Casino games are giving hours of fun to users from all over the world, and this includes Canada, of course. One of the latest trends in the casino and gambling industries has been to add cryptocurrency support.
Yes, that’s right.
Nowadays, players can use Bitcoin (BTC) and other virtual currencies such as Litecoin (LTC) to get access to some of the best online casinos available, including Winz.io. Nevertheless, it might not be easy for a newcomer to the crypto industry to know how to easily buy crypto for gambling in Canada.
This is why we have decided to create this Bitbuy Exchange Guide.
What is Bitbuy?
Bitbuy is one of the largest and most recognized cryptocurrency exchanges in Canada. The company is now located in Toronto and offers solutions to individuals in the country. Through this exchange, users are able to buy virtual currencies in just seconds. The coins purchased can then be used to play different casino games.
The company aims at offering a user-friendly interface that helps users get access to the virtual currencies they need in a fast and easy way. At the same time, Bitbuy has advanced features for users that want to get access to extra features.
Basically, the platform wants to be the first point of contact of Canadians with virtual currencies. In the next sections, we will share with you all the details about this exchange and how this could become the best platform for you to get access to the gambling industry.
One of the main things we should take into consideration about exchanges is related to their security. These are platforms where you will hold your money, and you want it to be safe at all times.
Severa crypto platforms have been hacked in the past. This is why you want to make sure Bitbuy has the necessary security measures in place to protect you from possible attacks and hacks.
The company claims to have 95% of the funds stored in cold-storage wallets. That means that hackers would need to have physical access to the wallets, know the security measures about them and perhaps use multiple signatures in order to move funds from them.
That means that most of the funds held by the platform are protected and secured at all times. The remaining 5% are stored on hot wallets that are used to keep the liquidity of the exchange. Users that withdraw funds need to have their funds available at any moment.
It is also worth taking into consideration that they are using standard encryption measures to protect users’ data. DDoS attacks should be easily avoided by this platform that is serving Canadian users.
Finally, when you use this exchange, you should make sure that they have SSL encryption. You can confirm it if you get access to their site and see a padlock next to the URL address. If you are using the exchange and don’t see the padlock, this would be a red flag.
Trading and General Fees
For traders, trading fees are one of the most important things to take into consideration. The lower the fees, the more profitable their trades are and the larger their savings in the long term. Most of the trading platforms handle fees that range between 0.10% and 1.0%.
Bitbuy works with a flat fee scheme that makes it easy for users to understand what they are getting when they use the platform. The trades you make would have a fee of 0,5% if you are using the fast solution called “Express Trade.”
Most of the exchanges offer a simple and fast way to get access to the coins investors want. However, this tends to have higher fees than the classic exchange. What Bitbuy calls “Pro Trade” is a traditional platform where you can set up more advanced orders such as limit and market orders.
Users that take liquidity (market orders) pay a fee of 0.20% on their trades. If you are a market maker (limit order) you pay a fee of 0.10%. Thus, you could manage your fees using market and limit orders according to your needs.
It is worth mentioning that the platform is not charging withdrawal fees. If you want to withdraw your funds, then you would only pay the transaction fees that apply to each crypto network. However, if you want to withdraw CAD, you might have some limits such as a maximum and a minimum amount and a fee of around 1.5%.
The interface is the strongest point of this platform. The company decided to leave complicated menus and sub-menus aside. Bitbuy is now offering one of the fastest platforms to get access to virtual currencies.
While most of the trading platforms around the world are difficult to understand and complicated to navigate, Bitbuy keeps it down to just a few menus and options. Do you want to buy crypto in just a few taps? Then you just go to the “Express Trade” tab.
If you want to get access to more professional tools and manage your trading fees, then you use the “Pro Trade” solution. Everything is clearly explained on their site, which is also visually pleasant for traders’ eyes.
The registration process is quite simple. This would be necessary if you want to buy virtual currencies using this platform. You would have to open a personal account with an email address, a username, a password, and a phone number.
This is strictly necessary in order to be able to trade cryptocurrencies. Exchanges all over the world are required to get users’ data and information before buying and interacting with virtual currencies.
As in most online services, you would have to confirm your new user account with the email that the platform sent you. At the same time, in order to protect your account even further, you will have to use your phone to receive a login code (2FA).
In order to be compliant with all the KYC and AML regulations, users have to share their information such as an ID or bank statement. This is strictly necessary for the exchange and for you to operate on this platform.
You would also have to share your name, surname, address and even a photo of you holding an ID. All this information is strictly necessary for the company to be compliant with the local regulations. If you don’t share this information you might have limited functionalities on the platform.
These are not all the solutions offered by the company. Indeed, Bitbuy has a dedicated trading application that makes it even easier for users to buy virtual currencies. Rather than making their platform available only for desktop users, Bitbuy allows users to download an app and use it to get access to the crypto market.
Advanced traders and users that want to get the most out of their trades can easily get access to “Pro” features such as advanced charts. Through this solution, analysts can execute their trades and analyze the market with different technical tools.
Another positive thing to mention about this platform is the OTC trading desk. OTC stands for over-the-counter trading, and it is one of the most useful tools for large traders. If you are an investor that wants to buy or sell large amounts of virtual currencies, you could have a negative impact on the price of an asset if there is not enough liquidity.
With an OTC desk, a team of experts would be placing different buy/sell orders in order for your trade to be executed efficiently and without a negative impact on the price of the crypto you want to buy/sell.
Compared to other platforms, Bitbuy offers users the possibility to make CAD wire transfers. This makes it easier for all types of users to easily get access to virtual currencies. Rather than using more advanced systems, a wire transfer is secure, stable and lets users get direct access to virtual currencies.
Several Cryptocurrencies Supported
The exchange is offering support not only to Bitcoin but also to other digital assets. Some of the coins supported include Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), XRP (XRP), Stellar (XLM) and EOS. In the future, they could are more trading pairs and help traders expand their portfolios.
Friendly Customer Support
Finally, the company has friendly customer support. Moreover, they are offering different contact methods such as telephone, chat or via email. The lack of efficient customer support is one of the main complaints users have about crypto exchanges.
However, Bitbuy has focused on offering above-standard customer support to answer all the questions traders could have. Nevertheless, some delays might occur during periods of high volumes.