The honey badger is a legendarily fierce animal. True to its namesake, the HoneyBadger ATM might prove to be the fiercest of the cryptocurrency ATMs on the market. Unlike many other cryptocurrency ATMs, HoneyBadger provides a few unique features including allowing the user to withdraw money from their crypto wallet like a traditional cash ATM and selling their cryptocurrency through the ATM. Furthermore, the home screen advertises “Bitcoin Backed Loans!” But in a curious turn of events, this option was not explored, nor was the option ever provided throughout the transaction process in order to get more information on these loans. Bummer. Here’s how to use a HoneyBadger ATM, what to expect, and what we think about it.
The key features of a HoneyBadger ATM
This HoneyBadger ATM was found in a smaller local mall in Vancouver, near an old-school toy claw game and a dry cleaner/alterations business. HoneyBadger has 198 locations across Canada. There are no HoneyBadger ATMs in Northern Canada, Prince Edward Island, or Newfoundland & Labrador. Notably, but entirely missable, are the instructions on how to use the HoneyBadger ATM. These instructions were printed on a laminated piece of paper and affixed to the wall beside the ATM. It is entirely likely that these instructions could be removed in some manner leaving first-time users without a guide through the process.
Another aspect that makes HoneyBadger notably different from other cryptocurrency ATMs is the requirement for a government-issued ID. Yes, there are the standard terms and conditions and anti-money laundering protections, but HoneyBadger takes the security of the transaction further than the others. Having said that, identification is only required when completing a transaction over $1000. However, there are no instructions on how to sell or redeem crypto using a HoneyBadger ATM, only on how to buy cryptocurrency.
The actual physical features of the ATM are more similar to a traditional ATM, compared to other cryptocurrency ATMs. The screen is large like an old arcade machine, the keypad is reminiscent of any ATM you have ever encountered, and the lower portion of the front of the machine has a bill acceptor, bill collection area, and a card reader – to insert your Government ID of choice.
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Navigating the home screen
This HoneyBadger ATM home screen provides a lot of information and options from the outset. It should be noted that the HoneyBadger software operated extremely fast when moving through the transaction process. However, when trying to go back one page or cancel the transaction, the software took a very long time to reload and reset the system back to the home screen.
On the Honeybadger home screen, you will find the ubiquitous anti-fraud message, the options to buy, sell, or redeem, help options that included hours of operation for HoneyBadger’s call center, and six languages; the most of any other cryptocurrency ATM. There is also a small, red font button simply stating “legal.”
HoneyBadger ATM fees
For this review, we are simulating how to buy Bitcoin. Although you have the option to sell coins and redeem (withdraw), this review focuses on purchasing Bitcoin. After selecting “buy coins,” the screen will advance and asks you how much cash you intend on spending. This is important: HoneyBadger has a tiered pricing system. The more you spend at the ATM, the better the value that you will receive. There is a $5 service fee on all transactions less than $1000, however, there are no service fees and better cryptocurrency pricing rates as you spend more.
However, HoneyBadger’s best pricing on Bitcoin was $44,326.23, which was only available when spending between $3000-$10,000. That price reflects Bitcoin’s trading price 8 days prior to using this atm. This Bitcoin pricing was significantly up from where Bitcoin was currently valued on the crypto market during this transaction.
How to buy Bitcoin on a HoneyBadger ATM
After selecting the value window you’d like to buy, you will be required to provide your phone number for anti-money laundering protection. This operates like any two-factor authentication and you will receive two text messages very quickly after providing your phone number. It must be noted that you can key in your phone number using the touch screen on the traditional-ATM keypad.
After providing your phone number, you will receive two SMS/text messages from HoneyBadger: one with the verification code required to continue with the transaction, and a second text message with links to info on how to get a Bitcoin wallet, HoneyBadger’s proprietary crypto wallet, and a link to HoneyBadger’s support.
Before you can verify your mobile number, you will have to consent to automated text messages and email communication. This is the only screen featuring Terms and Conditions on the machine. There were no options to scroll through and review the Terms and Conditions, save for the “legal” option on the home screen. Once you have accepted these terms, you will receive the two text messages, will be able to confirm your mobile number, and proceed with the transaction.
What cryptocurrency options are available?
While HoneyBadger has many language and transaction-type options, the cryptocurrencies available for purchase are this ATMs major limitation. However, at least HoneyBadger’s cryptocurrency options are the most popular options in the cryptocurrency market: Bitcoin, Litecoin, and Ethereum. Regardless if you are buying, sending, or redeeming crypto tokens, these are the three options available through this HoneyBadger ATM. Simply select your cryptocurrency to proceed with the transaction. In this case, we have selected Bitcoin.
Where is the QR code scanner?
Unlike other cryptocurrency ATMs, HoneyBadger’s QR scanner was not prominently featured on the kiosk and was not easily accessible. It was not until I was provided instructions on the screen that I was able to identify where on the kiosk the QR scanner was located. Even the image provided on the instruction screen to find the QR was not entirely clear. The QR scanner is located slightly above the ATM keypad. Open your crypto wallet, have the proper QR open, and find the right angle for the scanner to register your QR code.
Two things of note: the QR scanner is also where you will scan your photo ID for larger transactions and HoneyBadger includes the tiered pricing on this screen: this pricing is something that is featured on many of the screens and is visible throughout the photos.
Complete the transaction & fees on a HoneyBadger ATM
After the HoneyBadger ATM has accepted your QR code, you will be sent to the final screen to conclude your transaction. The crypto wallet QR code you scanned will be displayed on the screen for you to verify. With a $5 service fee and no smaller bill denomination than $5 in Canada, all transactions start will start with a $10 minimum for any transaction under $1000. Insert your cash into the bill acceptor and the screen will keep a running tally while providing you with the amount of cryptocurrency you are converting the cash to.
Once you have finished feeding cash to the machine, close the transaction and take a picture of the final transaction screen as a record of your transaction.
HoneyBadger ATM: Our Rating
|Fees: $5 per transaction up to $999, $0 for transactions above $1000||3/5|
|Cryptos available for purchase:||3/5|
|User experience – Positives: User-friendly interface, open security and anti-fraud warnings, options beyond purchasing cryptocurrencies, great assistance for first-time users. Negatives: Tiered pricing system, limited cryptocurrency options, QR scanner difficult to access, may be overwhelming for new users.||3/5|
|ATMs Locations: 198 across Canada||4/5|