Bitbuy review: a CIRO-regulated Canadian exchange with BitGo custody and a proof-of-reserves record, but a 0.95% trade fee from November 1, a Robinhood migration under way and a 1.5 out of 5 Trustpilot score.

Bitbuy says all custodied crypto is backed 1:1 at all times, with over 90% held in an insured cold-storage vault at its qualified custodian, BitGo. Its client relationship disclosure says crypto is stored with BitGo Trust Company and that neither Bitbuy nor BitGo will pledge or re-hypothecate client assets; a separate disclosure names Tetra as an authorised custodian under CIRO exemptive relief. Its proof-of-reserves page says it has published an annual proof-of-reserves and due-diligence report five years in a row, starting in 2019, and lists cold-storage shares of 97.16% to 98.12% for 2020 to 2022. The newest audit we could see on that page is dated 2023, so we could not confirm a 2024 or 2025 report. No insurance amount is stated, and the page refers readers to BitGo for its coverage. The migration FAQ says custody stays with the same arrangement at Coinsquare Capital Markets Ltd. (CCML). We found no hack of Bitbuy; CoinGeek reported that sister platform Coinsquare once had a data hack exposing nearly 4,000 users’ details. A 99% cold-storage claim on a review site conflicts with the company’s own ‘over 90%’ and was excluded.

Bitbuy is a trade name of Coinsquare Capital Markets Ltd. (CCML), a CIRO dealer member and registered investment dealer; the OSC’s register lists CCML, also carrying on business as Bitbuy, as an investment dealer (dealer and marketplace) with exemptive relief dated October 11, 2024. Bitbuy’s trust centre lists CIRO membership under CCML dated May 25, 2024 and a FINTRAC money services business registration, and Finder reports the same. A May 30, 2024 OSC decision allowed the former Bitbuy Technologies entity to keep operating on an interim basis until client accounts moved to CCML. The history includes an OSC enforcement settlement in July 2020 in which Coinsquare, CCML’s parent at the time, settled over inflated trading volumes and retaliation against a whistleblower, and CCML had to make governance improvements before re-applying for registration. Robinhood closed its acquisition of WonderFi, the parent of Bitbuy and Coinsquare, on June 1, 2026, reported as US$180 million or C$250 million depending on the outlet; money.ca says the regulatory protections that applied before the deal remain in place. On CIPF, the support FAQ says CIPF provides limited protection for eligible property, while an older client disclosure says Bitbuy is not a CIPF member; we treat crypto as not covered.

Fees are in flux. A schedule on Bitbuy’s own site, effective October 1, 2026, sets a Robinhood Trading fee of 0.5% of trade value from October 1 to October 31, 2026 and 0.95% from November 1, 2026, with a 1% slippage limit on buys and 5% on sells. Robinhood’s Canadian support page and news coverage at launch cited a flat 0.50% with a $0.01 minimum, so we treat the 0.95% schedule as the current charge and flag the conflict. The legacy Coinsquare Trade quotes carry a 0.5% to 1.85% spread with up to 2% extra in thin markets, and Bitbuy’s Pro Trade fee page lists 0.50% for makers and takers, falling to 0% and 0.10% at C$5 million or more (last updated July 22, 2026). Deposits are free. Finder lists Interac e-Transfer withdrawals at 0% and bank or wire withdrawals at 1.5%, while Hardbacon lists e-Transfer at 1.5%; Bitbuy limits Interac to one withdrawal per 24 hours. Crypto withdrawal fees are dynamic. Staking carries a fee of up to 30% of rewards, with validator and custodian fees charged separately.

Finder lists BTC, ETH, USDC, ADA, SOL, DOGE and more than 50 others, TradingFinder says 60, and Crypto Briefing reports that Robinhood’s Canadian app will trade roughly 50 assets. Bitbuy’s fee page notes that some trade-only assets cannot be deposited or withdrawn. Staking is listed on its fee schedule, although Hellosafe says there is no staking, so we treat that page as dated; Robinhood’s Canadian app lists staking as coming after launch. The sources we reviewed describe CAD funding only and no derivatives or leverage. An OTC desk serves institutional and high-net-worth clients.

Bitbuy offers Express Trade for beginners and Pro Trade for experienced users, and Finder and Hardbacon describe the app as suitable for beginners. The experience is now shifting: from June 2026 customers are invited in phases to the Robinhood Canada app, which launched publicly on July 1, 2026. After the move, the Bitbuy app becomes read-only, new trading, deposits and withdrawals happen on Robinhood, open orders are cancelled and historical trade data and P&L are not ported at launch, according to Robinhood’s support page. Trustpilot reviewers complain about a 24 to 72 hour hold on new accounts, withdrawal restrictions and a forced sale of a delisted token, and one 2024 reviewer said the app does not support biometric sign-in. We could not verify current app-store ratings.

Trustpilot shows 1.5 out of 5 from about 441 reviews, with 56% one-star and 29% five-star, and says the company has no recent history of asking for reviews and has not replied to negative reviews (an earlier snapshot showed replies to 18%). Reviewers describe support that works only through tickets, with no live chat or phone, repeated ticket closures, and long waits for frozen withdrawals. Finder lists support as 24/7, which conflicts with those reports. Reviews are skewed toward complaints, and a few reviewers praise individual agents and quick withdrawals. Ownership change and the migration add further uncertainty about who answers which questions: Robinhood routes some legacy issues back to Bitbuy or Coinsquare support.

Bitbuy runs an OTC desk for institutional and high-net-worth clients and offers staking (with a fee of up to 30%). Robinhood says it will keep WonderFi’s institutional relationships and link them to its global network through Bitstamp, and new coins, staking and other features are promised in the months after the Canadian launch. There is no card, DeFi integration, lending or derivatives product in the sources we reviewed.