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Beaver Bitcoin

Beaver Bitcoin

1 (BTC)

Coins 

1.50%

Trading Fee 

Canada

HQ

Last Updated Mar 6, 2024  |  Affiliate Disclosure

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What Is Beaver Bitcoin?

Beaver Bitcoin is a platform that makes it easy for Canadians to buy bitcoin directly to their own Bitcoin wallet. Users can buy bitcoin instantly via Interac e-Transfer, or make larger bitcoin purchases via Bill Payment or wire. Beaver also offers a recurring buy feature for dollar-cost averaging (DCA) that converts Canadian dollars from your bank account into bitcoin in your wallet, automatically, on a weekly basis.

Recurring purchases are available on many platforms, including Shakepay, NDAX, and VirgoCX. However, Beaver Bitcoin is the first to offer fully automated bank withdrawals. Other apps won't withdraw funds from your bank account, so you have to manually deposit funds beforehand. This way, Beaver Bitcoin is offering a truly set-and-forget way to accumulate Bitcoin in Canada.

How Does It Work?

Beaver Bitcoin Home

Instant Buys

Beaver Bitcoin’s instant buy feature enables users to buy up to 10,000 CAD worth of Bitcoin via Interac e-Transfer. The BTC will be delivered to the users’ Bitcoin wallet within minutes, making it a safe and secure way to buy Bitcoin.

Large Buys

As Beaver Bitcoin continues to establish itself in the Canadian marketplace, it has expanded its offering to include large bitcoin purchases for both individuals and businesses. Through Beaver, large amounts of bitcoin can be purchased via Bill Payment or wire transfer - each payment method for buying bitcoin having its unique advantages.

Buying Bitcoin With Bill Payment

Unlike wires, bill payment transfers can be completed without having to visit your bank in person by simply adding Beaver as a payee from within your online banking app. Settlement timing can vary, taking up to 2 or 3 business days, however if timing is not a priority, bill payment is a convenient way to buy up to 250,000 CAD via the Beaver platform.

Buying Bitcoin With Wire

For purchases larger than 10,000 CAD, Beaver can receive your funds via wire. Wires typically settle same-day if sent in the morning, though Beaver cannot guarantee same-day settlement. In any case, your wire will settle within 1 business day with virtually no limit on the amount of bitcoin you can purchase. This makes wire another great option for performing a large bitcoin buy. Keep in mind, Beaver adds a $50 fee to cover the manual handling of the wire transfer.

An overview of Beaver Bitcoin’s payment methods is shown in the table below:

Beaver Payment Methods

Recurring Buys

To start dollar cost averaging into bitcoin with Beaver, you just need to link a bank account and enter a Bitcoin address for where you’d like to receive your bitcoin. In just a few minutes, you can set up a long term strategy to accumulate Bitcoin on autopilot. Here's what it looks like:

  1. Sign up 
  2. Pass KYC verification
  3. Link a bank account by providing bank numbers for account, institution and transit
  4. Choose a weekly bitcoin buy amount
  5. Enter your BTC wallet address
  6. Sit back and relax

Beaver Bitcoin is non-custodial. This means all funds are sent directly to your personal Bitcoin wallet. They do not have access to your funds like the majority of cryptocurrency exchanges. 

Key Features

Beaver Bitcoin is a very simple platform that officially launched in July 2022. It's intended to be an easy way to save Bitcoin. Here are key features currently:

  1. Instant Purchases: Buy up to $10,000 of bitcoin instantly with etransfer (minimum $100)
  2. Large Purchases: Make large bitcoin purchases via bill payment or wire transfer
  3. Recurring Purchases: Set up a weekly Bitcoin purchase from your bank account (minimum $100)
  4. Non-custodial: Bitcoin is sent directly to your own BTC wallet
  5. Buy only: To sell bitcoin you must email the team
  6. Bitcoin Only: No Ethereum or altcoins

Is It Safe?

Beaver Bitcoin is a non-custodial platform, which means they have no access to your bitcoin, and all transactions are directly sent to your private wallet, eliminating the possibility of them seizing your funds. Since it's non-custodial, you don't have to worry about them getting hacked, lending out your funds, or running with your money because all bitcoin is sent directly to a wallet that you own and control.

Additionally, as per Canadian regulations, Beaver Bitcoin is a Money Service Business (MSB) registered with FINTRAC (M21577275). Platforms like Shakepay and Newton follow the same requirements.

It's important to note that Beaver Bitcoin is still a relatively new platform, having launched in 2022, so they are still working on their track record. Overall, Beaver Bitcoin's non-custodial model reduces the risks associated with having a third-party custodian control your assets. Here is additional information that was found online:

  • Non-custodial - They do not have access to your Bitcoin
  • Money Service Business (MSB) registered with FINTRAC (M21577275)
  • KYC is done through Persona
  • Office registered in Toronto
  • Multi-factor authentication for login (Google Authenticator, Authy, etc)
  • More info can be found in their FAQ

Fees

Beaver displays their real-time bitcoin price on their homepage and has a transparent fee of 1.5% across the board for every purchase type. There is no hidden spread. When accounting for their fee, Beaver sits near the middle of the pack in terms of the price you’ll pay for bitcoin in Canada. It isn’t the cheapest, and there are others charging more. In summary, their pricing remains fair and competitive.

Beaver Bitcoin Alternatives

Canada has a few Bitcoin-focused apps including Bull Bitcoin, Bitcoin Well, and Shakepay. There's also plenty of crypto exchanges and brokers, ensuring you can find the best one that suits your needs.

Bull Bitcoin is also a Bitcoin-only exchange that sends BTC directly to your wallet. You can fund your account with e-transfer, set up recurring purchases and even pay your credit card bills with Bitcoin. In addition, they care about privacy and have a no KYC option if you're looking for a way to privately buy up to $1,000 worth of Bitcoin.

While Shakepay offers Ethereum, it's still a very Bitcoin-focused app. They have grown to over 1 million users and offer an easy user interface, free deposits and withdrawals, and free Bitcoin rewards. In addition, they offer free BTC and ETH withdrawals for when you want to transfer your assets off the platform.

The Bottom Line

Beaver Bitcoin is a great way to buy bitcoin in Canada due to its simple user experience and non-custodial nature. Whether you are looking for a quick bitcoin purchase with Interac or a larger buy, Beaver has the tools and team to support you.

Beaver’s recurring buy is a unique offering, and serves as an excellent way to dollar cost average into bitcoin for Canadians.

While Beaver has certainly made a splash, they are still a relatively new company. That said, their track record of reviews so far does appear promising.

Beaver Bitcoin stands out as a simple, convenient, Bitcoin-only platform with loads of potential, having transparent pricing and fees. If you just want the cheapest way to buy Bitcoin, Canadians can use apps like NDAX to get better rates, though withdrawal fees and minimums must also be considered if you intend to self-custody. NDAX had a total fee of 0.49% when we tested it.

Overall, it has been exciting to see Beaver Bitcoin grow their presence and improve their product offering since their official launch in 2022. 

Pros & Cons

  • A convenient way to buy bitcoin quickly with e-transfer
  • Supporting large bitcoin purchases with a variety of payment methods (bill payment, wire)
  • Positive reviews from customers
  • Non-custodial. BTC is sent directly to your private wallet and they do not have access to your funds
  • Straightforward and easy to use
  • Fast set up process
  • Purchases only (no exchanging or selling)
  • Fees are transparent, but it's a 1.50% flat rate. Cheaper options are available in Canada 
  • Only weekly purchases available for recurring buy (no daily, biweekly, monthly, etc)
  • Minimum purchase is $100

Author

Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.


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