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Bitbuy Wallet Review: Is it As Good As the Exchange?

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Swen Keller
In the crypto world Swen has consistently found success through his effective communication skills and the unique ability to navigate the details.
Bitbuy Review

Bitbuy Wallet Review: Our Opinion

Drawing upon our firsthand experience with this crypto exchange, we noticed that Bitbuy offers a limited number of cryptocurrencies and is primarily a Canadian-registered marketplace built for Canadians. 

It stands out for its vast staking program, express trade feature, and support for local Canadian payment methods like Interac e-transfer.

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    An Overview of Bitbuy

    Bitbuy wallet homepage - 1280x720

    Founded in 2016, Bitbuy, is headquartered in Canada and it is registered with FINTRAC as a money services business. Bitbuy is the parent brand of Bitbuy Wallet, which enables users to store their crypto online in dynamic hot wallets.

    The Bitcoin buying app and wallet were approved by the Ontario Securities Commission and the Canadian Securities Administrators as the first Canadian registered marketplace for crypto assets. 

    Currently, Bitbuy serves more than 900,000 Canadians and has facilitated over 7 billion Canadian dollars in users’ trades since its launch. 

    Concerning its services, Bitbuy like other crypto apps allows its users to buy and sell supported crypto assets using fiat currency as well as stake eligible coins for rewards.



    Bitbuy Wallet: What is it?

    Bitbuy Security features- 1280x720

    Bitbuy is a Canadian crypto exchange that allows users to sell or buy Bitcoin and other cryptocurrencies as well as stake eligible coins after signing up and depositing funds. 

    Every user account on Bitbuy has a built-in Bitbuy Wallet which allows users to securely store their cryptocurrencies. The Bitbuy Wallet is a secure hot wallet. Bitbuy Wallet supports over 40 cryptocurrencies. 

    To receive funds into your Bitbuy Wallet, you need to share the Bitbuy Wallet address linked to your account with the sender. 

    To find your Bitbuy wallet address on the Bitbuy website do the following: 

    Sign in to your account, scroll to the top of the page, and click on the ‘Accounts ‘ section. 

    Next, select the cryptocurrency you wish to receive, this will show you the exact wallet for the selected cryptocurrency. 

    Click on the ‘Transfer ‘ button and the ‘Deposit ‘ button. Once you do this your Bitbuy Wallet address will be displayed. 

    To copy the address, simply click on ‘Copy to Clipboard’.

    Note: For security reasons, Bitbuy will periodically change the Bitbuy Wallet addresses in your account. That said, all previously used wallet addresses will still be linked to your account. But it is best you use the most recent Bitbuy Wallet address for your transactions. 

    The Bitbuy Wallet is secured with several security features including two-factor authentication

    To further boost the security of users’ funds in the Bitbuy Wallet, Bitbuy through its partnership with BitGo stores users’ funds held in the wallet in a secure offline Vault. The funds in the wallet are also secured with insurance.

    Bitbuy Canadian Exchange Wallet: How Does it Work?

    To use the Bitbuy wallet to sell or buy Bitcoin and other cryptocurrencies using Canadian dollars, you need to create an account by visiting Bitbuy.ca and registering.

    Next, you’ll need to deposit funds (Canadian dollars to crypto assets) after verifying your identity using Bank Wire or Interac e-transfer.

    Once the deposit has been added to your balance you can begin buying and selling cryptocurrencies using Express Trade and your Bitbuy wallet. 

    Note that after you have purchased your coins, Bitbuy stores 90% of assets held in your Bitbuy digital wallet in cold storage. 

    The remaining 10% not in cold storage are kept online to facilitate quick transactions.

    How to Send and Receive Coins

    To send or receive coins using your Bitbuy wallet you need to log into your account. 

    Next, go to the “Accounts” section located at the top of the page.

    Choose the crypto asset you intend to send or receive. 

    You’ll see trade or transfer buttons, tap on “Transfer”. 

    On the next page, if you intend to send, tap on the “Withdraw” button. But if you want to receive it, tap on the deposit button.

    Bitbuy Review: Unique Features

    Bitbuy Wallet Staking

    With the Bitbuy Wallet, users can delegate their crypto assets into a staking pool where the funds will be used to validate transactions and earn yield for the owner. 

    To stake with Bitbuy, you need to create a Bitbuy account and fund your wallet with a stackable asset. 

    Bitbuy currently supports the staking of 8 cryptocurrencies: Ethereum, Polkadot, Cardano, Solana, Matic, Near, Atom, and Injective. 

    All staking rewards are earned in the native asset staked. 

    Below is a breakdown of the bonding period, staking amount, and rewards for each supported cryptocurrency.

