Our review of Beaver Bitcoin platform 3/5

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Beaver Bitcoin in brief

Our opinion of Beaver Bitcoin

Beaver Bitcoin is a Canada-focused, Bitcoin-only platform that simplifies the process of buying Bitcoin through Interac e-Transfer and automated recurring purchases. We liked its non-custodial approach, which ensures users retain full control of their Bitcoin from the moment of purchase. The dollar-cost averaging (DCA) feature is a useful addition for long-term Bitcoin investors who want to accumulate BTC over time without manually placing orders.

However, we would have liked it to offer more than just Bitcoin, as many competitors provide access to a wide range of altcoins, stablecoins, and NFTs. The lack of staking, lending, or a crypto card also makes it less versatile than other exchanges. While its 1.5% transaction fee is transparent, it is higher than some major competitors, which can make frequent purchases costly. The absence of a mobile app also limits accessibility for users who prefer managing their investments on the go.

Customer support is limited to email inquiries, and we found that response times can be slower than platforms that offer live chat or phone support. Additionally, the lack of an instant price-locking feature means that Bitcoin’s price can fluctuate before a purchase is completed, which may be frustrating for those looking for precise entry points.

Who is Beaver Bitcoin best for?

Beaver Bitcoin is best suited for Canadian Bitcoin investors who value self-custody, a simple buying process, and automated Bitcoin accumulation but do not require additional trading tools or altcoin access.

Before opening an account on Beaver Bitcoin, compare the best crypto brokers and platforms in Canada:

Let's find out more about our test results on Beaver Bitcoin.

Reliability and Security 3.5/5

Beaver Bitcoin, established in 2021, is a Canadian non-custodial Bitcoin exchange headquartered in Toronto. As of June 2024, the platform reported $1.6 million in Bitcoin sales and projected reaching $3.6 million by year-end, indicating significant growth. However, specific user numbers and any awards or recognitions have not been publicly disclosed.

In terms of regulatory compliance, Beaver Bitcoin is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money services business, adhering to Canadian anti-money laundering regulations. Notably, it is not registered with provincial securities regulators such as the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), or Alberta Securities Commission (ASC).

The platform's non-custodial model enhances security by ensuring users maintain control over their private keys, thereby reducing risks associated with centralized exchanges. However, the absence of additional security features like two-factor authentication or insurance on holdings may be a concern for some users.

Cryptocurrencies Available 1.5/5

Beaver Bitcoin is a Bitcoin-only exchange, which sets it apart from most other Canadian and global platforms that offer a diverse selection of cryptocurrencies. While its non-custodial model ensures greater security and ownership, it also means that users cannot trade altcoins, stablecoins, or NFTs. This limited approach makes it suitable for Bitcoin investors but significantly less attractive for users seeking asset diversification.

Below is a comparison of available asset types on Beaver Bitcoin versus the market average:

Our opinion on Beaver Bitcoin's offerings

While its Bitcoin-only approach appeals to a niche group of users, Beaver Bitcoin lacks the variety that many traders and investors expect from a modern crypto exchange.

Services and Tools 2/5

Beaver Bitcoin is a minimalist Bitcoin-only platform that prioritizes simplicity and self-custody. However, this focus comes at the cost of many services typically found on other exchanges, such as staking, lending, and a crypto card. The platform is designed for straightforward Bitcoin purchases, but users looking for additional features may find it lacking.

• Crypto card: ❌ Not available – Unlike some competitors, Beaver Bitcoin does not offer a crypto debit card for spending Bitcoin.
• Lending & Borrowing: ❌ Not available – Users cannot lend Bitcoin for interest or take out crypto-backed loans.
• Staking & Farming: ❌ Not available – No support for staking or yield farming, as the platform only supports Bitcoin, which is not a Proof-of-Stake asset.
• Recurring Bitcoin Purchases (DCA): ✅ Available – Users can automate Bitcoin purchases at set intervals to build their holdings over time.
• Bitcoin On-Chain Transactions: ✅ Available – The platform supports self-custody Bitcoin transactions, ensuring users maintain full control of their assets.

Fees and Commissions 3.5/5

Beaver Bitcoin positions itself in the Canadian market with a transparent flat fee structure, charging a 1.5% fee on all Bitcoin purchases, regardless of the payment method used. This straightforward approach ensures users are aware of the exact costs associated with their transactions.

In comparison, a study analyzing 18 Canadian exchanges found that the average all-in fee to buy Bitcoin was approximately 1.90%, with selling fees averaging 2.13%. This places Beaver Bitcoin's fees below the national average, making it a competitive option for Canadian users.

