In Canada, Bull Bitcoin is one of the most trusted Bitcoin exchange and the one I use regularly to buy bitcoin and have it sent to my own selfcustody wallet.
They started in 2013 and are a Bitcoin-Only, self custody exchange. There service is simple and fast. You can send e-mail money transfers and receive Bitcoin directly in your own wallet within minutes.
How it works
1. Get a Bitcoin Wallet
Most crypto wallets or exchanges are custododial wallets which means the exchange has the keys to your Bitcoin wallet.
Control versus Simplicity
Not all wallets provide the same level of security and usability so do your research and understand the risks.
When choosing a wallet you need to find a balance between control and complexity. User experience simplicity often comes at the expense of control and privacy.
Bitcoin custody responsibilities
A custodial wallet is when you trust a third party manage your wallet and your keys. This is done to make the process simple and similar to how online banking works today.
A non-custodial wallet means that you have the sole custody of the keys used to control your Bitcoin.
So means you have the responsibility of protecting and backing up those keys in a safe manner. If you lose your keys you lose your Bitcoin forever.
By using your own Bitcoin wallet instead of leaving the bitcoin on an exchange, you can have full and exclusive control over your money.
This is called Bitcoin self-custody.
There are several wallets to choose from with my recommended Bitcoin-only wallets below.
Muun Wallet
Designed for simplicity, it allows users to set up quickly with minimal knowledge. Offers a clean interface, allowing for self-custody of both on-chain and Lightning Network (LN) funds from the same balance.
Website: https://muun.com
Twitter: @MuunWallet
Blue Wallet
Delivers extensive control to Bitcoin users with a comprehensive array of features, including coin control, catering to various wallet types and setups.
Website: https://bluewallet.io
Twitter: @bluewalletio
Phoenix Wallet
Perfect for those seeking a straightforward Lightning Network wallet. It’s user-friendly and easy to navigate.
Website: https://phoenix.acinq.co
Twitter: @PhoenixWallet
2. Fund your account with CAD
There are 3 options for funding your account with fiat dollars.
- You can end an e-mail money transfer from your bank directly to your Bull Bitcoin account.
- You can send a large wire transfer from your bank directly to your Bull Bitcoin account.
- You can use cash at a Canada Post office to fund your Bull Bitcoin account.
All of these payment options are processed quickly and painlessly with no funding fees.
2. Add your Bitcoin address
- Cick “Buy Bitcoin” link on the left
- Enter the amount of bitcoin you wanto buy in CAD dollars.
- Input the Bitcoin address you created in your new wallet or use the Lightning or Liquid network.
3. Buy Bitcoin
- Once you confirm the order, a real Bitcoin transaction is created.
- Your order will be batched with other orders so there is no fee.
- You can speed up the transaction by clicking on the priority button and pay a fee to get your bitcoin faster
- The Bitcoin is sent straight to your Bitcoin wallet so you can self custody right away.
- Note: You can also setup a “recurring buy” option for a dollar-cost averaging strategy here too.
4. Check your Wallet
Check your new bitcoin wallet for the incomming transation. Most wallets will show you the transaction as the confirmations occurr.