Bitbuy: Buy Bitcoin CanadaGoogle Play
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
This Canada specific Money Service Business, FINTRAC regulated app or service, allows Canadian users to buy or sell Bitcoin. The app or service in its Terms page warns users that:
The Bitbuy platform you keep your digital currency on, can get hacked and all digital currency can get lost and/or stolen.
They therefore recommend withdrawing cryptocurrency assets on cold storage devices.
Prior to purchasing Bitcoin, users are also mandated to pass KYC procedures.
From the documentation and legal disclaimers, it is very apparent that this is a custodial service and thus not verifiable.
Additional Note: It appears that the app may not be accessible to some due to location specific restrictions.
Tests performed by Daniel Andrei R. Garcia
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.