Our review of Bull Bitcoin platform: 3/5

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Bull Bitcoin in brief

Our opinion of Bull Bitcoin

Bull Bitcoin is a unique platform tailored specifically for Bitcoin enthusiasts in Canada. We liked its non-custodial approach, which ensures that users have full control over their funds, reducing the risks associated with centralized exchanges. The direct CAD-to-Bitcoin transactions without intermediary conversion fees are also a strong advantage for those looking to buy Bitcoin efficiently. Additionally, the option to pay Canadian bills with Bitcoin is a rare feature that adds practical utility for crypto users.

However, we would have liked to see more flexibility in terms of available cryptocurrencies. Being limited to Bitcoin alone makes the platform less appealing to traders looking for diversification. The absence of a mobile app is another downside, especially given that most modern crypto platforms offer seamless mobile trading experiences. Furthermore, the lack of advanced trading tools, such as limit orders or charting capabilities, means the platform is not suited for traders who rely on technical analysis.

Customer support is another area where improvements could be made. With only email support available, users facing urgent issues may find response times slower than expected. We also noticed that fees tend to be higher compared to major global exchanges, which could make frequent transactions costly. Additionally, the lack of staking, lending, or any passive income options means long-term Bitcoin holders won’t find ways to earn a yield on their holdings.

Who is Bull Bitcoin best for?

Bull Bitcoin is best suited for Bitcoin maximalists and Canadian users who prioritize security, privacy, and direct fiat-to-Bitcoin transactions over a diverse range of trading options.

Before deciding upon Bull Bitcoin, compare the best crypto exchange platforms in Canada:

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

Reliability and Security 3.5/5

Bull Bitcoin, established in 2013, is a Canadian-based non-custodial Bitcoin exchange and payment service. The platform focuses exclusively on Bitcoin transactions, allowing users to buy and sell Bitcoin directly using Canadian dollars. As of now, specific data regarding the number of active users or any awards the platform may have received is not publicly available.

In terms of regulatory compliance, Bull Bitcoin is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), adhering to Canadian anti-money laundering (AML) and know-your-customer (KYC) regulations. However, it is not regulated by other major Canadian financial authorities such as the Ontario Securities Commission (OSC), the British Columbia Securities Commission (BCSC), or the Alberta Securities Commission (ASC).

To help users manage risk, Bull Bitcoin employs a non-custodial model, meaning users retain control of their private keys and funds, reducing the risk of exchange hacks. Additionally, the platform offers educational resources to assist users in securely managing their Bitcoin holdings.

Cryptocurrencies Available 1.5/5

Bull Bitcoin is a highly specialized platform in the Canadian crypto market, distinguishing itself from traditional exchanges by focusing exclusively on Bitcoin (BTC). Unlike competitors that offer a broad selection of cryptocurrencies, altcoins, and NFTs, Bull Bitcoin appeals specifically to Bitcoin maximalists who prefer a non-custodial, Bitcoin-only experience. However, this narrow approach means it lacks the diversity that most modern traders and investors seek.

Here is a comparison of available asset types on Bull Bitcoin versus the market average:

Our opinion on Bull Bitcoin's offerings

While its Bitcoin-only approach may appeal to a niche audience, it significantly limits opportunities for traders looking to diversify their crypto holdings.

Services and Tools 2/5

Bull Bitcoin is a highly specialized platform that focuses solely on Bitcoin transactions, which significantly limits the range of services it offers compared to most other exchanges. Unlike larger platforms that provide tools for staking, lending, farming, and crypto cards, Bull Bitcoin’s features are centred around Bitcoin transactions and payments rather than active trading or earning opportunities.

• Crypto card: ❌ Not available – Unlike some competitors, Bull Bitcoin does not offer a crypto debit card for spending Bitcoin directly.
• Lending & Borrowing: ❌ Not available – Users cannot lend or borrow Bitcoin to earn interest or access crypto-backed loans.
• Staking & Farming: ❌ Not available – No options for staking rewards or yield farming, as the platform does not support Proof-of-Stake (PoS) assets.
• Direct Bitcoin Purchases: ✅ Available – Users can buy and sell Bitcoin directly using Canadian dollars via Interac e-Transfer or bank wire.
• Bill Payments in Bitcoin: ✅ Available – One of Bull Bitcoin’s standout features is the ability to pay Canadian bills using Bitcoin, which is rare among exchanges.
• No-Custody Bitcoin Model: ✅ Available – Unlike many exchanges that hold user funds, Bull Bitcoin requires users to store Bitcoin in their own wallet, providing enhanced security.

