Bitcoin Solutions Review – is it scam or safe? explained by professional Forex trading experts the “ForexSQ” FX trading team.
Bitcoin Solutions Review – is it scam or safe?
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.
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.
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 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.
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.
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.
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.
When it comes to the ATMs provided by BTC Solutions, we didn’t find any information on the fees.
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.