6 Ways to Buy Bitcoin with Interac e-Transfer [Canada]
6 Ways to Buy Bitcoin with Interac e-Transfer [Canada]
Buy Bitcoin with Interac e-Transfer MyBTC.ca
Buy Bitcoin with Interac e-Transfer Paxful
How to Buy Bitcoin with Interac e-Transfer - BTCHeights
How to send money via email or text INTERAC e-Transfer
08-31 04:15 - 'Unfortunately your location does matter for your exchange (where you buy/sell). / Check out r/bitcoinCA for lots of great info. / ShakePay is easy to use, quick to transfer funds to (can use regular Interac e-transfer up t...' by /u/TrueNorth49th removed from /r/Bitcoin within 2-12min
''' Unfortunately your location does matter for your exchange (where you buy/sell). Check out bitcoinCA for lots of great info. ShakePay is easy to use, quick to transfer funds to (can use regular Interac e-transfer up to your bank/card daily limit), and signup/verification is pretty fast/painless. Fees why buying/selling BTC can be a little high (1.25-2.25% depending on price volatility) but they charge no other fees - including free xfer to your wallet. Use my link and we will each get $10 when you buy your first $100 of BTC. Newton gets some good reviews as well and is supposed to have lower fees. The verification process with PLAID is a little disconcerting - would suggest avoiding until they implement their new process (supposedly coming soon). ATMs charge VERY high fees (sometimes over 10%) so would strongly suggest avoiding. Make sure you know how to use your wallet BEFORE you make any large purchases. Try some small tests, try restoring your wallet, and make HANDWRITTEN copies of your seed words (and PROTECT them!!!). Move your BTC off your exchange AS SOON AS POSSIBLE. Consider and BTC not in your wallet as being at high risk of being lost. An exchange is NOT like a bank!! It may seem a little daunting but once your make a few transactions it is pretty straight forward and you will be ahead of 99% of people!! Shoot me a DM if you have any questions. Long live the queen!! 🇨🇦 ''' Context Link Go1dfish undelete link unreddit undelete link Author: TrueNorth49th
I thought WS Crypto might be an easy way to invest in Bitcoin without having to worry about security. But now that I've tried it, I suggest -- don't bother. Here's my experience:
I had to create a new WealthSimple Trade account, and add my bank accounts again, because the Trade platform is not linked to WealthSimple Invest in any way (if you are already an existing Invest customer).
Must download Android/iPhone app, because you can't use WealthSimple Trade in browser.
You need to create a WS Crypto account. This is a process of checking "I agree" to 10+ warnings that your Bitcoin may disappear, because WealthSimple does not have faith in the Cold Storage service that is being used to hold your crypto, and they want to clear themselves of all legal responsibility if your crypto should go missing.
Deposit funds: you must wait 5 business days before you can start trading! Even thought your bank account is already withdrawn after the first day.
Buying Bitcoin: there is a 1.7% spread from market price (so on CA$1000, that's a CA$17 fee).
To buy Bitcoin, you need to accept more legal disclaimers that WS is not responsible for any loses.
Selling Bitcoin: there is a 2.2% spread from market price (so on CA$1000, that's a $22 fee).
Withdrawing: wait 2 to 5 business days for the funds to appear in your bank account.
So you're looking at a long wait and a ~4% fee on a trade. While I waited 5 days for my funds to clear, I missed the 8% growth last week re: PayPal news. So if you're in Canada, here's what I've been using instead:
Order a Trezor: now only EUR 59 (about CA$93). Make sure it's from Trezor website, because otherwise it could have compromised security.
Sign up at https://coinsquare.com and go through the Identification process. It takes a little bit of time, but once you're identified, everything else is fast.
Fund CoinSquare account: my Interac E-Transfers clear within 12-24 hours now, much faster than WS Trade. Right now, E-Transfer funding is free until Nov. 2, they have these promos every few months so take advantage of them (usually it's a 1.5% e-transfer fee).
Buying Bitcoin: the fee is only 0.1 - 0.2%, way lower than WS Crypto. The rates seem to be reflective of the market price, they're not inflated. You can also set your own rate and wait, unlike WS Crypto which only offers a fixed rate.
Storage: when your order is complete, transfer your crypto to your Trezor. Bitcoin withdraw fee is 0.0005 BTC (about CA$8.50). DO NOT leave your crypto on the exchange for a long period, because if you return in a few weeks/months, the exchange may no longer be solvent (although, CoinSquare is the most professional option in Canada so far).
Sell & Withdraw: CoinSquare charges a 2% withdraw fee on direct deposit. But you can always sell your Bitcoin somewhere else instead -- in person, at a Bitcoin ATM, on another exchange, or altogether just use it to shop online. So because you control your crypto, there is no requirement to use this sell feature (unlike WS Crypto, where your custodian won't let you take the Bitcoin elsewhere, and you are forced to eat their sell fee).
I have only one account (RBC) where my paycheck gets deposited and has all my money. Its divided into Savings and Checking and most of the money is in Savings and the checking has rent/grocery money. I have been wanting to buy some Bitcoin and since I don't want to physically goto an ATM these days, the other option is to obviously buy it online. But I am paranoid and don't want to connect my main bank account with any exchange/portal. Same with PayPal. I don't want to connect my main bank account and rather limit its exposure to available funds. Should I sign up for a new bank account? something like Tangerine? I've been in Canada since 1 year and my credit rating is between 730-750. I am guessing another bank account will bring my credit rating down. How would this effect my ability to finance a used car in a couple of months?
