Beaver Bitcoin Review: Should Canadians Use It?

Beaver Bitcoin stands out as one of the cleanest and most straightforward Bitcoin platforms available for Canadians. While it may not have all the bells and whistles of its competitors like Bull Bitcoin or Bitcoin Well, it excels in simplicity and transparency, making it perfect for Canadians who want a no-nonsense approach to buying and holding Bitcoin.

What makes Beaver Bitcoin unique is its laser focus on doing one thing exceptionally well – helping Canadians buy Bitcoin with the cleanest interface you’ll ever see. They offer transparent pricing with no hidden spreads, and their platform is specifically tailored for long-term savers who value simplicity over complexity.

In this article, I’ll show you exactly how Beaver Bitcoin works, break down their fee structure, and explain why this might be the perfect platform for Canadian Bitcoin beginners and long-term holders. Quick favor – if you decide to use Beaver Bitcoin after watching my review, I’ll have a referral link and I’d highly appreciate it if you use it. It really helps to support my website and provide independent reviews.

Beaver Bitcoin Features

 

Beaver Bitcoin simplifies the process of buying Bitcoin. It is simple to use and requires just two steps. First, sign up and verify your account and provide your bitcoin wallet address. Next, Transfer CAD to Beaver Bitcoin. That’s it. Beaver bitcoin will buy the bitcoin for you and immediately send it to your wallet. You can buy bitcoin just once or set up a recurring weekly buy directly from your bank account. 

The advantage of using Beaver Bitcoin over a regular exchange is that you do not need to trust the exchange to hold your crypto. You take immediate self-custody. The downside is that you must trust Beaver Bitcoin to actually send your BTC to your wallet. 

However, by eliminating the need for deposits and withdrawals of fiat and crypto into an account, you can save time and money.

Beaver Bitcoin is small so there are not many features available, but this is its main draw for users. Beaver Bitcoin is a great place for beginners or for anyone who wants to buy bitcoin in the fewest steps possible. 

Does Beaver Bitcoin Offer Staking or Other Services?

Beaver Bitcoin does not offer staking because staking does not apply to proof of work cryptocurrencies like bitcoin. It cannot be staked. Beaver Bitcoin does not currently offer any other services.

Registration and Verification with Beaver Bitcoin

What you need to open an account:

• Must be 18+
• A government-issued ID
• Answer employment questions
• A bitcoin wallet

When signing up for a Beaver Bitcoin account, you will first have to enter your email address and verify it. Next, you’ll need to answer some information about your employment.

Once that is complete, you’ll have to upload a photo of your government-issued ID and a selfie.

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. You cannot complete verification without adding a wallet address.

Fees

Beaver Bitcoin charges 1.5%. This is much higher than most crypto exchanges, however, Beaver Bitcoin sends the BTC directly to your wallet so you avoid typical withdrawal and network fees that exchanges often have. 

Spreads

Since Beaver Bitcoin is not an exchange, nor do they buy and sell bitcoin from its customers like some other trading platforms, you do not need to worry about a spread.

With Beaver Bitcoin, they give you a quote upfront with their 1.5% fee factored in, so you always know exactly how much you’re paying and what you’re receiving. 

How much Beaver Bitcoin does it really cost?

When we bought $100 worth of bitcoin, we received $98.50 worth of BTC, which accounts for the 1.5% fee.

Currencies & deposit methods

When buying cryptocurrency with Beaver Bitcoin, you can deposit Canadian dollars via an Interac e-Transfer. You can also set up an automatic weekly buy, meaning money comes out of your account every week and bitcoin is sent directly to your wallet without you having to lift a finger. 

Design and Usability

Beaver Bitcoin has a simple website since all of the transactions happen via your bank. 

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

To buy bitcoin, simply click the buy button in your dashboard. Enter the amount of bitcoin you want and  follow the steps to send an Interac e-Transfer.

You can also set up a weekly recurring buy by linking your bank account. The process takes a few simple steps.

Security and safety

Is Beaver Bitcoin safe for Canadians to use? Yes. 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. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your wallet. 

It is also not clear how many employees Beaver Bitcoin has. It offers a simple service and could theoretically just be operated by one person. 

However, Beaver Bitcoin is fully compliant with Canadian regulations so that should offer some peace of mind. 

