Our review of Bitcoin Well - 2/5

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Bitcoin Well in brief

Our opinion of Bitcoin Well

Bitcoin Well presents itself as a non-custodial platform designed for Canadians who want to buy Bitcoin quickly and securely. We liked its direct-to-wallet approach, which ensures users have full control over their assets without relying on third-party custody. The ability to purchase Bitcoin without pre-funding an account is convenient, particularly for those who prioritize instant transactions.

However, we would have liked to see a broader range of cryptocurrencies. The platform only supports Bitcoin, making it unsuitable for traders looking to diversify their portfolios. The absence of trading features, staking, or lending options further limits its appeal compared to full-service exchanges. Fees are another drawback, as Bitcoin Well charges higher rates than many competitors, making it an expensive choice for frequent buyers.

Customer support is available via email and phone, but we would have liked a live chat option for faster assistance. Additionally, the lack of a mobile app makes access less convenient compared to platforms with dedicated applications. While Bitcoin Well is registered with FINTRAC, it is not regulated by major securities bodies like IIROC or CSA, which may raise concerns for users who prioritize regulated environments.

Who is Bitcoin Well best for?

Bitcoin Well is best suited for Canadian Bitcoin buyers who value direct wallet transactions and in-person service options but are not concerned with trading features or altcoin availability.

Before you zero in on Bitcoin Well, compare the best crypto platforms in Canada:

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

Reliability and Security 2.5/5

Bitcoin Well is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB), which ensures compliance with anti-money laundering (AML) regulations. However, it is not regulated by the Canadian Securities Administrators (CSA), Investment Industry Regulatory Organization of Canada (IIROC), or provincial regulatory bodies such as the Ontario Securities Commission (OSC) or the British Columbia Securities Commission (BCSC). This means it does not offer the same investor protections as regulated trading platforms.

From a security standpoint, the non-custodial model minimizes the risk of exchange hacks since Bitcoin Well never holds user funds. However, the lack of two-factor authentication (2FA) or other built-in security measures on the platform itself is a drawback. Users must rely on their personal wallets to implement security features such as multi-signature authentication and hardware storage.

Cryptocurrencies Available 1/5

Bitcoin Well takes a highly specialized approach, focusing exclusively on Bitcoin transactions. Unlike most cryptocurrency exchanges that offer a wide variety of altcoins, tokens, and NFTs, Bitcoin Well does not support any assets beyond Bitcoin. This makes it a niche platform catering solely to Bitcoin enthusiasts rather than traders looking for portfolio diversification. While the non-custodial model provides security benefits, the lack of asset variety is a significant limitation for those wanting exposure to different cryptocurrencies or DeFi products.

Here’s how Bitcoin Well compares to the market in terms of asset diversity:

Our opinion on Bitcoin Well's offerings

Bitcoin Well’s offerings are extremely limited, catering exclusively to Bitcoin buyers without support for altcoins, trading, or DeFi services. While its non-custodial model ensures users maintain full control over their funds, the lack of asset variety makes it less competitive compared to major exchanges. For those seeking a comprehensive crypto experience, Bitcoin Well falls short of industry standards.

Services and Tools 1.5/5

Bitcoin Well is primarily a Bitcoin purchasing platform rather than a full-service crypto exchange. It does not offer common features such as staking, lending, or farming, which are widely available on other platforms. The absence of these tools makes it less attractive to users looking for ways to earn passive income or engage in advanced crypto trading.

The platform also lacks a crypto card, which many competitors provide for spending crypto directly. Additionally, NFT services are not available, and there are no educational resources or training materials for users. While Bitcoin Well does support bill payments using Bitcoin, this is one of the few unique features it offers beyond direct BTC purchases.

Here’s how Bitcoin Well compares in terms of service diversity:

Fees and Commissions 1.5/5

Bitcoin Well is positioned as a convenience-focused platform rather than a cost-effective exchange. Unlike traditional crypto trading platforms that offer competitive maker and taker fees, Bitcoin Well applies higher transaction costs due to its direct-to-wallet model and reliance on third-party payment processors. The total fees users pay depend on the chosen payment method, with Interac e-Transfers and credit card purchases being notably expensive.

