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Bitcoin for Canada Discussion
Please leave your input, suggestions and comments on Canadian crypto currency, here. Information such as, popular Canadian blockchains and coinbase accounts are welcomed.
Virtually any information, from Canadian exchange rates to Canadian banks that comply is welcomed.
Thanks for looking
Jay.
i use localbitcoins. but be very very very careful . Stay with long time traders, DO NOT go with best price. Take it from some one who has been burned. If you stay with the pro traders, buying and selling is very easy!!!!!!!!!!!!!!!!
Stay away from QuadrigaCX and EZbtc, Quadrigas funds have been seized by their bank CIBC and they can't process cash withdrawals quickly - there is a long line of people waiting to be paid and EZbtc is a scam operation.
Canadians really don't need bitcoin as some of the highest rated books - Pinnacle, BoDog etc offer direct transfers via EFT to/from Canadian banks and credit unions with zero or low fees.
If you must use bitcoin Shakepay is the most trusted and recommended for buying/selling - you can buy using interac etransfer and get paid via the same method, deposits and withdrawals are usually processed in less than 40 minutes @ Shakepay.
Also fastbtc processes withdrawals 24 hours a day within 35 minutes - you send bitcoin to a btc address they provide, which is permanently linked to your email (so you can reuse the same btc addy) and when it is confirmed 1 time they send you an interac etransfer that you can deposit instantly to any Canadian financial institution that offers interac. Fees are a little higher at FastBTC, Shakepay is definitely the best option but you need to use an app on your iphone or android as it is not offered on pc, yet.
Last edited by icon; 01-04-19 at 11:26 PM.
^^^ Lucky you started the thread Jay. I didn't know that about Quadriga.
Canadian Court Seizes Control Of Quadriga Funds Frozen By CIBCOriginally Posted by Optional
https://xbt.net/blog/canadian-court-...rozen-by-cibc/
Last edited by icon; 01-04-19 at 11:38 PM.
Quadrigacx is way behind in payment. i use quadrigacx because i withdraw straight from my betcris account. early last year payments were prompt. Then 3 of my payments got stuck for nearly 3 months (each of them $9999CAD. I always withdraw that amount because banks flag revenue canada for deposits over 10k). SO after 3 months they paid all 3 $9999 on the same day and it arrived together. I think revenue canada will screw me over when i file taxes this year because that day is definitely flagged.
Anyways, Quadrigacx sucks now. All my cashouts from betcris since August are still stuck in Quadrigacx. I am not a bitcoin person and I imediately convert the coin into cad upon receiving from betcris and reques withdrawal. I currently have 3 pending withdrawals of $9999 (requested september 9, nov 1st and dec 5)...of the 3, the 1st two have been marked complete. last one is still showing as pending. Excuse after excuse and still non payment. Lots of similar complaints in their reddit page. The latest update is that they final got their cibc funds released but now they have to wait for 3 of their cheque to clear, then go to payment processor bla bla bla. I was told i would get paid by Jan 12th, so gonna wait and hope. Whats strange is that some people on reddit reported they got paid and they requested withdrawals after me!
this is old news. during the last week of december the court paid quadriga 3 bank drafts and now quadrigacx is using excuse that they need few days for those drafts to clear. i am waiting with my fingers crossed. you can read about it here https://www.reddit.com/r/QuadrigaCX/
there last update about court giving them the funds
https://www.reddit.com/r/QuadrigaCX/...date_20190102/
The funds have been released to Quadriga by the courts. The whole situation leaves me a little leery, though, as I don't want to speculate, but all they are doing is depending on new deposits to pay withdrawals. Not a problem when Bitcoin was flying.
With that said, I haven't used them in about a year. Waited a month for a withdrawal then (about 8K). But I have received every penny from then in about 4 or 5 withdrawals going back two years.
Yeah i closed my quadriga acct months ago. Ive been very happy with shakepay based in Montreal, right now they are prolly the best option in Canada.
Verification fast, fiat deposits and withdrawals processed in minutes not days. For buying or selling amounts under $5K shakepay cant be beat.
Yeah i realize the quadriga link is old news but i was just providing the information for those that may not have been aware of the situation at all.
Any gambling winnings are tax free in Canada. We cant claim them as an expense so CRA cant tax us on the winnings.
