This guide will help you in buying and storing bitcoin safely by utilizing non-custodial bitcoin practices. This means, at no point in time should your bitcoin (or the private keys associated with them) be at the mercy of other people or services.
Step 1: Learn about our services
We offer different services to meet your various needs, making it easy for you to self-custody your bitcoin:
Online Portal: Our online portal allows you to buy, sell and use bitcoin from the comfort of your home. This is the fastest, safest, and cheapest way to buy, sell and use bitcoin in Canada. Learn more about our online portal.
Bitcoin Well Infinite: Provides institutional-level liquidity and pricing, enabling you to buy or sell bitcoin with no transaction limits, no hidden fees, and no withdrawal fees. A dedicated Bitcoin Specialist is also available to assist you throughout the process. Learn more about Bitcoin Well Infinite.
Bitcoin ATMs: With over 250 locations across Canada, bitcoin ATMs offer a convenient and private way to buy bitcoin instantly. Simply visit a bitcoin ATM near you and follow the on-screen instructions to purchase bitcoin using cash. Find your nearest bitcoin ATM.
Step 2: Create Your Personal Wallet
If you plan on buying and storing bitcoin you’ll need a personal wallet. Wallets come in various forms, including hardware wallets and software wallets. Hardware wallets are physical devices that securely store your private keys offline, while software wallets are apps installed on your computer or mobile device.
When choosing a wallet, consider factors like security features, and ease of use. Some popular wallet options include:
- Ledger (hardware)
- Trezor (hardware)
- Blue Wallet (software, mobile)
- Green Wallet (software, mobile)
For safety and security only buy a hardware wallet direct from the manufacturer or from an official reseller.
Step 3: Buying and storing bitcoin
After setting up your wallet and learning about our services, you are ready to buy bitcoin. To do this, follow these steps:
- Register for an account on the Bitcoin Well online portal
- Complete the verification process
- Provide your bitcoin address, using your personal wallet’s receiving address
- Remember to double-check the receiving address before confirming the transaction, as errors can result in the permanent loss of your bitcoin
- Choose your preferred payment method
- Send us your payment and your bitcoin will be sent immediately to your personal wallet
Step 4: Safely store your recovery phrase
Your bitcoin’s safety depends on keeping your recovery phrase safe. Your recovery phrase lets you access your bitcoin, so it’s important to store it securely. Here are some tips:
- Use a hardware wallet for long-term storage, as they provide the best security
- Avoid storing your recovery phrase on internet-connected devices, as they are more susceptible to hacking
- Write down your recovery phrase on paper, never enter it into your computer or take a picture of it
- Store your recovery phrase in a metal backup device to protect against physical damage
- Never share your recovery phrase with anyone, as this compromises your bitcoin security
Buying and storing bitcoin safely can be a straightforward process when using our services. By familiarizing yourself with our offerings, creating a secure personal wallet, and securely storing your recovery phrase, you’ll be well on your way to confidently future-proofing your money.
Benny Sarnelli - Senior Customer Experience Leader @ Bitcoin Well
Meet Benny, the Senior Customer Experience Leader for Bitcoin Well. Benny is dedicated to educating and onboarding new users into the world of Bitcoin and is passionate about helping people understand and navigate the world of cryptocurrency.
