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Bitcoin Solutions Review - is it scam or safe?

Bitcoin Solutions Review - Is btcsolutions.ca scam or safe cryptocurrency exchange?

RATING: 3 / 1 REVIEWS Bitcoin Solutions

RECOMMENDED BITCOIN BROKERS


Trading accounts

Account type Leverage Fee
Standard Not available 10%

There are multiple projects known as Bitcoin Solutions. This review will focus on btcsolutions.ca, the Canadian company. They provide an easy way of buying the most famous cryptocurrency and even an ATM service. 

 

The company, security of funds

 

Company Country Regulation
Bitcoin Solutions Canada N/A

 

BTC Solutions only operates within Canada. This is not a major flaw, but obviously limits the scope of the company. They are partnered with QuadrigaCX, which is another relatively well known company. 

 

>>Other crypto-exchanges in Canada<<

 

The main service provided by BTC Solutions is selling Bitcoin for Canadian dollars. This is mostly done via Flexpin cards, which can be bought for cash at certain locations, where other cards (like the ones for online games) are being sold.

 

Unlike most traditional exchanges, they don’t provide a wallet, but instead deliver clients’ newly acquired coins to their address of choice. We have included a quick video guide, provided by the company in this review. Continue reading to get to it. 

 

One can sell Bitcoin with the help of this company. In order to do so, one must contact them directly, to receive the address to which she will later have to send the coins to.

 

BTC Solutions also operates physical ATMs. There are several in Alberta, which only allow one to instantly buy Bitcoin after depositing Canadian dollars in the machine. Additionally, one more functional device is located in Saskatchewan. It also supports receiving cash CAD, after transferring your digital coins to the machine.

 

We didn’t find reports of any major hack at this company. That being said, they do not provide an actual wallet service (and don’t keep client coins), so they aren’t a major target. Other exchanges, like Bitfinex in 2016, have been experienced major problems.

 

BTC Solutions has not received that many user reviews. However the few we managed to find, were very positive. The customers acknowledge the fees may be high, but they appreciate the quality of service. Feel free to post your experience with this company in the comment section below.

 

Trading conditions

 

Trading instruments (cryptocurrencies)

Only Bitcoin is supported at BTC Solutions. This may not satisfy cryptocurrency veterans, but we must remember this is an entry level service. After further research one can find other exchanges, like Bittrex or Binance, to trade altcoins.

 

Leverage

BTC Solutions does not provide margin trading, or any form of trading for that mater. The company attempts to popularise Bitcoin as a payment method, instead of provide an environment for speculators. 

 

>>A list of forex brokers offering Bitcoin<<

 

In case you are interested in cryptocurrencies mostly for the price action, dealing with a forex broker may be a better alternative. Some of them offer CFDs on the more popular digital assets. There are a few details you must know. In essence – they will not allow you to send payments and may not be suitable for long term investing. For a full comparison of the two services read this post.

 

 

Fees

The fees, charged by BTC Solutions are their major downside. When buying Bitcoin with a Flexpin voucher, a 10% fee is applied. This is not competitive with the current offers for direct cash-to-crypto transfers. As an example Coinbase charges up to 4% on Bitcoin credit card purchases. 

 

>> Where can you buy Bitcoin with a credit card?<<

 

When it comes to the ATMs provided by BTC Solutions, we didn’t find any information on the fees. 

 

Trading platform

 

By now it should be clear that no typical trading platform is provided by BTC Solutions. The closest thing is the order entry mechanism, which functions as explained in their video:

 

 

As you can see there are several extra layers of verification, which may seem tedious to some, but are actually not that big of a deal, when compared to the procedures at actual exchanges. 

 

Methods of payment

 

There are no online payment methods supported by BTC Solutions. As we mentioned above, they do work with Flexpin vouchers and provide an ATM service. 

 

Conclusion

 

Bitcoin Solutions (BTC Solutions) is a Canadian entry-level cryptocurrency “exchange”. They do not provide a sophisticated trading venue, which we most often associate with this word, but instead allow users to buy Bitcoin via Flexpin vouchers. The company also operates several AMTs in Alberta and Saskatchewan. Our overall impression is that this is a solid company, but given the hefty fees which they charge, a better alternative may not be that hard to find. Here are the pros and coins of Bitcoin Solutions:

 

Pros Cons
No security issues yet Slow purchasing process
Positive user reviews High fees 
Non-banking, cash payments accepted Only operates in Canada
  Only Bitcoin supported
  No online fiat payments
  Does not provide a wallet

 

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Traders` reviews for Bitcoin Solutions

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Fees are a fraud

I have been to this bitcoin machine several times but it was never at 6% as advertised. This company charges 12% at all its ATM's in Edmonton. Its shameful to see people run a business with such dishonesty. I wish there was 0 Stars

Sam 03/06/2018
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