In this article we’ll do a deep dive into the cryptocurrency exchange Bitbuy.
Recently, Bitbuy was named as the 12th fastest growing company in Canada in the The Globe and Mail’s 2021 ranking of the top growing Canadian companies. Bitbuy was founded in 2013 by a Canadian technologist named Adam Goldman as InstaBT, and then later rebranded in 2016 as Bitbuy.
Here is a list of the cryptocurrencies you can currently buy on Bitbuy:
Bitcoin Cash (BCH)
Stellar Lumens (XLM)
Buying Cryptocurrency On Bitbuy
You can buy crypto on Bitbuy using interac e-transfer or wire transfer. The option to use interac e-transfer makes it super convenient and we also really like that you can send your crypto from BitBuy to any wallet. This way if you want to send money to Coinbase, or a service like BlockFi or Celsius you can! When you fund your account via e-transfer you’ll see the money deposited within 30 minutes, and usually faster.
The name on your bank account that you send the e-transfer from must match the Bitbuy account you send the transfer to. Make sure you get the security question and answer correct as well!
If something is wrong in your e-transfer information Bitbuy’s system won’t accept the transfer and they will reach out to you.
However, if you want to save time, be sure to double check all the info to get it right the first time!
Withdrawing Crypto From Bitbuy
If you want to move your crypto out of Bitbuy you can!
Simply click on wallet from the top menu and then click the red withdraw button next to the cryptocurrency you want to withdraw. You’ll then be asked for the wallet address you want to withdraw the currency to.
Alternatively, you can withdraw Canadian Dollars via interac e-transfer to your Canadian bank account. First though you need to convert your crypto to CAD. To do this first click “Express trade” in the top nav menu and then choose the cryptocurrency you want to sell. You’ll see how much you’ll receive in CAD in exchange for your crypto. Once you click the sell button and confirm the sale, you can then submit a withdrawal request for the CAD you now have in your Bitbuy account as described above.
For a detailed list of fees for deposit, withdrawal, and sending crypto on Bitbuy see this page. https://bitbuy.ca/en/fees/
Keeping Your Crypto Safe
Bitbuy has the option to set up 2-factor authentication via SMS or an authentication app on your phone such as Authy or Google Authenticator. We recommend you use one of the apps as they are more secure than the SMS approach.
Other Interesting Notes
In June 2021 Bitbuy and the Canadian Elite Basketball League (CEBL) announced a partnership where the league will pay a portion of a player’s salary in Bitcoin through Bitbuy if they request it.
This reminds us of the deal Paris St. Germain contract that Lionel Messi recently signed which includes partial payment in crypto. Of course the world’s top soccer player is more prominent than the CEBL, but we think that this is an interesting marketing strategy for Bitbuy in Canada.
While Bitbuy doesn’t have a partnership with the NHL, we have seen them buy ads at hockey games!