The crypto market never sleeps, and neither does this Bitcoin Depot ATM. Cryptocurrency can be traded at any time and the 24/7 price action of cryptocurrencies reflects this reality. Many cryptocurrency ATMs are located in local convenience stores, malls, and even smoke shops. If you are lucky and need to buy or send cryptocurrency late at night, you may find a bitcoin ATM in a 24-hour convenience store. Bitcoin Depot has thousands of locations across North America, including 192 listed locations across Canada on its website. Unfortunately, there are no Bitcoin Depot ATMs in Northern Canada or Prince Edward Island. For this review, we used a Bitcoin Depot ATM located in a 24-hour convenience store on a major road in Vancouver. Here's how it went:
- Physical features of a Bitcoin Depot ATM
- You need to have a government-issued photo ID!
- The Bitcoin Depot home screen & fees
- How to buy Bitcoin on a Bitcoin Depot ATM
- Create your Bitcoin Depot account
- Scan your ID
- Cryptocurrencies available on the Bitcoin Depot ATM
- Enter your crypto wallet information
- Complete the transaction on a Bitcoin Depot ATM
- Bitcoin Depot ATM: Our Rating
Physical features of a Bitcoin Depot ATM
Bitcoin depot’s ATM has a distinctive hexagonal black and yellow design, which is instantly identifiable with bees. On the front of the machine, there is a traditional ATM keypad, card acceptor, and bill validator. There is an anti-fraud warning and a clear “not a cash ATM” decal on the front of the ATM.
You need to have a government-issued photo ID!
This is important to note: you will need to provide an actual piece of ID to proceed with any transaction with Bitcoin Depot. It is best to bring a driver's license or similarly shaped and sized Government-issued ID or status card. Passports, SIN cards, and other forms of ID will not be accepted by Bitcoin Depot’s card validator.
The Bitcoin Depot home screen & fees
Press your finger anywhere on Bitcoin Depot’s oversized screen to activate the machine and bring you to the home screen. You will find Bitcoin Depot’s tiered pricing and the service fee. The first information you will have to provide is what range of money your transaction falls under. Bitcoin Depot provides two options: $20 – $999 and $1000 – $9500. $9500 is the maximum transaction value through this Bitcoin Depot ATM. Please note that unlike other cryptocurrency ATMs, which require a minimum investment of $10, Bitcoin Depot expects your transaction to start at $20.
Also, while Bitcoin Depot presents tiered pricing, this pricing is not reflected by the values of the two purchase ranges, nor does Bitcoin Depot present any further tiered pricing than the one option on the screen.
How to buy Bitcoin on a Bitcoin Depot ATM
Select the range that your transaction falls within. The next phase of the transaction is a multi-phase process. First, you will need to provide Bitcoin Well with your phone number. This is standard anti-money laundering protection and a form of two-factor authentication. To input your phone number you have to use the traditional ATM keypad. Unlike other cryptocurrency ATMs, there is no option to use the touch screen to input this information.
After providing your phone number, you will be sent a text message with the verification code and a message with guidance on how to get a digital wallet, a help phone number, and directing the customer to the Bitcoin Depot app. This message, much like the transaction process itself, arrives very quickly.
Meanwhile, on the Bitcoin Depot screen, you will be directed to the next phase of the multi-phase verification process. The first thing you will encounter is the simplified Terms & Conditions of Service disclosure. You must select “I agree to the terms” or the transaction will be immediately cancelled.
Create your Bitcoin Depot account
Next, you need to provide your email address. Essentially, this is the first step to creating a Bitcoin Depto account. You will not have to provide this information on return visits. Once you have input your email address, you will be prompted to input the verification code sent via SMS/text. You cannot use the touch screen to input this code. You have to use the traditional-style ATM keypad.
After confirming providing the verification code, you will need to set up a personal identification number. This is something that you will only have to do during your first transaction. Again, you cannot use the touch screen to set your pin. You have to use the traditional ATM keypad. There are no exceptions.
Scan your ID
Now, you will need your Government ID. This is the last step in the identity verification and account creation process. Anything other than a standard-issue government ID card will not work as you have to insert your ID into the card validator. Alternatively, you can scan to the barcode on your driver's license with the QR reader. There are no indications that Bitcoin Depot can scan passports, so it is best to come with a government-issued ID card for your first transaction.
If this is your first transaction, you have already selected the value range your transaction falls within. If this is your second transaction, you will be prompted to provide your PIN after providing your phone number. You will not be prompted to provide any other personal information and won’t receive a verification text/SMS.
Cryptocurrencies available on the Bitcoin Depot ATM
Once you have gotten through the thorough identity verification and account set-up process, you can choose your cryptocurrency to purchase. Unfortunately, your cryptocurrency purchasing options are limited to Bitcoin and Litecoin. Use the touch screen to choose your currency.
Enter your crypto wallet information
The next screen provides you with two options for providing a crypto wallet address: via QR code or manually typing the address. Even though the QR scanner is located above the keypad in a difficult-to-access location, it is highly recommended to scan the QR rather than manually input the address. All transactions are final and irreversible, so it is best to ensure accuracy by scanning the QR code. For this review, we have selected Bitcoin. Once you have selected your input method, you will move to a screen that prompts you to provide the crypto wallet address.
Complete the transaction on a Bitcoin Depot ATM
After providing your Bitcoin wallet address for the transaction, you will proceed to the final stage. Here, you will be provided with the opportunity to review the crypto wallet address and view a running tally of how much cryptocurrency you are purchasing. Notably, at no point in the transaction is the current exchange value of cash to cryptocurrency presented on the screen. Without doing math based on the service fee expressed in the cryptocurrency, you do not know at what value you are purchasing the cryptocurrency. Once you have inserted your cash, Take a picture of the final screen as your record of the transaction.
Bitcoin Depot ATM: Our Rating
Your first trip to a Bitcoin Depot ATM may seem exhausting. There are more steps to prepare for the transaction than many other cryptocurrency ATMs. However, if you are going to frequent a Bitcoin Depot ATM, every subsequent transaction after the initial one will be quicker and easier. There is no way to tell the current trading value on the machine or financial markets of the cryptocurrency you are purchasing. This is a major negative and when paired with the limitation on available cryptocurrencies, we cannot recommend Bitcoin Depot for people new to cryptocurrencies or who are worried about maximizing the value of the transaction.
|Fees: $3 up to $15,000. The Maximum purchase amount through Bitcoin Depot is $9,500.||3.5/5|
|Cryptocurrency available for purchase:||2/5|
|User experience: The ID verification process was long but worthwhile for potential repeat users. Instructions were clear and easy to follow. The interface was easy to use but the transaction was a little tedious by the time you purchase the cryptocurrency. Nowhere throughout the user experience are you notified of the current machine or market value of the cryptocurrency||2/5|
|ATMs Locations: 192 listed across Canada, thousands across North America||4.5/5|
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About The Author: Arthur Dubois
Passionate about personal finance and financial technology, Arthur Dubois is a writer and SEO specialist at Hardbacon. Since his arrival in Canada, he’s built his credit score from nothing.
Arthur invests in the stock market but doesn’t pay any fees because he uses National Bank Direct Brokerage online broker and Wealthsimple’s robo-advisor. He pays for his subscriptions online with his KOHO prepaid card, and uses his Tangerine credit card for most of his in-store purchases. When he buys bitcoins, it’s with the BitBuy online platform. Of course it goes without saying that he uses the Hardbacon app so that he can manage all of his finances from one convenient place.
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