Localcoin is a real, FINTRAC-registered Canadian Bitcoin ATM operator, but an ATM costs far more than an exchange. It says it runs 1,000+ locations across Canada, mostly in convenience stores, and sells ten coins. ID verification is required. In my 2021 test at a Vancouver machine, a $20 purchase carried a $2.75 fee, which is 13.75%. Use it when you need cash-to-bitcoin, and use an exchange when you do not.
- Registered: FINTRAC MSB M20643902 (legal name 9992987 Canada Inc.), registered, expiry November 10, 2027
- Reach: 1,000+ locations, 140,000+ customers (company figures)
- Cost: my 2021 test paid 13.75% on a $20 buy; check the quote on screen before you confirm
- Cheaper: Coinbase, Kraken or Wealthsimple Crypto by Interac e-Transfer
People search for Localcoin to find a machine near them, to check it is legitimate, and to understand the fees. I can answer the second and third properly, and I can answer the first by pointing you to its location finder, because ATM networks change every week and any list I wrote would date.
| Detail | What I Found | Source |
|---|---|---|
| Legal entity | 9992987 Canada Inc., operating as Localcoin, Etobicoke, Ontario | FINTRAC registry |
| FINTRAC registration | M20643902, registered, initial approval June 3, 2020, expiry November 10, 2027 | FINTRAC registry |
| Network | 1,000+ locations in stores such as Hasty Market, Needs, Avondale and Provi-Soir | Localcoin website |
| Coins | Ten, including BTC, ETH, LTC, ADA, XRP, DOGE, USDC and USDT | Localcoin website |
| Minimum purchase | $20 CAD | Localcoin website |
| Sell fee (verified user) | $9.95 per transaction, up to $14,925 a day and $100,000 a year | Localcoin fees page |
| Buy fee | A flat fee plus a transaction fee included in the listed price; amounts not shown on the page I fetched | Localcoin fees page |
| Verification | Phone, ID, selfie and a questionnaire; verified users get higher limits and zero fees on the first transaction | Localcoin fees page |
| Support | 24/7 phone, text and email | Localcoin website |
Is Localcoin Safe And Legit?
It is legitimate in the sense that matters first: Localcoin's operator is registered with FINTRAC as a money services business under number M20643902, and the registry shows it as registered with an expiry date in November 2027. That means it must verify identity and file reports. It does not mean it is a CSA-authorized trading platform, and Bitcoin ATMs are not covered by CIPF. The bigger risk with any ATM is not the operator. It is scammers who send victims to an ATM. If anyone you have not met in person is telling you to put cash into a Bitcoin ATM, stop, it is a scam. Read my scam guide.
What Are The Fees For Using Localcoin ATMs?
The price you see on the machine includes a transaction fee, and buying adds a flat fee on top. The company shows selling fees clearly: $9.95 per transaction for a verified user. It does not show the buy fee on the page I fetched, so I will not give you a percentage. What I can give you is my own result. In 2021, at a Localcoin machine in a Vancouver convenience store, the fee for $20 of bitcoin was $2.75. That is 13.75% of the purchase, and small purchases are the worst case because flat fees dominate. Compare the quote on the screen with the price on an exchange before you confirm. Full ATM walkthrough in my Bitcoin ATM guide.
| Route | Cost Shown | Source |
|---|---|---|
| Localcoin ATM (my 2021 test) | $2.75 fee on $20, 13.75% | My own test |
| NDAX | Flat 0.20% trading fee | NDAX fee page |
| Wealthsimple Crypto | 0.5% fee plus spread, plus CAD 1 under CAD 100 | Wealthsimple fee schedule |
| Kraken Instant Buy | 1% fee plus spread | Kraken fee schedule |
How Much Does A Bitcoin ATM Charge Per $100?
It depends on the operator and machine, and I have not verified an official fee table for any operator, so I will not state a typical figure. Use my test as a warning, not a rule: check the exact price per coin and the fee line on the screen for the amount you plan to spend, and compare it with the same coin on an exchange. Do the math per $100, not per percentage headline.
Who Owns Localcoin, And What Does Localcoin Do?
The FINTRAC registry lists the legal name as 9992987 Canada Inc., with the operating name Localcoin, at an address in Etobicoke, Ontario. Localcoin sells and buys crypto through ATMs and also offers online buying by Interac e-Transfer. I did not find named owners on the sources I checked, so I will not guess.
Can You Withdraw Or Sell Crypto At A Localcoin ATM?
Yes, the company says you can sell for cash at ATMs, by Interac e-Transfer, or pre-sell online. Selling is where the verified-user limits matter: $14,925 a day and $100,000 a year at the verified tier.
Are Bitcoin ATMs Being Banned In Canada?
Finance Canada highlighted a plan in May 2026 to make operating a crypto ATM a criminal offence while still allowing purchases through brick-and-mortar money services businesses. It is a proposal, not law. If it passes, machines like these could disappear. That is a reason not to rely on one for regular buying.
Which Bitcoin ATM In Canada Is Best, And What Should You Use Instead?
