Beaver Bitcoin Review: Best Way to Buy Bitcoin in Canada
Beaver Bitcoin is a Canadian exchange offering secure, non-custodial Bitcoin purchases directly to your wallet. With support for dollar-cost averaging (DCA) and competitive fees, it’s ideal for buyers seeking control and efficiency.
Description
Beaver Bitcoin is a Canadian Bitcoin exchange that allows you to easily buy Bitcoin directly into your own self-custody wallets. Unlike many other exchanges, Beaver Bitcoin does not hold your Bitcoin or maintain an account balance on your behalf. This non-custodial approach ensures you are in full control of your Bitcoin and aligns with the principles of decentralization. Additionally, Beaver Bitcoin supports stacking through dollar-cost averaging (DCA), making it a great option for those who prefer a disciplined approach to Bitcoin accumulation.
How Beaver Works
To buy Bitcoin with Beaver Bitcoin, you begin by signing up with your email address and verifying your identity using a government-issued ID. Once verified, you provide the Bitcoin wallet address where your purchased Bitcoin will be delivered. Next, you can transfer funds from your online bank via Interac e-Transfer. After receiving your funds, Beaver Bitcoin exchanges them into Bitcoin and sends them directly to your wallet. You will receive an email confirmation once the transaction is complete.
At the moment, selling is not available in the user interface of Beaver Bitcoin. There is no button to cash out Bitcoin back into dollars and send them to your Canadian bank account. If you are still set on selling your Bitcoin and withdrawing cash, contact their support team and tell them exactly how much Bitcoin you wish to sell, and they will assist you to process the request manually.
Beaver Bitcoin Limits
The minimum purchase amount on Beaver Bitcoin is $150. For instant buys, the minimum amount is 100 CAD, and the maximum is 10,000 CAD or 1,000 CAD for new users. Note that a 1.5% fee is applied to all instant buys.
The maximum amount for new users is 1,000 CAD daily, while additional approvals can increase your daily e-transfer limit to 20,000 CAD. Beaver does not technically have a limit on the amount it can receive via e-transfer; your real limit will depend on what your bank allows. For larger transactions, there is no maximum limit, when using wire transfers, making Beaver Bitcoin an excellent choice for high-volume purchases. To increase your limit, you can contact Beaver’s support team by emailing [email protected].
Beaver Bitcoin Fees
Beaver Bitcoin charges a competitive and transparent 1.5% fee for all Bitcoin purchases, including spot and recurring buys. Unlike many other platforms, there are no hidden spreads or additional fees, making Beaver one of the most cost-effective options in the Canadian Bitcoin market.
Many exchanges have multiple types of fees, including funding fees for adding fiat to the platform, trading fees for buying or selling Bitcoin, and withdrawal fees for transferring Bitcoin to your personal wallet. Additionally, some exchanges incorporate what is known as a “spread.” A spread refers to the difference between the buy price and sell price of Bitcoin on the platform.
Often, platforms that support both buying and selling display a single “Bitcoin price” on their website, which is typically an average of the buy and sell prices. This practice can be misleading, as the actual buy price is usually higher than the displayed price. To see the real price, users are often required to create an account and log in, adding an extra layer of inconvenience.
With Beaver Bitcoin, what you see is what you get—the price displayed on the homepage is the exact price you pay, ensuring complete transparency and trust.
Is Beaver Bitcoin Legit and Safe?
Beaver Bitcoin is a federally incorporated company in Canada and is registered with FINTRAC as a Money Services Business (MSB). As a non-custodial platform, Beaver Bitcoin ensures that it never holds your assets, giving you full control of your Bitcoin. This feature makes it a secure option for those prioritizing personal custody of their funds.
Beaver Bitcoin Supported Payment Methods
Beaver Bitcoin supports several payment methods for purchasing Bitcoin. Interac e-Transfer is the most popular option for quick and seamless transactions. For larger purchases, users can opt for bill payments, wire transfers, or bank transfers. Wire transfers allow for substantial transactions, with limits reaching as high as $1 million.
Is Beaver Bitcoin the Best Place to Buy Bitcoin in Canada?
Beaver Bitcoin stands out as a reliable and efficient platform for buying Bitcoin in Canada. It supports the Lightning Network, ensuring fast and cost-effective transactions. Its non-custodial approach eliminates the risks associated with exchange collapses and gives you complete control over your Bitcoin.
Additionally, Bitcoin is delivered instantly when using Interac e-Transfer, and high transaction limits cater to users looking to make significant purchases. The platform is Bitcoin-only, ensuring a focused experience for Bitcoin enthusiasts. It also features a $150 minimum purchase amount and simplifies recurring buys by automatically reusing a single address.
However, this simplicity may also be a limitation. The inability to change addresses on recurring buys could be a drawback for users who prioritize privacy or prefer using different addresses for each transaction as part of good Bitcoin hygiene.
Other drawbacks include mandatory KYC verification, which may deter privacy-conscious users. While Interac e-Transfer is instant, wire transfers can take up to one day to process, and bill payments may take 2-3 days for Bitcoin delivery.
Beaver Bitcoin Alternative
Additional information
| Bitcoin Only | |
|---|---|
| Type of Exchange | |
| Buy with Bank Account | |
| KYC | |
| Lightning Network | |
| Mobile App | No |
| Dekstop App | No |
| Year Launched | 2021 |
| Headquarters | Canada |
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