MyBTC.ca Offers Unique Payment and ID Verification Methods
With crypto on the much anticipated rise again, we thought to remind the community, and this subreddit, that MyBTC.ca offers unique payment and ID verification methods not offered by other Canadian exchanges and brokers. In addition to the ultra popular e-Transfer payment method to buy Bitcoin in minutes, we also offer in-person MyBTC.ca account funding with Cash or Interac Debit directly at Canada Post offices or their locations within Shoppers Drug Mart stores Canada-wide. This is a great option for those that have cash on hand or have maxed their Interac e-Transfer limits and want to heavy-up on the current market opportunities by getting more Bitcoin using their debit card — which has separate buying limits. Direct link: https://mybtc.ca/buy-bitcoin-in-person-canada In-person Payment FAQ: https://mybtc.ca/faq#faq-11 For users who prefer not having to leave the comfort of their home or office desk to buy from a Bitcoin ATM or wait in line to send a bank wire from your local financial institution’s branch, you can buy Flexepin vouchers on TopMeUp.ca with Visa and Mastercard debit cards and then redeem the value instantly on MyBTC.ca 24/7 — making it another great option for those who want more crypto than their Interac e-Transfer limits support. Direct link: https://mybtc.ca/buy-bitcoin-with-flexepin-canada Flexepin FAQ: https://mybtc.ca/faq#faq-9 Lastly, for individuals who are more privacy conscious and would prefer not having to take and submit photo or files of their government issues IDs online, MyBTC.ca provides the ability for you to get verified in-person at Canada Post by presenting a unique barcode, generated by our platform’s integration with their Digital Proof of Identity Product, along with your ID for the post office clerk view and send a validation notification to our platform — which unlocks the ability for you to buy Bitcoin. In-person Verification FAQ: https://mybtc.ca/faq#faq-12 If you have any further questions or require assistance with the aforementioned options, feel free to text, email, Facebook message or call. https://mybtc.ca/contact
TLDR: Withdrew bitcoin successfully twice. Tried again on May 26th and it has been frozen in "processing" for over 2 weeks and Coinberry has not responded. Support has disappeared and updates have stopped. 387 users affected on May 30th, 123 remain affected on June 5th, my issue is unresolved on June 10th. Funding confirmations requested by and sent to Coinberry on June 4th. Still no response. First of all, Coinberry claims that there has been substantial delays for various reasons. They claim that they are having issues on their side pertaining to account verifications and increased traffic. Status updates were being posted to Coinberry's official status page, but have stopped since June 5th, and customer support email, chat, and phone are all down. The fishiest part however is that, according to their website, only 123 users of the 327 initially affected remained on June 5th. It is hard to believe that they managed to get through ~50 users a day and still have not been able to resolve my issue or AT LEAST respond to my emails. Another fishy part is that Coinberry claims they cannot see my funding on "their ledger" but they keep a "Receipt No." for every transaction in the activity log, which (along with the e-transfer confirmation emails), I sent back to Coinberry on June 4th. As many others have posted, I've had this withdrawal stuck as "processing" for over 2 weeks. My issue is not with the initial delay. However, the issue is that their customer support seems to have disappeared. I have been trying to reach support through email for two weeks now. The only response I received was about a week ago, requesting for proof of the e-transfer confirmations relating to the transactions on my account. I replied, with the confirmations, within minutes and have not heard back since. I have sent several follow-up emails trying to reach support as well as message them on facebook, but still, there is still no response. The least Coinberry should do is provide each affected user with an expected timeline for resolution. The CEO posted a blog "addressing" the speculation around Coinberry's insolvency. Honestly, this blog seems worthless as it is essentially saying is that they are "having issues but not insolvent" so he is chalking it up to service issues and claiming that "the team is working to resolve it asap". If this really was the case, it would be nice to receive a response from support to confirm that the resolution is on way. On that blog it states that "you may need to re-verify" or there will be delays if you "used a different bank account (#1 reason)", but my account IS verified and I emailed support confirming the transactions. Still no response, so I am assuming it is not being resolved. I had chosen Coinberry because I found it to be very easy-to-use and trustworthy (considering they boast their "PIPEDA/FINTRAC" compliance) and the platform seemed to be one of the best I had used personally. Now, I am posting here in hopes that others take caution before depositing any funds into Coinberry, as well as in hopes that they may respond to me here as it seems to be the only place where people have been able to contact support. Again, they WILL NOT RESPOND to any queries that I have tried, so think twice before depositing any funds (during this time, at least). I do not think Coinberry is necessarily a "scam" or a "Quadriga 2.0" as many others are claiming, and I think that they may legitamitely be working to resolve the issue. However, the fact that customers need to resort to research and reddit to find answers about situations like these, combined with the sketchy stories of past crypto exchanges, has made me rather disappointed with Coinberry at this time. Right now is definitely a shaky time in terms of how trustworthy Coinberry really is/whether it is setting up for a Quadriga-type scenario. I will update the thread if I receive a response from Coinberry support. Feel free to post your own experiences. *Update (10/06/2020) - DM'd u/CoinberryOfficial, awaiting further response. *Update (11/06/2020) - Received initial DM response saying the same thing as the email I received a week ago, awaiting for further contact. *Update (12/06/2020) - No further response via reddit or email. Coinberry status page updated on 11/06/2020 "Mobile app versions prior to 111.8 (on iOS) and 1.11.8 (on Android) were decommissioned on June 11, 2020". Updates about upgrading a mobile app but nothing about numerous counts of delayed withdrawals and locked accounts? Still no email or DM response. *Update (12/06/2020) - Contacted back by u/CoinberryOfficial stating "Hi apologies for the delay, on our end the withdrawal is indicated as processed and completed, can you kindly verify on your end?" but I have not yetreceived my withdrawal. Working through the issue over DM. *Update (13/06/2020) - Working slowly with u/CoinberryOfficial but for now, I have been given the exact same answer as I was in the only email I have received from support in the 3 weeks since I tried to withdraw my mere 0.01989 BTC. The response I received was "No your withdrawal is currently still processed and will be sent out once we can locate the deposit that was credited to your account on may 15th. We are unable to locate the deposit made on may 15th , but can locate the second one made on may 26th. We do not require further verification but do require to verify on your end that it was not accidently blocked by your bank. For the security of your information we do kindly ask that you continue this correspondence with support via email." Now, I have to wait till monday because it is after office hours (like that means anything, been trying to reach them all week lol). This is frustrating because I have already sent proof and confirmations over a week ago of interac e-transfers, bank statements, and Coinberry activity, but the support team never replied. It makes no sense as to how it "cannot be located" because I had successfully withdrew all the BTC purchased from the funds on the 15th and simply hadn't funded it again until the 26th. Next update on 15/06/2020 -.- *UPDATE (15/06/2020) - Still NO RESPONSE from support or u/CoinberryOfficial. Don’t know when I’m going to get my funds at this point, as on Reddit I was told this would be “resolved first thing Monday morning”. So disappointed. *UPDATE (16/06/2020) - u/CoinberryOfficial responded this morning stating "Sorry for the delay, support will make contact with you shortly". 5 hours later, still no response. I am assuming "business hours" are also over for the day now too. Update posted by the CEO, full of bullshit from what I can tell, referring to these issues and stating "all hands on deck", "we doubled customer success staff" and worst of all "This meant getting customers’ funds to them promptly...our customer success team can monitor, in real time, what our customers may need and where an issue could arise, as well as being alerted to any potential customer service delays...has allowed our customer success team to ensure a seamless, consistent customer experience". Ridiculous. UPDATE: As of today (25/06/2020), I have received my funds and the issue has finally been RESOLVED. Thanks to Barry from Coinberry support. Reached out on the websites live chat and seem to have gotten extremely lucky that Barry was there and remained online, chatting to me, until the issue was completely resolved. Although the delays throughout this whole month were a major issue, it is a relief that Coinberry does in fact seem to be resolving these issues.
