself. The trade-off is that you are placing your trust in Bitbuy and its custodian to keep everything secure.

Once you set up an account, you automatically get a wallet where you can store any of the supported tokens. That wallet is protected by Bitbuy's cold storage policy and insured through its qualified custodian, BitGo.

Now, if you would rather hold your own crypto, Bitbuy makes it easy to withdraw to an external wallet. Just go to "Withdraw," select "Withdraw crypto," choose the token and amount, and paste your personal wallet address. Any standard hardware wallet like Ledger or Trezor will work fine, and Bitbuy actually encourages long-term holders to move their crypto into cold storage for extra protection.

Because Bitbuy is custodial, you won't have to deal with a seed phrase while using the platform. That only comes into play if you withdraw to your own personal wallet, at which point managing and safely storing your seed phrase is entirely on you.

Earning & Lending

If you are interested in earning interest on crypto, Bitbuy does offer a way to do so through staking. However, it doesn't provide interest-earning accounts, crypto-backed loans, or any other lending or yield products. Staking is the only earning option, so let me break down how it works.

As of June 2026, you can stake nine cryptocurrencies on Bitbuy: ETH, SOL, DOT, MATIC, ADA, NEAR, ATOM, INJ, TIA, with annual rewards reaching up to 11.57% APY depending on the coin. Ethereum, for example, offers estimated rewards between 2.39% and 2.89% yearly, with a minimum stake of just 0.0005 ETH.

Rewards auto-compound, meaning whatever you earn gets restaked automatically to generate additional returns over time. There are no lockup periods on Bitbuy's side, though each blockchain has its own bonding and unbonding timeframes that can range from a few days to a few weeks.

The catch is the fees. Bitbuy charges up to 30% on any staking rewards earned, and BitGo, the custodian that handles the staking infrastructure, takes an additional 9%. That adds up to a combined 39% cut of your rewards, which is significantly higher than what many global platforms charge. The reward rates displayed in the app already reflect these deductions, so what you see is what you actually earn.

If staking is a priority for you and you want to keep more of your rewards, it is worth comparing Bitbuy's rates against other Canadian platforms. But if you value the convenience of staking within a fully regulated environment and don't want to move your crypto off the platform, Bitbuy makes the process simple and accessible.

Security Measures

Bitbuy takes a layered approach to security, and while I have touched on some of these details in earlier sections, here is the full picture in one place.

Two-factor authentication (2FA) is mandatory on Bitbuy for all transactions, including logins and withdrawals. You have two options: SMS text message, which is the default, and Google Authenticator. Bitbuy recommends switching to Google Authenticator as soon as your account is verified, since SMS-based 2FA is more vulnerable to SIM swap attacks.

Bitbuy has been rolling out support for hardware security keys like YubiKey, though availability may vary. The platform doesn't currently offer anti-phishing codes.

For fund storage, Bitbuy maintains a cold storage policy where only about 5% of total coin holdings sit in hot wallets, with the remaining 95% or more kept offline. Cold storage is handled through BitGo, a qualified and insured custodian.

All crypto is backed 1:1 at all times, and Bitbuy's insurance through BitGo covers protection against theft, physical loss, and cybersecurity breaches for funds held in both cold and hot storage.

Bitbuy also offers address whitelisting, which allows you to pre-approve specific wallet addresses for withdrawals. Even if someone gains access to your login, they cannot send your funds to an unapproved address. On top of that, Bitbuy withdrawal limits and wait periods are triggered by security events like password changes (72 hours), email changes, or 2FA being disabled (7 days), or first-time deposits (72 hours).

As for audits, Bitbuy regularly publishes annual PoR reports. These are conducted by Blockchain Intelligence Group, an independent third-party firm. In addition to these reserve audits, Bitbuy conducts internal security reviews and hires third-party firms for annual security assessments.

Bitbuy doesn't use Multi-Party Computation (MPC) technology; its custody model relies on BitGo's multi-signature setup instead.

Payment Methods & Fees

Bitbuy's fee structure is transparent, but there are a few layers to be aware of so you know exactly what you are paying. Below, you'll get Bitbuy's cryptocurrency fees explained clearly.

Starting with deposits, Bitbuy does not charge fees for depositing Canadian dollars via Interac e-Transfer or wire transfer, and crypto deposits are also free. The minimum deposit through Interac e-Transfer is $20 CAD, while bank wires require a minimum of $10,000 CAD. CAD card transactions under $50 have a $1 fee.

For withdrawals, CAD withdrawals via bank wire or direct deposit carry a 1.5% fee, while Interac e-Transfer withdrawals are free. Crypto withdrawal fees are coin/token-dependent. For example, Bitcoin withdrawals cost 0.0005 BTC, and Ethereum withdrawals are 0.007 ETH. A few coins, like LTC, XRP, BCH, and XLM, can be withdrawn at no charge.

On the trading side, you will encounter different costs depending on which interface you use. On Express Trade, fees are built into the spread, which ranges from 0.5% to 1.85% depending on the coin. This spread is shown before you confirm, so there are no surprises.

On Pro Trade, both maker and taker fees sit at 0.50%. Bitbuy uses a tiered schedule, so as your 90-day trading volume increases, those fees drop, going as low as 0% for makers and 0.1% for takers at higher tiers. That said, you would need to trade over $1 million CAD within 90 days for the discounts to become meaningful, which puts them out of reach for most casual users.

