Tag Archives: crypto

Shakepay Review 2024

05 Friday Jan 2024

Posted by in Canadian Cryptocurrencies, Cryptocurrencies Trading

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Shakepay is a Montreal-based trustworthy Canadian exchange that offers free and fast deposits and withdrawals and is considered one of the best Canadian crypto exchanges for beginners. You can deposit Canadian dollars (CAD) via Interac e-Transfer or wire transfer. Verification can be instant meaning you can start depositing and trading right away.

Shakepay is fast, beginner-friendly, and has a modern interface.

Shakepay offers two coins only: Bitcoin and Ethereum.

Shakepay stands out for its free deposits and withdrawals, a feature that can be particularly attractive for users. However, it is important to note that the exchange has a relatively high spread, ranging from 1.2% to 2.5%. This spread, which is the difference between the buying and selling prices, can significantly impact the cost of transactions, making trading fees on the higher side.

Shakepay does not offer advanced trading tools because it is aimed at new crypto users and those looking for a simple, easy-to-use experience.

Pros

  • Fast and free deposits and withdrawals
  • Unique referral program
  • Responsive customer support
  • A highly rated app
  • Beginner-friendly interface

Cons

  • Only accepts CAD deposits.
  • Manual verification can take seven days.
  • Only Bitcoin and Ethereum are available.
  • High spread

Michel Ouellette JMD, ll.l., ll.m.

JMD Live Online Subscription link.

J. Michael Dennis, ll.l., ll.m.

Personal & Corporate Fixer

Skype: jmdlive

Email: jmdlive@jmichaeldennis.live

Web: https://www.jmichaeldennis.live

Phone: 24/7 Emergency Access

Available to our clients/business partners

Disclaimer: All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.

When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Our website uses referral links to various crypto exchanges as a means of monetization. We appreciate it if you choose to use the in-article links, but the decision is ultimately yours.

Kraken Review 2024

05 Friday Jan 2024

Posted by in Cryptocurrencies Trading

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Launched just two years after Bitcoin (BTC), Kraken is one of the most established crypto exchanges on the market. Kraken is one of my preferred exchange platforms but is not available to Canadians.

Here is what you need to know: As of November 30th, 2023, Kraken has suspended deposits, withdrawals, and trading in Canada across all trading platforms for Tether (USDT), Dai (DAI), Wrapped Bitcoin (WBTC), Wrapped Ether (WETH), and Wrapped Axelar (WAXL).

Kraken Pros & Cons

Pros

  • Large selection of digital assets.
  • Low fees for advanced traders.

Cons

  • Limited options for funding accounts.
  • Not available in Canada and all U.S. states.
  • High fees for buying in USD.

Launched just two years after Bitcoin (BTC), Kraken is one of the most established crypto exchanges on the market. While Kraken has tools, products, and informational resources for beginning crypto investors, many of its offerings are targeted toward people with more experience.

Where Kraken shines

Large selection: Kraken lets its customers buy more than 230 different cryptocurrencies, and the service offers more than 130 crypto trading pairs.

Relatively low fees: While Kraken’s rates for entry-level traders can be high, fees on its more advanced Kraken Pro service are among the lowest reviewed by NerdWallet.

Where Kraken falls short

Limited funding options: Kraken has limited options for U.S. customers who want to put money into their account. The platform uses a service called Trustly to allow people to connect their bank accounts, and Kraken says this method works with more than 1,000 financial institutions. But if your bank is not among those institutions, you will have to wire money into your account, a process that can involve calling your bank to arrange the transaction.

Not available everywhere: The exchange is not open to people in New York, Washington state and Canada.

Kraken is best for:

  • Crypto-to-crypto trading.
  • Margin trading.
  • Advanced traders.

Is Kraken right for you?

While Kraken has tools, products, and informational resources for beginning crypto investors, many of its offerings are targeted toward more seasoned investors.

If you are comfortable with a more advanced interface and are looking for access to a broad range of investment options, Kraken offers a reasonably priced experience.

Michel Ouellette JMD, ll.l., ll.m.

JMD Live Online Subscription link.

J. Michael Dennis, ll.l., ll.m.

Personal & Corporate Fixer

Skype: jmdlive

Email: jmdlive@jmichaeldennis.live

Web: https://www.jmichaeldennis.live

Phone: 24/7 Emergency Access

Available to our clients/business partners

Disclaimer: All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.

