Bitcoin ATM Vancouver
Vancouver Live Teller vs Bitcoin ATMs
Despite their many disadvantages, Bitcoin ATMs used to be the only way to purchase Bitcoin in many Canadian cities. This is no longer the case and they now represent your absolute worst option.
Security Concerns
The security of your transaction at a Bitcoin ATM is dependent on where the machine is located. High-traffic locations offer some measure of safety, but at the cost of privacy. By purchasing cryptocurrency in a public location, there's a chance you might be watched or followed. Would you want random strangers knowing you are purchasing thousands of dollars worth of Bitcoin? We wouldn't!
Security Concerns
The security of your transaction at a Bitcoin ATM is dependent on where the machine is located. High-traffic locations offer some measure of safety, but at the cost of privacy. By purchasing cryptocurrency in a public location, there's a chance you might be watched or followed. Would you want random strangers knowing you are purchasing thousands of dollars worth of Bitcoin? We wouldn't!
Lack of Staff & Support
Bitcoin ATMs are generally located in public locations such as convenience stores, bars or restaurants. Shop owners are typically paid a small monthly fee in exchange for allowing the Bitcoin ATM to be installed at their location. Shop staff have no association with the ATM and cannot offer any assistance or guidance. No on-site support is available if anything goes wrong, which it often does. If you trying contacting the company online or by phone, you may find yourself waiting days before getting any response.
Astronomical Fees
The biggest downside to Bitcoin ATMs is the cost, with fees ranging from 8 to 20% depending on the operator and the size of your transaction. Furthermore, these businesses do not reveal the fees they charge to the customer. Instead, they quote you a Bitcoin price that is substantially higher than market price (the price at which it is being traded on high-volume exchanges), and hope that inexperienced or uninformed users won't notice. When these customers finally receive their Bitcoin and see that its dollar value is much lower than what they paid, they are often disappointed and confused.
Astronomical Fees
The biggest downside to Bitcoin ATMs is the cost, with fees ranging from 8 to 20% depending on the operator and the size of your transaction. Furthermore, these businesses do not reveal the fees they charge to the customer. Instead, they quote you a Bitcoin price that is substantially higher than market price (the price at which it is being traded on high-volume exchanges), and hope that inexperienced or uninformed users won't notice. When these customers finally receive their Bitcoin and see that its dollar value is much lower than what they paid, they are often disappointed and confused.
Liquidity Issues
Furthermore, Bitcoin ATMs have limited reserves of cryptocurrency and cash at any given time. Depending on the day, time, and market conditions there just might not be enough crypto or cash available in the Bitcoin ATM in order to complete the transaction you need. During times of high volatility, these machines may run out of cryptocurrency or cash. Sometimes, customers need to wait up to seventy-two hours to receive their Bitcoin after purchasing it from the ATM.
A Better Alternative
At Vancouver Cryptocurrency Exchange, we want you to feel secure and at-ease throughout each transaction. We offer a secure physical location where you can safely and privately conduct your transaction. Furthermore, a friendly and experienced team member will be there to walk you through each step of the process, and help you set up and use your own crypto wallet. If you prefer to trade from the comfort of your own home, we will provide you the same level of service over a phone or video call. Finally, our fees are significantly lower than any Bitcoin ATM - you will save least 50% by trading through us.
| Bitcoin ATMs | Vancouver Crypto |
|---|---|
| Insecure location | Safe, secure location |
| Cash only | Many payment methods |
| Capped at $10,000 or less | No maximum transaction size |
| Fees of 8% to 15% or more | 5% to 2.5% or lower |
| Limited online support | Email, phone and text support |
| No on-site support | Friendly, experienced staff |
Get in Touch
Contact us today with any questions you have or to set up a trade. We look forward to hearing from you!
- 250-686-5873
- hello@vancouvercrypto.ca
- 400 - 601 West Broadway
Vancouver BC V5Z 4C2