If you live in Calgary and are considering investing Bitcoin, Ethereum, or any other cryptocurrency for the first time, you have likely wondered how it can be purchased in a simple and secure fashion. Specifically, you might be hoping there is a local business that can guide you through the process, that can provide one-on-one support, and where you can meet someone face-to-face. After all, diving into the cryptocurrency world for the first time can feel daunting, especially for those who did not grow up using computers and smartphones. The good news is that all of the above can be found at Calgary Crypto Exchange. With our office conveniently located in the city’s Beltline area, all that’s needed to get started is to schedule an appointment to meet with one of our specialists with whom you can discuss your options, set up a new wallet, and make your first crypto investment. Although we (completely unbiasedly, of course) feel that we are the best choice for buying or selling cryptocurrency in town, we are ultimately here to help, and have therefore decided to provide you with a brief guide of your various options for buying Bitcoin and cryptocurrency in Calgary, including the advantages and disadvantages of each option. These methods can be grouped into four different categories: brick and mortar retail exchanges, Bitcoin ATMs, online exchanges, and peer-to-peer trades.
Local Retail Exchanges
Many Bitcoin buyers and sellers prefer to conduct their trades through a local business where they can transact in-person. Are you one of them? To assist with your cryptocurrency purchases and sales, brick-and-mortar retail exchanges offer live tellers or agents who have specialized knowledge and years of experience conducting crypto transactions. As a result, those who need it can receive one-one-on in-person assistance and support throughout their transaction. If it’s their first time, they will be shown how to set up a wallet, how to use it, and, most importantly, how to protect it. When clients receive one-on-one customer support from a sales representative to assist with their trades, this is known as OTC (over-the-counter) trading, Local crypto exchanges are similar to banks and foreign exchange dealers. A staff member will accept your payment, take and fill your order, and send you the cryptocurrency you have purchased - on the spot. If you are selling, you’ll paid out on the spot. Unlike online exchanges, customers can, if they prefer, pay (or get paid out) in cash. One thing that makes Calgary Crypto Exchange unique among our competitors is the variety of payment and payout methods we make available. In addition to cash, e-transfer, and bank wire, we also offer gold and silver bullion as both a payment and payout method. This means that, with us, you can directly convert your gold or silver into Bitcoin or vice-versa. For residents of Calgary looking for a way to purchase or sell Bitcoin for cash, seeking guidance and assistance as a newbie, or simply looking for a reliable, licensed, and registered cryptocurrency broker they can trust, local crypto retail exchanges provide an excellent option.
. Advantages
- One-on-one personal service and support
- Much lower transaction fees than Bitcoin ATMs
- Secure physical location with familiar faces
- The best way to avoid falling for a scam
- A variety of payment and payout methods, including cash
- Develop trusting relationships with a local expert
Disadvantages
- Physical location may be out of the way depending on where you live
- Limited hours of operations (online exchanges operate 24/7)
- Fees are higher than some online exchanges
Bitcoin ATMs
Similar to traditional ATMs, a Bitcoin ATM is a portal that allows users to purchase Bitcoin, Ethereum, and sometimes Litecoin, for cash. Some ATMs also allow you to sell your crypto and provide a cash payout. There are several Bitcoin ATM companies, each of which have numerous machines scattered throughout Calgary, including Bitcoin Well, Bitnational, and Localcoin These are normally found in shopping centers, bars, convenience stores, as well as other high-traffic areas. You can quickly locate an ATM near you by using the website Coin ATM Radar, which lists Bitcoin ATMs (along with live tellers) located in different parts of the world, including Canada and the United States. Bitcoin ATMs charge exorbitant fees which are often a multiple of the fees you would be charged at a live teller or on an online exchange.
Advantages
- They allow you to pay with cash
- Reasonable hours of operation, but not 24/7
- Ease of use
Disadvantages
- Very high fees (10 to 15%)
- Frequently restricted to allowing purchases, not sales
- May present privacy concerns given that they are located in pubic locations
- Lacks onsite support and limited, unreliable phone or online support
- Frequent transaction delays of 48+ hours
Peer-to Peer (P2P)
When two parties meet privately to conduct a trade amongst themselves, this is called a peer-to-peer transaction (P2P). For example, if I wanted to sell my 2 BTC for cash, and I found a buyer who wanted to purchase 2 BTC for cash, then we would simply swap with one another. Importantly, this avoids any transaction charges from a third party or a middleman. Unlike using online or physical exchanges or Bitcoin ATMs, which are licensed and regulated, a peer-to-peer transaction is merely a personal exchange between two individuals. Investors who want to maintain their privacy and identity may prefer P2P transactions. However, with an unregulated P2P transaction, investors may run into risks that would not be present with more regulated, structured trading platforms.
Advantages
- Good for privacy and anonymity
- No third party transaction fees
- Allows personal interaction amongst traders
Disadvantages
- Can be risky meeting a stranger, especially if the transaction involves a lot of cash
- Presents a greater probability of fraudulent activity versus dealing with a regulated and licensed businesses
- May be difficult to find an investor who agrees to be opposite your trade
- Must have an agreement as to a date/time behind each trade, this reduces trading flexibility
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