Bitcoin Well Review: How Good Is This Crypto Exchange For Canadians?

Bitcoin Well is a popular Canadian cryptocurrency exchange where you can buy Bitcoin (BTC). We signed up for an account to see if it’s worth using. Here’s our Bitcoin Well review.

Bitcoin Well Summary

Bitcoin Well is a Canadian crypto trading platform that gives customers the choice of buying bitcoin with funds from their bank or with cash at one of their 280 Bitcoin ATMs across Canada. Both methods send the crypto directly to the customer’s wallet saving both time and money.

Bitcoin Well aims to simplify the process of buying bitcoin and they aim to provide customers with “the convenience of modern banking with the benefits of bitcoin.” Bitcoin Well is a public company and is listed on the Toronto Stock Exchange under the ticker BTCW.

Bitcoin Well Features

Bitcoin Well simplifies the process of buying Bitcoin. Not only do they offer 280 Bitcoin ATMs across Canada, but you can also place an order online and send your money via Interac e-Transfer. The Bitcoin is sent directly to your wallet in both cases, meaning you don’t need to trust that the exchange will safely hold your crypto. By eliminating the need for deposits and withdrawals of fiat and crypto into an account, you can save time and money.

Bitcoin Well is a relatively small Canadian crypto exchange and therefore there are not many features available. However, this is their biggest draw. They simplify the process of buying bitcoin, and if mass adoption is to happen, simplicity is essential. Bitcoin Well is, therefore, a great place for a beginner to buy bitcoin. 

By the end of 2023, they plan to offer referral rewards as well as rewards for users who use their bitcoin to spend online. For example, Bitcoin Well allows users to pay bills with bitcoin. Search for your bill provider in the dropdown list, enter your account number and follow the steps to pay. 

An automated buy option is also in the works, called the Savings Plan, so you can buy bitcoin automatically at regular intervals. Bitcoin Well is really trying to offer bitcoin holders the same features as a traditional bank.

Does Bitcoin Well Offer Staking or Other Services?

Bitcoin Well does not offer crypto staking for Canadians because staking does not apply to proof of work cryptocurrencies like bitcoin. It cannot be staked.

Does Bitcoin Well Have an OTC Desk?

Bitcoin Well does not currently offer OTC services.

Bitcoin Well Liquidity

We could not find information about Bitcoin Well’s liquidity other than they mention they source institutional liquidity and provide live rates without hidden costs. 

Registration & Verification With Bitcoin Well

What you need to open an account:

• Must be 18+
• A government-issued ID
• Answer job questions

When signing up for a Bitcoin Well account, you will first have to enter your email address. Next, you’ll need to set a username and password and select whether you live in Canada or the USA. 

In order to start buying, you’ll have to take some additional steps like verifying your email address and phone number. 

To increase your buy limit you must provide a selfie, a government-issued ID, and add information about your occupation. These are standard questions that all reputable Canadian exchanges will ask.

Bitcoin Well Fees

Usually, it’s 0.5% for transactions. In your account dashboard, you’ll find a selection of fees and process times. If you don’t mind receiving your bitcoin within 24 hours, then you can select the cheapest option. 

However, if you need your bitcoin urgently, you can select the most expensive option. These choices allow you to customize your buying experience and pay the fees that suit your needs.

Bitcoin Well Spreads

A spread is the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to sell (ask price). The spread goes to the exchange as profit. 

Spreads can often be hidden and the exchange won’t always be transparent. So you may think you are paying low fees, but you’re actually paying hidden costs. With Bitcoin Well, they give you a quote upfront with their fee factored in, so you always know exactly how much you’re paying and what you’re receiving. 

How much does it really cost to trade with Bitcoin Well?

When we bought $100 worth of bitcoin, we received 0.00249634 BTC, which is worth $99.59. 

We selected the slowest fee option meaning the transaction was free, but the spread was still $0.41 or 0.41%, which is actually slightly less than the advertised 0.5% on the Bitcoin Well homepage. This spread is on par with some of the big crypto exchanges such as Crypto.com. It is not the cheapest but it is definitely not the most expensive either. 

Currencies & Deposit Methods

When trading cryptocurrency with Bitcoin Well, you can deposit Canadian dollars via an Interac e-Transfer, or via a wire transfer or you can pay with Visa debit. If you use one of their many Bitcoin ATMs, you can use cash, which is perfect for those looking for privacy. To find one of their Bitcoin ATMs you can search their map. 

