{"id":9239,"date":"2022-07-29T22:14:19","date_gmt":"2022-07-29T22:14:19","guid":{"rendered":"https:\/\/rankfi.com\/?p=9239"},"modified":"2024-03-06T00:01:35","modified_gmt":"2024-03-06T00:01:35","slug":"beaver-bitcoin-review","status":"publish","type":"post","link":"https:\/\/rankfi.com\/ca\/beaver-bitcoin-review\/","title":{"rendered":"Beaver Bitcoin Review: Canada’s First Autopilot Bitcoin App"},"content":{"rendered":"
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What Is Beaver Bitcoin?<\/h2>\n

Beaver Bitcoin<\/a> 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)<\/a> that converts Canadian dollars from your bank account into bitcoin in your wallet, automatically, on a weekly basis.<\/p>\n

Recurring purchases are available on many platforms, including Shakepay, NDAX, and VirgoCX. However, Beaver Bitcoin is the first to offer fully automated bank withdrawals<\/strong>. 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.<\/p>\n

How Does It Work?<\/h2>\n<\/div>\n
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Instant Buys<\/h3>\n

Beaver Bitcoin\u2019s instant buy<\/a> 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\u2019 Bitcoin wallet within minutes, making it a safe and secure way to buy Bitcoin.<\/p>\n

Large Buys<\/h3>\n

As Beaver Bitcoin continues to establish itself in the Canadian marketplace, it has expanded its offering to include large bitcoin purchases<\/a> 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<\/a> having its unique advantages.<\/p>\n

Buying Bitcoin With Bill Payment<\/h4>\n

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.<\/p>\n

Buying Bitcoin With Wire<\/h4>\n

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.<\/p>\n

An overview of Beaver Bitcoin\u2019s payment methods is shown in the table below:<\/p>\n<\/div>\n

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Recurring Buys<\/h3>\n

To start dollar cost averaging<\/a> into bitcoin with Beaver, you just need to link a bank account and enter a Bitcoin address for where you\u2019d 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:<\/p>\n

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

    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. <\/p>\n<\/div>\n

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    Key Features<\/h2>\n

    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:<\/p>\n

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

      Is It Safe?<\/h2>\n

      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.<\/p>\n

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

      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:<\/p>\n