Betcris now only allows Bitcoin for Canada, what are the fees?

[MaddyMax]

SO i have about 25k balance in my betcris account and they now only offer bitcoin option to withdraw. Never used bitcoin.

My betcris account is in usd. i am in canada with cad bank accounts.

how much am i looking to lose in bitcoin fees when i make withdrawals?

i was looking at coinbase and it says they use 4% fees plus currency conversion charge. what else is there in fees.

thanks

[Optional]

Cheaper than converting US$ to CA$ probably.

I think this place has the best rates for Canadians https://www.quadrigacx.com/

[MaddyMax]

Cheaper than converting US$ to CA$ probably.

I think this place has the best rates for Canadians https://www.quadrigacx.com/

how do i check if these sites are legit. man these crypo currencies are giving me the creeps.

[Optional]

how do i check if these sites are legit. man these crypo currencies are giving me the creeps.

Quite a few Canadians have posted about Quadriga over the last year or so. That's the best I could tell you about reliability of them.

Coinbase, Gemini, Itbit and a few others hold mainstream licenses. If you would prefer.

[LineShifterz]

SO i have about 25k balance in my betcris account and they now only offer bitcoin option to withdraw. Never used bitcoin.

My betcris account is in usd. i am in canada with cad bank accounts.

how much am i looking to lose in bitcoin fees when i make withdrawals?

i was looking at coinbase and it says they use 4% fees plus currency conversion charge. what else is there in fees.

thanks

quadrigax is legit ..... def recommend for Canadians.... sign up and get your account verified .... well trusted site

[barkus]

I used the credit verification option on quadrigacx and cashed out some bitcoin to my bank easily. No id needed.

[DaveAaron]

I think this is the only thing , me and optional, have ever agreed on

take it from no -one else but me
im in toronto area, have moved 40k + from bookmaker/betcris

quadriga is the best , you can , send person to person, person to book via bitcoin
and
convert your bitcoins easily into cad cash, then u have 4-5 options for cad cash payout

cheaper than converting us$ to ca$ probably.

I think this place has the best rates for canadians https://www.quadrigacx.com/

[MaddyMax]

If i getquadrigacx, can i withdraw from betcris directly toquadrigacx, then there to my bank account? or will i need another account with someone else like blockchain?

also i justlooked up the who isinfo and they have domain privacy to hide some info. the domain is expiring in about a year.

DaveAron, can i call you to ask some questions. thanks

[MaddyMax]

sorry if i sound like a noob butwhat is the differencebetween quadrigacx and bitpay?

If i want to buy sell bitcoin or if i want to withdraw my betcris, can i go about just with quadrigacx account or do ineed additional accounts with othersites. because a while back in when i was discussing coinbase, i was told i would need coinbase account plus another account with blockcahin.

[barkus]

sorry if i sound like a noob butwhat is the differencebetween quadrigacx and bitpay?

If i want to buy sell bitcoin or if i want to withdraw my betcris, can i go about just with quadrigacx account or do ineed additional accounts with othersites. because a while back in when i was discussing coinbase, i was told i would need coinbase account plus another account with blockcahin.

I don't know about quadrigacx specifically, but it's generally not a good idea to send your btc from a book directly to an exchange. Just get a blockchain.info account and send it there first. It takes 2 minutes to set up.

[Optional]

sorry if i sound like a noob butwhat is the differencebetween quadrigacx and bitpay?

If i want to buy sell bitcoin or if i want to withdraw my betcris, can i go about just with quadrigacx account or do ineed additional accounts with othersites. because a while back in when i was discussing coinbase, i was told i would need coinbase account plus another account with blockcahin.

The reason we do that with Coinbase is that they are US licensed and specifically ban use of bitcoin bought there from being sent to bookmakers.

I doubt that is necessary with Quadriga but best to wait for a Canadian user to confirm it.

[MaddyMax]

DaveAron please chime in. thanks.

Opti,
so i need blockchain.info mainly to deal with gambling sites? if not all i need is coinbase orsomething like quadriga to do all other bitcoin transactions?

[DwightShrute]

I don't know about quadrigacx specifically, but it's generally not a good idea to send your btc from a book directly to an exchange. Just get a blockchain.info account and send it there first. It takes 2 minutes to set up.

this

[Optional]

DaveAron please chime in. thanks.

Opti,
so i need blockchain.info mainly to deal with gambling sites? if not all i need is coinbase orsomething like quadriga to do all other bitcoin transactions?

As Barkus said, and Dwight reiterated above... a wallet that you control fully that is not connected to a company that can makes decisions for you about your bitcoin is a good idea.

If you ever have a problem with a transfer do you plan to start calling the book and quadriga to tell them to sort it out between them for you? or would you prefer to ring them to sort out any problem having access to the wallet at one end and be able to do something?

[barkus]

DaveAron please chime in. thanks.

Opti,
so i need blockchain.info mainly to deal with gambling sites? if not all i need is coinbase orsomething like quadriga to do all other bitcoin transactions?

