Hello! I’m CryptoSwami. In this video, we will be looking at how to buy cryptocurrency if you live in Canada using Bitbuy. A Canadian Cryptocurrency Exchange. Bitbuy has been a premiere Canadian Crypto Exchange since 2013.
Making it easy for people who live in Canada to buy, sell, deposit, withdraw, and manage large amounts of funds. In the first part of this video, we will be going over the 7 features that make bitbuy a superior choice for people that live in Canada. In the 2nd part of this video, we will walk through setting up a Bitbuy account and buying, selling, depositing and withdrawing cryptocurrency step-by-step. Feel free to use the time stamp table of contents in the description area below to hop around this video. Let’s go over the 7 features that make Bitbuy Canada’s modern exchange.
Number 1, Canadian Centric, Bitbuy is a great option for Canadians as they are both based and regulated in Canada. So they focus specifically on servicing their Canadian market. Many exchanges service several different countries and do not have Canadians as their top priority. Currently, exchanges like Coinbase do not have Canadian customers as their top priority since their main market is the United States.
As of now, Canadians are unable to take out Canadian funds on the Coinbase Platform.
Number 2, Top-rated customer support. Bitbuy has top-rated customer service support. Often responding to any inquiries on the same day they receive them. The team at Bitbuy is customer-driven and has a toll free number you can call anytime to speak with a customer service agent. Number 3, Prioritizes security.
Bitbuy adheres to the 95% cold storage policy meaning 95% of the cryptocurrency is stored safely offline to limit the amount of cryptocurrency available to any hackers that try to breach the system. They also have two-factor authentication enabled on all transactions for increase security when users manage their crypto on the exchange.
Number 4, Fast Transaction Times. When you sign up for Bitbuy, your account is instantly verified. This means that you can fund your account on the same day withdraw, buy, and sell cryptocurrency fast.
Most cryptocurrency exchanges have a long verification and funding process that can take days and sometimes weeks. With Bitbuy, you don’t have to wait to buy digital currency. Number 5, Compliant and Transparent. Bitbuy is a registered money based services business by Fintrac. An entity of the federal government of Canada.
Making it both compliant and transparent. Number 6, Available Cryptocurrencies. At the time of this video, Bitbuy supports 6 different cryptocurrencies you can deposit and withdraw quickly and easily. They support Bitcoin, Etherium, Bitcoin Cash, Litecoin, XRP, and Stellar. NUmber 7, No hidden fees.
Bitbuy features and easy to understand fee structure with transparent transaction summaries. Sounds pretty good right? So in this next section, let’s set up a Bitbuy account and check out the platform together. First, It’s important to take the necessary steps to set up your own personal bank before buying cryptocurrency.
If you have it already, watch my video about what you need to do before buying digital assets by clicking on this link.
Watch it and then come back to this video to set up and fund your Bitbuy account. Let’s get started. Scroll down to the description are below and click on the Bitbuy link to ensure you access the correct site safely. Then make sure you bookmark this page and access it only through your bookmark to avoid becoming a victim of phishing sites. Enter the Protonmail account we set up together on my video about what you should do before investing in cryptocurrency.
If you don’t have a Protonmail account yet, you can check them up by clicking on the link in the description area below. Next, Enter a long, Strong Password and confirm it. A referral code will automatically fill in. Click to verify you’re not a robot and then click sign up. Login to your Protonmail account, open the email, and click verify my email.
Awesome! Your email address has been verified. You can click here to sign in. Enter your email, password, click to verify I’m not a robot, and click sign in. Enter your phone number to secure your account when making transactions and then click Add Phone number.
A text will be sent to your phone with a verification code. Enter the code here and click sign in. Before you can buy and sell cryptocurrencies on Bitbuy, You’ll need to verify your identity. Enter your name, Date of Birth, and Phone number. Entering your social insurance number is optional.
Choose your occupation from the drop-down menu, and then scroll down to enter your address. Below that you will need to disclose if you are a politically exposed person or the head of an international organization and then consent to an electronic verification of your identity. Next, click request verification. Note that instant verification may take up to 2 minutes. If you’re verified, Great!
If your identity was unable to be verified automatically, you will need to submit some documents. This includes the photo of your ID, a Selfie with your ID, and a note, and a financial statement, and a utility bill.
