In the belly of the beast Posted December 2, 2013 Share Posted December 2, 2013 I was looking at Coinbase today, thinking it was time to put in a modest sum towards, say, 0.1 to 0.2 BTC. Unfortunately they only allow holders of US bank accounts to register. After doing a bit of research online, VirtEx (https://cavirtex.com/home) was recommended in several forums as the best option for Canadians who don't want to go through the hassle of setting up a US bank account. Does anyone here have any information about the reliability and security of VirtEx or any other Canadian BitCoin sellers? Since multiple exchanges have either been shutdown by governments, or been hacked into, I'm a bit unsure what is the best course of action. I'm thinking about going with something like LocalBitCoins.com, but I have no idea about the reputations or track records of these various outfits, especially when it comes to handling bank account information. If anyone has had good experiences dealing with Canadian or offshore organizations, I'd love to hear from you. Link to comment Share on other sites More sharing options...
Wesley Posted December 3, 2013 Share Posted December 3, 2013 I was looking at Coinbase today, thinking it was time to put in a modest sum towards, say, 0.1 to 0.2 BTC. Unfortunately they only allow holders of US bank accounts to register. After doing a bit of research online, VirtEx (https://cavirtex.com/home) was recommended in several forums as the best option for Canadians who don't want to go through the hassle of setting up a US bank account. Does anyone here have any information about the reliability and security of VirtEx or any other Canadian BitCoin sellers? Since multiple exchanges have either been shutdown by governments, or been hacked into, I'm a bit unsure what is the best course of action. I'm thinking about going with something like LocalBitCoins.com, but I have no idea about the reputations or track records of these various outfits, especially when it comes to handling bank account information. If anyone has had good experiences dealing with Canadian or offshore organizations, I'd love to hear from you. I do not live in Canada, and thus cannot help you out a ton. However, localbitcoins.com is a great site for getting bitcoins without having to deal with banks. Just to keep in mind there are a few good practices when trading bitcoin in person. Go to a busy, public place (preferably where you are positive there will be security cameras). Banks, fast food restaurants, and malls are great options. Second, make sure the transaction is confirmed at least a couple times. 6 confirmations is considered a "guaranteed" transaction. Pull out your phone and keep checking the balance and wait for the confirmations ( blockchain.info/ [your address]). You do not want to leave after handing off a few hundred only to find the transaction did not go through. Make small talk. People will be more forgiving and be patient for confirmations if they know you are ok and aren't trying to jip them. Make sure they see that you have money and just want to make sure it goes through before you give it to him. It can be a great opportunity to ask some questions about bitcoin or the other person's experience getting into bitcoin. Overall, localbitcoins.com is amazing and relatively anonymous way to get your hands on bitcoin as long as you are smart about it and do not do anything risky that you wouldn't do in buying physical silver off of craigslist or something. Link to comment Share on other sites More sharing options...
Freedomain Posted December 3, 2013 Share Posted December 3, 2013 Stefan and I have talked with the people at VirtEx recently as they are fans of the show. Everything I've seen about them as been positive, so if you're based on Canada, they are likely your best best bitcoin wise. Since I'm located in the states, I use coinbase and have nothing but great things to say about them. If you do sign up, could you please use the Freedomain Radio affiliate link at: https://www.cavirtex.com/Z/28727 Link to comment Share on other sites More sharing options...
In the belly of the beast Posted December 3, 2013 Author Share Posted December 3, 2013 Thanks to both of you for your advice. I'll take a closer look at both VirtEx and LocalBitCoins.com. Link to comment Share on other sites More sharing options...
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