I know crypto can be a bit of a touchy subject here, but I’ve got a healthy emergency fund set up, no debt - and my monthly expenses run far lower than my income (I save approximately $1200-$1500 per month). Does anyone here have some small portion of their investment portfolio in cryptocurrency? If so, what do you use to buy and sell? Any other helpful prices of information are greatly appreciated. TIA :)
Is there anyone i can hire to help me fill the paperwork to become a MSB ? This is all really complicated, so i don't want to mess anything and be in legal trouble.I just want to buy/sell Bitcoin from/to Canadians via Interac & bank transfers. I've done the first step and already have a NEQ.Step 2 is harder.. I tried filling the paperwork to become a MSB, but cryptocurrency isn't even an option on the documents.My choice : "Currency exchange", "Cheque cashing", "Funds transfers", "Issue or redemption of traveller’s cheques, money orders or bank drafts".The license application i found was on the AMF's website under money services. Edit : I know i should ask this on the Canada subreddit but they delete my threads.
Edit : Solved! Thanks for the responses. If anyone has more info feel free to keep adding. Hey everyone, Thought I would ask here as I'm still having difficulty to find how they make money off this process. I recently receive 2 work from home opportunities, one from a travel agency and one from a private consulting. Both did have websites and some only presence (albeit very little). So I wasn't too skeptical yet. Then there was an application, an employment agreement, an over the phone interview with a call centre based out of Montreal for one and Ontario for the other. (Of course neither accept phone calls, only outgoing). So far nothing extra suspicious. Both present the work as money processing for international customers, that we work with whatever the customer finds most convenient and many are actually using bitcoin. And that this saves time, expense from bank fees and transaction costs, as well as time (international transfers could take up to 5 days is what they mention). Anyways, both of the first tasks are to receive an interac deposit, keep a small portion of that as you percent bonus, then withdraw cash, exchange that for bitcoin and then transfer the bitcoin amount to the provided address. How does this work on their end to profit? And I did have autodeposit for 1 task, so how to in return the amount if interac or my bank say they are not able to trace the sender? Thanks!
Bylls — the Canadian Bitcoin bill payment service by Bull Bitcoin — celebrates its 6th birthday
I sometimes find it hard to believe that it has already been 6 years since the public launch of Bylls on January 13 2014. What started out as a simple and humble “garage startup”, the world’s first Bitcoin bill payment service, evolved into so much more. Bylls eventually became the company that people know today as Bull Bitcoin, and it is from Bylls’ UASF advocacy that sprouted the Cyphernode open-source project. I also like to think of Bylls as a “bitcoin culture” institution that served as the vanguard of the Bitcoin Maximalist and Cypherpunk movements within the Bitcoin exchange and payments industry. Happy Birthday Bylls! 🎂
What is Bylls?
For those of you who don’t know about Bylls, here’s a short summary:
Bylls lets Bitcoin users pay any bill in Canada with Bitcoin. We offer a comprehensive list of nearly 9000 billers (credit cards, utilities, telcos, taxes, brokerage accounts, law firms, “joe the plumber”, etc.)
Bylls lets Bitcoin users pay anyone or any business in Canada with Bitcoin by adding them as a personal payee (rent, employees, suppliers, friends).
The recipient of the payment doesn’t need to do anything and doesn’t even need to know you are using Bitcoin, as long as they are on our biller list or the user has his banking details.
Bylls is available exclusively to residents of Canada and all the recipients must also be, exclusively, individuals or companies residing in Canada.
Mission: Building the software and financial infrastructure for the Bitcoin Standard.