Shakepay is by far the the best to use. Can buy/sell and load to any site in literally under 10mins.
quadriga is the best by far
Don't be stupid, this is false information. Quadriga was good at one point a long way back, they are having trouble right now and there are plenty of complaints from customers waiting for payouts.
Shakepay is tried tested and true and has glowing reviews. Stick to Shakepay and forget Quadriga.
I use it every day, never had a problem. Live in Toronto.
They have had lots of problems in 2018 and pissed off plenty of their customers that will likely never use them again.
Bottom line is that there are now better options in Canada than QuadrigaCX.
Shakepay is superior to Quadriga. "quadriga is the best by far" is simply not correct.
Sounds like they took an unfair attack from the traditional banking system?
They were clearly the market leader for Canadians for a long time.
If they have escaped the attack, maybe Canadians should be supporting them?
Are you using quadrigacx to reload your book every week? That shouldnt be a problem. ONce you start withdrawing big amounts, you will see the problem.s
I know this. I been making more money from sports betting than my work the past 4 years. The thing is when i withdraw from betcris to quadrigacx, it just goes to a bitcoin address. When i withdraw from quadrigacx to the bank, it just goes from a quadrigacx account. Quadricax will not provide any letters proving that the payment came from a sportsbook. betcris will also not give any such letters. So when the bank flags it to revenue canada and when they start asking explanation, you have no proof.
Its not a problem when its a d!rect deposit straight from the book to bank. I have done this with pinnacle for amounts for over 10k and revenue canada asked for explanation and I was able to prove that the depositer was sportsbook.
But in this quadrigacx case its going to be hard to prove. Hopefully they dont flag and ask me questions. Will find out when i file my taxes in april
I haven't tried shakepay. I have only tried quadrigacx and its the only one. I think Optional from here was the one who recommended and it was my first bitcoin experience too. I just wanted a method to move money from my betcris. My first few experience with quadriga early last year was very smooth and quick and i was impressed. Follow up withdrawals got stuck for months. And now i am sitting and waiting for 3 big pending withdrawals.
Is shakepay good for withdrawals of $7500 to $9999? i still need to move money from my betcris account.
People had significant amounts of CAD tied up in Quadriga and were not being paid within posted timeframes. Once this became widely known people avoided Quadriga and have since found better alternatives.
Yes, I believe the limit for interac etransfers is $10k per day. Remember, Shakepay pays this out in minutes not hours or days.
This from the Bank of Montreal website regarding their limits:
"For Interac e-Transfer®* transactions, providing you do not exceed the limits assigned to your BMO Debit Card, you can send up to either $2,500.00 or $3,000.00 per 24 hours, $10,000.00 per seven days, or $20,000.00 per 30 days. You can receive up to a maximum of $10,000.00 per 24 hours, $70,000.00 per seven days or $300,000.00 per 30 days."
Last edited by icon; 01-05-19 at 03:57 PM.
Can anyone else vouch for Shakepay? a long time user of the forum?
I could still cancel the pending withdrawals from quadrigacx and move it to shakepay if they are legit and good.
also what is the fee at shakepay. if you want to withdraw $9999 to my bank account how much is the fee? In quadrigacx the regular withdrawal is free and the express is 3%
finally, what is the domain for shakepay....is it shakepay.co Just want to make sure because i remember some scammers created domain very similar to quadricax that came top of the google search.
Last edited by danwinkler; 01-05-19 at 11:24 PM.
verified the link and opened an account and it seems that they don't have desktip version. its phone app only?
Check out the bitcoin Canada forum on reddit and search for shakepay, you'll see they get glowing reviews and are now one of the most popular exchanges in Canada.
https://www.red************dit.com/r/BitcoinCA/comments/8kga8e/funding_and_purchasing_with_shakepay_rev iew/
https://www.red**********dit.com/r/B...o_buy_bitcoin/
https://www.red**********dit.com/r/B..._bitcoin_from/
Yes, it has been mentioned already that shakepay only works on Android or IOS phones/tablets.
Last edited by Optional; 01-06-19 at 09:15 AM.
Not a Canadian myself but been using Bitstamp for a short time, I recommend it, very good rates.
^^^ I really do not trust anything about financial stuff on Reddit.
Half the subs are moderated by schemers and scammers just shilling stuff to make them money.
Shakepay only being known on that reddit forum is a red flag for me.
And Quadriga has shown itself to be a great company in the past.
