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1-833-86BITVO (1 833-862-4886)Frequently asked questions
Bitvo is the most feature-rich platform in the Canadian landscape. Established in 2018, Bitvo is a crypto asset trading platform that facilitates buying, selling and trading cryptocurrencies through its best-in-class website and mobile applications. Bitvo offers eleven different cryptocurrencies, including Bitcoin, Ether, XRP, ADA (Cardano), Dogecoin, Uniswap, Bitcoin Cash, Litecoin, Dash, USDC and VCAD, Canada’s first stable coin designed for the mass market.
Bitvo differentiates itself by making transacting in cryptocurrencies easier than anyone else and offering proprietary features such as the Bitvo Same Day Guarantee, the Bitvo Cash Card and technical analysis tools. Traders new to the space can take advantage of Bitvo’s quick buys and sells at market rates. More experienced traders can utilize the Advance Trading screen, which provides access to a live order book and allows for more sophisticated order types such as limit and stop loss orders. Bitvo also offers an OTC desk, putting you in touch with live traders to execute larger orders. The Bitvo Same Day Guarantee means instant account registration, deposits and withdrawals processed the same day as received and live customer support 24/7/365. Bitvo guarantees all of this or it offers to refund your fees. And speaking of fees, Bitvo offers some of the lowest in the industry with free deposits on every method, zero trade fees, a competitive spread and a low 1% withdrawal fee. The Visa® Bitvo Cash Card allows customers to spend directly from their Bitvo account anywhere Visa® is accepted or to take out cash at over 2 million ATMs globally.
Bitvo is a regulated entity as a registered Money Service Business with FINTRAC and a Restricted Dealer under the securities laws of all provinces and territories in Canada. Additionally, Bitvo is managed and owned by a group of competent, transparent and qualified individuals comprised of seasoned financial markets and payment processing professionals (read more about the team here). Finally, Bitvo makes security a top priority. The company has never lost customer funds. Fiat funds are stored at major Canadian banks and cryptocurrencies are stored primarily in cold storage with BitGo Trust Company, a licensed trust company with the South Dakota Division of Banking with US$100 million of insurance.
Click on the register link here and you will be taken to a short sign up process. Upon completion, you will be able to begin trading.
During the signup process you will be asked to provide basic information that we will use to verify your identity, such as your address and other specific details. We will verify your identity electronically through publicly available records. In the event we need additional information from you, you will be required to attend a Canada Post location at one of over 6,000 branches to verify your identity.
Once verified, you may deposit, trade and withdraw from your Bitvo account.
However, if you have made an eTransfer deposit, you will need to wait 5 days from the time of the deposit on the Bitvo trading platform before you can withdraw fiat or cryptocurrencies. Under certain circumstances Bitvo may waive the 5 day withdrawal hold period, for customers with significant trading history and with additional verification measures
Typically, initial verification is instantaneous when you sign up. In rare cases, you may be asked additional questions that we need to verify your identity. Through our relationship with Pateno Payments Inc., we have the ability to have Canada Post physically verify your ID.
Registrations for non-Canadians may take more time given the requirements and various guidelines that dictate how we can validate your identity and may not always be available in your country of residence.
Through our partnerships with Canadian financial institutions and to ensure compliance with regulations, we are required to know our customers and validate identification. Identity verification typically occurs on the Bitvo platform automatically through the account registration process. In rare cases you will be required to complete additional verification measures, including visiting one of Canada Post’s 6,000 locations in order to have your identification verified in person. You will be notified if this additional step is required.
Bitvo considers an institution to be an entity (such as a corporation, partnership or other non-individual entity) or an individual that trades in excess of $250,000 per month with Bitvo.
Institutions have the ability to trade on the Bitvo trading platform. Additional disclosure and due diligence is required. Please contact our support team to inquire.
Institutional limits are dependent on each individual institutions needs and requirements.
Certain institutions will be eligible for changes in fees and limits. For more information, please contact our support team.
We make every effort to make your funds immediately available for trading once we have received the funds. In rare cases, additional review may be required. You can see additional details in our funding methods table. The Bitvo Same Day Guarantee is our commitment to you. Click here for full details.
You can fund your account via Cash, Interac, Interac eTransfer, Wire Transfer, or by depositing cryptocurrency. You can find out more about each method on our fees page.
Each funding method has a different limit. You can find out more about each method’s limits on our fees page.
All deposits are free. You can find out more about each method on our fees page.
We may charge a fee for certain transactions with high built-in costs, so that we can cover these costs. All other provided options are free. Additional fees may be charged by your financial institution.
