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

Bull Bitcoin is a Canadian cryptocurrency platform that offers a unique service: the ability to pay Canadian bills—including phone, hydro, and even taxes to the CRA—using Bitcoin. While it’s more of a specialized Bitcoin service than a traditional crypto exchange, its features intrigued us. As someone who has been trading crypto since 2016 and tested over 50 exchanges, I signed up for an account to evaluate its offerings. Here’s my detailed Bull Bitcoin review.

Bull Bitcoin Summary

Bull Bitcoin is a Canadian Bitcoin service designed for those who value self-custody. When you purchase Bitcoin, it’s sent directly to your wallet after you send Canadian dollars via e-Transfer or wire transfer—no need to leave your assets on the platform.

To buy and sell Bitcoin, you’ll need to complete KYC and verify your account. However, if you prefer to remain anonymous, Bull Bitcoin offers the option to pay in cash at your local post office, making it a standout choice for privacy-conscious users.

You can check our quick video review or scroll down for text version:

Bull Bitcoin Unique Features

Since Bull Bitcoin isn’t a traditional crypto exchange, it doesn’t offer a wide range of features. Instead, it focuses on simplifying the process of buying Bitcoin, making it an excellent choice for beginners.

The platform is straightforward and requires only three steps to buy Bitcoin:

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

Bull Bitcoin handles the purchase for you and sends the Bitcoin directly to your crypto wallet. You can make a one-time purchase or set up a recurring weekly buy directly from your bank account.

The main advantage of using Bull Bitcoin over a regular exchange is that you don’t need to trust the exchange to hold your crypto—you take immediate self-custody. The downside is that you must trust Bull Bitcoin to send your BTC to your wallet. That said, Bull Bitcoin has a stellar reputation in the Canadian crypto community, and I’ve never experienced any issues with their service.

For beginners or anyone looking to buy Bitcoin without dealing with deposits and withdrawals, Bull Bitcoin is a fantastic option. If you want to sell Bitcoin instead, you can create a sell order and have the funds sent directly to your bank account.

Does Bull Bitcoin Offer Staking or Other Services?

Bull Bitcoin doesn’t offer staking since staking is not applicable to proof-of-work cryptocurrencies like Bitcoin, which cannot be staked.

However, Bull Bitcoin offers a unique service that lets you pay your bills using Bitcoin. You can set up a payee in your account by searching their database or manually entering the company’s details. Simply add the invoice number, payee’s bank details, and email. Once the payee is set up, you can sell Bitcoin and have the funds sent directly to the payee’s bank account.

Additionally, Bull Bitcoin allows you to sell Bitcoin for gift cards from popular retailers like Amazon or iTunes.

Another standout feature is the ability to set up payroll with your employer. Your paycheck can be sent directly to your Bull Bitcoin account, where you can use it to buy Bitcoin, pay bills, or purchase gift cards. For anyone looking to incorporate Bitcoin into their everyday financial activities, this feature is certainly worth considering.

Does Bull Bitcoin Have an OTC Desk?

Bull Bitcoin Prime offers OTC desk services for Canadians making large Bitcoin trades, and I find its transparency refreshing. You don’t need to contact anyone for price checks—live prices are conveniently displayed on their website and app. If you prefer personalized support, they provide that too, ensuring a seamless experience. With no hidden fees or price changes, Bull Bitcoin Prime stands out for its simplicity and reliability.

You can choose to buy Bitcoin in one go or use dollar-cost averaging to spread out your investments. From my experience testing dozens of exchanges, I appreciate that Bull Bitcoin Prime operates with a clear profit margin of about 2%, similar to a currency exchange, while offering discounts for regular, large transactions. There are no fees for adding or withdrawing funds, and selling Bitcoin is just as hassle-free.

With a $10,000 minimum order, Bull Bitcoin Prime provides benefits like unlimited transactions, same-day wire transfers, no slippage, and free phone support. However, its focus on Bitcoin alone may be limiting for those seeking a broader range of cryptocurrencies.

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. 

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 Bitcoin directly to your wallet, allowing you to skip the typical withdrawal and network fees associated with many exchanges—something I’ve found to be a significant money saver.

