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How do I Open a Bitbuy Business Account in 2024?
Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
- May 9, 2024
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What is Bitbuy Business?
Bitbuy business enables businesses and institutions to open a corporate crypto account with Bitbuy. The Bitbuy business is also known as Bitbuy Corporate Accounts.
With the Bitbuy Business account, businesses can add crypto to their balance sheet and diversify their corporate treasury with an allocation in cryptocurrency.
Business account holders enjoy several benefits including white-glove support with a dedicated account manager, access to account controls, personalized reporting, and access to over-the-counter trading desk liquidity.
Bitbuy offers business account holders full-service support every step of the way from onboarding, to funding, trade execution, and custody. It also connects business account holders with industry-leading account professionals.
Bitbuy business supports a variety of corporate accounts. Supported accounts include Family Trusts, Law Firms, Accounting Firms, Family Offices, Commercial Accounts, Professional REAL Estate Corporations (PREC), and Professional Medical Corporations ( dentists, doctors, etc)
How To Sign up For A Bitbuy Business Account
You can sign up for Bitbuy Business with 4 simple steps:
First, go to the Sign up page and select “Business Account”.
Next, complete the KYC verification before you can begin business onboarding. You can use the same mobile phone number as your account, but you will need to use a different email address.
To complete your business verification, Bitbuy requires you to upload your business disclosure form and the following documents: Articles of Incorporation, Shareholder Register (where applicable), Business Proof of Address (this can be a bank/credit card statement Or CRA document), and List of Directors (where applicable).
Note Bitbuy will only accept electronic documents. This means only the original e-bill or e-statement that is directly downloaded from your provider’s website. The documents can not be a photo of a screen or a screenshot.
Also, all documents provided must be authentic and valid (i.e. not older than 3 months). If billed annually, the document must be from the previous year, with no modifications (four corners).
Finally, to set up your Business account, Complete the Risk and Financial Profile by answering a few questions. This is done per the requirement of Canadian regulations and is needed to start trading.
The answers you provide will be assessed to determine if investing in crypto is suitable for you based on your investment knowledge, investment objectives, risk tolerance, and time horizon for your investments. Bitbuy also evaluates your financial situation to establish the appropriate net purchase limits for you.
Once your application is complete, the Bitbuy team will access it, if successful, you will be granted access to a trading account. That said, Business onboarding can take 5 business days.
Once your Bitbuy account has been approved as a business account, all funding and withdrawal actions in Bitbuy business must be done in Canadian dollars in the business bank account you provided. The business bank account must be from a Canadian bank.
Conclusion
For businesses considering stepping into the crypto space, Bitbuy Business accounts represent a secure and efficient gateway, backed by a commitment to professionalism and comprehensive support. This makes it an attractive option for entities aiming to capitalize on the benefits of cryptocurrency while adhering to the stringent requirements of corporate financial management.
For a broader view of Bitbuy offering, also check out this Bitbuy Pro review.
FAQ
Most frequent questions and answers
Yes, with services like Bitbuy Business, corporate entities, and institutions can open an account on a cryptocurrency exchange.
Bitbuy is a Canadian cryptocurrency exchange that was built only for Canadian citizens. Unfortunately, residents and citizens of the United States cannot use Bitbuy.
So to use Bitbuy you must have a North American mobile phone number, be 18 years of age or older, and be a Canadian citizen or resident.
Bitbuy also only accepts Canadian Dollar deposits, so US customers will be unable to fund their Bitbuy Corporate account.
The primary difference between Bitbuy Personal and the Business account is that the latter is for corporate entities while the former is for individuals.
That said, Bitbuy Business offers different features which are not available on Bitbuy Personal including the following:
- Deeper Liquidity: With Bitbuy Corporate or Business, entities have access to the Canadian crypto exchange’s OTC desk for deep liquidity.
- Concierge Service: This service offers businesses with a Bitbuy Exchange Business account dedicated account managers and white glove support. Beyond the services offered, the account opening process is also different. With the Bitbuy Personal account, you only need to pass individual KYC verification. However, with Bitbuy Corporate or Business you need to go through personal KYC verification and then submit Business documents such as Articles of Incorporation, Shareholder Register, Board Members, List of Directors, Business Proof of Address, etc.
Due to Canadian regulation, Bitbuy enforces a limit on crypto asset purchases. This limit is defined as a net purchase limit, which means that it is a tally of all your crypto purchases (excluding your sales) over a 12 minimum period or the last 365 days.
Note that, Bitbuy, by Canadian regulation is required to ask you various questions regarding your financial status to know whether you qualify as a Retail, Eligible, or Accredited investor. Based on your responses to the questions, Bitbuy will place a limit on your crypto purchases.
There are no limits for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. But for all other supported crypto assets: Retail investors can only purchase 30,000 Canadian Dollars in net purchases (last 12 months). The Eligible Investor can only buy CAD 100,000 worth of crypto assets in the last 12 months. There are no limits for Accredited investors.
Yes, Bitbuy is legal in Canada.
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