Satstreet Review: Is It A Legit OTC Crypto Service For Canadians?

Satstreet is a Canadian cryptocurrency exchange offering bitcoin and other cryptocurrencies to private clients who are interested in trades over $25,000. We took a closer look to see if Satstreet is worth using. 

Satstreet Quick Summary

Satstreet is an ideal solution for Canadians looking to buy or sell at least $25,000 worth of bitcoin or other crypto. You can open a personal account or a business account depending on your needs. Based in Toronto, Satstreet’s founders are former OTC Directors at Coinsquare, one of Canada’s leading crypto exchanges. 

Satstreet’s team of traders will lock in the best price for your trade and guide you along the way. 

They have processed over $1bn in transactions so far since their launch in 2020 and their support team is accessible 24/7.

Satstreet Features

Satstreet is a dedicated trading service for private clients. Its main feature is its dedicated team of professionals who look to secure the best price for your trades. 

The team will guide you throughout the process and ensure your funds are handled securely. If you have any questions their support team is available 24/7. 

Does Satstreet have an OTC desk?

Satstreet is its own OTC Desk for Canadians. There is no trading platform that users can access themselves. Instead, a dedicated trader will complete the trade for you. Satstreet is only available for people wanting to purchase at least $25,000 worth of crypto. 

Does Satstreet Offer Staking and other features?

Satstreet does not offer additional features at this time. 

Registration And Verification with Satstreet

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• Proof of address

To sign up to Satstreet, first choose if you want to open a personal account or a business account. For personal accounts you must provide your name, date of birth, address, email and occupation.

Next, you must upload photos of a government-issued ID and a proof of address document. 

There are a couple of questions to check if you are an accredited investor and if you’re affiliated with members of the government. 

Satstreet will also ask for your phone number and your preferred method of instant messaging communication. They will add to either a WhatsApp, Telegram or Signal group in order to have direct and fast communication with you in order to lock in trades at best prices.

After you apply the team will review your application. They will give you a call and ask you employment and financial questions such as source of funds and nature of your employment. 

They thoroughly vet their clients since they are registered with FINTRAC as a money services business and must meet regulations. 

Satstreet Fees

Satstreet will lock-in a fixed price for your trade with zero slippage. You can ask for a quote from your dedicated representative at any time. Trading fees are 1%, which is lower than some retail exchanges but higher than others. 

Currencies & Deposit Methods

Since Satstreet only deals with trades larger than $25,000, there are a few good options to make a fiat deposit. However, you can also deposit cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. 

Spreads with Satstreet

A spread in trading 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 a profit. 

Satstreet acts as a broker between buyers and sellers and therefore charges a spread of 1%, which is lower than some other crypto exchanges we’ve seen.

How Long Do Deposits Take?

Satstreet has far fewer clients than a regular retail exchange meaning they can process deposits and withdrawals quicker than some other trading platforms. 

You can send a wire transfer to Satstreet and be ready to trade within an hour. You can also deposit crypto which will deposit faster.

How Long Does it Take to Withdraw Coins?

Satstreet can process your withdrawals as soon as you request it. 

Satstreet Liquidity

The less liquidity there is, the more expensive an asset will be. Since Satstreet has access to much larger liquidity pools than exchanges used by retail investors, you won’t overpay for your trades. 

A normal crypto exchange used by people buying small amounts will have their liquidity dry up when someone wants to make a large trade, for example, $25,000 or more. There might not even be enough liquidity to fill that trade. 

Satstreet has access to deep liquidity pools separate to pools used by retail investors. This means you can place trades as large as $100M without having to worry about liquidity affecting the price. 

Security and safety

Satstreet uses Coinbase Custody to secure customers’ digital assets. Customers do not have to use this service and can instead take full custody of their bitcoin and other assets that they purchase through Satstreet. If you choose to let Satstreet look after your crypto, they will use Coinbase Custody for a fee starting at 0.5% per year. 

If you do wish to withdraw your assets and take custody, Satstreet will confirm this with you via video to make sure no one other than you has made the request.

Mobile and Desktop app

Satstreet offers a mobile app for its clients so they can track their portfolio. The app is private and only accessible once you’ve been accepted as a client. 

Customer support

Every Satstreet client will have access to a dedicated support representative accessible by phone and email. You can also contact them through instant messaging. Anytime you need help, Satstreet is available.

There are few reviews of Satstreet online, but the ones we saw were highly positive. 

Does Satstreet Restrict or Freeze Accounts?

Any crypto exchange has the ability to freeze your account if they suspect suspicious behaviour such as trading larger amounts, or more frequently, than usual. This is to protect you from fraud. 

Since Satstreet is a dedicated service to private clients it is unlikely they would freeze your account unless you were linked to criminal activity. Every client gets a dedicated account representative, so if anything suspicious arised, they have direct access to you to clear up anything alarming. 

Can Satstreet Track where you Receive and Send Crypto?

Since Satstreet requires proof of identity and proof of address when creating an account, they can link your identity to your trades. 

If you were to withdraw your crypto from Satstreet to a personal wallet and move the crypto in and out of that, it can still be linked to your identity.

Every transaction is recorded and public on the blockchain, so linking identities with transactions is only a matter of following the trail. 

Satstreet Alternatives

If you wish to use an OTC Desk of a crypto exchange instead, we recommend Bitbuy or NDAX as alternatives to Satstreet. 

Bitbuy is a Canadian exchange with excellent security, a beginner-friendly platform, and it is fully compliant in Canada including Ontario. 

NDAX is also a Canadian exchange with low trading fees, staking, and a wide range of cryptocurrencies.

An OTC Desk at a crypto exchange may be a better alternative to Satstreet if you intend on staking, using a crypto card, or want to access any additional features they might have, since Satstreet is only suitable for buying and selling. 

Common Crypto Exchange Scams

There are plenty of crypto exchange scams out there and the most common ones include sending phishing emails, setting up fake exchange websites and fake social media accounts. These often include the same branding as the real exchange in order to fool you into thinking it’s real. 

If someone claiming to be a representative of Satstreet reaches out to you and asks for personal information or a payment, reach out to your dedicated account representative to check if this is a real request.

It is better to be safe than sorry and since Satstreet gives you direct access to a team member, it’s best to reach out and check before falling victim to a scam. 

Conclusion

Satstreet is a great solution for a white-glove service. Offering a dedicated account representative, low fees, and the best price for your trade, Satstreet is a cheap option for anyone looking to make a large trade. 

Its service is also unmatched with its 24/7 support. Once you apply for an account, Satstreet will call you and answer any questions you might have. This professional level of service shows how much they want to make the experience as positive as possible for their clients. 

The downside to Satstreet is that they do not currently offer any additional features. If you’re looking to stake your assets or use a crypto credit card, you will need to withdraw your funds from Satstreet and take custody of your assets yourself.

If you’re an accredited investor or simply want to make a one-off large trade of at least $25,000, then Satstreet is a great option.