Support and FAQs | The Coin Shack

How can we help?

Call or text us at +1 (416) 519-8236, or email info@thecoinshack.ca.

Buying and selling online

How do I buy Bitcoin via E-transfer?

• Log in and choose Buy Online from the menu.
• Under “How you pay”, choose Interac e-Transfer.
• Enter the amount in CAD you want to spend and select Continue.
• Choose a network fee (a higher fee helps your Bitcoin transaction confirm sooner) and select “Send Request”.
• Select “Pay with INTERAC” to pay from your own bank account.
• Most payments arrive instantly, but it can take up to 60 minutes. Once your payment has been deposited you will receive an email with instructions to complete the trade*. You can also finish it from the gear icon at the top right (settings) >> Trade History >> “View Trade”.
• Confirm the BTC amount and the Bitcoin address, then select Next. The address starts as your whitelisted Bitcoin address; you can change it.
• You then have 15 seconds to confirm. The Bitcoin is sent to that address and the trade appears in your trade history.
• * Note: Please be sure to complete your trade within 48 hours.

How do I sell Bitcoin via E-transfer?

• Log in and choose Sell Online from the menu.
• Under “How you get paid”, choose Interac e-Transfer.
• Enter the amount of BTC you will send. The rate is locked once your coins are detected on the blockchain.
• Your whitelisted Bitcoin address is filled in as the return address, used if you overpay. You can change it.
• Select Sell and you will get a QR code to send the Bitcoin to.
• Send the Bitcoin from your wallet or exchange to that address, then tick the box and select Confirm. Once we detect it, you get an email confirmation.
• Your e-Transfer is sent after your transaction has 1 confirmation.

How do I sell Bitcoin via Electronic Bank Transfer?

• To sell via Electronic Bank Transfer you must first add a bank account by visiting “banking information” under your account settings page.
• Once your linked bank account has been approved, log in and choose Sell Online from the menu.
• Select ‘Electronic Funds Transfer’ under ‘Sell Bitcoin.
• Enter either the amount of BTC you will send, or the approximate CAD you want to receive. NOTE: The rate is only locked when coins are in the mempool, so the CAD amount may vary depending on market fluctuations.
• Your whitelisted Bitcoin address will be filled as the default return address to be used in the event of an overpayment – you may change it if needed.
• Select which linked bank account you would like to receive the direct deposit in
• Select ‘Sell’ and you will be provided a QR code to send the coins.
• Once coins are received you will receive an email confirmation.
• Your Electronic Bank Transfer will be sent after 1 confirmation and should appear in your bank account within 1-3 business days.

What is the difference between E-transfers and Electronic Bank Transfers?

• An e-Transfer (EMT) is an email money transfer processed by Interac. Selling by e-Transfer: $100 to $10,000. Buying by e-Transfer: $100 to $5,000. Money usually reaches your account within an hour of completing the trade.
• An Electronic Bank Transfer (EFT) is a direct deposit. You can sell $5,000 to $25,000 by EFT, and the money reaches your account in 1 to 3 business days. Buying by bill payment ($100 to $25,000) is coming soon.

What method of payments do you accept?

• Buying: Interac e-Transfer from $100 to $5,000, with bill payments coming soon. To pay cash, visit us in store.
• Selling: get paid by e-Transfer for $100 to $10,000, or by Electronic Bank Transfer for larger trades of $5,000 to $25,000.

How do I track my payments?

• Use the tracking link in your confirmation email, check your pending orders in Trade History, or paste the BTC address or transaction ID into a block explorer such as mempool.space.
• Block explorer: mempool.space
• Learn more about confirmation times here.

What are all the fees associated with the transactions?

• Online, our fee is built into the price: 2.35% above the market price when you buy and 1.85% below it when you sell. There is no commission on top, and we pay the Bitcoin network fee when we send Bitcoin to you. If you want it faster, you can choose a $2 or $5 speed-up.
• We buy from and sell to our clients directly, like a currency exchange, so the buy and sell prices differ slightly. That difference is our fee. In store, cash rates depend on the amount; see Rates.
• If a payment goes wrong (it arrives late, or you send too much or too little), contact support and we’ll sort it out.

What are the trade limits for the online platform?