When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Our website uses referral links to various crypto exchanges as a means of monetization. We appreciate it if you choose to use the in-article links, but the decision is ultimately yours.

The “Pig Butchering” Crypto Scam Explained

05 Friday Jan 2024

Posted by in Cryptocurrencies Scams

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Digital swindles generate billions of dollars for criminals. And they all start with a little bit of “social engineering” to trick a victim into doing something disadvantageous, whether trusting you should not or sending money into the void.

Now, in the Crypto World, a new variation of these schemes is on the rise, ensnaring unsuspecting targets to steal all their money: the “Pig Butchering Crypto Scam.” Pig butchering scams originated in China. These scams are typically cryptocurrency schemes.

Scammers cold contact you on SMS texting or other social media, dating, and communication platforms. Most of the time, they will simply say “Hi” or something like “Hey, it was fun catching up last week!”

If you respond to say that the attacker has the wrong number, the scammer seizes the opportunity to strike up a conversation and guide you toward feeling like they have hit it off with a new friend.

Usually, the conversation will go something like this:

SCAMMER: “Hi, it was fun catching up last week!”

YOU: “May I know who is texting me, I do not recognize this number!”

SCAMMER: “Sorry, I may have the wrong number, I hope I did not … May I have your name?”

YOU: “My name is Peter….!”

SCAMMER: “Nice to meet you Peter. My Name is Lina. How hold are you?”

And the conversation will go on and on

SCAMMER: “ I am 35; her is my picture; age is of no importance; you sound very nice; are you married; any kids; ….. I am also single; no kids; no boyfriends; I like older men;

And there you are, in a romance building relationship.

After establishing a romantic rapport, the attacker will introduce the idea that they have been making a lot of money in cryptocurrency investing and suggest you consider getting involved while you can.

Next, the scammer gets you set up with a malicious app or web platform that appears trustworthy and may even impersonate the platforms of legitimate financial institutions. Once inside the portal, you can see curated real-time market data meant to show you the potential of the investment. And once you fund your “investment account,” you can start watching their balance “grow.”

Crafting the malicious financial platforms to look legitimate and refined is a hallmark of Pig Butchering scams, as are other touches that add verisimilitude, like letting you do a video conference call with your new “friend” or allowing you to withdraw a little bit of money from the platform to reassure you. The latter is a tactic that scammers also use in traditional Ponzi schemes.

Though the swindle has some new twists, you can still see where it is going. Once you have deposited all the money you have and everything the scammers can get you to borrow, the attackers shut down the account and disappear. That is the whole Pig Butchering thing; they are going for the whole hog. They go after people who are vulnerable: people who have had long-term health problems, who are older, people who feel isolated. They want to get every bit of oink, and they are persistent.

As with romance scams and other highly personal and exploitative attacks, Pig Butchering scams have the potential to take an enormous psychological toll on you in addition to their financial toll.

It eats you up really freaking bad.

Michel Ouellette JMD, ll.l., ll.m.

JMD Live Online Subscription link.

J. Michael Dennis, ll.l., ll.m.

Personal & Corporate Fixer

Skype: jmdlive

Email: jmdlive@jmichaeldennis.live

Web: https://www.jmichaeldennis.live

Phone: 24/7 Emergency Access

Available to our clients/business partners

Disclaimer: All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.

When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Our website uses referral links to various crypto exchanges as a means of monetization. We appreciate it if you choose to use the in-article links, but the decision is ultimately yours.

BITCOIN WELL Review

04 Thursday Jan 2024

Posted by in Canadian Cryptocurrencies, Cryptocurrencies Trading

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Ranking at number 5 on our list of preferred Canadian exchange platforms is Bitcoin Well. One might wonder why it is not placed higher. The primary reason is its singular focus on Bitcoin; you will not find an array of other coins here. However, if Bitcoin is solely what you are after, Bitcoin Well could very well rise to the top of your personal list.

One of the standout features of Bitcoin Well is its highly competitive fee structure. While a 0.5% transaction fee is already notably low in the crypto exchange landscape, what sets Bitcoin Well apart is the degree of control it offers users.

