Bitbuy Review: Buy Crypto in Canada



hey guys Lika here today I'm gonna show you a really cool new Canadian exchange called bit by bit by dot ca is a Canadian owned and operated digital currency platform founded in 2013 these guys have been around a while I've been hearing the hype about them on reddit like I I knew that there was a there was a good option to some of the other players and I was really excited to see that because as we know buying Bitcoin in Canada sucks Canadian banks hate Bitcoin which is really strange because the Canadian government has come out and said that bitcoin is essentially an equity class capital gains and all that stuff so I don't know the bank's they they seem to be really really afraid of cryptocurrencies in Canada and it's great to have a competitor in there so bit by is owned by company called mana ticks they're out of Toronto mana Tex is a blockchain company looks like they do all kinds of different things let's take a look at the plot the fees the fees are pretty pretty good they're pretty much in line with what you're gonna see everywhere 0.75% to buy half a point to sell withdrawals are free processing is instant but this is what you want to look at the deposit and withdrawal options they support internet eat transfer and interact online so that's always one of the things you're looking forward with the Canadian exchanges there's only a few now that that are still gonna take the interact renters Interac online transfers because like i said the banks are always causing problems for these poor exchanges so we're gonna what we're gonna do is i'm gonna show you this platform going to show you how easy it is to buy cryptocurrencies right she'll time guys I just want to say if you found this video useful or helpful or insightful in any way please use the link in the description to open your bit by account it does offset the cost of making these videos this is bit by this is what it looks like I'm just gonna show you like the price difference because one thing I hate about exchange is sometimes they just have ridiculously bad prices so let's just take a look one aetherium is 592 Canadian right hop over to my chart so it's 438 us on BitFenix right now for 1e so 438 we just did the conversion from 590 to Canadian is 448 US dollars so that's great I mean you can see it's only a $10 difference in the price for 48 to 438 and that's great that's what I'm looking for I'm looking for not to get ripped off which happens sometimes with in the past where Canadian exchange it's a bit by let's take a look I'm gonna show you how to fund your account basically they support for coins Bitcoin aetherium Bitcoin cash and litecoin here they are here so the first thing you're gonna want to do obviously is fully verify your account let's just have a look at that so to get verified you've got to provide Canadian government issued photo ID a photo of you yourself holding the submitted ID and a proof of address so a utility bill or something like that once you do those three things you'll be ready to start rolling with bit bye alright so let's do what we came here to do which is buy spot coins on bit by click fun now and you're gonna get these different options I mean you can do a bank wire which is a typical wire transfer takes one to two days half a point fee they all require verification of course flexi pin you can check it out flexi pins sort of like these cards that you can buy and charge up but the the feature that almost everyone kind of wants to use are the interactions so those will go straight from your bank account to bit by and the interact eat transfer option minimum 100 max 3000 takes 24 hours for them to approve it but after you've done the first one I believe it's rather instant these are two percent fee the Interac online method is basically the same piece but they're instant the only caveat is that they're not always available so actually they're not available today because I just tried to do one so we're gonna go ahead and do the e transfer option so let's do it now fund with interact you transfer okay so it's gonna ask you for the amount I don't know let's do half and eat you heard my phone ding because it's asking for the SMS verification I'll just plug that in okay once your bank name okay I'm obviously gonna have to block this out later but let's go ahead and submit it basically you need to take a look at this information up above because it's gonna tell you how to send the e transfer with a Interac each transfer you're sending an email that's going to go to the recipient and they're gonna have a password question and answer password system for security so as long as they can answer with the right password or the right answer to your question sorry then they can accept the funds so yeah the other thing I'll point out is check out the fees here there's the two percent so the net amount I'm going to have is two ninety four twelve to buy coins with let's go ahead and submit it now if I click my dashboard I can see the deposit here so basically now the onus is on me to do the transfer bit by is also going to send you an email confirming the transfer which you can see here right so you're gonna go to need to go to your online banking which will be different depending on who you bank with in Canada with the World Bank you'll have to log in to your bank account and then you're gonna be looking for interact a transfer which should be prominent because it's so common it'll be something like send funds or something like that and try to eat transfer and then you're gonna have to be sure to use the security answer that you gave to bit by in the previous step so the question can be whatever you want but the answer has to be what you specified in the previous step two bit by once you've sent the e transfer at some point within the next 24 hours honestly for me it's been a lot sooner than that sometimes just within a two or three hours you'll get an email back like this one showing that your deposit has been confirmed okay let's flip back to our bit by account which shows we have zero let's do a refresh BAM there's our two ninety four so we're good to go now we can actually go ahead and buy and sell okay so here on the buy and sell page let's put in 294 12 that's what's in our balance if we were buying Bitcoin we would get point zero three let's go to a theory M yeah point for 8.4 8.4 8 for 8 got YZ let's go ahead and purchase it you just click buy aetherium okay now we should get an SMS so you can see how much you're going to buy the total that you're gonna spend I've just got the SMS click buy we just bought a theorem this much point four eight four eight and it's that easy guys so yeah it's a I'll click balances just so you can see there it is and that's it I mean it doesn't get much easier than that and that's really what I like about bit but it's the every man's exchange very very simple to use and very very efficient with the clean UI right one thing I'll mention quickly before I go to withdraw these coins is that the first time if you look in the support area you can see that how long does it take to withdraw we hold each user's first time coin withdrawals for up to four business days so once you've bought the coins the first time you go to withdraw it's gonna take four business days and the reason why they do that is to make sure that you're not like a shadowy character that's using the exchange to liquidate the the proceeds of illicit crimes or something like that and and just to get to keep them clean with the banks essentially so the after four days you'll you'll be able to withdraw your coins but after that once you once you've gone through that once for all future withdrawals after your first it will be the same day and that's that's what I've found to be the case when I when I've been working with it by in fact they go through really really quickly so yeah that's how that works something to keep in mind not a showstopper but it's a bit of a security feature that bit by has in place okay so to do the withdrawal it's really easy just from your balances tab click withdraw put in your address I'm gonna draw the maximum what you can see is what I just bought plug in the verification code which you should just have received click send and you can see that it is now set to pending this withdrawal so like I said if it's your first time it could take up to four days mine was a lot less I think it was one day to be honest and then after that they could take up to one day or several hours depending you know if you're turning it in the middle of the night in Candida it's gonna take longer probably than if you do it during a business day Canada so FYI right guys that pretty much wraps it up for bit by dot CA a really cool new easy to use exchange to buy your spot coins in Canada that works with interact services honestly like there isn't many options left this is one of my better ones so I've been using them for months now I'd suggest you check them out and don't forget when you're making your account use the link in the description it does help us make these videos going forward like comment subscribe guys Cheers

9 thoughts on “Bitbuy Review: Buy Crypto in Canada”

  1. Sir, I have a question as follows:

    If I want to invest in trading site of U.S,
    will bitbuy.ca convert Canadian dollars into US dollars to invest in trading of U.S

    Please reply me as soon as possible, thanks
    I will wait for your kind reply

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