What’s even better is that Bull Bitcoin doesn’t charge additional fees for buying Bitcoin. Instead, you pay exactly the “We sell” price displayed, making their pricing straightforward and transparent.

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 accept (ask price). This difference typically serves as profit for the exchange.

Many exchanges hide their spreads, which can make it seem like you’re paying low fees when, in reality, hidden costs are baked in. From my experience with exchanges, this lack of transparency can be frustrating.

Bull Bitcoin, however, stands out by offering upfront quotes that include their spread. This ensures you know exactly how much you’re paying and what you’re getting, eliminating any surprises.

Currencies & Deposit Methods

When buying cryptocurrency with Bull Bitcoin, you can deposit Canadian dollars through Interac e-Transfer, wire transfer, or even cash or debit at Canada Post. For the first two options, you’ll need to complete KYC and verify your Bull Bitcoin account.

Once verified, you can create a funding order to lock in your price. This funding order will clearly outline how much money you need to send and the exact amount of Bitcoin you’ll receive. Selling Bitcoin is just as straightforward—create a sell order, lock in your price, and follow the instructions to send your funds using your preferred payment method.

For those who prefer a hands-off approach, Bull Bitcoin also allows you to set up automatic buys, making it easy to dollar-cost average without any extra effort.

Design and Usability

Bull Bitcoin has a straightforward website, reflecting its focus on transactions conducted directly via your bank. While the simplicity helps prevent confusion, I feel the website could benefit from a more polished design. There’s a significant amount of text to process, and while the user interface isn’t the worst I’ve seen, it could certainly be cleaner and more user-friendly.

Despite its design, the platform is simple to use. Once your account is verified, you’ll gain full access to your dashboard, where you can add wallet addresses and create funding orders. To buy Bitcoin, just click the “Buy” button in your dashboard.

From there, scroll down the page to select your preferred payment method and enter the amount you wish to purchase. The process is straightforward and beginner-friendly, which makes Bull Bitcoin accessible even to those new to cryptocurrency.

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:

Security and Safety with Bull Bitcoin

Is Bull Bitcoin safe for Canadians to use? Yes, it is. One of the key benefits of Bull Bitcoin is that you always take full custody of your Bitcoin, so you don’t need to worry about hackers targeting the platform to steal your funds.

That said, there is a level of trust involved, as you’re not buying the Bitcoin directly yourself—you’ll need to wait for it to be sent to your wallet after placing your order. From my experience with Bull Bitcoin, they have built a strong reputation in the Canadian crypto community, which helps reinforce that trust.

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 contact Bull Bitcoin, you can reach their team via email at [email protected].

Being a smaller company, response times might not be instant, but their support team is available from 9 AM to 8 PM, Monday to Friday, with limited availability on weekends.

The platform boasts an impressive 4.9-star rating on Trustpilot from nearly 200 reviews, reflecting the high level of customer satisfaction and trust in their 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 track where you send and receive crypto since all transactions are recorded on public blockchains. They can see the time, amount, and wallets involved in each transaction.

When verifying your account, you’ll need to provide your ID, making it easy for Bull Bitcoin to associate wallets and transactions with your account. This level of transparency helps them monitor user activity on the platform.

Keep in mind that any transaction exceeding $10,000 will be reported to the CRA. This isn’t specific to Bull Bitcoin—it’s a requirement for all crypto exchanges operating in Canada. While you can absolutely trade above this threshold, it’s important to be aware that the CRA will be notified of such transactions.

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	40+	160
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 an excellent choice for those focused solely on buying Bitcoin, as it exclusively offers this cryptocurrency. The added ability to pay bills with Bitcoin is a standout feature, especially for individuals looking to incorporate Bitcoin into their everyday spending and minimize reliance on fiat currency.

With reasonable fees and no need to manage deposits or withdrawals like on traditional crypto exchanges, Bull Bitcoin offers a streamlined experience. While the process of buying Bitcoin is straightforward, the wait for your Bitcoin to arrive can be a bit nerve-wracking.

For those seeking one of the quickest, most cost-effective, and secure ways to buy Bitcoin, Bull Bitcoin is a platform we confidently recommend.