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Bitbuy Pro Review: What is it and How does it Work
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
What is Bitbuy Pro Trade?
Bitbuy Pro or Bitbuy Pro Trade is a web application launched by the Canadian cryptocurrency exchange, Bitbuy, that offers advanced trading tools for Bitbuy marketplaces. It enables experienced traders to trade several crypto assets including Bitcoin, Ethereum, Bitcoin Cash, and more.
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Every Bitbuy account has access to the Pro Trade tool including clients of the OTC desk. Once in the trading platform, users will have access to both market and limit orders, 24-hour trading volume, view wallet balances, access to customizable indicators, live order books, price feeds, advanced charting capabilities, technical indicators including RSI and OBV, moving averages, etc.
BitBuy Pro also provides deep liquidity with transparent order books able to match orders in real time.
The advanced platform offers a latency-matching engine capable of matching financial transactions at a rate of 5,000 trades per second.
Bitbuy Pro Trade Fees
Bitbuy Pro Trade determines users’ trading fees using a tiered system. The fee tier of each user is determined by the user’s total trading volume over the last 90-day period. This is calculated at the end of the month and applies to the current month.
Below is the trading fee for each tier.
| Tiers | Trading volume | Maker fee | Taker fee |
|---|---|---|---|
| Tier 1 | < $250k | 2.00% | 2.00% |
| Tier 2 | $250k - $1m | 0.50% | 0.75% |
| Tier 3 | $1m - $5m | 0.15% | 0.25% |
| Tier 4 | $5m + | 0.00% | 0.10% |
Withdrawal fees vary based on the cryptocurrency being withdrawn. Information on the Bitbuy platform shows that the withdrawal fees displayed are subject to change to meet market conditions and network activity.
Bitbuy Pro Trade Features and How They Work
As an advanced trading platform, Bitbuy Pro Trade offers several features suitable for advanced traders.
This allows them to enter both market and limit orders, view charts with customizable indicators, and do so much more.
Below are the available features and how the markets work on Bitbuy Pro Trade.
Available Markets
The available markets list shows the different spot pairs available on the platform.
Currently, Pro Trade offers mostly Crypto-Canadian Dollar trading pairs. This means that the market trades in Canadian fiat for most cryptocurrencies available on the platform.
Pro Trade also offers some Crypto-BTC pairs.
Available trading pairs on Pro Trade include: BTC/CAD, ETH/CAD, AAVE/CAD, LINK/CAD, LTC/CAD, BCH/CAD, XRP/CAD, XLM/CAD, EOS/CAD, XRP/BTC, LTC/BTC, ETH/BTC, EOS/BTC, BCH/BTC, and XLM/BTC
New Order
This feature allows you to execute 2 types of orders: Limit Orders and Market Orders.
With Market Order, your order is immediately executed at the best available price when it is placed. But with Limit Order, you can specify the price and quantity you wish to trade. The order will only execute when the market price gets to the price indicated in your order.
Order Books
The Order Books window displays a live list of the open orders submitted by other Bitbuy users on a specific marketplace. The orders displayed are selected based on the market you are looking at.
The lowest open selling offer is known as the best offer price while the highest buying bid is known as the best bid price. The difference between both prices is known as the spread.
Bitbuy Order Books displays Limit Sell Orders in color red while Limit Buy orders are displayed in color Green.
My Orders
Every Limit /Market Order you place is displayed in the “My Orders” window. The window has different buttons that allow users to view Filled, Cancelled, and Open orders.
Market History
The market history chart displays information outsourced from external exchanges and does not exactly match the internal order book. Market History aims to give traders a general sense of the market. It should not be used for detailed analysis.
Depth Chart
This is a representation of an order book displaying buy and sell orders for a specific asset at various prices. Information on this chart is color codes. The green component represents the cumulative values of the bids or buy orders for a specific asset at various prices, while the red components show the cumulative value of the asks or sell orders for a particular asset.
Market Trade History
This window displays the most recent trades in a specific market line by line. It displays the quantity traded, the time of the trade, and the price.
Conclusion
While the platform might present a steep learning curve for beginners, its depth and range of technical tools are likely to appeal to experienced traders looking to leverage advanced trading capabilities. Potential users should, however, be aware of the variable withdrawal fees and ensure they stay updated on any changes that could affect their trading costs.
Overall, Bitbuy Pro Trade stands out as a competitive option for those looking to maximize their trading efficiency and effectiveness in the fast-paced world of cryptocurrency trading.
Another feature Bitbuy proud itself of is Bitbuy Staking, check this step-by-step guide to know more.
FAQ
Most frequent questions and answers
The Bitbuy Canadian crypto exchange offers a non-custodial crypto wallet on its crypto exchange platform on both Bitbuy Pro and the Bitbuy Express Trade section. This means that it isn’t as secure as a cold wallet like Trezor or Ledger. However, in our Bitbuy review, we found that the exchange offers a couple of security measures that have helped to keep the Pro Trade platform hack-free:
Data Security
Bitbuy has a privately maintained codebase that stores core components closed source to prevent hackers from accessing your intellectual property.
Regulatory Compliance
Bitbuy is one of the first Canadian registered marketplaces for digital currencies. It is also federally approved as a Restricted Dealer as well as FINTRAC compliant as a Money Services Business.
Routine Audits
Bitbuy conducts routine financial audits and transaction reporting audits via third parties. They also conduct daily and weekly suspicious activity reviews.
Crypto Asset Custody
Bitbuy has a comprehensive insurance policy that is offered by BitGo. They also have Proof-of-Solvency that offers transparent accounting of all exchange-traded digital currencies.
Account Authentication
Bitby, like most Canadian crypto exchanges, offers two-factor authentication for account protection. The two-factor authentication works by using 2 unique forms of authentication including a smartphone OTP and a password when executing a trade or login into your Bitby account.
Server Security
Bitbuy uses servers that are secured with multiple cloud providers and disaster recovery locations. Also, Bitbuy states that all their providers are SOC, ISO, and FIPS 140-2 compliant.
No, in our Bitbuy review, we found that Coinbase is better than Bitbuy as the former offers a larger selection of digital currencies, more unique features like NFTs and non-custodial wallets, and is easier to use.
Also, Coinbase is available to residents and citizens of Canada as well as 100+ other nations.
Unlike the Express Trade platform which charges a flat 0.2% fee, the Pro platform offers a tiered trading fee structure where Bitbuy users are charged using the maker-and-taker model based on their 90-day trade volume.
However, users pay between 0.20% and 0.10% in trading fees. The fees decrease based on the user’s trading volume. The higher the volume the lesser the charge. This volume-based discount is not available on Express Trade.
Unfortunately, you cannot use Bitbuy in the United States as the crypto exchange is only available to Canadian citizens. That said, if you’re a Canadian citizen residing in the United States you’ll be able to use Bitbuy. You will however need to fund your account with Canadian Dollars using a wire transfer or the Interac e transfer.
Bitbuy Pro offers more advanced trading features such as multiple order types, deeper liquidity, technical indicators, etc.
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