There's a distinction between exchanges and wallets. Sites like coinbase and quadrigacx are called exchanges, because you can exchange btc into cash and cash into btc. (you also will a have wallet at your exchange, because wallets are necessary to send and receive btc). Exchanges tend to not want to be used for gambling purposes because they don't want the headache from government regulators for being part of the gambling industry.

Sites like blockchain.info are just wallets (there are tonnes of online wallets you can use, but blockchain.info is just one I like). You can use your online wallets to send and receive btc and that's it, and they don't give a shit where your coins came from. Using a wallet like blockchain.info puts 1 step between your sportsbook and your exchange, making the coins cleaner, so to speak. It's actually probably not a big deal if you send your btc from betcris straight to your quadrigacx wallet, because Canada isn't as crazy about online gambling as the US is, but why bother risk being banned from an exchange when you can just use another wallet first?

Don't bother sending your coins to coinbase if you're a Canadian though, they will take Canadian customers, but as a Canadian you can't exchange there anymore (other than credit card purchases). Quadrigacx is the best exchange in Canada as far as I know BUT make sure you remember any passwords because from what I've read their customer service may not be too helpful if you have trouble.

[MaddyMax]

So, I opened a blockchain account. All they wanted was email address and password. They didn't ask anything such as name. So i have a wallet address. So all payments that i receive from the book will go to the same wallet address? Is it safe to use the same wallet address lover and over with multiple books or individuals?

[Optional]

So, I opened a blockchain account. All they wanted was email address and password. They didn't ask anything such as name. So i have a wallet address. So all payments that i receive from the book will go to the same wallet address? Is it safe to use the same wallet address lover and over with multiple books or individuals?

Every time you want to receive a new payment, log in to your blockchain.info/wallet and click "Receive".

The wallet will automatically show you an unused or new address to give the book.

Every address attached to your wallet will work forever but it's normal practice to use a new one for each transaction.

If you really want to, you can use the one receive address over and over if you like though.

Using the same address makes backtracking what you spent easier if someone ever has reason to look. Remembering all your transactions are public and each person you give that one address to can look up your history of use of that address and know who you are when doing so. Using a new address each time gives you better privacy.

[MaddyMax]

So correct me if i am wrong guys.

With my blockchain.info account, i can receive unlimited payments from all the books. I can also receive payments from other bitcoin users?
The payment is received to the wallet address each time, only one wallet address.

Once payment is received from the book, i transfer the payment to Quadigacx account, then withdraw this amount.

If i request 10k withdrawal from the books, how much am i looking to lose in fees by the time all transactions are complete and the money comes to my account?

[MaddyMax]

Every time you want to receive a new payment, log in to your blockchain.info/wallet and click "Receive".

The wallet will automatically show you an unused or new address to give the book.

Every address attached to your wallet will work forever but it's normal practice to use a new one for each transaction.

If you really want to, you can use the one receive address over and over if you like though.

Using the same address makes backtracking what you spent easier if someone ever has reason to look. Remembering all your transactions are public and each person you give that one address to can look up your history of use of that address and know who you are when doing so. Using a new address each time gives you better privacy.

Thank you, very help full info. I didnt' realize it created a new address each time you click receive.
So, if i want, i can use the same address to receive all the payments? I don't really care about who looks as long as my name is not attached to it (tax reasons). These address are too complex to remember, so i think for me its best to stick to 1.

[MaddyMax]

I am about to open Quardiggacx account...it asked me to choose personal or business. If i choose business, do they ask for business verification info? Are they as anal about these things as paypal?

[Optional]

Thank you, very help full info. I didnt' realize it created a new address each time you click receive.
So, if i want, i can use the same address to receive all the payments? I don't really care about who looks as long as my name is not attached to it (tax reasons). These address are too complex to remember, so i think for me its best to stick to 1.

You don't have to remember it. It's so long you will need to copy/paste it every time anyway. Plus, you'll actually find it easier just grabbing a current one each time I think you'll find once using it.

But no biggie either way. I am not concerned about my bitcoin activity being tracked either.

I am about to open Quardiggacx account...it asked me to choose personal or business. If i choose business, do they ask for business verification info? Are they as anal about these things as paypal?

Don't know for sure. But unless you want to use a business name on the account, I'd just choose personal.

[MaddyMax]

Thanks opti!

will update you guys once i get my first transaction into my bank account using these methods from betcris.

I still can't believe i am going to withdraw thousans into an account with random numbers without my name attached to it, nervous but looks like millions are doing it so lets give it at try.

[Optional]

Thanks opti!

will update you guys once i get my first transaction into my bank account using these methods from betcris.

I still can't believe i am going to withdraw thousans into an account with random numbers without my name attached to it, nervous but looks like millions are doing it so lets give it at try.

LOL... you will laugh at yourself worrying so much once you start using it

[Bsims]

LOL... you will laugh at yourself worrying so much once you start using it

Yes. And you'll be a nervous wreck waiting for the BTC to show up in your wallet. But it will.

[MaddyMax]

Can someone please tell me how to add my bank account to Quadrigaux account? I checked everywhere and i cannot find the option to add bank account.

I already uploaded all the documents for verification and it said it will take up to 48 hours to verify. will the option to add bank account show up once verified?

