Recently, I purchased some bitcoins using Flexepin and this post describes my experience. I’ve tried a bunch of methods to buy bitcoins over the past few years, I’ve used Coinbase when they had a Canadian payments processor, but now I mostly use QuadricaCX. Since nobody can predict how regulations and payment methods might change in the future, its smart to continue developing alternative channels, so I decided to try using the Flexepin payment method on bitaccess.co.
I learned about Flexepin when I noticed it was being offered as a payment method for other Canadian bitcoin dealers such as QuickBT. As I reviewed the bitcoin ATM at Delloite’s offices in Toronto, I noticed the Bitaccess machine also accepted Flexepin vouchers as a payment method. I then explored Bitaccess.co website and found that registered users could use Flexepin to purchase bitcoins directly on the Bitaccess.co website.
So I took $500 Canadian cash to a cheque cashing store down the block from my apartment and exchanged the cash for a Flexepin voucher. Flexepin vouchers are offered at many gas stations and convenience stores in Canada, but I chose a cheque cashing store because I figured they might be more knowledgeable of the product and understand the rules a bit better, such as not charging HST on money cards.
I took my $500 to the counter and after I told the cashier what I’d like, she logged into a program on her desktop to process the transaction. I was provided with a receipt that contained my Flexepin pin number and other transaction details. The cost of the transaction was $15.95, which represents a purchasing fee of 3.19%. The fee is tiered to the amount purchased, and so smaller purchases will be charged a different fee. However, the smaller the purchase, the greater the fee as a percentage of the overall amount.
Now I had a Flexepin voucher. The voucher is like cash, if I lose the voucher, its gone. I did’t provide ID to the merchant, although I was captured on the store camera, there was no other documentation required. If someone got the voucher pin, the value would be theirs. So I went home and logged into my account at bitaccess.co. I chose the Flexepin method to purchase bitcoins and was presented with a price of $3,858.25, which compared to the current offer on QuadrigaCX of $3,600, representing a spread of 7.17%.
I purchased the bitcoins on bitaccess.co, but then I received an e-mail from bitaccess.co asking to confirm some details. They asked me to write a confirmation number on the physical Flexepin receipt, take a picture of it, and e-mail it back to them. I did this promptly, and then my bitcoins arrived within the next transaction block. I monitored the transaction using a blockchain scanner, so I could see my transaction was processing.
For my $515.95 Canadian dollars, I managed to purchase 0.1295921 bitcoins, which translates into a rate of $3,981.33 btc/cad. This compares to a price of $3,672 on QuadrigaCX after factoring in the fees related to that method. We can say that purchasing bitcoins using the Flexepin / bitaccess.co method costs 8.42% more than QuadrigaCX.
Most of the costs of purchasing bitcoins using Flexepins happened at the point of the transaction with bitaccess.co. The price quoted by bitaccess.co was quite a bit higher than what could be obtained on other exchanges.
So from a purely cost perspective, QuadrigaCX is cheaper than using Flexepins on bitaccess.co, but there are some advantages to using Flexepins. If you are trying to avoid using a bank account or you don’t have a bank account, then Flexepins will allow you to stay anonymously in cash. Otherwise, registering with QuadrigaCX and following the AML process is the best method for Canadians to buy bitcoins.
thx. I was wounder how much the flexpin charges. now i know 3.19%. However, can’t u redeem flexpin on QCX directly by the voucher-method?
I’m not sure about exchanging the flexpin vouchers directly on QCX, its something I will look into
Flexepin vouchers are one of the possible methods of financing your crypto currency on Quadriga