Users can add Canadian dollars to their accounts using an Interac e-Transfer, wire transfer, Visa debit, or even through Bitcoin ATMs. The crypto platform exclusively deals in Canadian dollars (CAD), making it a straightforward choice for Canadian users.

Unlike many other exchanges, Bitcoin Well does not offer a mobile crypto app for iOS or Android, which might be a consideration for users who prefer trading on the go.

Beyond just trading, Bitcoin Well ventures into a relatively unique territory by enabling users to pay their bills with bitcoin. Users can easily find their bill providers in the platform’s dropdown menu, input the necessary details, and seamlessly use their bitcoin holdings to settle their dues.

Security is a top priority for Bitcoin Well. Being a public company, it adheres strictly to Canadian regulations and is registered with FINTRAC.

Pros: 

  • Bitcoin Well, being a public company, offers unmatched transparency combined with the advantage of immediate self-custody of assets, and the option to buy bitcoin privately with cash.
  • Users experience the convenience of no withdrawal fees, multiple online payment options like Visa debit, e-Transfer, and wire, and the unique capability to pay bills with Bitcoin.

Cons: 

  • You can trade Bitcoin only.

Michel Ouellette JMD, ll.l., ll.m.

JMD Live Online Subscription link.

J. Michael Dennis, ll.l., ll.m.

Personal & Corporate Fixer

Skype: jmdlive

Email: jmdlive@jmichaeldennis.live

Web: https://www.jmichaeldennis.live

Phone: 24/7 Emergency Access

Available to our clients/business partners

Disclaimer: All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.

When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Our website uses referral links to various crypto exchanges as a means of monetization. We appreciate it if you choose to use the in-article links, but the decision is ultimately yours.

BTCC Exchange Review: Everything You Need to Know

03 Wednesday Jan 2024

Posted by in Cryptocurrencies Trading

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BTCC is a registered exchange in the US, Canada, and Europe. BTCC was founded in June 2011 with the goal of making crypto trading reliable and accessible to everyone.

BTCC is one of the world’s largest, yes most confusing, cryptocurrency trading platforms. Based in Hong Kong, this Chinese exchange has been rocked by vacillating Chinese regulations and has had to suspend various services at times during the past several years. 

The exchange limits itself to providing solutions to investors looking to acquire, sell, and trade cryptocurrency Futures. This means that services like staking, pool mining, spot trading, and many others are not available.

In 2022, BTCC launched tokenized futures, an innovative product invented by the exchange, on its platform, allowing users to trade stocks and commodities futures with USDT as the margin. BTCC has obtained MSB regulatory licenses in the U.S. Canada, Europe respectively.

Investors in BTCC must be able to deal in US dollars. Deposits and withdrawals can be performed via credit/debit card, bank transfer, or Bitcoin.

Conclusion

If you have just started to dabble in the world of cryptocurrencies, the interface of most crypto brokers might appear overwhelming to you. However, the user interface of BTCC is straightforward. Without any complex mumbo jumbo, the exchange gives you exposure to the top digital assets of the world. You can start your crypto journey today by signing up on BTCC today and start trading within a few minutes.

BTCC is one of the few brokers in the industry which also allows you to demo trade without having to deposit any funds. This makes it one of the best crypto exchanges for paper trading or demo trading. Utilizing this feature, you can learn crypto trading with proper risk management without investing any real money.

Michel Ouellette JMD, ll.l., ll.m.

JMD Live Online Subscription link.

J. Michael Dennis, ll.l., ll.m.

Personal & Corporate Fixer

Skype: jmdlive

Email: jmdlive@jmichaeldennis.live

Web: https://www.jmichaeldennis.live

Phone: 24/7 Emergency Access

Available to our clients/business partners

Disclaimer: All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.

When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Our website uses referral links to various crypto exchanges as a means of monetization. We appreciate it if you choose to use the in-article links, but the decision is ultimately yours.

2024: Day Trading Cryptocurrencies in Canada

30 Saturday Dec 2023

Posted by in Cryptocurrencies Trading

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Selecting a crypto exchange in Canada can be complicated because the country has strict regulations for crypto markets. Even major crypto trading platforms like Binance and ByBit had to leave Canada, leading to troubles for their Canadian users. So, it is essential to be careful and make a wise choice when picking a crypto trading platform if you plan to start trading in cryptocurrency.