When these items have been uploaded, you can click request verification. You will receive an email when your account has been verified. In the email, click on my account button to log in.
Enter your login credentials, confirm you’re not a robot, and click sign in. You will receive a text message with the verification code on your cellphone. Enter your code in the space provided and click sign in. Once logged in, you may receive a notification. Review it and click, Got it.
On the main screen, you will see a list of all the list of all the cryptocurrencies currently supported by Bitbuy at the time of this video. At the top, you will see a notification stating to get started, add cash to your cash balance in order to buy digital currencies. So let’s click on the add funds button. You will see three payment methods. Express E-transfer, Interac E-transfer, and Bank Wire.
Let’s check out the Express E-transfer option. The transfer amount for this option must be between $500 and $10,000 dollars. If you click on the information here, it will be copied to your clipboard so you can easily paste it into your online banking e-transfer form. Once you’ve completed the E-transfer, with your bank, click I have sent an E-transfer. Confirm the amount you sent button to be deposited to your Bitbuy account then click next.
A code will be sent to your phone. Enter into the space provided and click add funds. Awesome! Your funds should be added to your cash balance within two hours which is quite fast. Let’s return to your accounts.
Click on the add funds button and check out the interac E-transfer option. The transfer amount for this option must be between $100 and $10,000 dollars. Read through the other requirements and when you’re ready, you can click on the information below to copy into your clipboard and paste it into your online e-transfer form. Once you’ve completed the E-transfer, with your bank, click I have sent an E-transfer button.
Confirm the amount you sent to be deposited to your Bitbuy account then click next.
Enter the code sent to your phone into the space provided and click add funds. Cool! Your funds should be added to your cash balance within 24 hours. Click return to accounts and click add funds. And let’s check out the Bank Wire option.
The transfer amount for this option must be between $10,000 and $500,000 dollars. Enter the name of your financial institution and the amount you wish to transfer. Review the summary and click next. Enter the code sent to your phone into the space provided and click add funds. Nice!
The Bitbuy team will contact you with your appropriate banking information. Click return to accounts. By clicking on the three dots here, you can access the withdraw function to transfer your available cash balance back into your bank account at any time. For the payment method, you can choose Interac E-transfer, Electronic Bank Transfer, Bank Wire, or Expedited bank Transfer. Enter your bank name and simply click next to proceed.
Another way you can fund your account is by depositing any Bitcoin or other supported cryptocurrency into the corresponding wallet on the Bitbuy exchange. Before funding your account, Let’s go to your account settings. In the Security Section, you will see Two Factor Authentication for sms is on. If you followed the steps on my previous videos about what you should do before buying cryptocurrency, You will have the google authenticator app setup on your phone. So let’s turn on Google Authenticator.
Open the google Authenticator app on your phone and tap scan barcode. Lift your phone as if you’re taking a picture of the QR Code on your computer screen. You will see a six-digit code that changes every 30 seconds or so.
Enter that code in to the space provided before the time expires and code changes. Then click validate code.
Awesome! Google Authenticator is on for your two-factor Authentication. In the security section, you can also change your password and view an audit log of your account’s transactions and security history. Below the security section, you will see your referral code and a referral link. You can send this referral link or code to friends and family to receive $20 after they sign up for Bitbuy and make their first transaction.
Below that, you will see some basic account details and your contact information. at the bottom, you will see a financial regulation section and your account status.
Here you can choose the deactivate your account if you ever need to. Scroll to the top and click close to navigate back to the main menu. If you look at the top menu, you will see that you’re in the express trade screen.
Here you can quickly and easily buy and sell cryptocurrency with FIAT for the market price. Back on the top menu, let’s check out the Pro Trade Option. This is a more advanced trading platform where you can trade some crypto to crypto pairs like trading Bitcoin for Etherium and you can also place winning orders as well as market orders. Let’s go back to the Main screen and deposit some Bitcoin into our bitcoin wallet. Click on the three dots next to Bitcoin and click deposit.
You will see your wallet address.
You can copy the wallet address or you can use your mobile device or similar to scan the address to send the Bitcoin. Once you’re finished with the wallet address, you can track its progress in the deposit section of your history page. Click Done, and after a few minutes or so your deposits should clear. Awesome!
our deposit is ready to go. Note that by clicking on the three dots you can deposit more Bitcoin here or you can withdraw Bitcoin. Let’s try out the buying and selling functions Bitbuy has to offer.
