Bull Bitcoin relief: lower fees and higher transaction limits
Announcement

3 mins

about 2 years ago

Bull Bitcoin relief: lower fees and higher transaction limits

In January 2020 we had decided to revamp our limits and fees in order to give Canadians a better deal on buying and selling Bitcoin. We are happy to finally announce these huge improvements to the Bull Bitcoin user experience:

Francis Pouliot
Francis Pouliot

CEO

Bull Bitcoin relief: lower fees and higher transaction limits

A better deal to buy and sell Bitcoin in Canada

Canada is facing an unprecedented economic and unemployment crisis. Times are tough for Canadians, and many of our clients have no choice but to use Bitcoin to pay their bills. At the same time, it is more crucial than ever for Canadians to prepare for the inevitable collapse of Canada’s monetary system by buying Bitcoin. This has meant an increase in demand for our services.

In January 2020 we had decided to revamp our limits and fees in order to give Canadians a better deal on buying and selling Bitcoin. We are happy to finally announce these huge improvements to the Bull Bitcoin user experience:

  • All account funding fees have been removed for e-transfer, wire transfer, direct debit and Desjardins transfer (previously 0.25%)
  • Flat fees for all transactions have been removed (previously 0.95$)
  • All fees to Buy Bitcoin have been removed previously (0.5% for large transactions)
  • Bill payment fees have been massively decreased by up to 50% for all transactions above $10,000
  • Transaction limits to buy and sell Bitcoin have been massively increased, up to $10,000,000

In addition, the following chances are now in effect:

  • Proof-of-Residence requirements have been removed
  • KYC thresholds have been simplified
  • Exchange rate spread has been tightened
  • Bill payment times has been decreased to same day or next business day

Users buying Bitcoin will on average be saving at minimum 0.5% per transaction, and high-volume users selling Bitcoin will be saving from 0.5% to 1.75% on transaction fees!

Bull Bitcoin trading fees to buy Bitcoin: nothing!

Account funding fees previously 0.25% have been entirely removed

Bylls transaction fees have been massively decreased for all transactions above $10,000

How do we make money?

Unlike other exchanges, Bull Bitcoin does not charge trading fees, withdrawal fees or account funding fees when purchasing Bitcoin. We only charge transaction fees on bill payments.

So how do we make money?

The answer is simple: we buy Bitcoin lower and sell them higher! Depending on market volatility, the price at which we sell you Bitcoin will be between 1.3% and 1.8% more than the price we paid for.

This makes Bull Bitcoin, along with Shakepay, the cheapest place in Canada to buy Bitcoin!

Price transparency matters: what you see is what you get

We pride ourselves in being the most honest and trustworthy bitcoin exchange in Canada. An important part of why we have maintained our great reputation since launching Bylls.com in 2013 has been our transparent fee structure.

Bitcoin exchanges will often have complicated fee systems that are not publicly visible before you finally go through with the transaction. The calculator you see at bullbitcoin.com/rates will show you the exact amount of Bitcoin you will receive when buying Bitcoin.

No hidden trading, funding or withdrawal fees. When selling Bitcoin (paying bills), we charge additional fees based on the daily transaction volume (see chart below).

Bull Bitcoin rates are always transparent!

Bull Bitcoin rates are always transparent!

If you want to calculate our “spread”

We suggest you use the Canadian Bitcoin Index as reference, available at cbix.ca. The formula is as follows:

(Bull Bitcoin Price - CBIX index) ÷ CBIX index = spread

Here is an example using the live rates taken when this article was written (April 13th 2020) as displayed above.

($9614.21 - $9457.13) ÷ $9457.13 = 1.6%

To give you an idea of just how cheap this is, TD Bank charges 2.2% for converting USD to CAD, making Bull Bitcoin’s exchange rates cheaper than every Canadian bank!

Comparing rates across Canadian exchanges

We will soon be publishing an in-depth analysis of exchange rates and fees across Canadian Bitcoin exchanges. The results will highlight just how much some exchanges are squeezing out of users through hidden and exorbitant fees. Stay tuned!

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