Bull Bitcoin is a popular exchange that enables Canadians to start their journey with the king of the cryptocurrencies. They offer only one asset which is none other than the most successful one i.e. BTC. Their platform does not look inspiring or reassuring, but the kind of web traffic they receive says otherwise.
Customer feedback is also good. Nonetheless, we cannot deny the fact that testimonials present on most forums look cherry picked and something is definitely fishy about them. Founders and team member’s information are present.
However, just because of the transparency element we cannot recommend them to our readers. This firm also offers services like Dollar cost averaging and other types of sophisticated order types. As the risk present is amplified using certain trading orders, it is better to be fully prepared before employing their services.
For your own safety, it is advisable to talk with a licensed financial planner before proceeding with this platform. Remember, cryptocurrency markets experience volatility and wild swing unlike any other asset class.
While the rewards might be huge, the downsides are also enormous. One wrong move can burn a hole in your pocket and it will certainly leave a scar on your PnL statement. Choosing the right exchange is also extremely crucial for your success.
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As far as this platform is considered, there are a lot of things you need to know about them. Take a look at the following paragraphs to get a clear glimpse at their operational model.
Legality and Support
As the cryptocurrency sector is vastly unregulated, it is a safe haven for scammers. Due to numerous cases of fraud that unfolds in this niche, it is advisable to deal only with regulated exchanges. Bull Bitcoin is a part of Satoshi Portal Inc. Satoshi Portal Inc is registered as an MSB M16730720. They are authorised to offer cryptocurrency related trading activities and OTC orders.
There is a detailed page which explains about their legal status and they cover their policies pretty well. In other words, the legal documents are legitimate, but that does not necessarily mean that you will profit every single time you use their platform.
On the greener side, they do take KYC seriously and there are strict daily limits applicable to the unverified users. Given the fact that cryptocurrency transactions are irreversible, the measures they have in place works out in the favour of the end consumers. Bull Bitcoin brags about providing quality customer support.
However, the way they function says otherwise. There are no contact details put up by them. We searched every nook and corner of their platform, but could not find any information about their whereabouts. From their phone numbers to physical location, nothing is shared with the public.
The only way to get in touch with them is via contact form. Response time is not clearly mentioned. If you encounter any technical problem or other crucial issue, then it is impossible to get help on the spot.
Due to the limited sample size, we cannot comment anything about what to expect from them during an emergency. Nonetheless, our expectations from them aren’t that high. Mediocre customer support speaks for itself and it acts like a red flag in our books.
Bull Bitcoin Services
Bull Bitcoin offers a lot of things simultaneously. Some aspects of their business are beyond our comprehension. We have listed the main service below. Take a look at them. Ask yourself, isn’t it weird to buy gift cards and bitcoins from the same platform?
First and foremost, this platform is a bitcoin exchange. Canadians can buy or sell BTC and to do that the process is straightforward. Note that users should share the bank information with them and here is no way around that. Processing time is not clearly stated.
Users can convert CAD into BTC or Liquid BTC which is just another network. A calculator is present right on the homepage and it supposedly updates the prices in real time. We do not have a clue about how the price locking mechanisms work. Bitcoin as we all know is too volatile.
Sometimes a five minute delay can also affect the entry price by a large margin. So, to be on the safer side, talk with the support team before placing the orders. Also, keep in mind that fees are applicable on your transaction and the end amount depends upon the order size.
Unlike a lot of reputable exchanges, this one charges a processing fee that is supposedly a compensation for the broker to cover the risks associated with trading, liquidity and settlement. Processing fees is relatively an uncommon thing in this space and we do not know how it will affect the new profit and loss statement in the long run.
Bull Bitcoin enables people to buy gift cards with Bitcoin. This is a strange thing and we have not seen any other exchange do anything similar to it. The gift cards currently available on their platform are listed below.
Generally speaking, the gift card prices will be in the range of 10 CAD to 100 CAD. If you are specifically after the gift cards, then know that there are much better alternatives out there.
- Banana Republic
- The Home Depot
- Air Canada
- American Eagle
- The Gap
- East Side Mario’s
- Karma Koin
- Old Navy
- Sony Playstation
- Swiss Chalet
- The Ultimate Dining Card
Recurring buy is just the term introduced by this exchange to reach the average user. In simple words, recurring buy is nothing but setting stop order, but also giving importance to time frequencies. Users instead of dumping all their hard earned money on one single trade can opt for this method if they truly believe in the trend.
Recurring buys may face potential issues because of the factors like slippage, delayed executions, etc,. So, take a look at their fine print before using this type of stacking mechanism.