We have thoroughly examined, compared, and tested all crypto exchanges available for Canadians to use. Our selection of the best Canadian crypto exchanges is based on a unique methodology that considers various factors, including compliance with Canadian laws, trading fees, security and safety measures, the availability of deposits via Interac e-transfer, coin selection, app ratings from Canadian users, as well as ratings from customers.

When choosing a Canadian cryptocurrency app to purchase digital assets, it is essential to ensure they offer several deposit methods and accept CAD. We prioritized exchanges that allow Canadian deposits with Interac e-Transfer and charge 0% fees. Quick and cost-effective depositing of Canadian dollars is crucial for Canadian investors, and Interac e-Transfer is the preferred method as it is the fastest and most affordable option for Canadians.

While global popular exchanges like Coinbase and Binance may offer the ability to buy crypto with Canadian debit or credit cards, this often comes with high exchange rate fees over 3%. To obtain crypto at the lowest cost possible, using a Canadian-based cryptocurrency exchange that allows Interac e-Transfers is the way to go.

Ease of use

Figure 1

It is important to find a Canadian cryptocurrency app that makes the process of trading crypto as easy and intuitive as possible. Some reputable exchanges have advanced interfaces with charts, like the one shown in figure 1, and order books suitable for seasoned investors.

What is the best way to buy crypto in Canada?

There are a few different ways to buy crypto in Canada, and the best method for you will depend on your needs and preferences. If you are looking for the simplest and easiest way to get started with buying crypto, then using a Canadian crypto exchange like Bitbuy or Newton is probably your best bet. Ultimately, it is up to you to decide which method is best for you.

What are the Crypto Exchanges Authorized in Canada?

Canada has tough regulations for crypto exchanges operating within its borders. Typically, decisions regarding the legitimacy of these exchanges fall under the purview of FINTRAC and the Ontario Securities Commission. For instance, the OSC previously prohibited Binance and ByBit for Ontario residents. As a result, these exchanges, facing stringent FINTRAC guidelines, opted to leave the Canadian market altogether. Nonetheless, some exchanges, such as Bitget and Kucoin, continue to operate in Canada without adhering to these regulations. While it is essential to weigh the associated risks and benefits. If you want to be safe, it is good to use exchanges that follow Canadian laws. Here is a list of those compliant exchanges:

Which crypto exchange has the lowest fees in Canada?

There are a few different crypto exchanges that are popular in Canada, and each one has its own fee structure. Some exchanges charge higher fees for certain trades, while others have lower overall fees. You might think that Shakepay or Newton have the lowest trading fees in Canada because they are advertised as “no-fee exchanges”. In fact, you pay high spreads on your crypto trading activities. After careful research, we found out that BitBuy is the lowest trading fee cryptocurrency app in Canada with only %0.2 trading fees and free deposits.

As a reminder – please exercise extreme caution when transacting with cryptocurrency. Cryptocurrency transactions are not reversible.

If an individual has reached out to you claiming to represent a company, entity, law enforcement, or any government official you should exercise caution and inform them you will contact the company, entity, or the authorities directly to verify if they are legitimate.

Below are a few examples of red flags to be aware of that may help you identify a scam:

Unrealistic Promises

  • Any entity that asks for your private keys, passwords, or any personal information.
  • Any third-party investment broker or brokerages.
  • Any entity that promises to give great returns if you send funds to them.
  • Any entity that wants access or control of your funds.
  • Any entity forcing you or pressuring you to pay back any debts with crypto.
  • Any entity attempting to blackmail or extort you.

Let us know if you have any questions.

Happy trading!

Michel Ouellette JMD, ll.l., ll.m.

JMD Live Online Subscription link.

J. Michael Dennis, ll.l., ll.m.

Personal & Corporate Fixer

Skype: jmdlive

Email: jmdlive@jmichaeldennis.live

Web: https://www.jmichaeldennis.live

Phone: 24/7 Emergency Access

Available to our clients/business partners

Disclaimer: All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only.

When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider. Our website uses referral links to various crypto exchanges as a means of monetization. We appreciate it if you choose to use the in-article links, but the decision is ultimately yours.