Short history of world’s first Bitcoin bill payment service
Bylls was founded in 2013 by Eric Spano, a Montreal entrepreneur part of the original Bitcoin Embassy team. Eric, one of my earliest and most influential mentors, is a true Bitcoin OG. Check out his 2014 Bitcoin Ted Talk or his 2019 Podcast on Tales From the Crypt which describes in great detail the inception of Bylls. When Bylls was launched, I was Public Affairs Director at the Bitcoin Embassy, the world’s first physical Bitcoin hub (a 14,000 square feet building downtown Montreal). Bylls was effectively a one-man operation, with Eric doing pretty much everything himself. I wasn’t directly involved with the company, but Bylls was one of the startups in the Embassy’s incubator program, so I was helping out in various ways. My first “public appearance” in the Bitcoin industry was actually to man the Bylls booth at the Toronto Bitcoin Expo in 2014! In 2015, Eric was offered a huge career opportunity that he couldn’t accept without stepping down from running Bylls. It was to me an inconceivable tragedy for Bitcoin to let Bylls quitely close down. For the past 2 years, whenever somebody asked me “what can you do with Bitcoin?”, I would always reply “well, for starters, you can pay all your bills in Canada, even your taxes and your credit card”. What was I going to say now? I had just founded my company Satoshi Portal Inc. with the aim of developing a non-custodial Bitcoin exchange (which eventually became Bull Bitcoin). And so, I acquired Bylls from Eric and it immediately became the focus of all my energy. For the first year, our team consisted of only 2 people including our lead developer Arthur which is still working on Bylls features to this day. From the beginning until today, we are still 100% self-funded. We grew organically and slowly. My philosophy on entrepreneurship and startup scaling is articulated in this medium post.It has been an incredibly intense journey. I cannot think of a more challenging professional experience than being a startup founder and entrepreneur in the Bitcoin industry. The number of Bitcoin startups that have perished since is a stark reminder. Some of them sank quietly, but many went down in flames taking down their users with them. The fact that Bylls is still standing — without VC funding and with its reputation intact — is my proudest achievement. Over the past 4 years. we completely redesigned the software, continuously adding new features, but the core of the service remained the same. Most importantly, we added the ability for users to pay any individual or business in Canada by creating a personal biller from their bank details. Previously, they were limited to Bylls’ biller list of around 9000 billers. One of the defining moments in the history of Bylls was UASF. Bylls was one of the first Bitcoin companies to support BIP-148 for the activation of Segwit (second after Bitconic). Not only that, but we were the first to run a public BIP-148 block explorer and public UASF electrum server. We had done a “seppuku pledge” regarding BIP-148, meaning that we would only accept coins from the UASF segwit chain and would pay the Bitcoin market price for them. If UASF had failed, we would not have survived. This cemented our ideology of “skin-in-the-game”. We would never compromise on our values, no matter the cost. Our policy on forks (2017) was described here. But the jist of it is:
Satoshi Portal is a Bitcoin-only company and does not conduct any transaction in any altcoin, including altcoins that are the result of a fork of the Bitcoin blockchain and which can be spent with Bitcoin private keys. This includes, but is not limited to, the coins commonly referred to as BCash, Segwit2X, BGold, Clams and Lumens.We strongly oppose the “New York Agreement” and will under no circumstance ever recognize the Segwit2X blockchain (and BTC1 client) as Bitcoin, regardless of market response or hashing power. In the unlikely event that an overwhelming majority of the Bitcoin ecosystem migrates to the Segwit2X blockchain, Satoshi Portal will continue nevertheless to support the Bitcoin blockchain.
Following the UASF/NO2X “war” in 2017, we devoted a large prortion of ressources to building Cyphernode, an open-source project that makes it very easy for startups to build and deploy Bitcoin applies without any third-parties, using exclusively their own full nodes. We are still developing this project today and plan on actively maintaining it in the future. It is also worth noting that Bylls has never accepted any altcoins and was one of the first company to pledge never to accept altcoins in the future, leading to what became the “Bitcoin-Only” movement. We were also the first Bitcoin exchange and payment processing company, to our knowledge, that has integrated coinjoin as part of its processes.
Unbanking yourself with Bylls
The coolest feature of Bylls is that you can pay pretty much all your expenses with Bitcoin without needing to go through a bank account. In Canada, you can obtain a credit card without having it linked to a bank account. In 2016, the last of my personal bank accounts was closed due to my activities in the Bitcoin industry. I decided not apply at another bank and try the experiment of living completely unbanked. I’m happy to report it was a success, and serves as a powerful testament for the use-cases provided by Bylls. I really like the idea of not owning any fiat. You can pay pretty much all daily expenses with a credit card, and pay back the debt with Bitcoin. Of course you have fiat-denominated debts which conveniently tends to diminish in price over time. You can withdraw cash from a credit card and pay it off instantly with Bylls, so you can get access to cash at any time, in any country across the world, without having a bank account. The only inconvenience is the cash advance fee. When you have to pay larger amounts such as rent or whatever services don’t accept cash or credit card, you can find the biller in the Bylls list or ask the recipient for his banking details, the same as you would for a wire transfer.
The future of Bylls
Many people ask us if we intend to expand outside of Canada. The answer is, unequivocally, no. We will always be a Canada-only, Bitcoin-only company. That doesn’t mean that we stop working hard to improve our services. We will continue to be the first to integrate the cutting-edge Bitcoin technologies that Here is are some of the features you can expect in 2020:
Pay billers via Interac E-Transfer instead of Direct Deposit only
More advanced Coinjoin and privacy features
Bylls merchant services: Bitcoin-payable invoices to clients
Major Announcements from Vault of Satoshi (Instant Interac deposits, Automated Withdrawals, Liquidity Partners, Pre-paid Debit/Mastercard Withdrawals and More!)