To withdraw funds or cryptocurrency (other than via the Bitvo Cash Card), log into your account and select “Withdraw from my Account”. Funds must be sent to an account or card controlled by you. For your security, we will not send wires to other organizations or people. Please note that you cannot withdraw any fiat currency or cryptocurrency unless you have fully completed the ID verification process. Find out more information here.
Withdrawal limits depend on the method of withdrawal you choose. Additional limits may be imposed by your financial institution. You can find out more about each method’s limits on our fees page.
We typically process all withdrawal requests automatically. However, additional review is occasionally required. Exact timing of completion of the withdrawal is dependent on your financial institution’s processing times or the speed of the underlying cryptocurrency network, as applicable. You can find out more about each method’s timing on our fees page.
The Bitvo Same Day Guarantee is our commitment to you. Click here for full details.
The withdrawal fees are dependent on how you are withdrawing your money. You can see the fee breakdown on our fees page.
As long as you have not made an eTransfer deposit in the prior 5 days, you are able to withdraw your money whenever you please.
If you have made an eTransfer deposit, you will need to wait 5 days from the time of the deposit on the Bitvo trading platform before you can withdraw CAD or cryptocurrencies. Under certain circumstances Bitvo may waive the 5 day withdrawal hold period, for customers with significant trading history and with additional verification measures.
A Bitvo Cash Card will be mailed to you automatically and without charge when you fund $25,000 to your Bitvo account within a 12 month period. You can request a Bitvo Cash Card at any time for a fee of $10 plus applicable taxes. Please visit the Bitvo Cash Card page for more details.
The Bitvo Cash Card is free when you fund $25,000 to your Bitvo account within a 12 month period. If you want a Bitvo Cash Card but have not funded $25,000, the activation fee for the card is $10, inclusive of applicable taxes, and there is no monthly fee. All transactions on the card have a $1.00 fee. All withdrawals from your Bitvo account cost 1%. There may be additional fees based on specific circumstances. You can see a full breakdown of the Bitvo Cash Card’s fees here and in the Cardholder Agreement.
Your cryptocurrency can only be sold or transferred by you. We provide access to the cash in your Bitvo account with the Bitvo Cash Card. You can sell your cryptocurrency on Bitvo (including via our mobile apps) at any time and access the proceeds of that sale via your Bitvo Cash Card immediately.
Limits vary by method of deposit or withdrawal. Please refer to the fees page for details on funding and withdraw limits.
If you need additional functionality or believe you need additional limits, please contact our customer support team here and we would be pleased to assist you. We are available to help 24/7.
You can sell your cryptocurrency from the Buy & Sell menu, or in the Advanced Trading view. Using the Advanced Trading view will allow you to set a custom price as well as select an order type. Using the Buy & Sell menu allows you to select the amount of cryptocurrency you wish to sell at the market rate.
You can buy cryptocurrency from the Buy & Sell menu, or in the Advanced Trading view. Using the Advanced Trading view will allow you to set a custom price as well as select an order type. Using the Buy & Sell menu allows you to select the amount of cryptocurrency you wish to buy at the market rate.
When you buy and sell cryptocurrencies with Bitvo using the Buy & Sell menu or Advanced Trading view referred to above, Bitvo quotes you an all-in-one pricing. This is the price you pay, with no additional on top of that. Further, Bitvo does not charge a deposit or trade fee. As a reminder, withdrawal fees are 1%, charged at the time of withdrawing either cryptocurrency or fiat.
The buy and sell price quoted on screen includes a spread, which includes the cost to our custodian, BitGo Inc., the liquidity providers, and the operational overhead. For illustrative purposes, if you place an order to buy $100 of bitcoin and the trading spread is 150bps, you will pay $1.50 for the transaction.
When you’re submitting an order, you can view the estimated spread in real time by using Bitvo’s Advanced Trading view. However, please note that the spread changes constantly in fluctuation with the market price of cryptocurrencies and Bitvo’s liquidity providers.
If you wish to set a custom price to purchase or sell fiat or cryptocurrency, you can set up a limit order on the books through the use of our Advanced Trading function. When prices fluctuate to match your set price, the trade will execute. This allows you to manage the price you buy or sell cryptocurrency for, rather than simply using a market-based order.
Once you have signed in, the link to the trading interface is in the top middle of the screen at “Advanced Trading”.
On the left hand side you will see charts representing the price of the selected currency pairs over time. You can change the currency from the menu at the top. On the right-hand side you will be able to enter orders. If you need additional assistance, please contact our customer support here.
On the Buy & Sell screens, you are able quickly buy or sell cryptocurrency at the market rate. This ensures the transaction happens as soon as possible. On the Advanced Trading page, you are able to designate more advanced order types such as market or limit pricing, as well as set your own target price for buying or selling.
