Bitbuy Private Wealth OTC Review + A Better Option

What Is Bitbuy Private Wealth?

Bitbuy Private Wealth is a cryptocurrency over-the-counter (OTC) trading desk offered by Bitbuy, a fast-growing, highly popular cryptocurrency exchange based in Toronto. It stands out from the rest of the field due to its low fees, great customer support, and easy-to-use trading platform, and it has invested heavily to ensure that its users' crypto assets are always stored safely and that they can trade with the lowest possible spreads.

Bitbuy Private Wealth doesn't offer the same services as the main platform does, however, and it has been designed to cater specifically to institutions and high-net-worth individuals looking to trade large amounts of crypto. To help achieve these goals, it offers a few distinct features in comparison to the main platform, such as enhanced liquidity to prevent slippage when trading, having the best rates on the most popular cryptocurrencies, and even your own Dedicated Account Manager to make your trading experience smoother.

To start off this Bitbuy Private Wealth review, let’s take a deeper look at Bitbuy Private Wealth’s pros, cons, and features.

Pros & Cons Of Bitbuy Private Wealth

Bitbuy Private Wealth Pros

• Its deeper liquidity pools are ideal for large crypto trades and transactions.
• Grants the user one-on-one assistance from a Dedicated Account Manager.
• Supports a big array of cryptocurrencies (100+).
• Registered Money Services Business with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
• Institutional-grade security.
• Provides early access to approved coins coming soon to the Bitbuy platform.
• Offers some of the most competitive fee rates in the crypto OTC market.

Bitbuy Private Wealth Cons

• Only useful for crypto traders looking to make large transactions of $25,000 or more.
• Only accepts Canadian dollars (CAD) as fiat (no USD, EUR, etc.)

While that last con isn't an issue for most Canadian investors or institutions, those who hold different fiat currencies may benefit from using other exchanges such as VirgoCX, our #1 best-rated exchange, which offers foreign currency exchange services alongside crypto.

Features Of Bitbuy Private Wealth

#1 Deep Liquidity Pools

Retail exchanges often have one terrible problem that makes conducting large trades in them unsuitable: its name is slippage. As the crypto market moves at incredible speeds and thousands of crypto traders put new orders every minute, the difference between a trade's expected price and its actual price rears its ugly head and makes you lose money with every trade that you make (especially if you're buying bigger amounts of crypto overall).

With Bitbuy Private Wealth, however, this doesn't happen. They have deeper liquidity pools to help prevent slippage when making large crypto trades, and because they have fewer users compared to a retail exchange, the crypto market here is much more stable and less susceptible to differences in expected and actual price.

#2 Dedicated Account Manager

Sometimes, less is more, and this is illustrated perfectly in Bitbuy Private Wealth: a smaller user base allows Bitbuy to provide far stronger customer support in comparison to what you can expect from retail exchanges. So strong, in fact, that every Bitbuy Private Wealth user gets their own Dedicated Account Manager that will be there to help with every second of the trading experience.

You'll be able to reach this Dedicated Account Manager at any time (7 days a week), and they'll be able to answer any inquiry regarding the platform's usage. Having this level of assistance is a relief, as large crypto trades can be a nightmare on retail exchanges due to long customer support waiting times.

#3 Good Selection Of Supported Coins

When using Bitbuy Private Wealth, you'll have a far bigger array of supported crypto to choose from compared to the main platform, which is around 100+ coins. It's not a common sight to see an OTC desk supporting this many coins, and it's great to have this level of variety available at your disposal.

#4 Institutional-Grade Security & Regulation

Trading with Bitbuy Private Wealth is just as safe as trading with Bitbuy: the OTC desks maintain the 99% cold storage policy that the main platform does, meaning that at least 99% of its users’ cryptocurrency funds are held offline. This is an impenetrable defence put right between users’ crypto assets and both hackers and thieves, making trading with Bitbuy Private Wealth extremely secure.

As if that weren't enough, Bitbuy's servers are also secured across several disaster recovery locations and cloud providers that are SOC, ISO and FIPS 140-2 compliant, and Bitbuy even has a great track record in terms of regulation, as it is a registered Money Services Business (MSB) with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and follows all Canadian regulations.

Pricing

Bitbuy Private Wealth strives to beat any rate offered by competing OTC desks, so it's very tough to talk about specific rates in the platform's pricing as this will depend on the trades you make and just how large they are. Because of this, I recommend that you see if Bitbuy Private Wealth will beat your current OTC provider's rate by creating an account today.

See if Bitbuy Private Wealth will beat your current OTC provider today.

That said, considering the “normal” Bibuy's fees and spreads, it's almost sure that Butbuy Private Wealth's pricing won't be as high as, say, Newton or Shakepay.

In Summary

Bitbuy Private Wealth is a cryptocurrency over-the-counter (OTC) trading desk offered by Bitbuy, a fast-growing, highly popular cryptocurrency exchange based in Toronto. This platform will benefit institutions and high-net-worth individuals looking to make large crypto trades of $25,000 or more, and it has a strong selection of features to help them do so, such as deep liquidity pools that make slippage non-existent when trading and providing a Dedicated Account Manager for every user.

However, if you’re looking for an OTC broker that allows you to place cost-effective trades between $25,000 and $10+ million, you should be using Satstreet, the premium crypto OTC provider on the market today. Considering Satstreet's years-long reputation as the #1 crypto OTC desk in Canada—plus its excellent, round-the-clock customer service—we can't recommend Satstreet highly enough.

Bitbuy Private Wealth FAQs

How much does Bitbuy Private Wealth cost?

Bitbuy Private Wealth's pricing is as close as possible to the spot rate at any given time. They have aggressive pricing and are committed to beating quotes from other OTC providers. To see for yourself, create an account.

Is Bitbuy Private Wealth worth it?

Yes, Bitbuy Private Wealth is worth it because its deeper liquidity pools will allow you to completely forget about slippage when making large crypto trades. Additionally, it supports more than 100 cryptocurrencies, and it provides you with instant customer support thanks to its Dedicated Account Manager.

That said, if you're trading any less than $25,000, you will need to choose another exchange like VirgoCX or CoinSmart.

Is Bitbuy Private Wealth safe?

Yes, Bitbuy Private Wealth is safe because Bitbuy, their parent platform, uses several mechanisms to make sure all accounts are completely secured: for starters, Bitbuy's servers are secured across several disaster recovery locations and cloud providers that are SOC, ISO and FIPS 140-2 compliant. Additionally, Bitbuy maintains a 99% cold storage policy, which means at least 99% of its users’ crypto is held offline.

Is Bitbuy Private Wealth legit? 

Yes, Bitbuy is a legitimate cryptocurrency exchange regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It also has a user base of over 400,000 registered Canadian users, and it has traded over $5 billion worth of crypto.