Here’s a comparison of Bitcoin Well’s fees versus the market average:

Other Fees at Bitcoin Well

• Deposit Fees: No deposit needed (direct purchases only)
• Withdrawal Fees: N/A (funds go directly to wallet)
• Conversion Fees: High, spread-based, and not transparent
• Inactivity Fees: None

Our opinion on Bitcoin Well's fees and commissions

Bitcoin Well’s fee structure makes it one of the most expensive ways to buy Bitcoin in Canada. The lack of transparent pricing and the wide fee range depending on the payment method make it difficult for users to estimate costs accurately.

Customer Reviews 3.1/5

Bitcoin Well has a Trustpilot rating of 3.1/5 based on 17 customer reviews, indicating a mixed user experience. While some customers appreciate the convenience of direct Bitcoin purchases, others report high fees, hidden costs, and customer service issues.

Here are some recent reviews from Canadian users:

• Mark L (January 2025): "I tried using Bitcoin Well to buy BTC quickly, but the fees ended up being way higher than I expected. I paid via Interac e-Transfer, and while the transaction was fast, I only realized after that I was charged almost 10% in fees. I reached out to support to clarify, but they didn’t provide a clear breakdown of the charges. Definitely not the cheapest option out there."
• Sarah P (November 2024): "The non-custodial model is nice because I like having full control of my Bitcoin, but I found the buying process confusing. I accidentally sent the wrong amount and had to go back and forth with customer support for days before getting it sorted. They were polite but slow to respond. If you're not tech-savvy, this platform might be a bit frustrating."
• James R (September 2024): "I used Bitcoin Well to pay a bill with BTC, and it worked as expected. The process was smooth, and the transaction went through quickly. However, I still think the fees are way too high compared to other platforms. If they were more transparent with pricing, I’d be more likely to use them again."

How does Bitcoin Well compare to other Crypto brokers?

Bitcoin Well takes a simplistic approach by focusing solely on Bitcoin purchases, while other platforms provide a wider range of cryptocurrencies and financial services. The table below compares Bitcoin Well with three major competitors across key features.

Conclusion of our analysis of Bitcoin Well

Bitcoin Well lacks the diversity and financial tools offered by leading platforms, making it a niche service rather than a comprehensive exchange. We liked that purchases go directly to personal wallets, ensuring users retain full control over their funds. However, the high fees, lack of altcoins, and absence of key features like staking, lending, and a crypto card make it far less competitive than other platforms.

For users who want a fast and straightforward way to buy Bitcoin in Canada, Bitcoin Well delivers, but those looking for lower fees, trading options, or DeFi services will likely find better alternatives elsewhere.

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

What types of accounts are available with Bitcoin Well?

Bitcoin Well does not offer traditional account tiers like most cryptocurrency exchanges. Instead, it provides a single non-custodial account structure where users can purchase Bitcoin directly without the need for deposits. However, there are two main usage types: Standard Online Purchases and In-Person Services. Below is a comparison of their key characteristics.

Bitcoin Well’s approach is simplified and focused solely on buying Bitcoin, making it different from most platforms that offer multiple account levels with varying benefits.

Standard Online Purchases

Users who prefer to buy Bitcoin online can do so without creating an account. Transactions are processed instantly, and funds are sent directly to the buyer’s personal wallet. Payments can be made via Interac e-Transfer or bank transfer, but the fees are significantly higher compared to traditional exchanges. There are no staking, lending, or altcoin options, which limits its functionality.

In-Person Services

Bitcoin Well also operates physical locations and Bitcoin ATMs where users can purchase Bitcoin with cash, debit, or credit cards. This option is useful for those who prefer face-to-face transactions, but fees vary depending on the location. Like online purchases, all Bitcoin is sent directly to the user’s wallet, ensuring full control over funds. However, the lack of additional crypto services makes it less versatile compared to major exchanges.

