Buying Bitcoin in Canada. Use Bull Bitcoin!
What do you need to know about Bull Bitcoin?
Bull Bitcoin is Go Full Crypto’s preferred place to buy Bitcoin in Canada. Their dedication to a “Bitcoin-Only” service is what makes them stand out from ShakePay or other cryptocurrency exchanges. Their offering is truly world class. Read on for more details.
What sort of Service Does Bull Bitcoin Offer?
Bull Bitcoin is a “Bitcoin-Only” exchange. In case you can’t read between the lines, it means you can’t buy Ethereum (ETH), Cardano (ADA), or any other altcoins on their platform. Their dedication to Bitcoin (BTC) means that they’ve integrated important security, privacy, and convenience enhancements into their platform that no other cryptocurrency exchange in the world is currently offering. So, if you’re a hard core bitcoiner, or just someone looking for a reliable, private bitcoin exchange, then Bull Bitcoin is probably the place to start. Lets dig into a few more of their service offerings.
BTC Purchases Straight to your Wallet
One thing that you’ll find after logging into your Bull Bitcoin Account, is that there is no place on the site to manage your bitcoin. What?! — Bull Bitcoin is never a custody of your bitcoin.
When you buy BTC from Bull Bitcoin, it is mandatory that the bitcoin be sent a bitcoin address that you’ve provided ahead of time. Why would they do this? Well, for starters, taking this approach makes it impossible for them to walk off with your bitcoin. This is of course unlike QuadrigaCX, or FTX wherein when the exchange went down, so too did the entire platform with all of the customer funds. So this mechanism is a feature that protects both Bull Bitcoin, as well as you, their customer.
Private Purchases
Not only is your BTC sent to a pre-provided bitcoin address, it is mixed before it is sent. In essence, this obscures the connection between you as the buyer of BTC, and the address that ultimately receives the BTC. In case I have not made myself clear, Bull Bitcoin de-links you, the buyer, from you, the receiver by using a “btc mixer” before the btc is sent.
Diverse Deposit Methods
Bull Bitcoin has provided several deposit methods for their users. Lets take a look at each one.
Wires
The first is a wire transfer. This method is ideal for larger deposits. So if you’re intending on buying more than $5k-$10k at a time, then consider sending it from your bank in one big wire transfer. There is a strategy and art to sending wire transfers to “cryptocurrency exchanges” in Canada. I’ve been rejected at the teller before when sending a wire transfer from RBC to Kraken, so just use caution and be sure not to mention the word “crypto” when wiring money from your bank.
eTransfer
The second is an eTransfer. This is Canada’s favourite method of sending Canadian Dollars electronically Canada-wide. It is free to send and receive, but has somewhat low transaction limits. Then of course, there is the detail that your bank knows that you’re sending money to a Bitcoin Company. This can get you a nice red-flag on your bank account, so use caution when selecting this method.
Post Office Load Codes
This is a pretty neat method because it allows you to deposit money into Bull Bitcoin using cash at any Canada Post office nationwide. There are limits to how much you can send, but you don’t need to pass any of Bull Bitcoin’s KYC requirements for depositing amounts less than $1000.00. This method is private and somewhat instantaneous, definitely a cool method if your anonymity is something you wish to preserve.
Dollar Cost Averaging
So lets say that you’ve deposited $1000.00 onto Bull Bitcoin. Now what? Well, you can buy one big $1000.00 chunk of BTC at once, or you can use Bull Bitcoin’s Dollar Cost Averaging (DCA) method to split up the $1000.00 payment into 5 nice-tidy chunks of $200 each. This way, you get the best average price over the course of 5 days, instead of risking a high-price buy on a single purchase. If you choose this method, be sure to give them 5 different btc addresses so that you preserve your privacy and/or anonymity. Reusing the same address can deanonymize your purchases and your Bitcoin Wallet. We don’t want that!