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Signup to Bitbuy and verify your account.
Toronto-based Bitbuy is a registered Money Service Business (MSB) in Canada under FINTRAC since 2016.
Canada’s first 1:1 insured Bitcoin offering platform. Bitbuy is the world’s first platform to find a way to keep the full value of its bitcoin cold storage holdings insured. This is done in partnership with Montreal-based Bitcoin security firm Knox.
Bitbuy has not experienced any hacks and remains a highly safe, secure, and trusted cryptocurrency exchange.
Fund Your Bitbuy Account
You can deposit funds on the Account page or the Holdings page.
Click > Deposit CAD
Choose how you want to fund your Bitbuy account.
INTERAC e-Transfer is the fastest, lowest fee, and easiest way. You can also fund your Bitbuy account with Wire Transfer or Credit Card.
Bitbuy will show you the security question and answer to send an e-transfer to them to buy Bitcoin.
Login to your online banking platform and send an e-Transfer.
Funds deposited to Bitbuy via e-transfer should be near instant in your Bitbuy account.
Trade $CAD for Crytpo on Bitbuy
Bitbuy offers an Express Trade and a Pro Trade option to buy, sell or trade crypto.
On the Express Trade page.
Select if you want to Buy or Sell.
Choose the crypto from the dropdown menu.
Click > Use All or enter the dollar amount.
Click > Buy Bitcoin.
You can now see the balance of your Bitcoin and altcoins on the Account page or the Holding page.
Withdraw Bitcoin from Bitbuy to Your Wallet
Go to > Holdings
Click > Withdraw
Open up your wallet. Select the corresponding digital asset.
Copy > Receive address. Bitcoin in my case.
Make a mental note of the first and last 4 digits of the address to confirm you paste the correct address.
Scan the QR code and send me some Bitcoin. 😉
Send Bitcoin from Bitbuy to Your Wallet
Click > Use Available Balance or enter your desired amount.
Paste > Receive the wallet address that you copied from your wallet.
Click > Continue > Send.
And in a few minutes, your crypto assets should appear in your wallet.
Is Bitbuy a Wallet
No. Bitbuy is a crypto exchange. A wallet generates 12 or 24 word seed phrase. This is how you custody of your digital assets.
Leaving your cryptocurrency on exchanges is risky. It is always best to send your crypto to a wallet you control.
Wallet Seed Phrase Security Tips
- Write on paper and store your 12-word secret phrase offline in a secured location.
- Never share or input your secret phrase online, in your notes app, direct/private messages, or on any website.
Read the guide for beginners: How to Buy Bitcoin in Canada Tutorial →
- Interac e-Transfer Deposit: $0
- Wire Transfer Deposit: $0
- Interac e-Transfer Withdrawals: 1.5%
- Wire Transfer Withdrawals: 1.5%
- Spread: 0% – 1.5%
- Crypto withdrawal: 0.00025 BTC (~$10)
Funding & Withdrawal Options
- Interac E-Transfer
- Wire Transfer
- Credit Card
- Regulated and transparent
- Express trade
- Pro trade
- Lots of KYC questions
- Low liquidity
- High deposit fees
- No stop-loss orders
HowToBuyBitcoin101.com is basic how to crypto guides, reviews and information for beginners to get started with cryptocurrency in Canada. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.
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