If you’ve been around the block in the Canadian cryptocurrency scene for longer than five minutes, you’ll know that the atmosphere has shifted. Let me remind you, 2017 was the Wild West. “Hey, we’ll just send the dough to this website we’ve picked, hoping that our Bitcoin will turn up, and crossing our fingers the site doesn’t go down like QuadrigaCX too soon?”
Fast forward to 2026, though, and everything is…. Different. The suits have landed. Regulation is the game. And right at the top of this tightly controlled ladder is Bitbuy.
“You might have noticed their ads. Perhaps you’ve watched Kevin O’Leary talk about them on TV. They think they’re the ‘safe’ alternative for Canadians. The grownups in the room.”
The problem is that you may be left with a question such as:
But here is the question that probably brought you to this page:
But let’s be real—that’s not the cheapest place to buy Bitcoin in Canada. Nor is Bitbuy the cheapest. But is that necessarily important if that’s all the exchanges you can trust with your life savings?
In this review, I’m going to take off the marketing gloves. I have traded on Bitbuy (and more or less every other crypto exchange in Canada) for a number of years. In this review, I’m going to walk you through the fees, the hidden spreads, staking rewards, and user interface.
So, if you are looking to join bitbuy.ca, I would advise you to read this first.
What Actually Is Bitbuy? (And Why Does It Matter?)
Before we get into the nitty-gritty of dollars and cents, you need to understand what Bitbuy actually is right now, because it has evolved a lot since it launched back in 2016.
Originally, Bitbuy was just a simple brokerage based in Toronto. It was a place to buy Bitcoin when options were limited. But over the last few years, they have been on a massive corporate sprint.
Today, Bitbuy is owned by WonderFi. If you follow the stock market, you might know WonderFi is a publicly traded company on the TSX. That’s a big deal. Most crypto exchanges are private companies run by anonymous tech bros in the Bahamas. Bitbuy’s parent company has to answer to shareholders and file public financial reports.
They have also been swallowing up other exchanges. Remember Coinberry? Coinsquare? They are all under the WonderFi umbrella now, with Bitbuy being the flagship brand.
Why does this matter to you, a regular person just wanting to buy some Ethereum?
Stability.
In an industry where exchanges collapse because the CEO bet user funds on bad trades (looking at you, FTX), Bitbuy is structured more like a traditional bank or stock brokerage. They aren’t going anywhere. For a lot of Canadians, that peace of mind is the only feature that matters.
The “Is It Safe?” Deep Dive (The Main Selling Point)
- Okay, let’s tackle the biggest selling point. Is Bitbuy safe?
- Short answer: Yes. It is likely the safest platform in Canada.
- Long answer: Here is why, and what the jargon actually means.
CIRO and FINTRAC Explained for Normal People
You’ll see “CIRO Regulated” plastered all over their website. It sounds boring, but it’s critical.
CIRO (formerly IIROC) is the Canadian Investment Regulatory Organization. These are the same people who regulate your bank’s investment arm or your Questrade account.
Bitbuy isn’t just “registered” (which basically just means filling out a form); they are a fully registered Marketplace and Investment Dealer. This imposes strict rules on them:
- They must separate your money from their operational money.
- They have to pass rigorous financial audits.
- They have strict capital requirements (they can’t run on fumes).
They are also registered with FINTRAC as a Money Services Business (MSB), which is standard for anti-money laundering compliance.
Cold Storage & Insurance
Paper regulation is safety. Cold storage is safety.
Bitbuy purportedly holds 95% (at times 90%+) of all client cryptocurrencies in their “cold storage.”
So, for the uninitiated, “cold storage” means the digital wallet containing your cryptocurrency isn’t even connected to the worldwide web. This wallet is literally offline, air-gapped. You can’t hack it even if you wanted to, because it’s not connected to the internet. You would literally have to break in ( Mission Impossible -style, because, well, it’s a mission impossible).