Honestly, no ATM is the best way to buy. If you must use cash, Bitcoin Well lists 160+ ATM locations and delivers to your own wallet, with its online portal showing a spread of 1.5% to buy for verified accounts. See the Bitcoin Well review. For everyone else the cheapest path is Coinbase, Kraken or Wealthsimple Crypto.
Pros
- FINTRAC-registered operator
- 1,000+ locations and 24/7 support
- Cash and Interac e-Transfer options
Cons
- My 2021 test paid a 13.75% fee on a small buy
- Buy fee amounts not published on the page I fetched
- ATM scams are common and cash is hard to recover
How Do You Buy Bitcoin At A Localcoin ATM Step By Step?
- Get verified first on Localcoin's site or app. The company describes four steps: phone number, ID submission, selfie and a questionnaire, about two minutes. Verified users get higher limits and zero fees on the first transaction.
- Find a machine. Localcoin lists locations on its site and says its machines are in stores such as Hasty Market, Needs, Avondale and Provi-Soir, open around the clock.
- Choose the coin and the amount. The minimum purchase is $20 CAD. Read the exact price per coin and the fee lines on the screen before you insert cash.
- Enter or scan your own wallet address. Never use an address someone texted you.
- Insert cash and take the receipt. Keep it for your tax records.
Localcoin also sells online by Interac e-Transfer, which skips the machine. Compare that quote with an exchange before you buy, because the exchange will almost always be cheaper.
What Does FINTRAC Require At The ATM?
Localcoin is a registered money services business, so FINTRAC's rules apply to it. The regulator's guidance says a business must verify identity for virtual currency exchanges and transfers of $1,000 or more, and file a large virtual currency transaction report for receipts of $10,000 or more, or several amounts that add up to $10,000 within 24 hours if they are linked to the same person or beneficiary. That does not stop a machine from letting you start at $20. It does mean limits and ID checks exist, and that a machine telling you otherwise is a red flag. See my FINTRAC guide.
How Do Bitcoin ATM Scams Work, And How Do You Avoid One?
The Canadian Anti-Fraud Centre lists the pattern. Fraudsters contact victims on dating apps or social media, build a relationship, promise quick wealth from crypto, show a fake trading platform with official-looking documents, and then pressure the victim to send money or crypto. They let victims withdraw small amounts at first to encourage bigger deposits. A Bitcoin ATM is often the tool that moves the cash. The CAFC states that no government agency will ever request payment in cryptocurrency. It also warns that fraudsters later contact victims claiming they can recover the lost funds for a fee, and ask for remote access to the victim's computer. The CAFC issued that recovery-pitch warning on July 19, 2023.
Normal Use
- You chose the amount and the wallet address yourself
- The wallet belongs to you
- Nobody is on the phone telling you what to do
Stop Immediately
- A caller or message tells you to go to an ATM
- You are asked to send crypto to an address you did not create
- Someone says your account is frozen and you must pay to release it
If you were told to use an ATM and have already done it, read my recovery guide now and report to police and the CAFC straight away.
What Changed For Bitcoin ATM Users In Canada In October 2026?
- Finance Canada highlighted a proposal to criminalize operating crypto ATMs, still allowing purchases at brick-and-mortar MSBs. It has not passed.
- Localcoin's operator received its initial FINTRAC MSB approval; its registration now runs to November 10, 2027.
- The Canadian Anti-Fraud Centre warned that fraudsters are contacting past victims, claiming they can recover lost funds for a fee and asking for remote computer access.
- The FINTRAC registry lists Bitcoin Depot Operating LLC with a registration expiry of this date; entries in the registry lapse, so check the current row before using any operator.
Frequently Asked Questions
Is Localcoin Safe?
The operator is FINTRAC-registered, but ATMs are not covered by CIPF and scammers often send victims to them. Never deposit cash because a stranger told you to.
Is Localcoin Legit?
Yes, in that its operator, 9992987 Canada Inc., is a registered FINTRAC money services business (M20643902) with an expiry date in November 2027.
What Are The Fees For Using Localcoin ATMs?
Selling costs $9.95 per transaction for a verified user. Buy fees are a flat fee plus a transaction fee included in the price. In my 2021 test a $20 buy cost $2.75, or 13.75%.
Who Owns Localcoin?
The FINTRAC registry lists 9992987 Canada Inc., operating as Localcoin, in Etobicoke, Ontario. I did not find named owners.
Can I Sell Bitcoin At A Localcoin ATM?
Yes. The company says you can sell for cash at ATMs, by Interac e-Transfer, or pre-sell online. Verified users can sell up to $14,925 a day.
Do I Need ID For Localcoin?
Yes. Verification uses phone, ID, a selfie and a questionnaire. Verified users get higher limits and zero fees on the first transaction.
Is There A Cheaper Way To Buy Bitcoin Than A Localcoin ATM?
How Do Bitcoin ATM Scams Work?
The CAFC describes fraudsters who build trust online, promise crypto riches, show fake platforms and pressure victims to send money. The CAFC says no government agency will ever request payment in cryptocurrency.