🇨🇦 Home  >  Crypto Exchanges  >  Beaver Bitcoin

BeaverBitcoin

Beaver Bitcoin

1

Coins 

$3 + 0.99%

Trading Fee 

Canada

HQ

Last Updated Dec 23, 2022  |  Affiliate Disclosure

  • Review

  • Details

  • Alternatives

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?

Beaver Bitcoin Overview

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:

  1. Sign up 
  2. Link your bank account
  3. Pass KYC verification
  4. Choose a weekly 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 a centralized cryptocurrency exchange. 

Key Features

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:

  1. Accumulate Bitcoin: Set up weekly Bitcoin purchases (minimum $100)
  2. Fully Automated: Easily link your bank account
  3. Non-custodial: Bitcoin is sent directly to your private BTC wallet
  4. Purchases Only: No exchanging or selling
  5. Bitcoin Only: No Ethereum or altcoins

Is It Safe?

Beaver Bitcoin just launched in July 2022 so there is not much of a track record. So, keep in mind their reputation is TBD and you are not dealing with an established company. On the bright side, it's a non-custodial platform so they do not hold or have access to your Bitcoin. All Bitcoin purchases are sent directly to your private wallet so there is no risk of them taking your funds.

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
  • Multi-factor authentication for login (Google Authenticator, Authy, etc)
  • More info can be found in their FAQ

Fees

Beaver Bitcoin has a fixed fee of $3.00 + 0.99% on each purchase and according to them, they plan to lower fees over time as they grow. When it comes to small purchases (under $250), it's more pricey than most Canadian platforms we tested. The sweet spot for Beaver Bitcoin is purchases around $500 or more. That's where the total fee is cheaper than many Canadian platforms.

  • $3.00 + 0.99% on every 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 more you spend on Beaver Bitcoin the cheaper it will be. Here is what the $3.00 + 0.99% fee looks like for different purchases:

Amount

Total Fee (%)

$100

3.99%

$250

2.19%

$500

1.59%

$1,000

1.29%

$2,500

1.11%

$5,000

1.05%

$10,000

1.02%

The Bottom Line

Beaver Bitcoin is a great way to dollar-cost average Bitcoin in Canada because it's fully automated and sends Bitcoin directly to your wallet, allowing you to control your funds at all times. On the downside, it has a $3.99 + 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.

It's great if you're willing to pay for a convenient, non-custodial platform. If you just want the cheapest way to buy Bitcoin, Canadians should use apps like NDAX and Newton to get better rates. NDAX had a total fee of 0.49% when we tested it and Newton was 0.69% (hidden fees included).

With all that being said, Beaver Bitcoin JUST launched in summer of 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 will fill a need in the Canadian market. 

Pros & Cons

  • A new way to buy Bitcoin on autopilot in Canada
  • 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
  • $3.99 + 0.99% fee on every purchase. Expensive for small purchases.
  • Purchases only (no exchanging or selling)
  • Only weekly purchases available (no daily, biweekly, monthly, etc)
  • Minimum purchase is $100/week

Author

Alex Dabek

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.


Join 1000's of Canadians

Get the best crypto info for Canadians