[barkus]

Can someone please tell me how to add my bank account to Quadrigaux account? I checked everywhere and i cannot find the option to add bank account.

I already uploaded all the documents for verification and it said it will take up to 48 hours to verify. will the option to add bank account show up once verified?

Click on the CDN flag and you'll get a drop down menu. Hit withdraw and you'll be taken to a page with a bunch of withdraw options. Assuming you choose the ETF bank transfer you will put your bank info there.

They don't seem to have the option of actually linking your bank account, you'll probably have to do it manually every time you withdraw.

[MaddyMax]

Click on the CDN flag and you'll get a drop down menu. Hit withdraw and you'll be taken to a page with a bunch of withdraw options. Assuming you choose the ETF bank transfer you will put your bank info there.

They don't seem to have the option of actually linking your bank account, you'll probably have to do it manually every time you withdraw.

ah ok thank you.

I still haven't deposited or withdrawn. Still waiting to verify my account. I uploaded ID + Selfie holding ID + Utility Bill as requested but its still pending after 3 days. On the thing it says it will verify with in 48 hours but still pending after 3 days....maybe because I did it early friday and they don't count weekends and holidays.

[MaddyMax]

Ok, took out 6k from betcris to blockchain and came fast. then sent to quadrigaux....on blockcain it says pending, nothing in quadrigaux yet. been about 1 hours.

sent a very small amount to nitrogen as a test and it showed up on my nitrogen account instantly even though its showing pending in blockchain. but the big amount that i sent to quadri is not showing in quadri account yet.

[barkus]

Ok, took out 6k from betcris to blockchain and came fast. then sent to quadrigaux....on blockcain it says pending, nothing in quadrigaux yet. been about 1 hours.

sent a very small amount to nitrogen as a test and it showed up on my nitrogen account instantly even though its showing pending in blockchain. but the big amount that i sent to quadri is not showing in quadri account yet.

It takes several confirmations on quadrigacx (I think 6) before you'll see it. Don't sweat it.

[MaddyMax]

Ok guys 2 hours later the full amount showed up in bitcoin to my quadri account from blockhain. I sold it to CAD. It did it 3 chunks with in 3 minutes and the total fees was around $40CAD. But i ended up getting about $250 more than what i took out from betcris. i guess the bitcoin value changed fast in a span of hours and i caught the good end of it.
Requested EFT deposit to my bank account (free no fees)...it says 4 to 7 business days....withdrawal request was accepted and my quadrigaux account balance is now zero. will confirm when money arrives in in my bank account.
so far this seems too good to be true because of the insanely high limits of transfers you can make. how long will this last until government steps in? well i don't want to prematurely ejaculate with happpiness, so let me wait and see if the money shows up in my bank account.

Question for fellow canadians...how are the banks when you get few thousand dollar deposits every month from these sites.....do they flag it or report to revenue canada? i may have to speak to a bank teller.

[barkus]

Ok guys 2 hours later the full amount showed up in bitcoin to my quadri account from blockhain. I sold it to CAD. It did it 3 chunks with in 3 minutes and the total fees was around $40CAD. But i ended up getting about $250 more than what i took out from betcris. i guess the bitcoin value changed fast in a span of hours and i caught the good end of it.
Requested EFT deposit to my bank account (free no fees)...it says 4 to 7 business days....withdrawal request was accepted and my quadrigaux account balance is now zero. will confirm when money arrives in in my bank account.
so far this seems too good to be true because of the insanely high limits of transfers you can make. how long will this last until government steps in? well i don't want to prematurely ejaculate with happpiness, so let me wait and see if the money shows up in my bank account.

Question for fellow canadians...how are the banks when you get few thousand dollar deposits every month from these sites.....do they flag it or report to revenue canada? i may have to speak to a bank teller.

Good stuff bud. I gained huge respect for the power of btc after using it for gambling. I find it absurd when I hear doubters say it's not a true currency because I'm literally using it as a currency on a regular basis for gambling. I'm also holding btc as speculation and the run up this year has been incredible.

As for the withdrawal question.. I always keep all my withdrawals under 10grand CAD. Anything more than that requires paperwork to be filled by the financial institutions as the transaction must be reported to fintrac (this is to crack down on money launderers). I'd just rather not risk doing anything that could possibly raise red flags, and I've had no issues so far in a decade of online gambling. As for the CRA, gambling winnings are tax free for Canadians (unless you're deemed to be a pro gambler). Bitcoin gains are capital gains taxable.

[MaddyMax]

I am still waiting for the money to show up in my bank account. Request shows completed Thu sep 7 (evening). But to be fair, the method that i chose said 4 to 7 business days, so i will wait.

I am glad i converted the bitcoin to CAD with in minutes of getting it on my Quadri account. Since that day bitcoin value has gone down over 20%.

[MaddyMax]

Money is in the bank guys! Requested last Thursday, its in today (thursday). So 5 business days. They said 4 to 7 business days so in with in allocated time.

I am glad i converted the bitcoin to $ soon after i transferred it to quadri last thursday. I would have lost more than thousand dollars in exchange if it was this week!