Frequently Asked Questions – The Coin Shack
What are the advantages of using The Coin Shack?
We aim to provide a seamless service to buy and sell Bitcoin. The partnerships we have developed allow us to provide quick execution at very competitive prices. We only accept cash, making it very easy and safe for clients to transact with us. Furthermore, since we have been involved in the space for a number of years, we bring a wealth of knowledge and can answer any questions you may have.
What payment methods do you accept?
At the moment we only accept cash in the form of Canadian Dollars.
Ready To Start Trading?
How do I get started?
To get started, please contact us or visit our retail location at 4132 Bathurst St, Toronto, Ontario. For cash purchases under $1,000, we don’t require any personal information. For purchases of $1,000 or more we require our clients to fill out a registration form before we can transact.
What crypto-currencies are available for trade?
We only buy and sell Bitcoin at this time.
Will you buy crypto-currencies from me?
Yes, along with selling Bitcoin, we also offer the other side of the trade, and buy Bitcoin from our clients.
Can I sell BTC that is being sent from an exchange?
Yes, we accept BTC sent from any exchange. Although, we do not release funds until we see the transaction on the Blockchain even if the withdrawal is confirmed on the exchange platform you are using. Some exchanges take 24-48 hours to release Bitcoin after approved withdrawal requests. Therefore, we suggest our clients withdraw the coins from their exchange account to a mobile wallet before coming to see us. If you have any questions about downloading and using a mobile wallet, please do not hesitate to visit us!
Where are you located?
4132 Bathurst St, Toronto, Ontario
What are the fees?
Are There Any Other Fees?
There are no additional fees for Bitcoin purchases of $1,000 CAD and up. For transactions under $1,000 CAD, if you want to ensure your transaction is confirmed in the next block, there is an additional $5 fee in addition to the amount being transacted. If you do not want to prioritize the transaction, we will send the transaction with a low fee and it may take anywhere from 12-24 hours to confirm on the Bitcoin Network.
Will I need to provide ID?
Currently, we do not require photo identification for cash transactions under $1,000. For purchases of $1,000 and up we require our clients to register with us. We collect your ID for the purposes or preventing money laundering and terrorist financing in accordance with local laws.
The minimum transaction size when working with cash is $100.
What are your Maximum and Minimum amounts?
Want to Trade $10,000 or More?
Do you provide any other services?
Currently, The Coin Shack provides the service of buying and selling Bitcoin. In addition we also offer free education seminars. Please follow us on social media to keep up to date on these developments.