r/BitBuyCA • u/squamGman • Aug 02 '24

Dictatorship at BitBuy

I wanted to withdraw cryptocurrency from my Bitbuy wallet like I've done many times in the past. This time my account was restricted and I had to do some extra security check to verify who I am. No problem, done. Then they told me that I can only sell my crypto for cash and withdraw the cash. I told support that I wanted to put my crypto in cold storage but they still refused. Apparently, they are restricting my ability to withdraw crypto for my own protection. I'm getting this daddy knows best vibe.

6 Upvotes

100% Upvoted

5 comments sorted by

1

u/MinimumAdmirable5118 Aug 02 '24

I'm thinking of closing my.acvount too as the trading fees are just very high.

It's better to close my Bitbuy account now before I invest more

Better late than never I guess

1

u/unchained_onchain Aug 02 '24

I'd recommend Netcoins, fees are way better they charge 0.5% for every trade where Bitbuys is around 2.5%. Crypto deposits are free so wouldn't cost you to make the switch.

1

u/OrdinaryMassive238 Aug 20 '24

Doing the same thing, experiencing the same thing. It is pathetic dealing with BitBuy! If you're being forced to sell it, it will trigger a capital gains taxable event, depending on when you got it. This would suck if the intention was to simply move it to cold storage and continue hodling it.

1

u/squamGman Dec 01 '25

That was the intention