Frequently Asked Questions

Frequently Asked Questions

Answers to common questions about buying and selling crypto.

We accept cash, interac e-transfer, debit, gold and silver, bank wires and internal bank transfers (for larger amounts) as payment for crypocurrency, hardware wallets, or any other product or service we provide.  Also, if you’re buying anything other than crypto (wallets, lessons and consulting, gold and silver, etc), you can pay with crypto!

We can pay you out in your choice of cash, e-transfer, gold and silver, bank wire, internal bank transfer, and bank draft when you sell cryptocurrency to us. If you so wish, we can also cash you out in USD or Euros. 

An internal bank transfer is when two people (or entities) bank with the same institution. For example, if you and your friend both have chequing accounts at TD, you can send them money simply by showing up at any branch, providing the teller with your friend’s account and transit number, and instructing them to transfer  a certain amount of funds from your account to theirs. Since funds are staying within the same bank, the transaction is instant, and your friend will immediately be able to see the new funds in their account. We currently have accounts with Scotiabank and BMO. For customers who bank with these institutions, internal bank transfers is a quick and convenient way to pay us, without any delay for us to receive the funds, unless bank wires. They’re also free!

Yes, we do! If you are not an experienced Bitcoin user there is no need to worry. As a client of ours, we will gladly (and patiently) take you through the steps of creating a Bitcoin wallet and backing it up so that even if you lose your device you can still recover your coins. We will show you how to send and receive coins, tell you what information to share with others and what to keep to yourself, and make sure that when you leave you feel comfortable and in control of your Bitcoin. It’s simpler than you think!

We recommend that all of our customers store their cryptocurrency on an offline hardware wallet as the safest option. We are an authorized retailer of Ledgers and have the Ledger Nano S and Ledger Nano X in stock. If you are dealing with a smaller amount of crypto which you plan on spending soon, mobile or desktop hot wallets are also an option. Our favourite ones are Trust Wallet and Exodus.

A hardware wallet is a special type of Bitcoin wallet in which your private keys are both generated and stored offline. This represents a significant upgrade in security from a “hot wallet” on your phone or computer, since these are connected to the internet. Hardware wallets are small, convenient, and easy to use. We highly recommend them for anyone with more than a thousand dollars worth of cryptocurrency. As authorized retailers for Ledger, we offer them for sale, and we will gladly help you set yours up and show you how to use it.

The main differences are in storage capacity and wireless capabilities. The Nano X is physically larger, and its significantly greater storage capacity allows it to store over 30 applications at a time.

In contrast the Nano S can only hold a maximum of three at one time, meaning that if you are dealing with four or more cryptocurrencies, you will need to uninstall and reinstall different apps as use create transactions with different coins.

Furthermore, whereas the Nano S needs to connect to your phone or computer with a cable, the X can interact with your mobile device wirelessly. Finally, the Nano S cannot be used with iPhone devices, whereas the X can.

The Nano X’s additional features do come with a higher price point. Whereas the Nano S costs $120, the Nano X is $200. Both are equally secure, which is what really matters in the end!

A “stablecoin” is a type of digital assets where its value is pegged to another asset, basket of assets, or algorithm. The most popular stable coins, USDT and USDC, mimic US dollars and are ERC-20 tokens running on the Ethereum blockchain. The goal of stablecoins are to remain a constant price during periods of extreme volatility like with cryptocurrencies generally.

Stablecoins allow investors, traders, and exchanges to quickly trade between cryptocurrencies such as Bitcoin or Ethereum to a more stable asset that represents their local currency. This was a major technical and operational advancement for the cryptocurrency industry as it created a more robust and liquid market. 

In the early days, and still today, cryptocurrency exchange have banking difficulties. Holding and moving US dollars on behalf of investors or traders requires massive and complicated regulatory burden which many exchanges did not have the know-how, capital, or even capability to achieve. Stablecoins remove this friction. 

For example, if an investor has Bitcoin on an exchange and thinks the price is going to fall, she can simply and quickly sell Bitcoin for USDT. If she was correct, the price of Bitcoin falls, her USDT value remains the same, and she now now buy back into Bitcoin at a lower price. USDT and USDC are very liquid stablecoin coins and can move around near-instant from any Ethereum wallet in the world. 