However, it's important to note that some major cryptocurrency exchanges offer lower fees. For instance, platforms like Binance and Kraken have trading fees that can be as low as 0.10% to 0.26%, depending on the transaction type and volume. These exchanges often employ a maker-taker fee model, which can be more cost-effective for high-frequency traders.

Beaver Bitcoin does not impose additional fees such as deposit, withdrawal, or inactivity fees, which can be advantageous for users seeking a straightforward fee structure.

Our opinion on Beaver Bitcoin's fees and commissions

Considering its transparent fee model and competitive rates within the Canadian market, Beaver Bitcoin earns an above-average rating for its fees and commissions. While it offers a clear and reasonable fee structure, users seeking the lowest possible fees might explore other platforms with more complex fee models that could offer lower rates for certain transaction types.

Customer Reviews 4/5

Beaver Bitcoin has a Trustpilot rating of 4.0/5 based on 8 reviews, indicating a generally positive user experience, although the limited features and higher fees have been points of concern for some customers.

Here are some recent reviews from Canadian users:

• Alex R (January 8, 2025): "I wanted a simple way to buy Bitcoin in Canada, and Beaver Bitcoin seemed like a good option. The Interac e-Transfer deposit was quick, and I liked that I could set up recurring buys without worrying about manually making purchases. However, I noticed that the 1.5% fee is a bit steep, especially when compared to other exchanges. I also wish they had a mobile app since I do most of my trading on my phone."
• Megan T (November 22, 2024): "I've been using Beaver Bitcoin for a few months now, and I really like how simple and secure it is. The non-custodial model means I hold my own Bitcoin, which gives me peace of mind. Their customer support was helpful when I had an issue with a delayed deposit, and they responded within a day. The only downside is that it's Bitcoin-only, so if you're looking for altcoins, this isn't the platform for you."
• Daniel L (September 10, 2024): "I wanted to support a Canadian Bitcoin exchange, but Beaver Bitcoin just doesn't offer enough features for me. The fees are higher than other exchanges, and I don't like that there's no price-locking feature when you buy Bitcoin—it can be frustrating when the price changes before your transaction is processed. Also, the lack of staking or a crypto card makes it feel like I'm missing out on options that other platforms have."

How does Beaver Bitcoin compare to other Crypto brokers?

Beaver Bitcoin focuses on Bitcoin-only purchases, making it a niche platform compared to competitors that offer a wide range of cryptocurrencies and services. Below is a comparison of its key features against other well-known brokers.

Conclusion of our analysis of Beaver Bitcoin

Beaver Bitcoin offers a straightforward way to buy Bitcoin in Canada, but it falls short in many areas compared to competitors. We liked the non-custodial approach, which ensures that users hold their Bitcoin in their own wallets. The automated dollar-cost averaging (DCA) feature is also useful for long-term Bitcoin investors.

However, we would have liked to see more crypto assets available, as most platforms offer altcoins, stablecoins, and NFTs. The lack of staking, lending, and a crypto card makes it feel far less versatile than competing exchanges. Additionally, the 1.5% transaction fee is higher than some competitors, making it less appealing for frequent traders. The absence of a mobile app also limits accessibility.

Before opening an account on Beaver Bitcoin, compare the best crypto brokers and platforms in Canada:

What types of accounts are available with Beaver Bitcoin?

Beaver Bitcoin offers a straightforward platform for purchasing Bitcoin, focusing on simplicity and user control. Unlike many brokers that provide multiple account tiers with varying features, Beaver Bitcoin operates with a single standard account for all users. This approach ensures equal access to all services without the complexity of choosing between different account levels.

Below is a summary of the key characteristics of Beaver Bitcoin's account structure:

This single-account structure emphasizes Beaver Bitcoin's commitment to providing an uncomplicated and secure platform for purchasing Bitcoin. By eliminating multiple account tiers, the platform ensures equal access to all features and services for every user.

Key characteristics include:

• Unified Access: Every user has the same level of access to all platform features, including Instant Buy, Large Buy, and Recurring Buy options.
• Transparent Fee Structure: A flat 1.5% fee is consistently applied across all transactions, ensuring clarity and fairness.
• Diverse Payment Methods: Users can choose from various payment methods such as Interac e-Transfer for quick transactions, or Bill Payment and Wire Transfer for larger purchases.
• Enhanced Security: Operating on a non-custodial model, the platform delivers Bitcoin directly to the user's personal wallet, reducing risks associated with centralized storage.
• Support Resources: Users have access to a comprehensive Help Center and can reach out directly to customer support for any inquiries or assistance.