I think I will continue to suggest them to Canadains asking for now.
Yea, I am worried about this too. I didn't download the app. Checked it out on google play and it doesn't have many users (under 10,000 downloads). Everyone downloaded isn't using either. Trading/selling only available in the app and I am not comfortable adding any apps on my phone because my phone is pretty secured and use it on a daily basis for many financial and trading purposes. Will have to get to know shakepay more i can put them on my phone. Also with limited users, would it be easy to exchange coins into cash quickly? I dont like bit coin and when i withdraw from book, i immediately convert to cash and request withdrawal. IN quadrigacx it was possible to immediately convert the coin due to their high volume. But not sure if it would be possible in shakespay with only limited users.
Is Kraken not for canadians?
You can double check, but I think they lack any good banking options for CA.
Foreign currency wires I think is your only option. So ~4% lost in fees at most banks.
So, if I open a shake pay account, I can then transfer my Bitcoin from my coinbase account into my Shake Pay account? My transfers to sportsbooks have been fairly seamless so far, are you guys suggesting that I might want to open this shake pay account in order to more easily facilitate withdrawals if I happen the win?
Do any Canadians use Coinbase to cashout?
Yes, transfer to your shakepay wallet when you want to convert bitcoin to Canadian dollars for deposit to your bank.
Do not store bitcoin on shakepay (same as coinbase/kraken/bitstamp etc always keep your bitcoin balance in your own wallet).
I see there is some skepticism regarding shakepay and its understandable, this is the internet obviously.
I have no problem vouching for shakepay as I have used them for approx a year now and I am a former Quadriga customer. Shakepay has been much better and so much faster processing withdrawals, not even close. Shakepay customer service is excellent and also has been far better than Quadriga in my experience.
Shakepay processes payouts via interac e-transfer up to $10K every day of the week, sometimes overnight they are a little slower but during the hours of 9AM-9PM 7 days a week I have always received my payouts within 35 minutes of requesting it.
I'd recommend trying out shakepay and seeing for yourself, send them an amount of bitcoin you are comfortable with and request a payout, I'm confident that you will be very happy with the speed etc.
As for the app it may take a little time to figure out but once you have done so you will likely also be a shakepay fan.
Also, the shakepay app is for depositing and withdrawing. Since they payout via interac you can use your computer to process the e-transfer to your bank acct.
Once again a reminder to always store your bitcoin in your own wallet where you control the private keys.
Also those that try shakepay please report your experience here for the benefit of others.
Does coinbase even offer cashouts for Canadians?
Most if not all Canadian banks have banned/blocked the use of their kreddit kards for purchasing bitcoin so Coinbase is basically useless to us.
Edit: Optional: most non Canadian exchanges process payouts via wire transfer which takes days. Interac is far superior for amounts up to $10K as it is only offered in Canada and takes about 30 minutes for funds to be deposited to your Canadian bank acct.
Actually Kraken is probably the best foreign based exchange for Canadians as they offer fiat payouts in CAD via EFT and do not use wires for their Canuck custies.
Last edited by icon; 01-06-19 at 01:41 PM. Reason: more info
I'm not sure Icon. I didn't think so.
I'm wondering how Jay opened an account if they provide no options.
You can open a Coinbase acct easily, I've had one for years and still have it, the problem is that most people (in Canada) used either their bank vi,sa debit or kredit card to buy bitcoin from Coinbase and in the last 6 months or so every Canadian bank has blocked their cards from being used to buy bitcoin on Coinbase.
You seem to be very knowledgeable in most things but not so much when it comes to Canadian issues.
Stay in your own lane, pal.
Why do you keep mentioning cre dit cards?
No one here, including Jay, wants to use them.
In fact almost no one in the world uses cre dit cards for bitcoin purchases FYI.
Many major banks everywhere said they were uncomfortable allowing people to use high interest credit to purchase highly speculative investments like bitcoin.
Which is a bunch of BS and a thinly veiled attempt by the traditional banking system to attack the crypto industry.
Us, as users, should not be helping the banks by acting like it is legitimate at all.
And not being Canadian I don't claim to know it all, that's why I asked Jay to start this thread.
Plus I am interested to hear all opinions, as many people ask me for advice on Canadian options. Like Jay did.
You seem to be taking it all too personal. Like a shill might.
Maybe you should stay in your lane more than me buddy?
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