Fees and Commissions 2.5/5

Bull Bitcoin positions itself as a transparent, non-custodial Bitcoin exchange, but its fee structure is generally higher than the market average. Unlike many platforms that integrate fees into spreads, Bull Bitcoin applies direct trading fees, which can be less competitive compared to major global exchanges.

Other Fees:

• Deposit Fees: ✅ No fees (Interac e-Transfer and bank wire are free)
• Withdrawal Fees: ✅ No fees (except for standard Bitcoin network fees)
• Conversion Fees: ❌ Higher spreads than global exchanges
• Inactivity Fees: ❌ Not applicable (since it is a non-custodial platform)

Our opinion on Bull Bitcoin's fees and commissions

While Bull Bitcoin’s no deposit and withdrawal fees are a plus, its trading fees are higher than most competitors, making it less cost-effective for frequent traders.

Customer Reviews 4.3/5

Bull Bitcoin has a Trustpilot rating of 4.3/5 based on 231 reviews, indicating a generally positive customer experience, though some users have reported issues related to fees, customer support, and usability.

Here are some recent reviews from Canadian users:

• Mark R (January 12, 2025): "I’ve been using Bull Bitcoin for a few months now, and I really like the non-custodial model—it forces you to manage your own Bitcoin, which is great for security. The bill payment feature is also a huge plus, as I’ve successfully paid my phone and electricity bills with BTC. However, the fees are a bit high compared to other platforms I’ve used, and it would be nice if they at least had a mobile app for convenience."
• Sarah T (November 28, 2024): "I decided to try Bull Bitcoin because I wanted a Bitcoin-only platform that’s easy to use in Canada. The Interac e-Transfer deposit was fast, and I had no issues buying BTC. But when I tried selling, I noticed the spread was quite high, making it more expensive than I expected. Also, the lack of real-time price locking is frustrating because by the time the transaction goes through, the price has already changed. It’s good for people who know what they’re doing, but I wouldn’t recommend it for beginners."
• Daniel M (September 5, 2024): "I love Bull Bitcoin because it’s the only Canadian exchange I trust. They don’t hold your Bitcoin, which means you don’t have to worry about hacks or frozen funds. The process is straightforward, and customer support answered my email within a few hours when I had an issue with my transaction. I do wish they had a better user interface, but overall, if you’re serious about Bitcoin and self-custody, this is the place to go."

How does Bull Bitcoin compare to other Crypto brokers?

Conclusion of our analysis of Bull Bitcoin

Bull Bitcoin stands out for its Bitcoin-only, non-custodial approach, making it unique in the Canadian market. We liked the direct CAD-to-Bitcoin transactions and the ability to pay bills with Bitcoin, which adds a practical use case that many platforms lack. However, we would have liked to see more crypto assets available, as well as additional services like staking, lending, or a crypto card, which are standard on many competitors' platforms.

The fee structure is clear but higher than average, making it less suitable for active traders looking for cost-efficient transactions. The lack of a mobile app, instant price-locking, and live chat support may also be a drawback for some users. While the non-custodial model enhances security, it also requires users to manage their own wallets, which can be a challenge for beginners.

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

What types of accounts are available with Bull Bitcoin?

Bull Bitcoin offers two types of accounts to cater to different user needs: Personal and Corporate. Below is a summary of the features associated with each account type:

Both account types provide access to Bull Bitcoin's core services, including buying and selling Bitcoin, as well as the unique bill payment feature.

Personal Account

The Personal Account is designed for individual users seeking to manage their Bitcoin transactions independently. It requires standard identification verification during the sign-up process. Users have access to all platform services, including the ability to buy and sell Bitcoin directly using Canadian dollars and pay bills with Bitcoin. Standard transaction limits apply, which are suitable for most individual needs. Customer support is available to assist with any inquiries or issues.

