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In the world of leading cryptocurrencies in the financial sector, more and more crypto traders and investors are continuously showing interest in crypto trading for generating a passive income.

Bitbuy Login

Is Bitbuy Safe?

One of the biggest threats to exchanges and their users are hackers. We know all too well about the damages that can be caused when a hacker is able to penetrate an exchange's system. Hence, exchange security is a key consideration for us.

When it comes to security at Bitbuy we were able to glean the following information from their site:

Exchange Side Security

Bitbuy says that they operate a policy of 95% cold storage of coins. This is the standard among cryptocurrency exchanges and protects the bulk of user's assets from hackers.

For those who are not familiar with the concept of cold storage, it is the practice of taking a wallet off line and storing it in an air-gapped environment. It really just means that the exchange is making sure that the private keys of their wallets are inaccessible from digital threats.

Bitbuy also says that they complete daily encrypted and distributed backups of the data on their servers. This will help them should they ever come under any sort of Dedicated Denial of Service (DDoS) attacks.

User Side Security

While exchange security is a priority, the user is often the weakest link when it comes to crypto theft. Therefore, Bitbuy has instituted the best practices in user protection on their systems.

The first and most important thing that we will check for is secure SSL encryption on an exchange. Bitbuy has this as you can see from their SSL padlock in the browser. It is also critically important that you make sure that this is visible when you visit the exchange.

If you ever visit Bitbuy and you do not see the padlock then it is likely that you are on a phishing site and should leave it immediately. However, even if a hacker is able to get access to your password, two factor authentication is likely to protect you.

Bitbuy requires all of their users to enable two factor authentication by default. Whenever you log into your account or try to initialise any sort of withdrawal then you will be asked to complete this. You can either use it as an SMS based 2FA or you can sync it with Google Authenticator.

Proof of Reserve Audit

Bitbuy has recently also completed a proof of reserves and security audit. This is particularly relevant in the fallout from the QuadrigaCX collapse.

Bitbuy employed the services of CipherBlade which is a US based blockchain forensics firm. The key findings from the report are as follow:

• Fiat Holdings: All fiat holdings at Bitbuy were verified by bank statements and are well reflected in their back-end systems.

• Digital Holdings: The sum of the digital assets held in their hot and cold wallets matched user account balances 1:1.

• Background Checks: Bitbuy and its operators also passed a number of background checks. They also audited their cold storage management process to make sure it was above board

It is also important to note that this is not a once-off report. Bitbuy has agreed with CipherBlade to conduct these security checks and audits on an ongoing basis.

It is great to see an exchange engage in such transparency and the ecosystem would do well if more exchanges followed suit.

First 1:1 Insured Bitcoin Platform

In May 2020 Bitbuy partnered with Knox to offer fully-insured cold storage of Bitcoin holdings for all Bitbuy users. Bitbuy was the very first Canadian exchange to offer such cold storage and insurance to their clients, marking a significant positive development for the Canadian cryptocurrency industry.

The move was made by Bitbuy as part of their commitment to best practices in the cryptocurrency exchange industry while awaiting greater regulatory clarity in Canada.

The insurance policy from Knox covers both theft and loss of customers Bitcoin holdings up to the full value of the holdings in cold storage, subject to the full policy terms, conditions, and exclusions.