Member since: Aug 09
|How to buy bitcoin without getting ripped off?
any bitcoin traders or HODlers here on CD?
I have been trying to buy Bitcoin recently and not having any luck.
the problem is that it seems to be extremely hard to buy Bitcoin in Canada through proper channels like bank account, investment account etc.
the reason is that all the major banks and credit card companies block Bitcoin transactions.
in the last 2 weeks, I have tried with my Bank of Montreal card as well as Scotiabank card and they both blocked it.
upon calling, they confirmed that all Bitcoin transactions will be blocked, no matter how small.
TD is also blocking.
so buying through the usual channels is out.
the only way I have been able to find is using Bitcoin ATM machines.
that does work and I did manage to buy a small amount.
the problem is that their spreads and commissions are massive...total rip off.
for example, yesterday 1 BTC was ~ $11,650 CAD but Bitcoin ATMs were quoting ~ $12,900...that is more than 10% higher than market price.
I tried several ATMs in the GTA and they were all the same.
so my question - is anyone here buying BTC using Canadian $$ and how are you buying?
thanks in advance.