(TL;WR? Why not listen to our Audio Version: https://www.youtube.com/watch?v=FnKr2hp-4K8 ) We've heard from a number of users that we've been quiet lately. They were worried nothing new was rolling out from VoS, when in fact we were just hammering away on our biggest update yet. We're proud to announce some pretty fantastic features in Part 1 of our Summer Update! Automated Withdrawals and Deposits First and foremost we've introduced automated withdrawals and deposits on all of our methods other than the new pre-paid cards. This is something that our customers have been craving for a long time, and we wanted to ensure we found a safe, efficient and reliable method of integrating this. So from now on you will no longer need to email Stacy and Noreen in our deposits and withdrawal department to have them process payments! (Although they are going to miss you guys, so if you do need to talk to them be sure to thank them for all the hard work they've done these past few months!) Instant Interac Deposits For a long time we've debated how to make sure we had deposit centers accessible to everyone. Do we open up an ATM network? Do we partner with payment outlets? Why bother? Why make our users travel when they can simply deposit from the comfort of their own living room? We now offer instant payments via the Interac Network supported by Canada's largest banks. For only a $1.50 fee users will be able to use their debit account to transfer money instantly to their Vault of Satoshi account and begin trading. http://i.imgur.com/hzmxb76.png Pre-Paid Debit Card, and Pre-Paid Mastercard Withdrawals "We've introduced new and exciting withdrawal methods that allow Canadians users to get a Pre-Paid Debit Card or Pre-Paid Mastercard that they can load their Vault of Satoshi balance on to with ease. Due to the nature of these cards and our compliance policies adding money to these cards still must be done manually but should happen same day. Pre-Paid Debit can be used at any point of sale terminal or ATM. Pre-Paid Mastercards can be used online, at point of sale, or any ATM. Usage fees do apply and can be found on the Vault of Satoshi website. http://i.imgur.com/qHYJGXR.jpg Liquidity Partnerships One of the biggest things we've heard over the past few months is "I love VoS but their liquidity is too low" We thought long and hard about how to fix this and have built a major partnership network. Negotiating specialty pricing with major trading partners, businesses and service providers to bring their volume to Vault of Satoshi and lock it in. We remember a time when we had $20 spreads and low trade volume but now our books have low spreads and are flush with orders ready for you to hop on board with the trading: http://i.imgur.com/at9652X.png While right now this only relates to our BTC/CAD books we will rolling this out to other pairs including our coin-to-coin books over the coming months. We will be the only exchange to have dedicated coin-to-coin liquidity partners, which will work so nicely with our 0.2% trading fee on coin-to-coin A Major Milestone We're also proud to announce that we've reached a major milestone of 40,000 users. While this milestone has taken other exchanges years to get, we've managed to hit the mark in only 7 short months and so we are very excited at what the future holds and thank you for your patronage! This Update Seems Very Canadian? Absolutely this update is fairly Canadian focused, and we hear you. We know that our international users face great hurdles in the crypto space and we are actively working on updates for you too. Many of which were just not quite ready for this launch and will be discussed more in part 2 of our summer update. We have not forgotten about you and are working on some very exciting advancements to help to make it easier for you to work with Vault of Satoshi What Can I Expect in Summer Update Part 2? -Introductions to New Services -A more International Update -Coin to Coin Liquidity Partners -Our Cloud Mining Service will exit Beta (want in on the Beta? Email [email protected]) -And much much more! As always, we look forward to your feedback, and more importantly look forward to implementing it to give you a better experience. We thank all our users for their continued patronage and the community for it's continued support. Best Regards, Adam Cochran Director of Marketing Vault of Satoshi
They charged me 5% to deposit $100 into my account (fair enough), and they charged 25% (yes 20 fking 5) just to send my bitcoin to another exchanger! It’s ridiculously! Think I lost an overall $30+, disgusting.
Howdy everyone, I hope this makes sense I have been looking at this bitcoin off and on for the last few years and I wonder is it legal to conduct trade with? Our business [a trading company specializing in diamonds and gemstones mostly to jewelers, designers, and a few bigger jewellery manufactures] is located in Canada, but we do most of our ordering from Asia, Africa, S.America, and our selling is to our customer who our mostly in Canada, the US, Australia, Europe, and the UAE. The cost of transferring money is getting crazy here. When you work out the exchange rate to usd and the transfer fees i am losing a sizeable chunk of change to the banks... who I don't really like to begin with. Also its just such a pain to send money when you have to get bank info for every person you do business with... go to the bank and sit there forever while the new guy figures it out... or cough up even higher fees to paypal and take there terrible exchange rate for the convenience. So ya I guess I just want to know is it legal to use for business? what are the fees for transferring money? Is there a merchant service that converts it into usd and deposits it into my bank? Does anyone have any experience with the tax man when it comes to bitcoin? or border services/customs? Are there enough people who use it to make it worth while offering to customers? Thanks guys and Merry Christmas!
Question about trading on the Local.bitcoin.com platform
Hi there, I've been contemplating using the local.bitcoin.com platform for a while and yesterday, I finally dived in, created my account and added an offer to sell some of my bch in exchange for an Interac e-transfer. I got a response almost immediately and became suspicious of the other user since he's/she's clearly not from my city, not sure if he's/she's even Canadadian. Also he / she has 0 trades. My questions is, how is the escrow released ? Does the seller got to choose when to release the escrow ? Can I get screwed by the buyer ? Does local.bitcoin.com offer some protection from scammers ? Thank you.