Design and Usability

Bitcoin Well has a simple website since most of the transactions happen either in person at a Bitcoin ATM or via your bank. 

Once your account is verified, you’ll have full access to your online dashboard. Here, you can add your wallet addresses, buy and sell bitcoin, pay bills with bitcoin, and buy gift cards.

To buy bitcoin, simply click the buy button in your dashboard. Enter the amount of bitcoin you want and click the “buy now” button.

Since you immediately take self-custody of your bitcoin, you will then need to enter your bitcoin wallet address. This is the wallet where you wish the bitcoin to be sent to when you place the order. 

Next, select your payment type. If you chose Interac e-Transfer, you’ll be given the details on the next page. Make sure to add the details carefully and you should receive confirmation within 30 minutes. Depending on the fee option you choose, it could take several hours to receive your bitcoin. 

Security and Safety

Is Bitcoin Well safe for Canadians to use? Yes. As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. It is registered with FINTRAC and fully legal in Canada. This can give you peace of mind when trading with Bitcoin Well. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself. 

Customer Support

Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. 

If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus. 

Does Bitcoin Well Restrict or Freeze Accounts?

Bitcoin Well does not commonly freeze accounts but any crypto exchange could put a hold on your transactions if they suspect suspicious behaviour such as trading larger amounts than usual or making more transactions than usual. 

Can Bitcoin Well Track Where You Receive and Send Crypto?

Bitcoin Well can track where you have received and sent crypto since all transactions are recorded on public blockchains. The information available includes time and date, amount sent and both “to” and “from” wallets.

Since users must submit identity documents during the verification process, it is easy for Bitcoin Well to link wallets and transactions on the blockchain with their customer’s accounts. 

However, Bitcoin Well also accepts cash at their Bitcoin ATMs, so if privacy is your main concern then you can buy and sell crypto with cash. However, you will need to register an account if you plan to trade more than $1000. 

Bitcoin Well Alternatives

There are many Canadian crypto exchanges to choose from such as Bitbuy, which is Canada’s first regulated exchange. It has free deposits and several of the most popular cryptocurrencies. 

CoinNerds is similar to Bitcoin Well because they do not hold custody of your assets. Any crypto purchased goes directly to your own wallet. Here is a comparison of Bitcoin Well against these other two exchanges. 

	Bitcoin Well	Bitbuy	CoinNerds
Trading fees	0.5%	0% to 1.5%	4%
Cryptocurrencies	1	35+	7
Additional features	Bill payments, Bitcoin ATMs	OTC Desk	Physical locations, OTC Desk
Customer Support	Great	Good	Great
Security	Good	Excellent	Good
		SIGN UP

Are There Crypto Scams Related Bitcoin Well?

It’s crucial to prioritize the security of your cryptocurrency assets and we always recommend getting a hardware wallet for protection. You can read all about the different types of wallets and hardware wallets in our previous articles. 

With the rising number of sketchy emails floating around, it’s essential to keep your guard up and avoid clicking on any suspicious links. They could lead you straight to scam websites or put your private keys and passwords at risk. Remember, before depositing any funds, make sure you’re accessing the exchange’s official website URL.

Scammers will also often use fake social media accounts pretending to represent crypto exchanges. To minimize risks, stick to engaging with the official social media accounts affiliated with the crypto exchange you’re using. 

Luckily, Bitcoin Well has 280 Bitcoin ATMs across Canada should you wish to buy bitcoin with cash and have ultimate peace of mind.

Conclusion

Bitcoin Well is definitely on the way to becoming a popular bitcoin trading platform for beginners. With the addition of new features, and their future plan to have the lowest spreads in Canada, Bitcoin Well could be a serious contender for those looking to only buy bitcoin. It offers a simple and clean beginner-friendly buying experience, a super-quick verification process, and at the moment, a spread that isn’t too bad at all. 

However, if you want a more diversified crypto portfolio, then we highly recommend Bitbuy for Canadians. They offer over 20 crypto coins and superior security.

If you’re looking to buy bitcoin in one of the quickest, cheapest and safest ways then Bitcoin Well is a trading platform we would recommend however, there are better exchanges for trading crypto that are available for Canadians.