How do deposits and withdrawals work with Beaver Bitcoin?

Beaver Bitcoin provides several deposit methods tailored for Canadian users, offering various funding limits and processing times. Below is a summary of the available deposit and withdrawal options:

Beaver Bitcoin's deposit options are easy to use, especially for Canadians looking for Interac e-Transfer support. The transparent 1.5% fee ensures users know the exact cost of each transaction. However, some competitors offer lower fees, especially for larger transactions or frequent traders. The lack of instant price locking can also make price fluctuations an issue.

In terms of withdrawals, the non-custodial approach ensures that users receive Bitcoin directly in their personal wallets, which enhances security but may require additional steps for new users unfamiliar with self-custody. Unlike other platforms, there are no fiat withdrawals, which could be a downside for users who want to cash out directly to their bank accounts.

While the deposit options are practical and well-suited for Canadian users, those looking for lower fees, altcoin trading, or direct fiat withdrawals may find other platforms more competitive.

Does Beaver Bitcoin offer crypto staking?

Beaver Bitcoin does not offer staking, as the platform is Bitcoin-only and does not support Proof-of-Stake (PoS) cryptocurrencies. Staking is typically available for Ethereum (ETH), Solana (SOL), Cardano (ADA), and other PoS assets, which are not part of Beaver Bitcoin’s offerings. Users looking to earn passive income through staking will need to use alternative platforms that support PoS assets.

Beaver Bitcoin does not provide lending services. Unlike some exchanges that allow users to lend their cryptocurrencies in exchange for interest payments, Beaver Bitcoin’s model is focused entirely on Bitcoin purchases and self-custody.

Because no lending services are available, there are no yield opportunities or interest rates to compare. Many competitors offer lending programs with annual percentage yields (APY) ranging from 2% to 12% depending on the crypto asset and market conditions. However, Beaver Bitcoin does not include such financial products in its offering.

Good to know

Since neither staking nor lending is available, users looking to generate passive income from their crypto holdings will need to explore alternative exchanges or decentralized finance (DeFi) platforms. Beaver Bitcoin remains a buy-and-hold-focused platform, prioritizing Bitcoin purchases and self-custody rather than yield-generating services.

How are revenues generated by Beaver Bitcoin taxed?

In Canada, income generated from trading Bitcoin on Beaver Bitcoin is taxable, as the Canada Revenue Agency (CRA) considers cryptocurrency a form of property rather than traditional currency. Any profits or losses from buying and selling Bitcoin must be reported for tax purposes.

How crypto trading is taxed in Canada

• Capital Gains Tax: If Bitcoin is bought and sold as an investment, any profit made is treated as a capital gain, and only 50% of the gain is taxable at the individual's marginal tax rate. If Bitcoin is sold at a loss, the loss can be used to offset other capital gains.
• Business Income Tax: If trading is frequent or resembles business activity, the CRA may classify it as business income, meaning 100% of the profit is taxable. Business-related expenses can be deducted if the trading activity is considered a business.
• Bitcoin Payments and Spending: If Bitcoin is used for bill payments or purchases, it is considered a barter transaction, and the fair market value in CAD at the time of the transaction must be reported as taxable income if applicable.

How to declare crypto trading income

• Track Transactions: The CRA requires detailed records of all Bitcoin transactions, including dates, purchase and sale prices, transaction fees, and the CAD value at the time of each trade.
• Report on Tax Return:
• Capital gains should be reported on Schedule 3 (Capital Gains and Losses) in the T1 Income Tax Return.
• Business income should be declared in the business income section of the tax return.
• Convert Bitcoin Values to CAD: When reporting income, all transactions must be converted to Canadian dollars (CAD) using the exchange rate at the time of the trade or payment.

Good to know

Beaver Bitcoin does not provide tax reporting tools, so users must track transactions manually or use third-party crypto tax software. Failure to report crypto income can lead to penalties, interest charges, and potential audits by the CRA. Consulting a tax professional is recommended for users engaging in frequent trading or large transactions to ensure compliance with Canadian tax laws.

Contact: How do I contact Beaver Bitcoin customer service?

Beaver Bitcoin provides multiple contact methods to assist users with various requests. Below is a table outlining the types of requests, corresponding contact methods, and availability:

FAQs

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.