Globe and Mail reports on legal battle between QuadrigaCX and CIBC
Globe and Mail article on the legal issues is behind a paywall. If you can't read it, I've attached the full article here: Canada’s largest cryptocurrency exchange is blaming a legal action by a major bank for delays some customers are experiencing while cashing out funds. QuadrigaCX, which is based in Vancouver, says in court documents that it has been unable to access $28-million of its funds since January, when Canadian Imperial Bank of Commerce froze several accounts belonging to Quadriga’s payment processor, Costodian Inc., and its owner, Jose Reyes. CIBC declined to comment on the case, which is before the courts. In a factum filed with the Ontario Superior Court of Justice, the bank says it froze the accounts after it was unable to determine who owns the funds. As a result, CIBC is asking that the court take possession of the disputed funds and decide whether they belong to Quadriga, Costodian or the 388 people who deposited money into the accounts to buy cryptocurrencies. The case comes as some investors are pulling their money out of cryptocurrencies since the price of bitcoin fell more than 60 per cent. The case also illustrates some of the tension between the cryptocurrency world and the traditional banking system. Quadriga says the bank was wrong to freeze the cash and claims it is the undisputed owner of the majority of the funds, according to court filings. In its factum, the exchange says it has already credited the accounts of the depositors with virtual currency, and alleges it is being unfairly targeted because of the stigma surrounding cryptocurrencies, which have earned a reputation as being a haven for money laundering. “This court should not succumb to the bank’s unsubstantiated and highly offensive speculation that there must be shady dealings afoot because Quadriga’s business is a trading platform for individuals trading in cryptocurrencies,” the document reads. None of the allegations has been proven in court. The case was heard over the summer, and the judge has reserved his decision, according to Quadriga’s lawyer, Margaret Waddell. Last December, as the price of bitcoin soared to about US$20,000 and cryptomania gripped the world, CIBC saw a surge in activity in the Costodian accounts. During the two-and-a-half month period between Dec. 4, 2017, and Feb. 20, 2018, 388 people deposited a total of $67.1-million into the accounts to buy virtual currencies, according to CIBC’s factum. Some of that money was later withdrawn, leaving about $28-million in the accounts. Users buying cryptocurrencies through Quadriga’s platform are required to send money to the company through one of several channels, such as a bank draft, a wire or Interac e-transfer. Some of those deposits landed in Costodian’s accounts at CIBC. Once the money is received, Quadriga credits the depositor’s account with Quadriga Bucks, units that can be used to buy cryptocurrencies. To withdraw their funds, users have options that include an electronic funds transfer, a bank wire or a gift card. Depending on which method is chosen, some of the requests are then processed by Billerfy Labs Inc., another company owned by Mr. Reyes. In January, as the price of bitcoin was headed downward, CIBC froze two business accounts and three personal accounts belonging to Costodian and Mr. Reyes, according to the bank’s factum. CIBC says in court documents that it had received wire recalls from seven of the 388 depositors and was not sure whether to honour the requests. CIBC says it tried to investigate, but was not able to resolve the matter. As a result, the bank is seeking what is known as an “interpleader order,” which would allow it to pay the money into court and have the justice system decide where it should go. Quadriga wants the money released, arguing in its factum that it is the undisputed owner of the “vast majority” of the funds, save for one wire recall of $99,985. CIBC “has been holding the respondents’ funds hostage since January 8, 2018 while it hopelessly attempts to find an ex post facto justification for wrongfully freezing and continuing to freeze the accounts in the first place,” Quadriga alleges in the court document. Meanwhile, Peter Carey – the lawyer representing Mr. Reyes, Costodian and Billerfy – says in written arguments on behalf of his clients that there is “no evidence” of competing claims. “The money should be released to be paid to its appropriate owners,” the document reads. Quadriga chief executive Gerald Cotten says the legal matter has caused delays for a “small fraction” of the exchange’s 350,000 users, but did not provide specifics. “There are currently delays for some specific withdrawal options, particularly due to the fact that CIBC is withholding tens of millions of dollars that belong to us that were in an account of one of our payment processors,” Mr. Cotten said in an e-mail to The Globe and Mail. He added that customers can always transfer their funds back into cryptocurrency and send them to a different wallet or exchange to get their money out faster. “Any user who wishes to withdraw funds via cryptocurrency can do so instantly, as has always been the case,” Mr. Cotten says. The Globe has spoken to four customers who have waited months – well beyond the 14 business days they were promised – when attempting to withdraw cash from their Quadriga accounts. All asked for anonymity to protect their privacy. Three of the customers eventually cancelled their withdrawal requests, moved the money back into cryptocurrency and transferred it to a rival exchange. The fourth does not want to incur the additional fees associated with such transactions. She has been waiting since July to withdraw her $12,000 investment. Much like the cannabis sector in the early days, many cryptocurrency companies have complained that they are unable to secure bank accounts with the country’s largest and most reputable financial institutions, likely owing to the perception that money-launderers use the sector. “The number of individuals in the bitcoin community that have been shut out of the banking system is staggering,” Mr. Cotten said in an e-mail. The issue has become so heated that one cryptocurrency exchange, Toronto-based Coinsquare, recently issued a news release announcing that it has secured an official banking relationship with a Big 5 Canadian bank, although it declined to name the institution. In communications with some of its clients, Quadriga blames the “Canadian banking cartel” for the delays some customers are experiencing. The Globe has obtained an e-mail dated Aug. 21, which was sent to an unknown number of clients, in which the company alleges that multiple large Canadian banks are “conspiring” to prevent it from transmitting funds from its savings accounts to its operational accounts in a deliberate attempt to “stifle bitcoin adoption" in the country. Canada’s five biggest banks did not comment on the allegations. Four of them – Royal Bank of Canada, Bank of Montreal, Bank of Nova Scotia and CIBC – declined to comment, while Toronto-Dominion Bank did not respond to The Globe’s requests.
Why is it so damn complicated to buy a Bitcoin if you don't already have money in an exchange!?
The process seriously needs to simplified if Bitcoin to succeed. Waiting 10 days for verification, 3 days for bank wires and/or having to road trip to the nearest moneygram location just to buy into an exchange is complete crap. If there is a way to quickly buy into an exchange that doesn't involve flaming hoops and double-backflips, please enlighten.
Buying Ether in Canada, my experience with different exchanges
Hello, I'm writing about my experiences buying ethereum in Canada, essentially converting CAD to ETH. The goal is to help beginners that are interested in getting started but don't know where to actually buy ether. There's a lot of info out there but most of it seems to be centered around USD, which doesn't always translate for CAD and our banking system. I'm by no means an expert but I figured someone might find this information helpful. I've verified and used the following sites, so I'll be writing about them:
If you just want the gist of it, a super-quick summary of what I found:
Coinbase: great if you just want to try things out. Fast to get ether, fast to verify, high fees.
QuadrigaCX: great if you're looking to get more seriously into cryptocurrency. Most deposit options, lower fees.
Kraken: great if you have a ton of money you want to transfer into cryptocurrency or if you want to play around with trading. Low fees, slow CAD deposit because wire transfer.
Coinsquare: Fees aren't bad, low volume though.