Corporate Account

The Corporate Account is tailored for businesses looking to integrate Bitcoin transactions into their operations. The registration process involves enhanced due diligence to comply with corporate regulations. Corporate accounts benefit from higher transaction limits, accommodating larger volume trades and payments. Dedicated support services are provided to address the specific needs of businesses, ensuring a seamless experience when managing Bitcoin transactions.

How do deposits and withdrawals work with Bull Bitcoin?

Bull Bitcoin offers a variety of deposit and withdrawal methods to facilitate Bitcoin transactions for its users. Below is a summary of the available options:

Bull Bitcoin's fee structure is transparent, with no hidden charges. The platform does not impose fees for standard deposit and withdrawal methods, except for a nominal fee for in-person transactions at Canada Post. Bitcoin network fees apply for express transactions, reflecting the priority level chosen by the user.

In comparison to other cryptocurrency exchanges, Bull Bitcoin's focus on a non-custodial model and its emphasis on Bitcoin-only transactions set it apart. While many competitors offer a broader range of cryptocurrencies and services, Bull Bitcoin appeals to users who prioritize security and direct control over their Bitcoin holdings. However, the limited range of supported cryptocurrencies and services may be a drawback for those seeking a more diverse trading experience.

Overall, Bull Bitcoin provides a straightforward and secure platform for Bitcoin transactions, with a clear fee structure and multiple funding options tailored to Canadian users.

Does Bull Bitcoin offer crypto staking?

Bull Bitcoin does not offer crypto staking, as it is a Bitcoin-only platform. Staking is typically available for Proof-of-Stake (PoS) cryptocurrencies, such as Ethereum (ETH), Solana (SOL), or Cardano (ADA), which Bull Bitcoin does not support. Since Bitcoin operates on a Proof-of-Work (PoW) system, there is no native staking mechanism available on the platform.

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

Many competitors offer lending programs with annual percentage yields (APY) based on the crypto asset and market conditions, but Bull Bitcoin does not include such financial products in its offering.

Good to know

Since neither staking nor lending is available with Bull Bitcoin, users looking to generate passive income from their crypto holdings will need to explore alternative platforms. Bull Bitcoin remains a transaction-focused exchange rather than a platform for yield-generating services.

How are revenues generated by Bull Bitcoin taxed?

In Canada, income generated from trading Bitcoin on Bull Bitcoin is subject to taxation under the same rules that apply to cryptocurrency transactions across the country. The Canada Revenue Agency (CRA) treats Bitcoin as property, meaning that any gains or losses must be reported for tax purposes.

Tax regime for crypto trading in Canada

The tax treatment of Bitcoin transactions depends on the nature of the trading activity:

• Capital Gains Tax: If Bitcoin is bought and sold as an investment, any profit is considered 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, it can be used to offset other capital gains.
• Business Income Tax: If trading is frequent and resembles day trading or a business, the CRA may classify it as business income, meaning 100% of the profits are taxable at the applicable tax rate. Business expenses may be deductible in this case.
• Bitcoin as Payment: If Bitcoin is used for bill payments or transactions, it is considered a barter transaction, and the fair market value of Bitcoin at the time of the transaction must be reported as taxable income if applicable.

How to declare crypto trading income

• Keep Records: The CRA requires taxpayers to maintain detailed records of each Bitcoin transaction, including purchase and sale prices, dates, transaction fees, and the fair market value in CAD at the time of each trade.
• Report on Your Tax Return:
• For capital gains, report profits or losses on Schedule 3 (Capital Gains and Losses) when filing your T1 Income Tax Return.
• For business income, declare earnings on the appropriate business income section of your return.
• Track Conversions and Payments: If Bitcoin is used for purchases or bill payments, the CRA considers it a taxable event, requiring reporting based on the CAD value at the time of the transaction.

Good to know

Since Bull Bitcoin does not provide tax reporting tools, users must track their transactions manually or use third-party crypto tax software. Failure to report crypto income can result in penalties and audits, so ensuring compliance with CRA regulations is essential. Consulting a tax professional may help determine whether trading activity is considered capital gains or business income.

Contact: How to contact Bull Bitcoin customer service?

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.