Instacoin is a Montreal-founded bitcoin ATM operator that charges a flat $10 fee per Bitcoin purchase at its machines. Its fee page lists $5 for Ethereum, USDC, Solana and Litecoin and $2.50 for Dogecoin, but it does not publish the spread built into the price, so the true cost of a $1,000 ATM buy is the $10 plus an unknown margin. An exchange is almost always cheaper. I do not score Instacoin, because my ranking covers exchanges.
| Detail | Info |
|---|---|
| Company | Founded in 2013; Instacoin says it is one of Canada's first and largest bitcoin ATM networks |
| ATMs | "Over 200 ATMs" in 10 provinces, per its About page |
| Coins | Bitcoin, Ethereum, USDC, Solana, Dogecoin, Litecoin |
| FINTRAC | Instacoin lists two money services business licences, M20484478 and M20785358 |
| CSA Status | I have not verified a CSA listing for Instacoin; it presents itself as a FINTRAC-registered MSB. Check the CSA authorized list yourself |
| Purchase Minimum | $20 for Bitcoin, Ethereum, USDC and Solana |
| Buy Limit | $9,900 per transaction and per day for verified members; $980 for unverified users |
| ATM Sell Limit | $980 per transaction and per day; $100 minimum |
How Much Does An Instacoin Bitcoin ATM Charge?
Instacoin's fee page lists a flat transaction fee per coin, and it says fees vary by cryptocurrency, day and time.
| Coin | Transaction Fee | Minimum Purchase |
|---|---|---|
| Bitcoin | $10.00 | $20 |
| Ethereum | $5.00 | $20 |
| USDC | $5.00 | $20 |
| Solana | $5.00 | $20 |
| Litecoin | $5.00 | $10 |
| Dogecoin | $2.50 | $5 |
A flat fee punishes small buys and flatters large ones. On a $20 Bitcoin purchase, $10 is half your money. On $1,000, it is 1%. The part I cannot give you is the spread. Selling for Interac e-Transfer carries a stated 2% spread, but Instacoin's page does not publish a buy-side spread. Before you feed cash into any machine, compare the rate on the screen with a live price on an exchange for the same coin and the same minute. The gap is your real fee.
How Much Does A Bitcoin ATM Charge For $1,000?
The table below compares only published fees on a $1,000 Bitcoin purchase. Every row except the ATM also includes a spread that I flag where the platform does not publish it.
| Where | Published Fee | On $1,000 | Spread |
|---|---|---|---|
| Instacoin ATM | $10 flat for Bitcoin | $10 | Not published |
| NDAX | 0.20% flat | $2 | Not published |
| Wealthsimple Crypto | 0.5% baseline fee | $5 | Varies on market orders |
| Newton | No fee; spread 1.00% to 1.15% on BTC | $10 to $11.50 | Included in the figure |
| Bitcoin Well | 1.5% spread online | $15 | Included in the figure; does not apply at its ATMs |
| Coinbase | Up to 1.875% on simple buys | Up to $18.75 | Shown in the order preview |
An ATM is not automatically the dearest option on a $1,000 buy, and I will not pretend it is. What it does lack is a way for you to see the full cost before you commit. That, plus the scam risk below, is why I steer almost everyone to a registered exchange first. My step-by-step guide to using a Bitcoin ATM in Canada covers the process if you still want one.
Can I Withdraw Cash From A Bitcoin ATM?
With Instacoin, yes, up to a point. Its fee page lists ATM sales with a $100 minimum and a $980 limit per transaction and per day for every user. You send the coin to the machine's address and collect cash. Selling for an Interac e-Transfer is a separate route with its own limits: $3,000 per transaction and day for verified members and $980 for unverified users. For larger sums, selling on an exchange and withdrawing to your bank is simpler. See how to sell Bitcoin and cash out in Canada.
What Identity Checks Does Instacoin Require?
Unverified users can buy up to $980 per transaction and per day. To reach $9,900, you have to complete identity verification through Instacoin's Sumsub portal, which accepts Canadian identity documents only. Separately, FINTRAC's guidance says a money services business must verify the identity of anyone requesting a virtual currency exchange or transfer of $1,000 or more. If a machine anywhere offers large amounts without asking who you are, treat that as a warning, not a perk.
What Is The Best Website To Buy Bitcoin In Canada?
For most people, a registered exchange. My ranking puts Coinbase first at 9.9, followed by BloFin, Kraken at 9.6 and Wealthsimple Crypto at 9.5. BloFin is an offshore platform that is not registered in Canada and whose terms prohibit Canadian residents, so I would not start there. The full list is on my best crypto exchanges in Canada page.