They work with BitGo, which is a global leader in institutional custody, to deal with this. On top of this, there is an insurance policy surrounding the cold assets. In other words, in the extremely remote possibility of their vault getting cracked, an insurance payout will be made in relation to this.
Key point: This insurance includes the cold storage. If you’re phished for your password and someone uses your account and empties it, well, that’s your fault.
Two-Factor Authentication & Account Security
Talking about your account, Bitbuy requires you to eat your veggies here. Two-Factor Authentication (2FA) is enforced. There is no way to turn it off.
I know, I know—it’s such a pain having to grab your phone each and every time you sign in. But trust me, it’s worth it. They offer Google Authenticator, which I highly recommend over the SMS method because SIM swapping is such a problem.
Now, when looking at the whole deal—Publicly Traded Parent + CIRO Regulation + Cold Storage—Bitbuy is really made like a fortress.
Bitbuy Fees: The Elephant in the Room
Okay, let’s grab a coffee and move on to fees. This, as you can probably imagine, tends to be where the romance with Bitbuy begins to hit a rough patch.
If you come from global exchanges such as Binance (which is not allowed in Ontario, anyway) or Kraken, you’ll find Bitbuy to be very pricey. There is absolutely no way around it.
Express Trade Spreads
The very first time you create an account, the default interface you’ll see is “Express Trade.” It is very beautiful. You simply type in “$500 CAD,” select “Bitcoin,” and click “Buy.”
Simple, right?
The problem is the spread.
The fee listed on Bitbuy is called Express Trade, and it usually resembles it is about 0.20% or so, but it’s actually reflected in the difference of the prices. Buying, you are acquiring at a premium above market, and then to sell, you are selling at a slight discount.
The actual margin that has existed in history has ranged between 1.5% and
Well, let’s do the math. When you purchase a $1,000 worth of Bitcoins through Express Trade, you are essentially paying $15 to $18 as “fees”. This is steep.
Well, if you are just buying and holding a $50 and holding it for a period of ten years, maybe you are not concerned. But if you are actively trading? Well, that 1.5% is going to consume your profits whole.
Pro Trade Fees
Do yourself a huge favor: Switch to Pro Trade.
Bitbuy has an advanced interface (it looks like a stock chart). If you use this, you don’t pay the massive spread. Instead, you pay a transparent “Maker/Taker” fee.
- Maker Fee: Usually around 0.50% (for placing a limit order that sits on the book).
- Taker Fee: Usually around 0.50% (for placing a market order that fills immediately).
Is 0.50% good?
- Compared to Express Trade (1.5%)? Yes, it’s 3x cheaper.
- Compared to Newton (approx 0.7% spread)? Yes, it’s cheaper.
- Compared to Kraken (0.16%)? No, it’s expensive.
But remember, Kraken requires funding via wire transfers or Canada Post for some users, which is a hassle. Bitbuy’s 0.50% is the “convenience tax” for a smooth Canadian experience.
Deposit and Withdrawal Costs
This used to be a huge pain point, but it has improved.
- CAD Deposits: Generally free via Interac e-Transfer. This is standard now in Canada.
- CAD Withdrawals: This is where it hurts. Bitbuy typically charges a fee to get your money out. It’s usually around 1.5% for a standard withdrawal to your bank.
Think about that. If you make a $100 profit on a trade, but then pay 1.5% to withdraw your total balance, you might wipe out your gains.
- Crypto Withdrawals: Moving Bitcoin off Bitbuy to your Ledger or Trezor? You will pay a dynamic network fee. Bitbuy sometimes adds a markup here, so it’s not just the raw blockchain fee. It’s usually flat-ish, but check the withdrawal page before you send.
Features Breakdown: More Than Just Buying Bitcoin
Bitbuy isn’t just a buy/sell button anymore. They’ve added some bells and whistles to compete with the big boys.
Bitbuy Staking
Staking is huge right now. It basically lets you earn interest on your crypto. You hold Ethereum or Solana, and the network pays you rewards.
Bitbuy allows you to stake directly on the platform. It is incredibly easy—literally one click.
