Highlights
What Is Bitcoin Well?
Bitcoin Well is a Bitcoin broker for Canadians with a simple user-interface. You have the option to buy Bitcoin online through payment methods like e-Transfer or Visa debit, or by personally visiting any of their 200 ATM locations scattered across Canada.
While Bitcoin Well is not as well-known as Coinbase or Shakepay, they have been around since 2013 and have a good track record.
One of the key aspects of Bitcoin Well is its non-custodial model. This means that instead of holding your Bitcoin on their platform, all purchases are sent directly to your Bitcoin wallet. This ensures that you have complete control over your Bitcoin and private keys.
How It Works
Here is a video from the official Bitcoin Well YouTube channel:
Things To Know
Key Benefits & Features
Bitcoin Well is a relatively simple platform, with no altcoins or advanced trading features. Here are the key features if you're considering using Bitcoin Well:
Bitcoin Well Walkthrough
The Bitcoin Well website has a simple user-interface. As long as you already have a Bitcoin wallet or know how to set one up, making a purchase is very simple. Here are some screenshots from my Bitcoin Well account. Keep in mind there is no mobile app.
Main Dashboard
This is where most of the action happens. You'll see your navigation on the left and quick buy/sell on the right.
Settings
To help with fees, you can set your Bitcoin transaction speed in the settings. This is very convenient.
Bill Payments
To make bill payments to pay your credit card or other bills, simply add a Payee.
Is Bitcoin Well Safe?
Bitcoin Well has built a good track record since they are based in Edmonton and have been operating since 2013.
One of the key factors to Bitcoin Well's security is its non-custodial model. All transactions are automatically sent to your private Bitcoin wallet, meaning Bitcoin Well doesn't have access to your Bitcoin holdings. This minimizes the risks typically associated with custodial platforms.
In addition, Bitcoin well is publicly traded under the ticker symbol BTCW, lending it a greater level of legitimacy and credibility. Public companies undergo regular financial audits to ensure compliance and transparency.
Fees
Bitcoin Well has a straightforward fee structure, charging a flat rate of 0.50% on transactions. You also have to pay the Bitcoin network fees to send Bitcoin to your wallet. However, you can adjust the transaction speeds in your settings if you wish to reduce the amount payed. According to their website, Bitcoin Well explicitly says they don't add any additional or hidden fees.
Bitcoin Well Review: Is It Worth It?
Bitcoin Well makes it safe and easy to buy Bitcoin in Canada. Here are the main points to consider if you're thinking about trying Bitcoin Well:
Best Bitcoin Well Alternatives
Canada has lots of crypto exchanges, including several Bitcoin-focused platforms such as Shakepay, Beaver Bitcoin, and Bull Bitcoin. If you'd like to learn more, I have thoroughly reviewed each one and tested over 20 exchanges in total. With that in mind, here are my top picks for Bitcoin and altcoin purchases in Canada:
NDAX had the lowest fee to buy Bitcoin with Canadian dollars (18 platforms tested). It's my top choice in Canada.
Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity.
One of the largest non-KYC exchanges. You can withdraw 30 BTC/day with just an email address.