Is Coinbase Or Wealthsimple Better?
I rank Coinbase higher, 9.9 to 9.5. Coinbase lists 200+ assets and is a CSA Restricted Dealer in every province. Wealthsimple lists 170+ coins, is a CIRO investment dealer and charges a 0.5% baseline fee plus spread on market orders. If you already hold your RRSP or TFSA at Wealthsimple, its crypto side is convenient. If you want the broadest coin list and a simple app, pick Coinbase.
Which Bitcoin Wallet Is Best In Canada?
It depends on how much you hold. Under a few hundred dollars, an exchange account is fine. Beyond that, move coins to a hardware wallet you control. I compare the options, including the Canadian-made Coldcard, in my best crypto wallets for Canadians page.
Can The CRA Track Crypto Bought At An ATM?
The CRA does not need your ATM receipt to know the rules: selling, trading or spending crypto is reportable, and you must keep records of dates, amounts and Canadian dollar values for six years. ATM operators in Canada are FINTRAC reporting entities and verify identity above set thresholds. Cash does not make a purchase invisible. See can the CRA track cryptocurrency and my reporting guide.
Is Instacoin Safe, And What About Scams?
I have no verified incident involving Instacoin, and I will not invent one. The wider risk is the machine category. The Canadian Anti-Fraud Centre warns that no government agency will ever ask you to pay in crypto and that crypto payments lack credit card style protection. On May 6, 2026, Finance Canada said the Spring Economic Update proposed to ban crypto ATMs, citing studies linking 85% to 98% of crypto ATM transactions to illicit activity and an estimated $142 million to $284 million in 2024 fraud losses. That is a proposal. I did not find confirmation that it has passed, so machines still operate today. If anyone is on the phone telling you to go to an ATM, hang up. My scam guide shows how those calls work.
Who Should Use An Instacoin ATM, And Who Should Not?
An ATM makes sense in a narrow set of cases: you need to turn cash into crypto the same day, you cannot fund an exchange account, and you can verify the machine and the price on screen. It is a poor fit for large amounts, for anyone being walked through the purchase by a stranger, and for anyone who can use an Interac e-Transfer. On my ranking, NDAX has the lowest published flat fee of the CSA-registered options, and Bitcoin Well offers its own ATM and cash options with a Bitcoin-only focus. Treat the ATM as a convenience with a price, not a bargain.
What Changed For Bitcoin ATMs In Canada In October 2026?
- : Finance Canada highlighted the Spring Economic Update proposal to ban crypto ATMs. Passage is not confirmed.
- : Robinhood closed its WonderFi acquisition and began moving Bitbuy and Coinsquare customers to its app, changing the exchange options for Canadians.
- : Newton was admitted to CIRO as an investment dealer.
Frequently Asked Questions
What Is Instacoin?
A Canadian bitcoin ATM operator founded in 2013. Its About page says it runs over 200 ATMs across 10 provinces and supports Bitcoin, Ethereum, USDC, Solana, Dogecoin and Litecoin.
How Much Does Instacoin Charge?
Its fee page lists a flat $10 for Bitcoin, $5 for Ethereum, USDC, Solana and Litecoin, and $2.50 for Dogecoin. It does not publish a buy-side spread, so compare the screen price with an exchange.
How Can I Cash Out Bitcoin In Canada?
Sell on a registered exchange and withdraw Canadian dollars by Interac e-Transfer, or use an ATM that supports selling. Instacoin ATM sales have a $100 minimum and a $980 limit per transaction and day.
Can I Buy Bitcoin At An Instacoin ATM Without ID?
Unverified users can buy up to $980 per transaction and day. Verified members, who pass a Sumsub check with Canadian ID, can buy up to $9,900.
Is Instacoin Registered In Canada?
Instacoin lists two FINTRAC money services business licences. I have not verified that it appears on the CSA's authorized list of crypto trading platforms, which is a different and stricter category. Check that list before you rely on it.
Are Bitcoin ATMs Being Banned In Canada?
Finance Canada said on May 6, 2026 that the Spring Economic Update proposed to ban crypto ATMs. I found no confirmation that it has passed, so check canada.ca for the current status.
Which Crypto App Is Allowed In Canada?
How Do I Avoid Bitcoin ATM Scams?
Never use an ATM because someone told you to, and never pay a government or utility in crypto. Report fraud to the Canadian Anti-Fraud Centre at 1-888-495-8501 or online.