- Supported Assets: ETH, SOL, ADA, DOT, MATIC, ATOM, NEAR.
- The Catch: Bitbuy takes a cut. A big one.
They typically take anywhere from 20% to 30% of the rewards as a service fee.
“So, for example, if Solana is offering 7% APY, and Bitbuy takes a cut of 30%, you’re getting way less than you’d have staked yourself directly with Ledger or a DeFi platform,”
Is it a scam? Not necessarily. It is very technical and may cost you money if it goes wrong (if you mess it up). Bitbuy takes care of all the technical work. You’re essentially paying them the 30% because it’s easy. Earning any kind of interest is always better than earning no interest at all because they are afraid to do it themselves.
Express vs. Pro Interface
I mentioned this earlier, but the UI duality is a key feature.
- Express: Designed for your grandma. Big fonts, simple charts, no confusing numbers.
- Pro: Designed for traders. Order books, depth charts, limit orders.
The fact that they offer both is smart. You can start on Express and graduate to Pro (and save money on fees) once you learn the ropes.
Corporate Accounts & OTC
Bitbuy has an exclusive ‘Bitbuy Private Wealth’ wing. That’s for the whales. You can abandon the app if you plan on making any purchases worth $50,000 or more or even $100,000+ for Bitcoin. They would appreciate you giving them an OTC call.
They will give you a personalized rate that avoids slippage problems, which could result from your general order affecting the price. They also pay significant attention to “Canadian companies seeking to add Bitcoin to their balance sheet.” It would be quite simple for you to have a verified business account if you have your own company and want to sign up for bitbuy.
Step-by-Step Walkthrough: Creating an Account
If you’ve decided to take the plunge, here is what the process actually looks like. I went through this recently to test their new compliance flow.
Phase 1: Registration
Go to bitbuy.ca. Enter your email and create a password.
- Tip: Use a unique password. Seriously. Don’t use the same one you use for Netflix.
Phase 2: The “Know Your Customer” (KYC) Gauntlet
Because they are regulated, they must know who you are. You can’t be anonymous.
- You will enter your name, address, and date of birth exactly as it appears on your ID.
- Identity Verification: They use a third-party system (usually Trulioo or Onfido). You will likely need to take a photo of your Driver’s License or Passport with your phone, and then take a selfie.
- The Questionnaire: You’ll have to answer questions like “What is your income?” and “How much do you plan to trade?”
- Why? This is required by Canadian law (FINTRAC) to prevent money laundering. It feels intrusive, but every legal exchange asks this.
In my experience, verification is usually instant. I was approved in about 2 minutes. If the system can’t match your address (maybe you moved recently), you might have to upload a utility bill or bank statement, which delays things by 24-48 hours.
Phase 3: Funding via Interac
Once you are in, click “Deposit.”
- Select “Interac e-Transfer.”
- Bitbuy will give you a specific email address and a Security Answer to put in your banking app.
- Crucial: Some banks now have “Request Money” features integrated with Bitbuy, which is even faster. You just approve the request on your phone.
My deposits usually land within 30 minutes, though they say “0-24 hours” to cover their bases.
Bitbuy vs. The Competition
You can’t review a product in a vacuum. How does Bitbuy stack up against the other Canadian heavyweights?
Bitbuy vs. Newton
Newton is the darling of the “low fee” crowd.
- Fees: Newton claims “no fees,” but they have a spread. Their spread is usually tighter than Bitbuy’s Express, but sometimes higher than Bitbuy’s Pro.
- Experience: Newton is mobile-first and very slick.
- Verdict: Newton is generally cheaper for smaller, casual trades. But Bitbuy feels more robust and “enterprise-grade” for larger amounts.
Bitbuy vs. Wealthsimple Crypto
Wealthsimple is the king of convenience.
- Fees: Wealthsimple charges a hefty operations fee (around 1.5% – 2%).
- Ownership: You can’t easily withdraw your crypto to a personal wallet on Wealthsimple unless you jump through hoops (though they have improved this).