• How much you can trade depends on your verification level and the payment method. Limits are per 24 hours.
• * Note: your bank’s own e-Transfer limit may be lower.

What classifies an exchange versus your own wallet?

• An exchange is a custodial wallet: an online platform holds your coins for you.
• You sign in with a username and password
• Examples include Binance, Shakepay, FTX, Coinsquare, etc.
• Your own wallet is non-custodial: you control it.
• You back it up with a recovery phrase, usually 12 or 24 words
• Examples include Mycelium, Exodus, BRD, Samurai, etc.
• If you are unsure if your coins are on an exchange, contact us for clarification

What is the password for the Email Transfer when I sell Bitcoin?

• Each client has a unique e-Transfer password. It’s shown on the sell screen and under Account → Profile. You only need it if your bank asks; not needed with Autodeposit.

Can I buy and sell other coins besides Bitcoin at the retail location?

• Currently we only trade Bitcoin. If there is another coin you are interested in, contact us

In store

Where is your store located?

• We are at 238 Copper Creek Dr, Markham, ON. Click for directions

What are your store hours?

• Monday to Friday: noon to 6 pm. Saturday and Sunday: noon to 5 pm.

What can be done in store?

• At our store you can buy and sell Bitcoin with cash, in person. Click here to see our cash buy and sell rates. Clients that are interested in conducting transactions online but have questions or want to learn more about our business or Bitcoin in general, are welcome to stop by with questions too.

Can I sign-up for your online services at the store?

• Yes. Visit the store during business hours and sign up to make either cash transactions in-person or online transactions through our trading portal.

What payment methods do you accept at the store?

• We take cash at the store.

What is your minimum for cash trades?

• The minimum cash trade is $100. With our commission, that comes to $106 in total.

What is your maximum for cash trades?

• There is no maximum, but for a large trade please call or email first so we can have it ready.

What are your rates for buying and selling Bitcoin?

• See our cash rates and today’s price on the Visit our store page.

ID verification

What is a PEP?

• A Politically Exposed Person (PEP) is anyone who is entrusted with a position of trust and influence within a government. A PEP is someone in a position to influence government policies.

What is a HIO?

• A Head of an International Organization (HIO) is anyone with control or influence over an organization’s resources. An HIO is someone who is in a position of influence over finances and/or resources of a corporation.

Why do we require you to provide ID to trade with The Coin Shack?

• Canadian law requires it. We verify every client’s identity to help prevent money laundering and terrorist financing.

Which IDs do you accept?

• Driver’s licence
• Passport
• Permanent resident card
• Provincial ID card

What can I do if I am receiving error messages?

• If you can’t clear an error message in your account, contact support and we’ll sort it out.

What if I don’t get approved?

• If you weren’t approved, contact support and we’ll help. If you’re near Markham, you can also verify in person at our store. See HERE for more details.

What documents can I use for the "proof of address" section?

• Bank statement
• Credit card bill
• Utility bill
• It must be dated within the last 90 days.

How much can I buy and sell after completing level 1 verification?

• The minimum trade is $100. With Level 1 you can buy up to $999.99 of Bitcoin per 24 hours.

How much can I buy and sell after completing level 2 verification?

• Any amount over $100, up to the daily limit for your payment method. Click here to view our daily limits.

My account

What is the whitelist Bitcoin address for?

• It’s where we send the Bitcoin you buy, and where we return Bitcoin if you send us too much. Set it under Account → Profile.

What is the email transfer password?

• A unique password for your account. Use it to deposit the e-Transfers we send when you sell Bitcoin to us.
• It can’t be changed. It’s shown on the sell screen and under Account → Profile, and it’s not needed with Autodeposit.

Can I change the email address associated with my account?

• To change your email address, contact support.

Can I change my password?

• Yes. Go to Account → Security → Change password.

What is 2FA?

• Two-factor authentication (2FA) adds a second step when you log in: a 6-digit code from an authenticator app on your phone (Google Authenticator, Authy and others). Turn it on under Account → Security → 2FA setup.

Where can I find my trade history?

• Under Account → Trade History.

How far back in my trade history do you store the information?

• Your entire history, from your first trade with us.

What do I do if my address changes?

• Contact support and we’ll tell you the next steps.