Yes, you are able to withdraw your cryptocurrency at any time as long as you have not made an eTransfer deposit in the prior 5 days. On the My Accounts page, there is a withdrawal option where you can enter your destination wallet address and transfer your funds. Please make sure to enter your destination wallet address correctly. If you do not , you may lose the cryptocurrency entirely and we have no way of reversing the transaction.
If you have made an eTransfer deposit, you will need to wait 5 days from the time of the deposit on the Bitvo trading platform before you can withdraw cryptocurrencies. Under certain circumstances Bitvo may waive the 5 day withdrawal hold period, for customers with significant trading history and with additional verification measures.
Yes, you are able to deposit your cryptocurrency onto Bitvo. On the Accounts page, you can choose to deposit cryptocurrency to your account. We will provide you with your Bitvo wallet address and you can transfer it. Visit the My Accounts page to get started. Please make sure to enter the Bitvo wallet address correctly.
Once you are signed into your account, you can access your profile from the menu at the top right where it says “Welcome Back”. On this page, you will be able to change your password by selecting “Update Password” and following the prompts.
If you have forgotten your password, select “Forgot your password?” from the Bitvo log in page, located underneath the Password field. From there you will be requested to enter the e-mail address associated with your Bitvo account. Further instruction on how to reset your password will be sent to you by e-mail. If you do not receive an e-mail, please contact us for additional support at support@bitvo.growmeconsulting.ca or 1-833-86BITVO.
No, the e-mail you use to register for a Bitvo account cannot be used by multiple users.
If an e-mail address is already associated with a Bitvo account but is registered in the sign up process at a later date, an e-mail will be sent to the original registrant notifying them that an attempt has been made to register an account under their e-mail address. If you receive an e-mail notifying you that such an attempt has been made and you did not personally make this attempt, we suggest you take appropriate precautions such as checking your account for any unusual activity and updating your password. Should you have any issues, please send an e-mail to support@bitvo.test or call us at 1-833-86BITVO immediately.
Once you are signed into your account, you can access your profile from the menu at the top right where it says “Welcome Back”. On this page, you will be able to enable two-factor authentication by setting the switch to ON.
Two-factor authentication is a second layer of security to help protect your account, in addition to your password. We use a service called Google Authenticator which will send a unique PIN to your mobile phone which you use to sign in along with your password.
Enable two-factor authentication, choose a secure password, keep your password and account information private.
Bitvo uses state-of-the-art hot and cold wallet storage. To mitigate risk of loss to Bitvo, Bitvo minimizes amounts held in hot wallet storage and secures the majority of cryptocurrencies traded on the Bitvo trading platform in cold storage. Bitvo holds 95% to 100% of customer funds in cold storage.
Bitvo follows best-in-class cold storage policies and procedures including its utilization of offsite, third party, air-gapped cold storage that is only accessible with multiple signatures, provided by BitGo Trust Company, a licensed trust company with the South Dakota Division of Banking with US$100 million of insurance.
Bitvo contracts its Hot Wallet storage from BitGo Inc., one of the world’s first and largest cryptocurrency wallet providers. For more information on BitGo, please click here.
Yes, we have mobile apps for iPhone and Android! With the exception of Advanced Trading, you can enjoy all of the functionality of Bitvo’s website on its mobile apps.
Bitvo follows best-in-class cold storage policies and procedures including its utilization of offsite, third party, air-gapped cold storage that is only accessible with multiple signatures, provided by BitGo Trust Company, a licensed trust company with the South Dakota Division of Banking with US$100 million of insurance. For more information on BitGo, please click here.
A hot wallet is a wallet that is online, connected to the internet, so it is able to be used for transfers immediately. Bitvo keeps a small portion of its cryptocurrencies (0% to 5% of customer funds) in hot wallets to be able to maintain liquidity for executing trades. As a security measure, Bitvo minimizes amounts held in a hot wallet and actively utilizes cold storage for its assets.
Bitvo contracts its hot wallet storage from BitGo, one of the world’s first and largest cryptocurrency wallet providers. For more information on BitGo, please click here.
Unless required by law or its regulators (FINTRAC and the Canadian Securities Administrators), Bitvo does not provide any transaction or trading information to any regulators.
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets.
Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
Date of Inception: Jan 2009
Number of Coins Outstanding: ~19M
Maximum Coins: 21M
Proof of Work or Proof of Stake: Work
Mining Fees: Varies based on value of coin and network volume
Primary Use Case: Currency
Website: https://bitcoin.org
Ether is the cryptocurrency generated by and used on the Ethereum platform. Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference. These apps run on a custom built blockchain.
