Buy Bitcoin in Canada at the Cheapest Rates
Times are tough for Canadians, and many people have no choice but to use Bitcoin to pay their bills. At the same time, it is more crucial than ever to prepare for the possible collapse of traditional monetary systems by buying Bitcoin. This has meant an increase in demand for services like Bull Bitcoin.
In January 2020 Bull Bitcoin decided to revamp their limits and fees in order to give Canadians a better deal on buying and selling Bitcoin.
The changes have now been implemented to the Bull Bitcoin user experience:
- All account funding fees have been removed for e-transfer, wire transfer, direct debit and Desjardins transfer (previously 0.25%)
- Flat fees for all transactions have been removed (previously 0.95$)
- All fees to Buy Bitcoin have been removed previously (0.5% for large transactions)
- Bill payment fees have been massively decreased by up to 50% for all transactions above $10,000
- Transaction limits to buy and sell Bitcoin have been massively increased, up to $10,000,000
In addition, the following chances are now in effect:
- Proof-of-Residence requirements have been removed
- KYC thresholds simplified
- Exchange rate spread has been tightened
- Bill payment times has been decreased to same day or next business day
Users buying Bitcoin will on average be saving 0.5% per transaction, and high-volume users selling Bitcoin will be saving from 0.5% to 1.75% on transaction fees!
How does Bull Bitcoin make money?
Unlike other exchanges, Bull Bitcoin does not charge trading fees, withdrawal fees or account funding fees when purchasing Bitcoin. They only charge transaction fees on bill payments.
So how does Bull Bitcoin make their money?
The answer is simple: They buy Bitcoin lower and sell them higher! Depending on market volatility, the price at which they sell you Bitcoin will be between 1.3% and 1.8% more than the price they paid for.
This makes Bull Bitcoin, along with Shakepay, the cheapest place in Canada to buy Bitcoin!
Price transparency matters: what you see is what you get
Bitcoin exchanges will often have complicated fee systems that are not publicly visible before you finally go through with the transaction. The calculator you see at bullbitcoin.com will show you the exact amount of Bitcoin you will receive when buying Bitcoin.
If you want to calculate Bull Bitcoin "spread"
If you want to calculate the “spread” (the revenue we make from that transaction), we suggest you use the Canadian Bitcoin Index as reference, available at cbix.ca. The formula is as follows:
(Bull Bitcoin Price - CBIX index) ÷ CBIX index = spread
Here is an example using the live rates taken when this article was written (April 13th 2020) as displayed above.
($9614.21 - $9457.13) ÷ $9457.13 = 1.6%
To give you an idea of just how cheap this is, TD Bank charges 2.2% for converting USD to CAD, making Bull Bitcoin’s exchange rates cheaper than every Canadian bank!