Oleg Galeev

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Bull Bitcoin Review: One Of The Best Crypto Platforms For Canadians

Last updated January 13, 2024

Bull Bitcoin is a Canadian cryptocurrency trading platform with ability to pay bills with bitcoin. We signed up for an account to see if it’s worth using. Here’s our Bull Bitcoin review. 

Bull Bitcoin Summary

Bull Bitcoin is a Canadian crypto trading platform that allows you to take self-custody immediately. All you need to do is send your Canadian dollars via e-Transfer or wire and your bitcoin will be sent directly to your wallet. 

You’ll have to KYC and verify your account to buy and sell bitcoin but you can choose to remain anonymous by paying in cash at your local post office. 

  • Bull Bitcoin logo

    8.5/10

  • Pros & Cons

    • Immediate self-custody of assets
    • Send funds via e-Transfer or wire
    • Pay anonymously with cash
    • No withdrawal fees or wait times
    • Recurring buys directly from your bank account
    • Pay bills with bitcoin
    • Only bitcoin available 
    • No advanced order types
  • Fees

    0%-1.25%

  • Coins

    Bitcoin only

Unique Features

Since Bull Bitcoin is not a crypto exchange it does not have a wide range of features. Instead, it makes the process of buying bitcoin easy for beginners. 

The platform is simple to use and requires just three steps to buy. 

  1. Verify your account
  2. Create a funding order
  3. Send payment

Bull Bitcoin will buy the bitcoin for you and send it to your crypto wallet. You can buy bitcoin just once or set up a recurring weekly buy directly from your bank account. 

The advantage of using Bull Bitcoin over a regular exchange is that you do not need to trust the exchange to hold your crypto because you take immediate self-custody. The downside is that you must trust Bull Bitcoin to send your BTC to your wallet. It’s worth mentioning that Bull Bitcoin has a high reputation in Canadian crypto community.

Bull Bitcoin is a great place for beginners or for anyone who wants to buy bitcoin without the hassle of deposits and withdrawals. 

If you’d like to sell bitcoin instead you can create a sell order and have the money sent directly to your bank account. 

Does Bull Bitcoin Offer Staking or Other Services?

Bull Bitcoin does not offer staking because staking does not apply to proof of work cryptocurrencies like bitcoin and it cannot be staked. 

However, Bull Bitcoin offers a service where you can pay your bills with bitcoin which is a unique feature. 

You can set up a payee in your Bull Bitcoin account or search their database for a company. Next, add your invoice number, the payee’s bank details and email. Once you’ve got your payee set up you can sell bitcoin and have the money sent directly to your payee’s bank account. 

You can also sell bitcoins for gift cards such as Amazon or iTunes.

Interestingly, Bull Bitcoin allows you to set up payroll with your employer, so you can get your pay sent directly to your Bull Bitcoin account. From here, you can buy bitcoin, pay bills, or buy gift cards. If you’re someone who only wants to use bitcoin day-to-day then this might be worth considering. 

Setting up payroll with Bull Bitcoin account

Does Bull Bitcoin Have an OTC Desk?

Bull Bitcoin does not currently offer OTC crypto services but you can make large trades via wire transfer.

Registration & Verification Process With Bull 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 Bull Bitcoin account, you will first have to enter your email address and create a password. 

Next, you’ll need to answer some information about your employment and enter your name, address and date of birth.

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

Uploading ID to Bull Bitcoin account

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. 

Bull Bitcoin Fees

Bull Bitcoin sends the BTC directly to your wallet so you avoid typical withdrawal and network fees that exchanges often have which is a money saver. 

Bull Bitcoin does not charge fees for buying bitcoin either. Instead, you’ll get exactly what their “We sell” price is. 

Selling price when using Bull Bitcoin

Transactions are processed in batches, so you may not receive your bitcoin right away. However, for a fee you can opt for an express trade and this fee will be deducted from the amount of BTC you receive. 

But there are fees involved when you pay bills using Bitcoin. These are noted in the table below:

DAILY VOLUME PROCESSING FEE
Below $100.00 CAD 0%
$100.00 CAD to $1,000.00 CAD 0.5%
$1,000.00 CAD to $3,000.00 CAD 0.75%
$3,000.00 CAD to $10,000.00 CAD 1%
Over $10,000.00 CAD 1.25%

When paying via debit or cash at Canada Post, you’ll pay a 2% fee. To pay at Canada Post, simply create your funding order and have the staff at Canada Post scan the QR code. Once you’ve paid, your funds will be added to your account. 

