At first glance, CanadianBitcoins.com may indeed seem like a regular crypto exchange, built on facilitating transaction between various parties, but it is not that. The operation defines itself as a brokerage, in the sense that it trades directly with its clients, and doesn’t just put seller A into contact with buyer B, taking a commission for this service. The operation actually holds cryptos and it sells them to buyers, and buys cryptos from sellers.
In addition to the online dealing, CanadianBitcoins have a walk-in office as well, where they handle cash and debit transactions, and large transactions. By large transactions, amounts of up to $100,000 are meant, but the operation can handle even larger deals than that. The walk-in office feature is obviously great for those residing in Ottawa, where the brokerage is based. It is not much of an option for people located elsewhere though. Despite the fact that CanadianBitcoins.com seems geared exclusively towards Canadians, it might work for foreigners too (the site does say Canadians only though).
As far as user feedback is concerned, it is safe to say that the reputation of the brokerage is spotless thus far. While there is some griping about the prices they offer, people seem to love CanadianBitcoins, and the operation appears to be frank in its interactions with the user community. There are scores of users on bitcointalk.org straight-up praising the service.
What’s interesting in this whole community angle, is just how old some of these posts are. The site was launched in July 2011, and there is one person who apparently sold them 15 BTC for the grand total of $138…in hindsight, such transactions are quite mind-boggling indeed.
How exactly does CanadianBitcoins.com work?
The homepage of the brokerage is as straightforward as it could possibly be. Opening an account with them takes about a minute – including the email verification. Once done, you are pretty much ready to sell/buy bitcoins. There are certain limits in place regarding the amount you can sell – as we found out – but the site is very helpful with the whole thing, setting the absolute maximum on your transaction automatically in case you overshoot the mark, and requesting your approval.
While most of the payment options (which do indeed include Flexepin vouchers) have been disabled due to our non-Canadian IP, there are still a couple of options left open, so foreigners can possibly use the service too. It has to be noted that the site specifically states that it only serves “Canadians living in Canada.”
CanadianBitcoins support Bitcoin, Bitcoin Cash, Litecoin, Ethereum, Ethereum Classic and Dash. The Buy/Sell prices are displayed prominently, and there’s full transparency in this regard, all through the order-opening process. The only supported fiat currency is CAD, so don’t be surprised if the displayed prices are not the USD ones you may have gotten used to.
Opening a buy/sell order is as simple as entering the Bitcoin amount one wants to sell (limits may be in place in this regard), and following the instructions all the way to the point where a wallet address is provided for the crypto transfer one is supposed to make (in case of selling cryptos). Provided you include a generous enough miners’ fee, your transaction will go through very quickly.
Should I Trust CanadianBitcoins.com?
Yes. The buying/selling process works fine, and the user feedback about the operation as a whole, is simply stellar. People used CanadianBitcoin.com services even back when the price of BTC was $10, and even back then, they were satisfied with how things moved along.
The website features an exhaustive FAQ section, where many aspects concerning fiat money/crypto transfers are covered in detail.
The CanadianBitcoins.com web domain was registered in 2011. The name of the registrant is James Grant, and the address is 312-240 Catherine Street, Ottawa, CA.
Question Marks and Red Flags
It is safe to say that after almost 7 years in business, the legitimacy of the operation cannot be questioned in any shape or form.
While there are no user complaints out there regarding the legitimacy of the operation, and no one claims that he was scammed by the brokerage, some people take issue with the prices offered, which they deem out of line. According to CanadianBitcoins.com representatives though, the prices go up and down. Sometimes – when there’s increased market volatility – prices may diverge from those offered by exchanges. Other times though, especially on the sell side, these prices can be quite attractive. Add to that the convenience of walking into an office with cash, and getting BTC for it, and you have a pretty attractive deal.
CanadianBitcoins Review Conclusion
Canadianbitcoins.com is a brokerage, not an exchange. It buys and sells directly to and from its clients – bear that in mind. Available to Canadians only, the service has accrued a rather stellar reputation.