Bitcoin Well Review: Is the Canadian Exchange Any Good?

Published: 10th July, 2024 | Last Updated: 1st July, 2024

Markos Koemtzopoulos

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

In this review, I will walk you through the pros and cons of using Bitcoin Well. Together, we’ll take a look at fees and how Bitcoin Well compares to other Canadian crypto exchanges. We’ll explore how the website and Bitcoin ATMs operate and why they only focus on one virtual currency. We’ll also explore their security measures to understand how safe it is to store your funds in their non-custodial wallet. 

Overall Rating 3/5

Bitcoin Well is a Canadian crypto trading platform that offers some of the lowest fees for buying Bitcoin on its website, which you can use in conjunction with its network of ATMs across Canada. You can also easily create Lite accounts for anonymity. The main disadvantages are that the platform focuses on Bitcoin only and that ATM fees are very high, ranging from 9-20%. 

Pros and Cons at a glance

Pros

  • Low fees
  • Non-custodial: you own your BTC
  • Pay bills and credit cards
  • Set up anonymous Lite accounts
  • Offers a network of 188 ATMs
  • Good customer experience
  • Strong security

Cons

  • Only for Bitcoin
  • Not for traders
  • No staking services

Features

  • Buy, sell, and store crypto via a non-custodial wallet
  • Low fees
  • Pay bills or buy gift cards
  • Set up recurring buys
  • Easy-to-use account dashboard
  • Earn points
  • Own full custody of your Bitcoin
  • 188 ATMs across Canada
  • It complies with Canadian regulations and is registered with FINTRAC as a money services business. 
  • Customer service via live chat and tickets
Bitcoin Well Homepage
Source: bitcoinwell.com

Pros

1. Low fees

The crypto exchange offers some of the lowest fees on the Canadian market, charging a 1% markup when you buy or sell Bitcoin.

There are no withdrawal or deposit fees, and you don’t have to pay any blockchain network fees. 

2. Non-custodial

Bitcoin Well Inc. offers everyday people automatic self-custody of their Bitcoin.

This means that you own your Bitcoin rather than the exchange holding it on your behalf.

This is an essential distinction in the world of crypto.

If the company goes down, you will still have access to your crypto.

3. Pay bills and credit cards. 

You can use your account to make seamless transactions, pay utility bills, and pay off your credit cards.

The way this works is that you send your Bitcoin to a specific address, and from there, Bitcoin Well converts it into cash to pay the bill.

In addition, you can use them to buy gift cards. 

4. Anonymous Lite accounts

For those who prefer to remain anonymous, Bitcoin Well allows users to set up a Lite account.

Using an email and password, you can make transactions for up to $950 and up to $3,000 daily. Lite Accounts have a 2% spread but no other hidden fees.

5. Bitcoin ATM network

Bitcoin Well started off as a Bitcoin ATM network.

They operate a network of more than 188 ATMs. Here, too, you don’t need to verify your identity for transactions less than $995. 

To make an ATM deposit, all you need to do is scan your Bitcoin address or bar code and insert your cash.

You can also deposit cash to their website portal this way. 

Once you make your deposit, you will receive the equivalent amount of Bitcoin at the address you specified. 

6. Customer experience

Setting up a Bitcoin Well account is extremely easy, and the verification process is fast. The interface is intuitive to use with a buy and sell button. 

7. Security measures of the platform

When you store your Bitcoin on Bitcoin Well, you are placing it in cold storage, which means that hackers can’t access your Bitcoin remotely. 

Cons

Bitcoin Well Webpage
Source: bitcoinwell.com

1. Bitcoin only

The biggest drawback is that you can only buy Bitcoin on Bitcoin Well.

If you want to buy other coins and tokens, you will need to use alternative options.

Check out my review of the best platforms to buy Bitcoin in Canada for more. 

2. Not for traders

If you want a platform that allows you to set limit orders and view charts and technical indicators, then Bitcoin Well is not for you. 

3. No staking services

As Bitcoin is a proof of work platform, there is no way to earn a yield on it by staking.

Other platforms that offer a wider range of cryptocurrencies allow you to stake your crypto in return for an annual APY that ranges from 3-20%. 

Deposit and Withdrawal Methods

You can deposit Canadian dollars on the platform using Interac e-Transfer or by making a bank transfer. The platform does not charge any fees for depositing or withdrawing cash. 

If you wish to open a lite account, you can also use Cash vouchers. 

Background

The CEO of Bitcoin Well, Adam O’Brien, installed the first Bitcoin ATM in 2014. After acquiring other ATM providers, the company went public, and the stock was traded on the Toronto Stock Exchange. Shortly after their public listing, they launched the Bitcoin Portal, which is their online website for transacting in Bitcoin. The company’s mission is to enable independence and to allow anyone to use Bitcoin in their daily lives, just as Satoshi Nakamoto, the creator of the Bitcoin blockchain, envisioned. 

Alternatives to Bitcoin Well

Crypto Trading

If you are looking for a wider range of cryptocurrencies, here are some alternatives to Bitcoin Well.

  • Newton offers a sleek user interface where you can purchase more than 30 cryptocurrencies and is known for its great service. Read the full Newton review.
  • ShakePay offers Bitcoin and Ethereum and has quirky marketing. For example, if you sign up through a referral link, you can shake your phone daily to earn Satoshis. Check out the comprehensive ShakePay review
  • Kraken has a strong reputation for security. See Is kraken good in Canada for more.
  • Coinbase is the largest exchange in the US and is publicly traded. It offers more than 250 coins to choose from and is also registered in Canada. See Is Coinbase Legit in Canada.
  • Crypto.com offers the lowest fees for trading crypto. 

FAQs

What is the safest Bitcoin site?

Both Kraken and Coinbase allow you to store your crypto in time-delayed cold storage.

This means that if anyone manages to access your account and tries to withdraw your crypto, you will be notified and asked to take action.

The safest way to store your Bitcoin is on a self-custody hardware wallet. Such a wallet will not be accessible remotely to hackers, keeping your Bitcoin safe. 

What does Bitcoin Well do?

Bitcoin Well is a website and network of ATMs that facilitates Bitcoin’s buying, selling, and storage. 

Can you get hacked with Bitcoin?

Yes, you can get hacked if you share your personal login details or wallet seed phrase. This is like someone having access to your bank account and having the authority to withdraw your cash.

To avoid scams, you should avoid clicking on links from ads or other messages that people send you.

You should make sure you store your private keys offline somewhere safe, and you should not advertise to everyone how much you have invested in crypto. 

Why is Bitcoin valuable? 

The main benefits of Bitcoin are that

  1. 1) it is limited supply and
  2. 2) there are no intermediaries, such as central banks or governments, to dictate Bitcoin’s monetary policy.

While the Bitcoin community could, in theory, decide to increase Bicoin’s supply, this is extremely unlikely to happen because coordination from all parties is required to agree on it.

As a result, while the price of Bitcoin is highly volatile, it has been on an upward trend since its inception in January 2009. 

Markos Koemtzopoulos is the founder and main writer of ElementalCrypto. He has been a lecturer at the University of Nicosia on cryptocurrencies and DeFi and has taught two courses on crypto and blockchain technology.

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