- Verdict: If you just want exposure to Bitcoin price in your TFSA/RRSP app, use Wealthsimple. If you want to actually own and use your crypto, Bitbuy is better.
Bitbuy vs. Kraken
Kraken is a global giant.
- Fees: Kraken wins. Their fees are rock bottom (0.16% – 0.26%).
- Funding: This is Kraken’s weak spot in Canada. Funding via Canada Post in person? Annoying. Wire transfers? Expensive for small amounts.
- Verdict: If you are a serious trader moving $10k+, go to Kraken. If you are a regular person doing $500 monthly, the ease of Bitbuy’s Interac funding is worth the slightly higher fee.
| Feature | Bitbuy | Newton | Wealthsimple | Kraken |
|---|---|---|---|---|
| Regulation | High (CIRO) | Registered | High (CIRO) | Registered |
| Trading Fee | 0.50% – 1.5% | Spread (0.6% – 1.2%) | 1.5% – 2% | ~0.16% – 0.26% |
| Deposit Speed | Fast (Interac) | Fast (Interac) | Instant | Slow/Complex |
| Best For | Safety/Holding | Low Fees | Convenience | Pro Traders |
The Mobile App Experience
I’ll be the first to admit: the Bitbuy app wasn’t exactly stellar at first. But as we’re in 202
“It’s not as pretty as Wealthsimple. It’s not as fast as Newton. But it works.”
The best thing is you can easily switch from Express to Pro in the app. That is quite cool. One thing I noticed, though, is it can be quite slow when things go volatile (e.g. when Bitcoin goes up 10% in an hour). Although, Coinbase and some exchanges go down during those times.
One thing I like about it: The biometric login feature is always reliable. It may seem like nothing much, but having to put my password each time I want to check my current account balance is annoying.
Frequently Asked Questions (FAQ)
Is Bitbuy legal in Ontario? Yes. In fact, Bitbuy was one of the first Canadian exchanges that did not run and hide from the Ontario Securities Commission (OSC), but instead partnered with them. It is completely compliant in the province of Ontario.
Does Bitbuy report to the CRA? Oh yeah, they definitely do. As a compliant MSB, if the CRA Ever Calls With a Court Order, Bitbuy will show them their books. Additionally, you are also required to calculate your own gains on the capital that you hold in Bitbuy. Bitbuy offers CSV downloads of transactions that you can use when filing taxes.
A. The length of time it takes for a withdrawal. The processing of a cryptocurrency withdrawal takes a few minutes (except in the case of an extremely large withdrawal), while a CAD withdrawal into a bank account takes 1-3 business days for an EFT transfer. Interac is quicker.
Is Bitbuy Insured?
They insure their cold storage unit. Your balance in your personal account isn’t insured by CDIC, just like a bank account. Bitbuy going into bankruptcy means you are technically a creditor. Due to CIRO regulations separating user funds, it means, in theory, that your funds will be returned to you.
Final Verdict: Who Should Use Bitbuy?
Look, Bitbuy is not for everyone.
If you are a day trader trying to scalp 1% profits on obscure altcoins, Bitbuy is not for you. The fees will eat you alive, and the coin selection (while decent) isn’t vast enough for “degen” trading.
But let’s be real—most people aren’t day traders.
You should use Bitbuy if:
- You are Canadian and you want the absolute safest, most regulated route to buy Bitcoin and Ethereum.
- You are nervous about stories of exchanges getting hacked.
- You want a platform that answers the phone (or email) and is headquartered in Toronto, not a tax haven.
- You are buying larger amounts (like $5,000+) and want the security of a CIRO-regulated dealer.
You should skip Bitbuy if:
- You are penny-pinching on fees (go to Kraken or Newton).
- You want to trade hundreds of random meme coins (Bitbuy lists conservative assets).
In the end, Bitbuy charges a premium. But in the world of crypto, where one wrong click can cost you everything, maybe—just maybe—that premium is the price of sleeping well at night.
And honestly? For my long-term “HODL” stack, that’s a price I’m willing to pay.