With every one of these sites, there's usually some form of verification. This involves taking a picture of some piece of government ID (usually passport or drivers license), as well as some sort of proof of address such as a utlity bill. Some sites require you to take a selfie with some of that documentation or holding a handwritten sign. It seemed sketchy to me at first, but every place does it. Coinbase This was the first place I tried. Their only payment methods I could find are Visa and MasterCard, of which they charge a 3.75% convenience. With reward cards you might get 1%-2% back, but this is a fairly high fee. The bright side is it's just about instantaneous. One thing I noticed is that their sell price is about ~$5 higher than a few exchanges. For example, as I write this, it's $119.23 on coinbase. On kraken it's 113.99 for a market order. There is a weekly $200 limit on the amount to buy. A 30 day countdown started after I spent $500 to increase the limit. I can't find what the new limit amount will be once that countdown reaches 0 though. So far, I've been with them for over a month and I've bought $600 worth of ether. The first time I bought it only took a minute to get sent to my private address. The second time it took ~40 minutes for it to actually get sent to my private ether address, but this was due to some issues they were having, probably just a fluke. I've bought two more times since then and both times it was instant. To summarize Pros:
Fast to verify, took a couple minutes, seemed to be completely automated
Almost instantly sent funds via Visa/Mastercard
Instantly got the ether I bought
Probably the easiest to use
Generally $5 over Kraken prices
High fees at 3.75%. Might be able to brought lower with a good rewards card
Low $200 weekly limit
QuadrigaCX Hoping to get lower fees, this was the second place I tried. They accept a lot more payments with a variety of fees, I'll list them out:
Electronic Funds Transfer
Min $250, Max $10,000
5 Business Days
Min $500, Max $5,000
Next Business Day
2% + $5
Min $50, Max $2,000
Instant (but may be held 24 hours by security)
1.5% (min. $5)
Min $100,000, Max $500,000
2-4 Business Days
Min $500, Max $500,000
Electronic Funds Transfer replaced their "direct bank transfer" option, and while I think it's great since I think every bank supports it, it unfortunately has a rather high fee at 5%. I don't really see why you would use this though, if you can use Interac Online, it's faster. If you need the higher daily limit, a bank wire would be cheaper too. Interac e-Transfer I'd go with this if your bank doesn't support Interac Online and if you don't mind the 2% fee. If you're doing a large amount, the Bank Wire would be a better choice, depending on how much your bank charges you. Interac Online seems like the best choice for less than $2000. Unfortunately even though my bank card says "Interac" on it, and the bank is listed as supported, I can't use it for Interac Online because the card is both a debit and visa card. I've read that RBC and BMO are the only banks that support this, so it may be worth signing up with them. Bank Wire ended up being what I used (EDIT: back then the minimum for a wire transfer was $500). I wanted to deposit a larger sum, so just paying my bank for the cost of the transfer ended up being worthwhile (about 0.5% fee). The downside is I had to go in person to a branch to send a wire transfer and it's only really worthwhile for larger transfers. Crypto Capital seems like a 3rd party that you can wire to and then transfer that to QuadrigaCX. I don't see the appeal in using this to fund an account since you can just wire to QuadrigaCX directly. I sent the wire transfer a few days ago, and it seems like it will take 3-5 business days for it to complete. I'll update this post if the money somehow just disappears. Wire transfer came through today, no problems :) Once you do get CAD on QuadrigaCX, the fees to buy Ether are 0.5%. Combined with my wire transfer cost, I expect to only have paid a total of 1% in fees. To summarize Pros:
Fast to verify, I was able to verify the same day I made my account
Lots of variety in funding choices
Lower fees compared to coinbase
High daily fund limits
Not as many deposit options if they don't support your bank
0.5% per completed trade is a little high compared to other exchanges
Some transfer options have higher fees than coinbase for low amounts
Some transfer options can take up to 5 days
Kraken The latest site I've tried, they have multiple tiers of verification. You can't deposit CAD until you reach tier 3 verification, which can take up to 48 hours. Tier 1 and tier 2 were verified within the hour but tier 3 was still not verified 3 days later. When I submitted a support ticket, they were very quick to respond the next day and told me I needed to submit a Confirmation ID. Their site listed the Confirmation ID for a few countries and some criteria but it didn't seem like Canada applied to any of the criteria. Regardless, I submitted the Confirmation ID and was verified with tier 3 that same day. The only way to deposit CAD with Kraken is through wire transfer and it seems like there's some unlisted fees based on what their banks charge them to receive a wire transfer (as well as any intermediary bank). I have not done this so I cannot tell what the costs would be. Once you do have CAD on their exchange, their fees are better than QuadrigaCX with a MakeTaker rate at 0.16%/0.26%. I have sent ether to Kraken just for playing around with trading and I've had no problems. To summarize Pros:
Low trading fees
Potentially lower CAD->ETH fee than QuadrigaCX, depending on if there are wire transfer hidden costs. Lower trading fee helps
High fund limits
Only one way to deposit CAD and it's slow
Unclear what the wire transfer costs are
Little confusing verification process for tier3
Min $100, Max $2,000
Instant (withheld for 3 days)
Min $100, Max $3,000
1-3 days (withheld 0-7 days)
Min $20, Max $500
Min $1000, Max $9,000
0-2 days (withheld 0-5 days)
Min $100, Max $1,000
0-2 days (withheld 0-5 days)
Min $10,000, Max $300,000
0-1 day (withheld 0-2 days)
They have this concept of withholding funds, where you basically have to keep the money on the account. You can trade with it as much as you want, but you won't be able to withdraw until after the withholding time. Pros:
Lowish trading fees
Some options are fast to fund
Reasonable fund limits
The direct way to go from CAD->ETH has higher trading fees. Have to go CAD->BTC and then BTC->ETH.
