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

Bitcoin Well is a well-known Canadian cryptocurrency exchange specializing in Bitcoin (BTC). As someone who has been trading crypto since 2016 and tested over 50 exchanges, I signed up for an account to evaluate its features. Here’s my detailed Bitcoin Well review.

Bitcoin Well Summary

Bitcoin Well is a Canadian cryptocurrency trading platform that allows customers to buy Bitcoin using funds from their bank or cash at one of their 280 Bitcoin ATMs across Canada. With both methods, the crypto is sent directly to the customer’s wallet, saving time and avoiding additional fees.

Bitcoin Well’s mission is to simplify Bitcoin purchases, offering what they describe as “the convenience of modern banking with the benefits of Bitcoin.” As a publicly traded company listed on the Toronto Stock Exchange under the ticker BTCW, Bitcoin Well stands out for its transparency and commitment to bridging traditional finance with cryptocurrency.

Bitcoin Well Features

Bitcoin Well simplifies Bitcoin purchases with two convenient options: using one of their 280 Bitcoin ATMs across Canada or placing an online order and sending funds via Interac e-Transfer. In both cases, Bitcoin is sent directly to your wallet, eliminating the need to trust the exchange to securely hold your crypto. By bypassing deposits and withdrawals of fiat or crypto into an account, Bitcoin Well saves users both time and money.

As a relatively small Canadian crypto exchange, Bitcoin Well doesn’t offer many features. However, this simplicity is their biggest advantage. By streamlining the Bitcoin purchasing process, they make it accessible to beginners, which is crucial for driving mass adoption. For anyone new to crypto, Bitcoin Well is an excellent starting point for buying Bitcoin.

By the end of 2023, Bitcoin Well plans to introduce referral rewards and perks for users who spend their Bitcoin online. For instance, they already allow users to pay bills with Bitcoin—simply search for your bill provider in their dropdown list, enter your account number, and follow the steps to pay.

Additionally, an automated buy option, known as the Savings Plan, is in development. This feature will let users purchase Bitcoin at regular intervals automatically. With these innovations, Bitcoin Well is striving to provide Bitcoin holders with features that mirror those of traditional banking.

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

Bitcoin Well typically charges a 0.5% transaction fee. Within your account dashboard, you’ll find various options for fees and processing times. If you’re not in a rush, you can choose the cheapest option and receive your Bitcoin within 24 hours.

For those who need their Bitcoin immediately, a higher fee can expedite the process. This flexibility allows you to customize your buying experience, selecting the fee structure that best fits your priorities.

Bitcoin Well Spreads

A spread represents the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to accept (ask price), with the exchange pocketing this difference as profit.

Many exchanges often hide spreads, making it unclear how much you’re truly paying. You might think you’re benefiting from low fees, only to face hidden costs. Bitcoin Well takes a transparent approach by providing an upfront quote that includes their fee, ensuring you always know exactly how much you’re paying and what you’re getting in return.

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

When we purchased $100 worth of Bitcoin, we received 0.00249634 BTC, valued at $99.59.

We opted for the slowest fee option, making the transaction free, but the spread was still $0.41 or 0.41%. Interestingly, this was slightly lower than the advertised 0.5% spread on the Bitcoin Well homepage. This spread is comparable to major crypto exchanges like Crypto.com. While it’s not the cheapest option available, it’s far from being the most expensive.

Currencies & Deposit Methods

When trading cryptocurrency with Bitcoin Well, you can deposit Canadian dollars through Interac e-Transfer, wire transfer, or Visa debit. For those prioritizing privacy, their many Bitcoin ATMs allow you to pay with cash. To locate a nearby Bitcoin ATM, you can easily search their map for the most convenient option.

Design and Usability

Bitcoin Well features a straightforward website, reflecting the fact that most transactions are conducted either in person at a Bitcoin ATM or through your bank.

Once your account is verified, you’ll gain full access to your online dashboard. This allows you to add wallet addresses, buy and sell Bitcoin, pay bills with Bitcoin, and even purchase gift cards—all from one convenient platform.

To buy Bitcoin, start by clicking the “Buy” button in your dashboard. Enter the amount of Bitcoin you want to purchase, then click “Buy Now.”

Because you immediately take self-custody of your Bitcoin, you’ll need to provide your Bitcoin wallet address—the destination where your Bitcoin will be sent upon completing the order.

Next, choose your preferred payment method. If you select Interac e-Transfer, the next page will display the payment details. Carefully follow the instructions, and you should receive confirmation within 30 minutes. Depending on the fee option you select, it may take several hours for your Bitcoin to arrive in your wallet.

Security and Safety

Is Bitcoin Well safe for Canadians to use? Absolutely. As a publicly traded company, Bitcoin Well is required to maintain transparency with its investors and comply with all Canadian regulations. It is registered with FINTRAC and fully legal in Canada, offering peace of mind when trading on the platform. Additionally, because you always take full custody of your Bitcoin, you don’t need to rely heavily on the platform’s security measures—you’re in control of your assets.

Customer Support

Bitcoin Well emphasizes excellent customer service. Although it has just five reviews on Trustpilot, its 4.1-star rating suggests users are generally satisfied. From my perspective, having tested many exchanges since 2016, this rating reflects their efforts to prioritize user experience despite being a smaller platform.

What really stands out is their approach to support. You can browse their detailed help sections, submit a support ticket online, or even call or text their team directly. Most crypto exchanges don’t offer a support phone number, so this feature is a huge plus for Canadians looking for accessible and reliable assistance.

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. 

Latest Updates on Bitcoin Well For Canadians

Bitcoin Well recently introduced a “Recurring Buy” feature, enabling users to automate Bitcoin purchases at regular intervals. This makes it much easier to invest gradually over time—a feature I find especially appealing for those looking to dollar-cost average their investments. The platform has also expanded its reach, now serving customers in both Canada and the USA, highlighting its growing presence across North America. These updates significantly enhance the user experience, particularly for those who value convenience and consistency in acquiring Bitcoin.

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	40+	160
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?

Securing your cryptocurrency assets should always be a top priority, and I strongly recommend using a hardware wallet for added protection. If you’re unsure about which wallet to choose, check out our previous articles for detailed insights into different types of wallets and hardware options.

With the increasing prevalence of phishing emails, staying cautious is essential. Avoid clicking on suspicious links, as they can lead to scam websites or put your private keys and passwords at risk. Always double-check that you’re accessing the official website URL of the exchange before depositing any funds.

Scammers also commonly create fake social media accounts impersonating crypto exchanges. To reduce risks, only interact with the verified social media accounts associated with the exchange you’re using.

For those seeking ultimate peace of mind, Bitcoin Well offers 280 Bitcoin ATMs across Canada, allowing you to buy Bitcoin with cash securely and conveniently.

Conclusion

Bitcoin Well is quickly establishing itself as a beginner-friendly platform for buying Bitcoin. With the introduction of new features and plans to offer the lowest spreads in Canada, it’s shaping up to be a strong option for those focused solely on Bitcoin. The platform provides a straightforward buying experience, a fast verification process, and, at present, spreads that are reasonably competitive.

That said, if you’re looking to build a more diversified crypto portfolio, we highly recommend Bitbuy for Canadians. With over 20 crypto coins and robust security features, Bitbuy is a better choice for broader trading needs.

For those focused on buying Bitcoin quickly, affordably, and securely, Bitcoin Well is a solid recommendation. However, for trading a wider range of cryptocurrencies, other exchanges available to Canadians may be a better fit.