Are you looking for a reliable cryptocurrency exchange in Canada? Bitbuy is a top-tier Canadian cryptocurrency platform offering secure trading, easy deposits in CAD, and compliance with local financial regulations.
This guide will walk you through everything you need to know about using Bitbuy—from opening an account to depositing funds, making trades, and withdrawing your assets.
Table of contents |
No credit card required
What is Bitbuy?
Bitbuy is one of Canada’s leading cryptocurrency exchanges, known for its secure trading environment and compliance with Canadian financial regulations. It caters to both beginner and advanced traders, offering features such as spot trading, advanced order types, and large-volume trading options.
How to Open a Bitbuy Account
Here is a Step-by-Step Registration Guide.
Steps:
1.Visit Bitbuy’s official website.
2.Click on "Get Started" and enter your email address.
3.Verify your email and complete the identity verification process.
4.Submit your photo ID and follow the on-screen instructions.
5.Set up two-factor authentication (2FA) for enhanced security.
How to Deposit Funds into Bitbuy
Bitbuy allows deposits in CAD and cryptocurrency. Here’s several options how you can fund your account:
Interac e-Transfer (Best for Small Deposits)
Minimum: $20 CAD | Maximum: $10,000 CAD per transaction
Processing Time: Usually within 60 minutes
Steps:
1.Log into your Bitbuy account.
2.Navigate to “Deposit” and select Interac e-Transfer.
3.Enter your desired deposit amount and follow the on-screen instructions.
4.Complete the transfer from your Canadian bank account.
Bank Wire Transfer (Best for Large Deposits)
Minimum: $10,000 CAD
Processing Time: 1-2 business days
Steps:
1.Select “Wire Transfer” under the deposit section.
2.Transfer funds from your Canadian bank to the provided Bitbuy account.
3.Upload a copy of your wire transfer receipt for verification.
Cryptocurrency Deposit
Instant processing after blockchain confirmation
Steps:
1.Navigate to “Deposit” and select “Digital Currency”.
2.Choose your cryptocurrency and copy the deposit address.
3.Send funds from your external crypto wallet.
How to Trade Cryptocurrency on Bitbuy
Here are the basic steps to trade cryptocurrency on Bitbuy.
1.Log into Bitbuy and go to the “Trade” section.
2.Select the cryptocurrency pair you wish to trade.
3.Enter the amount and click “Preview Trade”.
4.If the details are correct, confirm your trade.
How to Withdraw Funds from Bitbuy
You can withdraw Canadian Dollars (CAD) starting from a minimum of $20.
CAD Withdraw
1. Log in to your Bitbuy account.
2. Navigate to the “Withdraw”section from the menu and select Canadian Dollars (CAD).
3. Enter the amount you wish to withdraw and click "Continue".
4. Your previously registered bank account will be displayed—select the account to proceed with the transfer.
Bank Account Registration:
If you have not yet registered a bank account, you must first set it up in "Settings" → “Connected Bank Accounts” before making a withdrawal.
Things to note:
For security purposes, two-factor authentication is required when withdrawing funds.
- If you are using an authentication app, enter the code from the app.
- If not, enter the code sent via SMS.
Processing Time:
Withdrawals using this method can take up to three business days to process. Please keep this in mind when planning your transactions.
Bitbuy also offers Interac e-Transfer withdrawals and large-scale withdrawal options. Choose the most suitable method based on your needs.
Cryptocurrency Withdrawals
1.Navigate to “Withdraw” and select your desired cryptocurrency.
2.Enter the destination wallet address.
3.Confirm the transaction and complete two-factor authentication (2FA).
How to Download Your Bitbuy Transaction History for Crypto Taxes
In Canada, cryptocurrency profits are considered either business income or capital gains and must be reported to the Canada Revenue Agency (CRA).
To download your transaction history:
1.Go to “Documents” in your Bitbuy account.
2.Click “Statements & Reports”.
3.Download the transaction history for tax reporting.
Summary
Creating an account on Bitbuy can be a viable option for Canadians seeking a secure, regulated cryptocurrency exchange that supports CAD. It offers a user-friendly interface and Interac e-Transfer support.
Additionally, if you need an easy way to track your crypto taxes, consider using a tool like cryptact.
With our comprehensive crypto profit and loss management & calculation tool, you can easily track your transactions, organize your data, and uncover strategies to optimize your tax planning.
cryptact simplifies the process, helping you stay compliant while saving time and effort. Start using our solution today to take control of your crypto taxes and ensure you're maximizing every opportunity to reduce your tax liability now!
No credit card required