Horrible interface. Until they fix their site, some stuff is broken (unless it works in other browsers?), or if you know how to edit html. Wow! They really fixed their site and it looks great now! Only thing that bothers me is in the advanced section, it lists the CAD/BTC price in terms of bitcoin. So instead of saying $3400/bitcoin, it says 0.00029378BTC
Fairly high withdraw fees (unfortunately I can't find them listed on their site, and I can't find it listed anywhere, but some people have reported it being far too high)
Alternatives There are of course other sites to get ether, and there's always the option of getting bitcoin and exchanging it through an exchange like Kraken or Poloniex for ether. There are bitcoin ATMs scattered around as well, but I can't comment on any fees involved or how close they match exchange prices. Other sites I checked out:
Local Bitcoins - It looks like I'd have to find another user to trade with and prices seem far higher than the exchanges.
Poloniex - Doesn't look like you can deposit CAD.
Gemini - Don't see a way to deposit CAD. Also sent verification 2 days ago and have not been verified.
Bitfinex - Can't wire transfer USD out at this moment and I don't see a way to deposit CAD.
Coinswitch - Can't deposit CAD.
GDAX - Can't deposit CAD.
CEX.IO - Price quotes are signficantly higher than other exchanges, and it looks like it only does USD. Right now, their site says you can buy 1 ETH as $289.25 USD, compare that to GDAX which has them trading at $259.98 USD. You can sell on it too, but again, the price isn't favorable, sell on it for $250 USD vs selling on GDAX for $260 USD.
QuickBT - Only small amounts of ETH, and fees seem to range between 5-9% depending on how much you buy. Only supports interac online and flexepin.
Alt Coins The main sites for getting CAD into the cryptocurrency space like QuadrigaCX, Coinbase, Kraken, and Coinsquare don't have a lot of altcoins. Fortunately once you have ether you can send it to another exchange and trade that for altcoins. These are my favourite ones:
Bittrex - You can't buy ETH with CAD directly, but it has a lot of other cryptocurrencies. I used this until Binance came out. They closed accounts for people unverified or from some countries, so I'd be wary about using it.
Binance - You also can't buy ETH with CAD directly on this one, but it's my favourite for getting into other cryptocurrency coins. Fees are also lower than bittrex if you hold their BNB coin and they add new coins much faster. Referral | Non-Referral
Kucoin - Registration on Binance/Bittrex has been up and down lately and I've had success using this exchange. They seem to add coins even faster than Binance, but the site is a little bit slower and less polished. Still functional and good to pickup a few alts that you can't get elsewhere. Referral | Non-referral
Funnily enough, this whole experience has made me appreciate the flexibility cryptocurrency like ether has and served as a reminder to how slow and cumbersome transactions become once the banking system is involved. EDIT: received wire transfer through QuadrigaCX, made account with coinsquare. EDIT2: added coinsquare section EDIT3: updated QuadrigaCX and coinsquare section, updated alternatives list EDIT4: Added e-transfer for QuadrigaCX! EDIT5: Cleaned up alt coins section.
How to buy Bitcoins in Canada (Pros / Cons of QuadrigaCX, Localbitcoins, and CoinSquare)
One of the biggest challenges I have been having these days is buying Bitcoins at the best price and having it available right away especially being in Canada. QuadrigaCX Pros
very low fees for Interac Online Instant Funding only 1.5%
Withdrawal fee is waived.
The wait time of getting verified is ridiculous. Almost 3 weeks backlog.
Very Fast and can Withdraw Bitcoins very fast as well.
Lots of payment options including Paypal form various sellers.
Can find multiple Canadian Sellers.
The prices are much higher vs the on going market rate
Very Fast Approval
Can Start Trading on their Exchange right away.
The Fees are a bit higher. 3.5% for Interac transfer
If you are moving to another exchange have to wait 3 Business days
No ETH funding address.
If you need BTC ASAP and need to send to another exchange and are fine with paying higher Fee then use Localbitcoins.
If you need BTC or any other Altcoin that CoinSquare supports are not looking to transfer to another exchange then go with CoinSquare.
In meanwhile use the above two but also Apply to Quadrigacx and wait for the Approval as their backlog is extremely long.
Additional Buying Sources
You can buy from MyBTC.Ca but the fees seem very high
You can buy from https://quickbt.com/ca/ Pro are that fee is a bit lower than MyBTC, supports Direct Ethereum and Litecoin in addtiona to Bitcoin. Cell phone verification only. Cons are that $200 CAD limit per day, fees still high.
Another option is localcoinatm.com pro is that it's local and seems instant but fees are pretty high 6.5% - 9.5%.
There is also https://www.ezbtc.ca/ I have not tried it yet will try giving it a try this week. If anyone has tried and can vouch for them please comment below. They do seem to have a Virtual Office mailing address.
IF you have any recommendations please mention below I'll go over them and test it out and mention here.
Mogo Crypto - You don't own/control your bitcoin??
Saw an ad for mogo.ca/crypto in the newspaper and decided to check out the website. The zero fee funding and withdrawal sounded too good to be true. On the website the buying/selling fee is listed at 1%. That's not too shabby considering Quadriga funding fee for interac online is 1.5% and trading fee is 0.5% (iirc). However what really caught my attention is that you cannot deposit bitcoin from other exchanges into mogo to sell it and they list the reason as money laundering prevention. And the biggest surprise was finding out that you cannot even withdraw or spend the bitcoin you buy in mogo. It is almost like you dont even own any bitcoin. This sounds like a bitcoin contract/future more than owning actual bitcoins because they will not let you transfer, withdraw or trade bitcoin for an altcoin. This defeats the whole purpose of a cryptocurrency if you cannot even use it on-chain or store it in your own wallet. I know this will expose a lot of Canadians to bitcoin and provide easy access for those who just want to make a speculative investment in bitcoin just as a store of value and want easy liquidity to CAD. I still think the restrictions are ridiculous and one should have full control over the bitcoins they own. It is a commonly accepted notion that crypto stored on an exchange doesnt really belong to you as you are not in control of the private keys. I support any initiative that makes cryptos more accessible to the average Joe, but the restrictions on using/spending the bitcoin need to be lifted to enable a use case for cryptocurrencies, which tons of merchants already accept.
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