Bull Bitcoin Spreads

A spread is the difference between the highest price a buyer is willing to pay (bid price) and the lowest price a seller is willing to sell (ask price). The spread goes to the exchange as profit. 

Spreads can often be hidden and the exchange won’t always be transparent. So you may think you are paying low fees, but you’re paying hidden costs. 

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

Currencies & Deposit Methods

When buying cryptocurrency with Bull Bitcoin, you can deposit Canadian dollars via an Interac e-Transfer, wire transfer or cash or debit at Canada Post. With the first two options, you will have to KYC and verify your Bull Bitcoin account. 

After you’ve been verified, create a funding order to lock in your price. This funding order will tell you exactly how much money you have to send and how much bitcoin you will receive. To sell bitcoin, simply create a sell order. Once your order is locked in then you can follow the instructions to send your funds via your preferred payment method. 

You can also set up automatic buys so you can dollar cost average without having to lift a finger. 

Design and Usability

Bull Bitcoin has a simple website since all of the transactions happen via your bank. There aren’t many features to get you confused, however, we think their website could be designed a little better.  There is a lot of text to process and the UI is not the cleanest (neither the worst). 

UI of Bull Bitcoin platform

Still, it is simple to use. Once your account is verified, you’ll have full access to your account. Here, you can add your wallet addresses and create funding orders. To buy bitcoin, simply click the buy button in your dashboard. 

Scroll down the page select your preferred payment method and enter the amount you want to buy. 

Buying bitcoin with interac e-transfer on Bull Bitcoin platform

To continue with your purchase, follow the instructions to pay via Interac e-Transfer or wire transfer.

Simply select the option to pay at Canada Post if you prefer to pay in person and follow the instructions:

Depositing to account with Canada Post

Security and Safety with Bull Bitcoin

Is Bull Bitcoin safe for Canadians to use? Yes. Since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform.

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. 

Compliance with Canadian Laws & Legislation

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

Customer support

If you need to reach out to Bull Bitcoin at all, you can email them at [email protected]

Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.

The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service. 

Does Bull Bitcoin Restrict or Freeze Accounts?

Bull 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. 

Some other examples of suspicious activity include:

  • Making transactions in someone else’s name
  • Funding from a bank account not in your name
  • Attempting to forge your identity

Can Bull Bitcoin Track Where You Receive and Send Crypto?

Bull Bitcoin can see where you get and send crypto because every transaction is recorded on public blockchains. They know the time, amount, and the wallets involved.

When you verify your account you must give them your ID, so it’s easy for them to connect the wallets and transactions to your account. This helps them keep track of what users are doing on Bull Bitcoin.

Any transaction worth over $10,000 will be reported to the CRA, so bear this in mind when trading. This threshold is across the board and any crypto exchange you use will report transactions to the CRA that are over this amount.

It does not mean that you cannot trade over this amount, but it does mean that the CRA will be made aware when you do. 

Bull Bitcoin 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. It stands out as one of Canada’s leading crypto exchanges, though, unlike Bull Bitcoin, you’ll need to handle your crypto purchases and manually withdraw assets to a wallet.

CoinNerds is similar to Bull Bitcoin because they do not hold custody of your assets. Any crypto purchased goes directly to your own private wallet. Here is a comparison of Bull Bitcoin against these other two exchanges. 

 

Bull Bitcoin

Bitbuy

CoinNerds

Trading fees

0.5% to 1.25%

0% to 1.5%

4%

Cryptocurrencies

1

35+

7

Additional features

Recurring weekly buys, pay bills with BTC, buy gift cards

OTC Desk

Physical locations, OTC Desk

Customer Support

Good

Good

Great

Security

Good

Excellent

Good

       

Conclusion

Bull Bitcoin is a good option for those looking to only buy bitcoin since that is all it offers. However, the ability to pay bills is also a convenient feature, especially for people who wish to use bitcoin in their day-to-day spending and forgo fiat.

The fees are reasonable and you don’t have to worry about making deposits or withdrawals like you do with regular crypto exchanges. The process of buying bitcoin might be simple, but you have to wait for your bitcoin to arrive which can be a nerve-wracking wait. 

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

Check out the list of the best crypto exchanges for Canadians

See Full List

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen. 

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