Other stablecoins include, QCAD, DAI, PAX, BUSD, and TUSD

Our rate schedule is available on our front page and vary from 2.75% – 5% depending on quantity purchased and/or sold.

Yes, cryptocurrency gains are taxable. Please consult your accountant for more information.

Execution times can vary based on the conditions of the network. Most transactions can be completed in minutes or even seconds. However, some coins like bitcoin are dependent on receiving a confirmation.
When a transaction is broadcasted to the network, it has to wait to be included in a block by the miners. Once a transaction has been included in a mined block, the transaction has received 1 confirmation. Each block is found at a different rate depending on the blockchain. However, sometimes it can take Bitcoin miners 30 or even 60 minutes to mine a single block (1 confirmation).

To ensure that transactions are processed on cryptocurrency networks, outgoing transactions to external cryptocurrency addresses typically incur a “mining” or “network” fee. This fee is paid to cryptocurrency miners, which are the systems that process the transactions and secure the respective network. All fees we charge will be disclosed at the time of your transaction.

We do not recommend any coins and recommend you conduct your own research and/or consult a registered financial advisor. We do not provide financial advice.

We trade most major coins and any coins that are listed on major exchanges (ie. Binance, KuCoin, Coinbase)

Up to $1000.00 of transaction value: we require no identification.
$1000.00 and above transaction value: we require one (1) piece of valid approved identification.

Being a registered Money Service Business, we are required to identify all of our clients to stay in compliance of Canadian laws for Anti-Money Laundering (AML) and Know-Your-Customer (KYC) rules for all transactions over a certain value. All operating MSBs are required to identify their clients and follow these guidelines when certain value thresholds are met.

The following non-expired pieces of identification are currently allowed:

  • Passport – Canadian
  • Passport – Foreign
  • Canadian Citizenship Card with photo
  • Canadian Permanent Resident card with signature
  • Record of Landing
  • Confirmation of Permanent Resident
  • Report Pursuant to the Immigration and Refugee Protection Act with photo
  • Student Authorization/Study Permit
  • Employment Authorization /Work Permit
  • Visitor Record
  • Temporary Resident’s Permit- formerly Minister’s Permit/Extension of Minister’s Permit
  • Secure Certificate of Indian Status Card – issued on or after Dec. 15, 2009, by Indian & Northern Affairs Canada
  • Driver’s licence or enhanced driver’s licence – issued by any province or territory in Canada
  • Canadian Department of National Defence Driver’s Licence

No, we can only purchase/sell to the person conducting the transaction.

  1. Create an Ethereum wallet (Ledger Nano S, X, or a Metamask wallet)
  2.  Determine how much you want to buy in dollars
  3. Call or text 604-356-4882 or visit Vancouver Cryptocurrency Exchange
  4. We’ll provide you a with quote, and if you’re happy with it we will help complete the transaction
  5. Leave happy with your new Ethereum!
  1. Create a wallet (Ledger Nano S or X, Electrum, or Samourai Wallet)
  2.  Determine how much you want to buy in dollars
  3. Call or text 604-356-4882 or visit Vancouver Cryptocurrency Exchange
  4. We’ll provide you a with quote, and if you’re happy with it we will help complete the transaction
  5. Leave happy with your new Bitcoin!

Bitcoin ATMs, sometimes called BTMs, are a way of buying and selling bitcoin through a physical machine. While they can be convenient for locally exchanging bitcoin for cash or vice versa, there are risks associated with.  Bitcoin ATMs,

  • Are located less secure areas.
  • Offer no privacy – you can be followed, recorded, and tracked.
  • Have little or no technical support.
  • Only accept cash or crypto.

Always remember to weigh the risks and tradeoffs of convenience, cost, and your safety. If you do use them, do so infrequently or at different locations and for smaller value transactions.  Check out the difference between Bitcoin ATMs in Vancouver and us!

Get in Touch

Contact us today with any questions you have or to set up a trade. We look forward to hearing from you!

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