Good to know

Bitcoin Well’s lack of tiered accounts means all users receive the same features regardless of purchase method. While this keeps the process simple, the high fees and absence of advanced trading features make it less appealing for active traders.

How do deposits and withdrawals work with Bitcoin Well?

Bitcoin Well operates differently from traditional exchanges as it does not require deposits or withdrawals in the conventional sense. Instead, users purchase Bitcoin directly, and funds are sent immediately to their personal wallets. Below is a breakdown of the available payment methods, supported currencies, processing times, and associated fees.

Bitcoin Well’s direct-to-wallet approach eliminates the need for traditional deposits and withdrawals, which may appeal to users who prefer instant Bitcoin transfers. However, the fees for buying Bitcoin are significantly higher than on major exchanges, where trading fees typically range from 0.1% to 3%. Additionally, the lack of support for multiple cryptocurrencies and fiat withdrawal options makes it less flexible for users who want a cost-effective way to move money in and out of crypto.

Overall, Bitcoin Well is convenient for instant Bitcoin purchases but falls short on affordability compared to competitors offering lower fees and a wider range of funding options.

Does Bitcoin Well offer crypto staking?

Bitcoin Well does not offer staking services, as it is strictly a Bitcoin-only, non-custodial platform. Unlike major exchanges that allow users to stake proof-of-stake (PoS) cryptocurrencies for passive income, Bitcoin Well focuses solely on direct Bitcoin purchases. Users looking for staking opportunities will need to use other platforms that support assets like Ethereum, Solana, or Polkadot.

Bitcoin Well does not provide lending services, meaning users cannot earn interest on their Bitcoin holdings or borrow against their assets. Many competitors offer crypto lending with fixed or flexible yield options, allowing users to generate passive income. However, Bitcoin Well’s non-custodial model means users must seek external platforms for lending solutions.

Expert advice

Bitcoin Well’s lack of staking and lending options makes it far less attractive to users who want to earn passive income from their crypto holdings. Those seeking yield-generating opportunities will need to use alternative platforms.

How are revenues generated by Bitcoin Well taxed?

In Canada, cryptocurrency transactions conducted through Bitcoin Well are subject to taxation under the guidelines set by the Canada Revenue Agency (CRA). Since Bitcoin Well is a non-custodial platform that only facilitates Bitcoin purchases and bill payments, users are primarily dealing with capital gains and business income taxation rather than complex staking or interest earnings.

How is trading income taxed

• Capital Gains Tax: If Bitcoin is purchased through Bitcoin Well and later sold at a profit, the capital gain is taxable, with 50% of the gain added to the user’s taxable income.
• Business Income Tax: If trading activity is frequent and conducted like a business (e.g., day trading), the CRA may classify the profits as business income, meaning 100% of the profit is taxable.
• Bitcoin as Payment: If Bitcoin is used for bill payments through Bitcoin Well, this is considered a disposition of an asset, and any difference between the purchase price and the market value at the time of spending may be taxed as a capital gain or business income.

How to declare crypto income in Canada

• Keep Detailed Records: The CRA requires users to maintain transaction records, including purchase price, sale price, dates, and wallet addresses.
• Report Gains and Losses: Capital gains are reported on Schedule 3 of the T1 General Tax Return. If classified as business income, profits should be declared as self-employment income.
• Track Transaction History: Since Bitcoin Well does not provide tax documents, users must manually track transactions or use crypto tax software to generate reports.
• GST/HST Considerations: If Bitcoin is used for commercial transactions, GST/HST may apply, depending on the nature of the transaction.

Keep in mind

Since Bitcoin Well only supports Bitcoin transactions and direct payments, users are not subject to staking rewards, lending interest, or complex DeFi taxation. However, all trades, sales, and bill payments must be tracked to ensure accurate tax reporting.

Contact: How to contact Bitcoin Well customer service?

Bitcoin Well provides limited customer support options, with assistance available primarily through phone and email. There is no live chat, and response times may vary. Below is a breakdown of the different types of requests and how to reach Bitcoin Well.

FAQs

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.