We are going to sell our Bitcoin for canadian dollars. Click the sell button next to Bitcoin.
You will be brought to a screen asking how much you’d like to sell. You can enter any amount of bitcoin or you can click on the use available amount to sell all of it. You will see the selling price calculate. Make sure everything looks good then click sell Bitcoin. Enter your Google Authenticator Verification code and the sale should automatically complete.
Nice! Let’s click return to accounts. You can see the amount of Canadian Dollars available at the top. Let’s test out the Buy feature and by some Stelllar. Click Buy next to Stellar.
Enter the amount of Canadian Dollar you would like to use or you can click use available funds. Review the transaction summary and when you’re ready, click purchase Stellar. Enter your Google Authenticator verification code and the purchase should automatically complete. Awesome! Let’s click view my stellar account.
You will see its market activity as well as your balance and some options to deposit, withdraw, Buy or sell Stellar. Below that you will see the Stellar transaction history. Click close on the top right corner.Next I’m going to quickly sell some Stellar for Canadian Dollar so we can buy and sell some cryptocurrency using the Pro trade features.
On the main screen, Click on the Pro trade on the top menu. You’ll be brought to a screen with many features. First, market history charts. to the buttom left, market trade history data. to the right of that, towards the center, and order book.
on the top left, if you tap on the BTC to CAD a drop down menu will appear. featuring all the pairs you can exchange using the pro trade feature. Like ETH to BTC, LTC to BTC, and much more. so let’s buy and sell some cryptocurrency. Let’s trade a Etherium and Canadian dollars by clicking on the ETH-CAD Pair.
The data on the market trade history, market history charts, and order, will change to show the most recent data for Etherium and Canadian Dollar trades. In the top-left corner, you will see the new order section that allows you to place limit orders or market orders. You can use the options in the order button to place limit orders.
On the amount fields, you can enter the amount of crypto or FIAT or you can choose a percentage of what’s availabel in your wallet here. To place a limit order, choose the amount you wish to trade.
Then make a selection from the order book. as you click to the order book, the data will change accordingly in the order section. The top section shows asking prices while the bottom section shows Bids.
You can set an ask or a bid then when you’re ready, you can click buy or sell to place your limit order. Nice, Next let’s play some market order and buy at the market price.
Click market in the top left part of the screen in the new order section enter the amount you wish to exchange then simply click buy. Awesome! You can see your market order in the bottom right corner here. Under the My order section, in the bottom right corner, you will see all of your transaction history. Using the filters here, you can click between the order types like open orders, field orders etc.
In the market history section, you can use the chart features to help you decide when to buy and sell. You can choose between a wide range of any caters here, you can also choose between different kinds of charts also you can choose the time range.
Cool! Let’s go back to the main screen by clicking on express trade on the top right corner. Then, let’s click on wallets.
Listed here are all the cryptocurrency wallets that will hold the funds you’ll keep on the exchange. here you can deposit funds to the exchange or withdraw funds to another crypto currency wallet. Back on the main screen you can also deposit or withdraw by clicking on the three dots like we did earlier in this video. It’s not a great Idea to leave your funds on the exchanges because they are constantly under attack by hackers. So you need to withdraw your funds to a cryptocurrency hardware wallet for safe keeping.
If you don’t have one yet, scroll down to the description area below and click on one of the links for recommended wallets to ensure you access the correct site safely. Never buy a used crypto currency wallet and never buy one from a site not listed below to make sure you get an official certified device and not a hacked one.
So let’s withdraw the Etherium on the exchange to an Etherium Wallet on a hardware device by clicking withdraw. Here you can choose an amount to withdraw or click use available amount to withdraw everything. copy and paste your hardware device’s Etherium public address in this field.
Then click calculate fees. review the transaction summary for accuracy, then click next. And finaly enter the code you’ll recieve on google authenticator. Great! your Etherium is on the way to your hardware wallet for safe storage.
You can click return to accounts to go back to the main screen. Awesome! No funds are left on the exchange so you’re good to go. Thank you for taking the time to watch my video. So for those of you living in Canada, What do you guys think about Bitbuy?
Is it an exchange you would consider using? What exchanges do you use currently instead? Let me know in the comments below. Be safe Out there!.