Clients of the investment dealer operated by Coinsquare Capital Markets Ltd. (d/b/a “Bitbuy”) pay the following fees:
Bitbuy Trade
On each request for quote made by a client in Bitbuy Trade, Bitbuy includes a disclosure of a "spread" ranging between 0.5% and 1.85%, barring adverse market conditions and/or liquidity not being readily available for a specific crypto asset pair in which case the spread may be increased up to an additional 2%. The spread is added to the best observed price at which Bitbuy can buy the crypto asset through its Liquidity Providers (third-party firms who do not provide quotes on a Canadian marketplace, but with which Bitbuy interacts to obtain liquidity), or subtracted from the best observed price at which it can sell the crypto asset through its Liquidity Providers. When the client accepts Bitbuy’s quote within ten (10) seconds of the quote being displayed to the client, Bitbuy completes the transaction as principal at the price quoted to the client. (However, the quote becomes stale and is replaced every ten (10) seconds until the client confirms it or decides not to trade at all.) No other transaction fees apply to such trades.
In times of extreme volatility, Bitbuy reserves the right to not offer a quote. However, if in that instance a client emails compliance@bitbuy.ca and states that they wish to execute a trade outside the 3.85% maximum spread, Bitbuy compliance will consider approving the client's written request.
Bitbuy Pro
Trades made through Bitbuy Pro are subject to transaction fees known as Maker and Taker fees. A “Maker” order is one that provides liquidity to the order book. A “Taker” order is typically immediately executed and removes liquidity from the order book.
Maker and Taker Fees are taken from the settlement amount of the trade. The applicable fee is calculated as a percentage of the total dollar amount of the trade, and the percentage that applies varies depending on the total dollar amount, as follows:
Taker Fee: 0.50%
Maker Fee: 0.50%
OTC
Bitbuy’s OTC services are used by institutional and high net-worth clients to execute orders that are generally larger than Bitbuy Trade orders and provide more personalized execution assistance and greater access to liquidity through designated representatives of Bitbuy. Bitbuy is the counterparty to each buy or sell OTC transaction initiated by a client. Bitbuy includes a spread in the quoted price to the client. The spread ranges between 0.5% and 1.85% of the best observed price at which Bitbuy can buy or sell the crypto asset through its Liquidity Providers, barring adverse market conditions and/or liquidity not being readily available for a specific crypto asset pairs, in which case spread may be increased up to an additional 2%. Clients may accept or reject any quoted price. No other transaction fees apply to such trades.
Spreads
Bitbuy charges a mark-up spread of between 50 and 385 basis points from the offsetting prices that Bitbuy believes to be reasonable at the time of the transaction. The amount of the spread is based on a number of factors such as (1) the size of the client order, (2) price volatility, (3) available liquidity, and (4) price spread from the liquidity providers. For example, the Bitbuy mark-up spread might be larger for a large client order for a very volatile crypto asset with low liquidity and a wide price spread from the liquidity provider. Conversely, a small client order for a less volatile crypto asset with large liquidity and a tight spread would result in a tighter Bitbuy mark-up spread.
Deposit and Withdrawal Fees
Clients do not pay deposit fees for making fiat or crypto asset deposits.
Depending on the crypto asset and type of transfer, clients may be charged a fiat and crypto asset withdrawal fee. Such fees are disclosed to clients, both on the Bitbuy website and when they request a withdrawal. The applicable fees for fiat and crypto asset withdrawals can be found here: https://bitbuy.ca/fees.
Foreign Exchange Fees
Bitbuy may apply a foreign exchange (“FX”) spread in a transaction if a customer deposits Canadian dollars and requests a purchase of a digital asset that trades in US dollars.
Staking Fees
When you stake crypto through Bitbuy, Bitbuy charges a fee as a percentage of the staking rewards received by its custodian. Staking rewards and fees vary by token.
For ADA, ATOM, DOT, NEAR, and SOL:
Bitbuy receives net rewards from its Custodian, BitGo. This means that BitGo’s fees of 9% of gross rewards are removed on-chain from the total amount earned by the validator before the net amount is distributed to Bitbuy. Bitbuy then takes the amount received, removes the fee as explained below, and distributes the remaining amount proportionally to each user that had assets staked for the entirety of the period in which the rewards were earned.
For MATIC:
Bitbuy receives MATIC rewards from its Custodian, BitGo, with a portion of the rewards (7-8%) already removed on-chain. This means that a portion of BitGo’s fees is not removed on-chain from the total amount earned by the validator before the net amount is distributed to Bitbuy, which is unlike most of the other assets offered for staking through the Bitbuy platform. Bitbuy removes the remaining fee (1-2%) as per our agreement with BitGo, then also removes the Bitbuy fee as explained below, and distributes the remaining amount proportionally to each user that had assets staked for the entirety of the period in which the rewards were earned. BitGo’s fees equate to 9% of the gross rewards.
For ETH:
Bitbuy receives gross ETH rewards from its Custodian, BitGo. This means that BitGo’s fees are not removed on-chain from the total amount earned by the validator before the net amount is distributed to Bitbuy, which is unlike most of the other assets offered for staking through the Bitbuy platform. Bitbuy removes the fee as per our agreement with BitGo, then also removes the Bitbuy fee as explained below, and distributes the remaining amount proportionally to each user that had assets staked for the entirety of the period in which the rewards were earned. BitGo’s fees are paid from Bitbuy to BitGo on a monthly basis, equating to 9% of the gross rewards.
General Staking Fee
Bitbuy charges a staking fee of up to 30% on all staking rewards received from any crypto you stake on the platform.
When crypto is staked on the platform, third-party validators and custodians providing services also charge fees that represent a percentage of the staking rewards received. The staking fee that Bitbuy charges you does not include the fees charged by any validator or custodian in connection with providing the staking services.
After Bitbuy receives any staking rewards from its custodian, net of any fees charged by the relevant validator or custodian, Bitbuy will then apply its staking fee of up to 30% of the staking rewards earned during the period, prior to distributing any rewards to your account. Bitbuy may modify the specific staking fee for each crypto asset, within the 30% limit, at any time and within its discretion. The exact fee charged per network can be found at https://bitbuy.ca/fees. Any staking fees listed on your account statements and fee reports will only disclose the staking fees charged by Bitbuy.
Last revised: May 25, 2024