Compliance with Canadian Laws or Legislation

Beaver Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Beaver Bitcoin is fully compliant with Canadian regulations. 

Customer support

If you need to reach out to Beaver Bitcoin at all, you can submit a message on their website. Since it is a small company, iot may take some time for them to get back to you. 

Does Beaver Bitcoin Restrict or Freeze Accounts?

Beaver Bitcoin 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 Beaver Bitcoin Track where you Receive and Send Crypto?

Beaver Bitcoin 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 Beaver Bitcoin to link wallets and transactions on the blockchain with their customer’s accounts. 

Beaver Bitcoin Alternatives

When it comes to buying Bitcoin in Canada, there are several excellent platforms to choose from. The two main competitors to Beaver Bitcoin are Bitcoin Well and Bull Bitcoin – both established, non-custodial platforms that have been serving Canadian Bitcoin buyers for over a decade.

Bitcoin Well is a publicly traded, FINTRAC-registered platform that has been operating since 2013 and offers both KYC-verified accounts (1.2% spread) and anonymous Lite accounts (3% spread) with no additional fees. Bull Bitcoin, also founded in 2013, focuses exclusively on Bitcoin with transparent pricing that includes spreads of 1.3-1.8% depending on market volatility, plus no trading or withdrawal fees.

Here’s how these three Canadian Bitcoin platforms compare:

	Beaver Bitcoin	Bitcoin Well	Bull Bitcoin
Trading fees	1.5% flat fee	1.2% (verified) / 3% (lite)	1.3-1.8% spread
Cryptocurrencies	1 (Bitcoin only)	1 (Bitcoin only)	1 (Bitcoin only)
Additional features	Recurring buys, “Smash Buys”	Lightning Network, Bitcoin ATMs (190+ locations), Recurring buys, Bitcoin Well Infinite for large orders	Bill payments with Bitcoin, Lightning Network, Liquid Network, Canada Post cash purchases
KYC Options	KYC required	KYC required for verified accounts, non-KYC Lite accounts available	KYC required for most services, cash purchases at Canada Post available
Customer Support	Good	Excellent	Excellent
Track Record	Since 2021	Since 2013	Since 2013
Security	Cold storage, third-party custodians	Non-custodial, publicly traded (TSX Venture), FINTRAC registered	Non-custodial, FINTRAC registered, transparent operations

Bitcoin Well stands out with its extensive Bitcoin ATM network across Canada, Lightning Network integration for faster transactions, and the option for anonymous purchases through Lite accounts. Bull Bitcoin differentiates itself by allowing users to pay Canadian bills directly with Bitcoin and offering multiple payment methods including cash at Canada Post locations.

While Beaver Bitcoin offers competitive 1.5% fees and excellent transparency, it has a shorter track record than its competitors and lacks some advanced features like Lightning Network integration or anonymous purchasing options. Both Bitcoin Well and Bull Bitcoin have been operating since 2013, offering more established track records and broader feature sets, though sometimes at slightly lower costs.

All three platforms are non-custodial and send Bitcoin directly to your personal wallet, making them excellent choices for Canadians who value self-custody and Bitcoin-only

Conclusion

Beaver Bitcoin could be a serious contender for those looking to only buy bitcoin since that is all it offers. However, the weekly recurring buys feature is convenient for those wishing to buy bitcoin on a regular basis. It has a set-it-and-forget-it approach to buying crypto. Of course, the fee is high at 1.5% and you do have to trust that you will actually receive your bitcoin which can be a nerve-wracking wait. 

If you’re looking to buy bitcoin in one of the quickest, cheapest and safest ways then Beaver Bitcoin is a trading platform we would recommend. 

Beaver Bitcoin is an excellent choice for Canadians who prioritize simplicity and transparency over advanced features. While it may cost slightly more than competitors like Bitcoin Well and Bull Bitcoin, and lacks some advanced features like Lightning Network support or no-KYC options, it makes up for it with an incredibly user-friendly experience.

This platform is best if you value simplicity over speed and want a straightforward way to buy and hold Bitcoin without getting overwhelmed by complex interfaces or multiple cryptocurrency options. Though, I got to mention that in terms of fees and extra functionality, Bitcoin Well and Bull Bitcoin will be slightly better.