    Crypto AssetRewards % (after fees)MinimumPayout PeriodBonding PeriodUnbonding PeriodAuto-compounded Rewards?
    Ethereum2.39% - 2.89% yearly0.0005 ETHEvery 12 hours14 days8 daysYes
    Polkadot10.07% yearly0.15 DOTEvery 1-2 days4 days28 daysYes
    Cardano2.25% yearly1.5 ADAEvery 5 days25 daysInstantYes
    Solana5.04% yearly0.01 SOLEvery 2-3 days4 days3 daysYes
    Polygon (MATIC)4.55% yearly1 MATICEvery 12 hours1 day4 daysYes
    NEAR5.15% yearly0.25 NEAREvery 12 hours1 day3 daysYes
    Cosmos (ATOM)11.23% yearly0.1 ATOMEvery 12 hours12 hours21 daysYes
    Injective10.73% yearly0.02 INJEvery 12 hours12 hours21 daysYes

    Private Wealth for Bitbuy Wallet Users

    Bitbuy Private Wealth is Bitbuy’s OTC trading desk for high-volume traders and institutional traders with a Bitbuy wallet who wish to execute trades with a minimum of $50k for Bitcoin and Ethereum and a minimum of $20k for any other cryptocurrency on CAD or USD. This includes settlements of up to $100m+.

    Bitbuy Private Wealth is one of the few best crypto OTC services offered by a Canadian wallet service.

    It offers Canadian traders competitive OTC rates. OTC traders are also assigned a personal account manager to help them resolve any issues they may encounter while trading crypto. They also have access to Bitbuy’s experienced OTC crypto traders every day of the week. 

    Bitbuy OTC traders enjoy free deposits and withdrawals. Bitbuy waives all fees from deposits and withdrawals via bank wire transfers in CAD or USD. 

    It also offers same-day fiat funding to traders. All USD or CAD deposits can be accessed in the trading account, on the same day the deposit is made. 

    Canadian traders who wish to execute large volume limit orders with the Bitbuy OTC desk with zero slippage can get started in 3 simple steps. 

    The first step is to fill out the form on the Bitbuy OTC page to book a meeting. To fill this form you must be willing to trade at least $50k for ETH or BTC and $20k for any other coin. 

    Next, complete your account registration and verify your identity

    Finally, fund your account and request a trade.

    Bitbuy Review: Cryptocurrencies Supported

    some of the cryptocurrencies available on Bitbuy Wallet - 1280x720

    Bitbuy Canada supports over 40 cryptocurrencies. 

    Supported cryptocurrencies include Bitcoin, Ethereum, USD Coin, XRP, Cardano, Solana, Dogecoin, Uniswap, Polkadot, Polygon, Litecoin, Chainlink, Cosmos, Stellar Lumens, Algorand, Bitcoin Cash, ApeCoin, Axie Infinity, Decentraland, Maker, EOS, Loopring, The Graph, Fantom, Aave, Chilz, Avalanche, Curve DAO, Basic Attention Token, Yearn Finance, SushiSwap, Compound, Shiba Inu, Tezos, NEAR, Enjin Coin, Ethereum Classic, 1Inch, Lido DAO, Arbitrum, Bonk, Pepe Coin, Injective etc.

    Fees Explained

    Deposit Fees

    Bitbuy charges users different deposit fees depending on the payment method used for the transaction. 

    • Visa and MasterCard Debit Card: For this deposit option, Bitbuy charges a 1.95% deposit fee.
    • Visa and MasterCard Credit Card: Bitbuy charges a 2.9% deposit fee for credit card purchases. 
    • Apple Pay: Deposits with Apple Pay attract a 2.95% fee. 
    • Interac e-Transfer: Bitbuy does not charge Canadian users deposit fees for this payment option. 
    • Wire Transfer: There are no deposit fees for wire transfers. 
    • Cryptocurrencies: Deposits using crypto assets are free. 

    Express Trade Fees

    Bitbuy charges a flat 2% fee for all Express trades in the cryptocurrency exchange. 

    Pro Trading Fees 

    Bitbuy on its Pro trading platform uses a 4 tier maker and taker fee model that’s based on the user’s trading volume: 

    • Tier 4: Users on this tier have a trading volume that’s over $5 million and pay a maker fee of 0% and a taker fee of 0.10%.
    • Tier 3: On this tier, users have a trading volume of $1 million to $5 million and pay a maker fee of 0.15% and a taker fee of 0.25%.
    • Tier 2: The Tier 2 level is for users with a 90-day trading volume of $250,000 to $1,000,000 million. Users on this tier pay a maker fee of 0.50% and a taker fee of 0.75%.
    • Tier 1: Users on this tier have a 90-day trading volume of less than $250,000 and pay a maker fee of 2% and a taker fee of 2%. 

