How to Move Crypto from Bitbuy to a Hardware Wallet

Before you start

You need three things ready to go:

1. A funded Bitbuy account with the balance you want to withdraw.
2. A hardware wallet — the Ledger Nano X is our default recommendation for Canadians; the Trezor Safe 5 and Tangem Wallet are also excellent.
3. The companion app installed on a clean desktop (Ledger Live, Trezor Suite, or Tangem app). Not your phone for the first setup.

Bitbuy withdrawal fees (2026)

Bitbuy charges a network fee only on crypto withdrawals — no separate withdrawal fee. Typical costs at 2026 network rates:

• Bitcoin (BTC): ~0.0002 BTC (~$18 CAD)
• Ethereum (ETH): variable, typically $3-15 CAD
• USDC/USDT (ERC-20): $3-15 CAD
• Solana (SOL): ~$0.05 CAD
• Litecoin (LTC): ~0.001 LTC (~$0.15 CAD)

If withdrawal cost is a major factor for you, consider batching — save up several months of DCA buys on Bitbuy before doing a single large withdrawal to your hardware wallet.

Step 1 — Set up your hardware wallet safely

Never skip this. Every year Canadians lose crypto by initializing a hardware wallet from a compromised device or by rushing through the seed phrase step.

1. Update the firmware first. In Ledger Live / Trezor Suite, install any pending firmware updates before creating a wallet. Only firmware signed by the manufacturer is accepted by the device.
2. Generate the seed on-device.Never accept a "pre-generated" recovery phrase from any website or PDF. The 12- or 24-word phrase must be shown to you by the hardware wallet itself, never typed into a computer.
3. Write it on the paper card first, then transfer to a metal backup. We recommend Billfodl, Cryptosteel Capsule, or SafePal Cypher — see the winter-storage section of our Canadian pillar guide for why paper alone won't survive a Canadian winter.
4. Verify the seed.The device will ask you to confirm several words. Don't skip this. If you get one wrong, wipe the device and start over.

Step 2 — Generate a receive address

In your hardware wallet's companion app:

1. Click the account for the coin you're withdrawing (e.g. "Bitcoin", "Ethereum").
2. Click "Receive" and follow the prompts.
3. Critical:the app will display an address AND ask you to verify it on the device screen. The address shown on the small device screen must exactly match the address in the app. If they don't match, you have clipboard malware — stop everything, wipe the computer, start over.
4. Once verified, copy the address to your clipboard.

Step 3 — Send a test transaction from Bitbuy

Log into Bitbuy on desktop (never mobile for large transactions):

1. Portfolio → the coin you're withdrawing → "Send".
2. Paste the address from step 2. Bitbuy will ask you to save it as a whitelisted address (yes, save it).
3. Send $10-20 CAD equivalent as a test.Don't skip this. A one-in-a-million clipboard swap that costs you $10 is dramatically better than one that costs you $50,000.
4. Confirm the withdrawal with 2FA. Bitbuy uses email + Google Authenticator.

Step 4 — Confirm the test arrived

Wait for on-chain confirmations. Timing:

• Bitcoin: 10-60 minutes (needs 1-3 confirmations)
• Ethereum / ERC-20 tokens: 2-5 minutes
• Solana: under 30 seconds
• Litecoin: 5-15 minutes

Once the funds appear in your hardware wallet's companion app, the address is confirmed valid.

Step 5 — Send the full balance

Repeat step 3 with the full remaining balance. Bitbuy has a $50,000 CAD default daily withdrawal limit — request a raise if you need more. Larger amounts trigger a manual review call for your safety.

Step 6 — Record for the CRA

The Canada Revenue Agency treats the transfer from Bitbuy to your hardware wallet as a non-taxable custody change — not a disposition — because both wallets belong to you. But you should still keep:

• Both transaction hashes(test + full send) from Bitbuy's activity history.
• Screenshots of the receive address shown on your hardware wallet device screen.
• The Bitbuy withdrawal receipt PDF (Account → History → Export).

These three items together prove that the funds moved between two wallets you control, not to a third party. For a full walkthrough of CRA cold-storage compliance, see our CRA cold-storage section.

Common problems and fixes