As we all know, Bitcoin and other similar cryptocurrencies have caught the attention of many investors across the globe. Thus, as a result of trying to keep up with the demand for these assets, there are now many online exchanges that one can make use of. Canadian Bitcoins is one such service, that is designed primarily for crypto trade within Canada. The platform is stable and has been designed to make the buying and selling of ETH, BTC easier and more accessible through the use of $CAD.
From a functional standpoint, the exchange claims to use some of the latest security measures that allow for the complete safety of our funds. In addition to this, there are also certain other protocols that Canadian Bitcoins makes use of, so as to protect the privacy of all its customers.
How Do I Sign Up For Canadian BitCoins?
To start off with, users need to create an account by clicking on the ‘register’ button on the website. During this process, there are many details that a customer has to fill in, so as to ensure that all of the funds are coming from a trackable source. Additionally, users also have to provide certain documentation (ID’s), before they can become eligible to make trades on the platform.
How Does Trading Canadian BitCoins Work?
As mentioned earlier, this platform allows users to make purchases in $CAD, thereby allowing for easier Crypto procuration within Canada. To initiate the buying process, the following steps need to be utilized:
- Customers have to fill out a “Buyers Form” that can be downloaded from the website. To be more specific, users have to clearly mention the amount of $CAD they are willing to spend, along with their wallet details.
- After the initial paperwork is done, the investor then has to choose his/her payment method. In terms of the options available, users can make their payments via means such as online banking, cash in office and Interac®.
- Once a payment has been received, the corresponding crypto deposit will be made into the designated wallet.
Selling of cryptocurrencies also works in a similar manner, and in order to execute the initiate the sale of BTC, ETH, LTC, users need to fill out the “Sell form”. According to the official website, as soon as the desired crypto assets are received by Canadian Bitcoins, the fiat payment is released instantly.
Other Important Details To Keep In Mind
This platform does not support multiple daily transactions, and as a result of this, only one purchase a day can be made by a single user.
In order for cash deposits to go through, there is a full verification process that is adhered to (so as to ensure that the money is legitimate).
What Are People Saying About Canadian BitCoins?
The reviews online have been mixed to positive. For example, Sam S says ”I have been using canadianbitcoins.com for a few months now. The registration process was easy, and i can say that the system does work, and seems to be legitimate and well organized. However there are some very negative sides to this company.
For starters, they price gouge, and as a result of this, the differences between selling and buying price is huge and it doesn't reflect the current market (but I understand they have to make profit).”
Other Issues To Be Considered:
Long Processing Times:
When using Canadian BitCoins, users should be wary that transactions can take upto 3 days to process. In addition to this, the price that is chosen is from the day when the transaction is processed. As a result of this, many customers online have said that they got much less that what they had initially expected.
Long Withdrawal Times:
When taking out funds from our account, the company takes nearly a week to process the transaction.
Canadian BitCoins Closing
While all of the legalities and regulatory requirements seem to be in place, Canadian Bitcoins might not be the best possible option for users to trade with. As mentioned previously, there are many time delays associated with spending and withdrawals. Thus, from our side we would recommend that investors check out other possible options, before signing up for Canadian BitCoins.
Lastly, for any doubts or queries, users can get in touch with the customer support team, either via email or through the phone number provided on the website.