    Staking Fees

    Bitbuy charges commission fees on its staking rewards program depending on the cryptocurrency you staked:

    • Ethereum: Commission fee of 25% 
    • Solana: Commission fee of 25% 
    • Polygon: Commission fee of 25% 
    • Polkadot: Commission fee of 28% 
    • Cardano: Commission fee of 28% 
    • NEAR Protocol: Commission fee of 25% 
    • Cosmos: Commission fee of 28% 


    From our extensive testing of crypto apps in Canada, we found that Bitbuy is the first Canadian registered marketplace for crypto assets, federally approved as a Restricted Dealer, and FINTRAC registered as a money services business. Bitbuy is also approved by the Ontario Securities Commission and the Canadian Securities Administrators. 

    The crypto exchange implements several measures to ensure that users’ funds and information on Bitbuy are safe. 

    Available security measures include the securing of Bitbuy servers across several world-class cloud providers and disaster recovery locations. All of Bitbuy’s providers are ISO, SOC, and FIPS 140-2 compliant. 

    90% of all users’ crypto is kept secure in  Cold Storage, and covered by a comprehensive insurance policy provided by BitGo.

    Bitbuy conducts regular financial audits, monthly security audits, and transaction reporting audits using trusted third parties. It also performs daily and weekly suspicious activity reviews.

    Users’ accounts are also protected with two-factor authentication.

    Opening an Account

    To open a Bitbuy account, go to the Bitbuy website.

    Enter your email address and create your password. 

    Create your username and then submit the information.

    Go to your email and confirm your email address. Upon confirmation, you’ll be redirected to verify your phone number. 

    Next, you’ll need to verify your identity and if successful you’ll need to answer questions about risk management and your finances. 

    If successful, your account will be opened.

    Bitbuy Wallet Mobile App

    Bitbuy mobile app - 1280x720

    The Bitbuy mobile app allows Canadian users to access the Bitbuy built-in wallet and trade cryptocurrencies on the go. 

    The wallet supports the trading of popular cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, USD Coin, etc. 

    Users can easily fund their Bitbuy Wallet and withdraw from their accounts with the mobile app using Interac e-Transfer or bank wire. 

    The mobile offers several features that are suitable for both beginners and advanced traders. Beginners can simply buy and sell crypto with the app while advanced traders can sell with market or limit orders with Bitbuy’s live order book and access other advanced products. 

    Users can also stake their crypto on the Bitbuy mobile app and earn up to 12.26% in rewards.

    Customer Satisfaction

    Bitbuy offers customer support to Canadian users via email at support@bitbuy.ca. 

    It also has a Support Center where users can find helpful information about different aspects of the platform.  

    OTC Clients can contact the OTC team via the dedicated OTC support phone number at 1-888-770-COIN. 

    That said, our detailed firsthand scrutiny of this crypto exchange showed that the support team offers poor customer support as response is often slow.

    Who Should Use the Bitbuy Wallet?

    Bitbuy is the best Bitcoin buying app for advanced traders and beginners in Canada. But it isn’t for advanced traders who want a large selection of cryptocurrencies.

    Why Use Bitbuy Wallet?

    You can use Bitbuy to quickly buy or sell crypto using Canadian dollars or store your digital assets on the web for quick access.

    How to get Bitbuy in Canada?

    To get Bitbuy in Canada go to the Apple App Store or Google Play Store, search for Bitbuy, and download it. 

    Alternatively, go to https://bitbuy.ca and sign up for an account using your email address.

    Final Thoughts

    From our team’s trials with this cryptocurrency wallet, we discovered that Bitbuy is a fully regulated Canadian exchange that offers hot wallets targeted at both beginners and advanced traders. 

    It is limited in cryptocurrencies offered and doesn’t provide much beyond the option to trade cryptocurrencies and stake them.

    To have a better view of the crypto wallets available in Canada check out our page on the best Canadian crypto wallets.


    Most frequent questions and answers

    Yes, you can use Bitbuy as a wallet to hold your coins online for quick access.

    No, Coinbase offers more products like NFTs, a non-custodial wallet, and a higher number of coins.

    Bitbuy is a fully regulated exchange, however, it is safer to store crypto in cold storage offline.

    No, Bitbuy is only available to Canadian citizens and residents.

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    We always try to provide the most accurate information available, and make sure our team follow through.
    If you want to know more about our Crypto Exchanges Review Methodology follow the link below

    Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.

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