What Is Beaver Bitcoin?
Beaver Bitcoin is a new platform that makes it easy for Canadians to dollar-cost average (DCA) Bitcoin on autopilot. By linking a bank account, users can set up weekly Bitcoin purchases that are sent directly to their personal wallet.
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. So, Beaver Bitcoin is offering a set-and-forget way to accumulate Bitcoin in Canada.
How Does It Work?
You just need to link your bank account and enter a Bitcoin address to send the Bitcoin to. In just a few minutes, you can set up a long term strategy to accumulate Bitcoin on autopilot. Here's what it looks like:
- Sign up
- Link your bank account
- Pass KYC verification
- Choose a weekly buy amount
- Enter your BTC wallet address
- 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 a centralized cryptocurrency exchange.
Right now, Beaver Bitcoin is a very simple platform that just launched in July 2022. It's intended to be an easy, non-confusing way to accumulate Bitcoin. Based on this reddit thread from the founder, they have plans to improve the product over time with new features and lower fees. Here are key features currently:
- Accumulate Bitcoin: Set up weekly Bitcoin purchases (minimum $100)
- Fully Automated: Easily link your bank account
- Non-custodial: Bitcoin is sent directly to your private BTC wallet
- Purchases Only: No exchanging or selling
- Bitcoin Only: No Ethereum or any other altcoins
Is It Safe?
Unfortunately, Beaver Bitcoin has no track record because they just launched in July 2022. So, keep in mind their reputation is still TBD and you are not dealing with an established company that has been around for years. On the bright side, it's a non-custodial platform so they do not hold or have access to your Bitcoin.
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.
Here is all the information that is available online:
- Non-custodial - They do not have access to your Bitcoin
- Money Service Business (MSB) registered with FINTRAC (M21577275)
- Bank account integration is through Flinks
- KYC is done through Trulioo
- Office is registered in Toronto
- More info can be found in their FAQ
One of the main downsides for Beaver Bitcoin right now are the fees. There is a fixed $4.00 + 0.99% fee on each purchase. According to their statements, they plan to lower fees over time as they grow.
- $4.00 + 0.99% on every weekly buy
- Beaver Bitcoin claims they do not mark up the cost of Bitcoin from their liquidity provider
- NSF fees (insufficent funds) from your bank if there is not enough funds for the transfer
The Bottom Line
Beaver Bitcoin is one of the newest and easiest ways for Canadians to accumulate Bitcoin on autopilot. On the upside, it's easy, convenient, and totally automated. On the downside, it has a $4.99 + 0.99% fee on every purchase, minimum $100 orders, and limited features. It's also a new company, so their customer service, track record, and reputation is still TBD.
Overall, it might be worth it if you're willing to pay for convenience. But right now, there are much cheaper places to buy Bitcoin in Canada like NDAX and Newton. NDAX had a total fee of 0.49% when we tested it and Newton was 0.69%. Also, this post explains a workaround to set up recurring buys on Shakepay and other platforms.
With all that being said, Beaver Bitcoin JUST launched in Summer 2022. If this is version one, it will be exciting to see if they improve. Hopefully they keep getting better, try lowering fees, and add new features because this might fill a need in the Canadian market.