Date of Inception: August 2014
Number of Coins Outstanding: ~122M
Maximum Coins: No max
Proof of Work or Proof of Stake: Stake
Mining Fees: N/A (Proof of Stake)
Primary Use Case: Smart contracts
Website: https://www.ethereum.org/
ADA is the native token of the Cardano blockchain. Cardano is a decentralized public blockchain that aims to be a decentralized application development platform with a multi-asset ledger and verifiable smart contracts. It uses Ouroboros, a proof of stake algorithm, to verify transactions. When staking, each ADA token can be seen as a ticket, the more tickets you have, the higher chance you have of collecting the transaction verification reward.
Date of Inception: 2017
Number of Coins Outstanding: ~35B
Maximum Coins: 45B
Proof of Work or Proof of Stake: Stake
Mining Fees: N/A (Proof of Stake)
Primary Use Case: Smart contracts
Website: https://www.cardano.org/
XRP is the native currency of the Ripple network, which is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a U.S.-based technology company. The Ripple network is built upon a distributed open source internet protocol, supports tokens representing fiat currency or cryptocurrency and purports to enable secure, instantly and nearly free global financial transactions of any size with no chargebacks.
Date of Inception: August 2012
Number of Coins Outstanding: 51B
Maximum Coins: 100B
Proof of Work or Proof of Stake: Correctness
Mining Fees: Varies based on value of coin and network volume
Primary Use Case: Currency, International Remittance
Website: https://ripple.com/xrp/
Dogecoin is an open sourced peer-to-peer digital currency created by Billy Markus and Jackson Palmer. Forked from Litecoin in December 2013 and based off of a dog meme, the founders of Dogecoin envisioned a fun, lighthearted crypto asset. As noted on its website, “Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide”.
Date of Inception: December 2013
Number of Coins Outstanding: ~133B
Maximum Coins: N/A
Proof of Work or Proof of Stake: Work
Mining Fees: Varies based on value of coin and network volume
Primary Use Case: Currency
Website: https://dogecoin.com/
Uniswap is a decentralized trading protocol used to facilitate automated trading of decentralized finance tokens. It runs on the Ethereum blockchain and allows for the exchange of ERC20 tokens. Uniswap seeks to solve the liquidity problem of decentralized trading platforms.
Date of Inception: November 2018
Number of Coins Outstanding: ~762M
Maximum Coins: 1B
Proof of Work or Proof of Stake: Stake
Mining Fees: N/A (Proof of Stake)
Primary Use Case: DeFi Apps
Website: https://uniswap.org/
Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. Creation and transfer of coins is based on an open source cryptographic protocol and is not managed by any central authority. The coin was inspired by, and in technical details is nearly identical to, Bitcoin.
Date of Inception: October 2011
Number of Coins Outstanding: ~72M
Maximum Coins: 84M
Proof of Work or Proof of Stake: Work
Mining Fees: Varies based on value of coin and network volume
Primary Use Case: Currency
Website: https://litecoin.com/
Bitcoin Cash is peer-to-peer electronic cash for the Internet. It is fully decentralized, with no central bank and requires no trusted third parties to operate. Bitcoin Cash is the continuation of the Bitcoin project as peer-to-peer digital cash. It is a fork of the Bitcoin blockchain ledger, with upgraded consensus rules that allow it to grow and scale.
Date of Inception: August 2017
Number of Coins Outstanding: ~19M
Maximum Coins: 21M
Proof of Work or Proof of Stake: Work
Mining Fees: Varies based on value of coin and network volume
Primary Use Case: Currency
Website: https://www.bitcoincash.org/
USDC is a United States Dollar stablecoin managed by a consortium called Centre, which was founded by Circle and includes members from the cryptocurrency trading platform Coinbase and Bitcoin mining company Bitmain. Each USDC is targeted to be worth $1 United States Dollar and is backed by United States Dollars or other approved reserve assets.
Date of Inception: September 2018
Number of Coins Outstanding: ~44B
Maximum Coins: N/A
Proof of Work or Proof of Stake: Proof of Reserves
Mining Fees: N/A (Proof of Reserves)
Primary Use Case: Stablecoin
Website: https://www.circle.com/en/usdc
QCAD is a Canadian Dollar stablecoin developed by Canada Stablecorp Inc.
QCAD is a digital asset with the stability of the Canadian Dollar. Each QCAD is worth $1 Canadian Dollar and backed by a Canadian Dollar held in a Canadian bank account.
Bitcoin is the most actively traded cryptocurrency globally. The most actively traded cryptocurrencies offered on the Bitvo platform are Bitcoin, Ether and Cardano, listed in order of activity.
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