For best results, talk with the support team and enquire about all the costs involved. Keep an eye on the fees because if you are opening a lot of orders, then it is obviously going to cost you a lot as well.
Dollar Cost Averaging
Dollar cost averaging is a type of trading approach which is employed when people truly believe in the fundamental value of a trading instrument. The basic idea is to stack orders at different prices and time intervals to maximise profits. This approach works well in a trending market, but in choppy conditions, it is nothing short of a nightmare.
Moreover, handling multiple orders is complex and chances are people might get overwhelmed during the process. So, use this approach only if you have sufficient experience or else you might get into a lot of trouble.
Theoretically speaking this strategy is perfect, but in the real world as the variables are more, you need to place a hedge to soften any unforeseen movements. Also, calculate your capital requirement beforehand to make sure you can handle a couple of downswings if something out of the blue happens.
Bull Bitcoin Fees and Payments
Bull Bitcoin has a weird fee structure compared to a lot of exchanges in this niche. To buy bitcoin or fund accounts, there are no fees applicable. If you sell bitcoin, then you have to pay a fee and the end charges are correlated with the aggregate trading volume of your account in the last 24 hours.
Note that to sell bitcoins via this platform, you have to employ Bylls service and they charge a processing fee which generally ranges from 0% to 1.25%. Fees might appear low, but we can guarantee you that many exchanges out there offer much better rates. The minimum amount required to use their service is not mentioned.
Accepted payment and funding methods are e-transfer, wire transfer, Desjardins and direct debit. Regardless of which method you choose, you have to share a lot of your confidential information with them.
We do not know whether they offer 2 FA login methods, but if they do, then immediately activate that service. Remember, never compromise on safety especially while dealing with crypto exchanges. Nowadays, the hacking incidents have gone down, but that does not mean that you should let your guard down anytime soon.
Bull Bitcoin User Reviews
While reviewing any new platforms, we always take a look at customer feedback. Social proof is the single largest metric that helps us understand the true values of a firm. We agree that most things can be faked especially in this online era.
Nonetheless, real user reviews will always steal the spotlight eventually. After all, no one can hide or stub the truth for long, right? Bull Bitcoin has got extremely good ratings. However, the users have expressed contradicting statements. For example, one customer talks about how good they are while the other expressed frustrations caused by them.
Note that, we have not verified any claims so we just have to sit idle until more evidence about them pops up. Below, we have gathered a couple of testimonials from Trustpilot. Just look how different they are even though both the clients have used the same service.
Garbage customer service!
There was a mistake on their end I had to wait over a week and a half for my funds and they held the same rate from over a week and a half ago even know BTC went up over 10% since.
I wouldnt ever sell/buy from this site very shady operation.
He flagged this review as false then banned my account, trying to bury this review. Nice try.
He claims I sent to the wrong address but had my coins for over a week with no money sent. DO NOT BUY FROM THIS SHADY S*** BAG!
I’ve been very impressed with Bull Bitcoin’s service and Bitcoin maximalist philosophy. A few notable points:
– They never custody your bitcoin. The moment you purchase bitcoin it is sent directly to your own wallet. Not your keys, not your bitcoin
– They promote coin mixing, a healthy privacy practice
– Service is incredible. I’ve had issues with other bitcoin exchanges in getting signed up. But with Bull Bitcoin, their customer service team took care of my issues immediately
– They are not venture funded. This is important, because if they’re still in business it means they are profitable. This gives me confidence in the future viability of the business I trust to purchase by bitcoin
– They promote automatic dollar cost averaging. The best way to ensure I’ve made a good entry price is to spread out my buys. But I don’t have time to sit in front of my computer all day manually buying. I set up automatic dollar cost averaging and the Bull Bitcoin system buys bitcoin and sends it to my wallet on my behalf.
Is Bull Bitcoin Trustworthy?
This question is the one that is on everyone’s mind. On one hand they promote good trading methods, but support only one cryptocurrency. Their policies are transparent, but the fees are high. User ratings are high and show promising character.
However, a few comments on forums like Trustpilot will not let you sleep. Due to the mysterious operational model, lack of evidence, we feel it is in your best interest to do your own research and then decide what to do about them?
In case you feel like you are being looted by them, then use the contact form below this post to reach out to us. Explain the matter to us in detail and we will do our best to help you retrieve your capital.
Bull Bitcoin is an exchange that attracts a lot of ambiguity. Their business model is truly unlike anything we have ever seen, but it particularly does not give good vibes. With the number of alternatives available, it is a no brainer to look for other options.
Remember to look for the ones that have been around for long. At the end of the day, regulation and security are the traits that ultimately matter and as long as you choose the one that has both qualities, you won’t have to worry about anything else.