One thing to watch out for is that Express Trade also applies a spread on top of the displayed price, which may not always be clearly visible when you are placing a trade. Spread fees can also increase during periods of low liquidity or high volatility, so your actual cost per trade could be higher than expected in choppy markets. Outside of that, there are no hidden account fees, no membership charges, and staking is free to activate.

Customer Support

This is one area where Bitbuy disappoints compared to many competitors. The platform does not offer inbound phone support or live chat. Your main option for getting help is through a contact form on the Bitbuy support site, which creates a ticket that gets handled via email. Support is available 24/7 through this ticket system, and there is also a self-serve help center with articles covering common questions about verification, trading, deposits, and withdrawals.

When things go smoothly, the support experience is fine. Bitbuy advertises same-day responses, and some users report getting help quickly, especially for straightforward questions.

However, the feedback becomes more mixed when it comes to complex issues like account restrictions, frozen withdrawals, or technical glitches. Several user reviews highlight that the help center can fall short for more complicated problems, with some users reporting slow response times on submitted tickets.

The lack of live chat and phone support is a noticeable gap, especially if you are dealing with a time-sensitive issue like a stuck withdrawal or a locked account. Most major exchanges, including global names like Kraken and Coinbase, offer at least one real-time support channel.

If fast, direct human assistance is something you value, this is worth factoring into your decision. That said, for routine questions and general account help, the ticket system typically gets the job done.

Geographical Availability

Bitbuy is exclusively available to Canadian residents. You need a Canadian address, Canadian-issued identification, and a Canadian phone number to create and verify an account. The platform operates entirely in Canadian dollars, and its banking integrations, like Interac e-Transfer, are built around the Canadian financial system.

This Canada-only approach is a direct result of the platform's regulatory setup. As covered earlier, Bitbuy is registered with FINTRAC and holds restricted dealer and marketplace status through the OSC and CSA. Additionally, it operates under Canadian Investment Regulatory Organization (CIRO) oversight.

These registrations are specific to Canada and don't extend to any other jurisdiction. Bitbuy does not hold licenses from regulators in the US, the UK, the EU, or elsewhere, which means it cannot legally serve users in those regions.

Several international exchanges like Binance, OKX, and Bitstamp have pulled out of Canada in recent years due to challenges in meeting the country's tightening regulatory requirements. Bitbuy has benefited from this by getting more clients from departing platforms, which has helped grow its user base. But for anyone outside Canada, or Canadians who travel frequently and need to access their account abroad, this georestriction is a real limitation to keep in mind.

Mobile App Review

The Bitbuy app is available on both iOS and Android, and it gives you access to pretty much everything the desktop version offers. You can buy, sell, stake, and manage your crypto on the go, with both Express Trade and Pro Trade available from within the app.

The interface is clean and easy to navigate, with clear buttons and straightforward menus that make it simple to place trades or check your portfolio from your phone. The app also includes conveniences like dark mode and biometric login via fingerprint or face recognition, so you can get into your account quickly without typing out credentials every time.

Recent updates added color-coded charts on individual asset pages, an interactive donut chart for your holdings, and a refreshed home screen where you can customize up to four watchlisted coins. On the Pro Trade side, you can tap directly on prices in the order book to auto-fill your limit order, which is a nice time-saver on a touchscreen.

That said, the mobile experience is not without its quirks. The app tends to log you out after short periods of inactivity, which can get annoying but is a deliberate security measure. Some users have also reported occasional lag during periods of heavy market activity, though this is not unique to Bitbuy. One thing the mobile app still lacks compared to desktop is the pop-out widget customization on Pro Trade, so you are working with a more fixed layout on your phone.

As for ratings, the Android app holds a 4.5 on Google Play, and the iOS version sits at 4.6 out of 5 from over 6,000 reviews in the App Store. Users mostly praise it as one of the better crypto apps available in Canada, especially for quick purchases and keeping an eye on your portfolio throughout the day.

Who is Bitbuy Best Suited For?

Beginners will feel right at home thanks to Express Trade's simplicity, and the Bitbuy app review scores back that up. Long-term holders benefit from insured custody and staking with auto-compounding, though Bitbuy interest rates on rewards come with notable fees.

For advanced crypto trading, Pro Trade offers TradingView and limit orders but lacks stop-loss, derivatives, and margin. As of 2026, Bitbuy has about 60 supported coins, which may not be enough for altcoin-focused users.

Overall, Bitbuy fits best as a crypto investment platform for Canadian users who value regulation over variety.

Conclusion & Final Verdict

Bitbuy delivers on its core promise: a regulated, transparent way for Canadians to buy, sell, and hold crypto. Bitbuy security is genuinely strong, with insured custody, mandatory 2FA, and a clean track record.

Cost and flexibility are two areas where it could do better. Bitbuy fees are higher than those of global competitors. Bitbuy customer support is limited to email tickets, and Bitbuy deposit methods only serve Canadian banking.

Bitbuy lending and Bitbuy loans aren't available. Still, as a secure crypto exchange built around Canadian needs, it is a strong contender for best crypto exchange in the country for users who prioritize safety and compliance over advanced features.

FAQs (Frequently Asked Questions)