Detailed Process to Open a Bitbuy Account
- Visit Bitbuy’s Website: Go to Bitbuy.ca and click on the “Sign up for free” button on the homepage.
- Select Account Type: Choose between a ‘Personal Account’ or a ‘Business Account’. For most users, you’ll select the Personal Account option. Enter your phone number (only North American numbers starting with +1 are accepted) and create a username and password.
- Phone Verification: A verification code will be sent to the phone number you provided. Enter this code to verify your phone number and proceed.
- Identity Verification (KYC): To access all trading features, complete the KYC process. You’ll need to provide personal information such as your full name, date of birth, and address. You’ll also need to submit a government-issued ID (passport, driver’s license, or ID card) and a selfie holding the ID along with a note displaying today’s date and a specific phrase for verification purposes.
- Email Verification: Check your email for a verification link from Bitbuy. Click the link to confirm your email address and finalize your account setup.
- Deposit Funds: Once your account is verified, log in and navigate to the “Deposit” page. Choose your preferred deposit method (Interac e-Transfer or bank wire transfer) and follow the instructions to deposit funds into your account.
Types of Accounts on Bitbuy
Bitbuy offers two main types of accounts: Personal Accounts and Corporate Accounts.
- Personal Accounts: These are designed for individual users who want to buy, sell, and trade cryptocurrencies. Personal accounts are suitable for both beginners and experienced traders and come with access to all of Bitbuy’s features, including the Express and Pro trading options, as well as the mobile app. Setting up a Personal Account involves a straightforward sign-up and KYC process, requiring your personal details, phone verification, and ID verification.
- Corporate Accounts: These accounts cater to businesses and institutional clients. Corporate accounts allow companies to hold cryptocurrencies within their balance sheets and take advantage of Bitbuy’s secure custody solutions. The onboarding process for corporate accounts is more customized and may require additional documentation and verification steps. Bitbuy uses BitGo as its custody provider for corporate funds, ensuring a high level of security.
Minimum Deposit on Bitbuy
The minimum deposit requirements on Bitbuy depend on the funding method you choose:
- Interac e-Transfer: The minimum deposit amount is CAD 50, and the maximum is CAD 10,000 per transaction. This method is ideal for smaller, quicker deposits and is commonly used by individual users.
- Bank Wire Transfer: For larger deposits, you can use a bank wire transfer, which requires a minimum of CAD 20,000 and can go up to CAD 500,000 per transaction. This option is better suited for high-value deposits, often used by corporate or institutional clients.
- Cryptocurrency Deposits: There is no minimum deposit for cryptocurrency transfers into Bitbuy. However, keep in mind that while deposits in crypto are free, withdrawal fees will vary depending on the cryptocurrency you choose to withdraw.
Countries Where You Can and Cannot Open a Account
Eligible Countries:
- Bitbuy is exclusively available to residents of Canada. To open an account, you must be a Canadian citizen or resident, and at least 18 years of age. You will also need a North American phone number capable of receiving SMS verification codes.
Restricted Countries:
- Bitbuy is not available to users outside of Canada. This includes the United States and any other countries outside Canada. The platform strictly limits its services to Canadian residents due to regulatory compliance and local market focus.