FAQ

Yes!

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If you are convinced you sent to the right wallet address and still do not see the crypto in your wallet, it may be for one of these reasons –

• Your transaction in cash is below 100CAD. Any transaction below 100CAD will have a slightly longer confirmation process as we are batching multiple transactions to mitigate for network fees
• The network fee associated with your order is not high enough for the current market environment. In volatile times, network fees can jump very rapidly and if at the moment you made your transaction, the fee was too low, it could get stuck. Rest assured, this can be fixed and you should let us know if you are in that situation – we will see whether we increase the network fee for your transaction or recommend a certain waiting time. You will not be paying an additional fee if the network fee jumps.

Easy Answer? Convenience.

Long Answer?

To be banked as a Crypto Money Services Business that accepts physical cash, there are very limited options in the world. We are considered a very high-risk business due to cash being seen as a vehicle for money laundering, which means that the few options that are out there are able to commend a much higher monthly fee because they know banking options are far and between.

Then there is the rent that we pay to the store owner where our Crypto ATM is hosted.

And then there is the spread we need to pay ourselves to get our cash back into crypto via OTC counters.

Then there are other tertiary services such as the modem & mobile plan monthly fee (our Crypto ATMs have Satellite Internet), the fees associated with the customer service line and armoured services.

And finally, there is a real risk in operating a business like ours. We carry cash after all.

All in all, this is why the rates are perceived to be higher. If you are looking for the most competitive offer, there are a plethora of very good exchanges that exist that can receive your money via an Interac Transfer.

20 CAD

We are set up to accept any amount. However, we recommend that if you intend to have recurrent business or larger transactions to give us a shout as we will likely be able to land you a more competitive rate.

We accept 5, 10, 20, 50, 100 CAD bills.

The minimum for a purchase is 20CAD.

At the moment, we only offer Bitcoin. ₿

However, if you are interested in purchasing other cryptocurrencies, let us know and maybe we can help you.

Not at the moment.

What is KYC?
KYC stands for Know your Customer and this is a procedure set forth by FINTRAC and Revenu Québec that requires any person that transacts above a certain threshold in cash to be identified. This procedure exists to control for money laundering, funding of illegal activities such as terrorism and purchases of prohibited goods to name a few. It also exists to protect the consumer from being victims of identity theft or financial fraud as these transactions commend an additional level of scrutiny and the IDs are verified for authenticity at the kiosks.

When do you KYC?

No KYC below 995CAD. SMS verification only.

KYC above 1,000CAD.

We ask for the following if above 1,000$ –

• First & Last Name
• Date of Birth
• Address
• Occupation
• Government ID (with photo)

Unless you know the person or entity to whom you sent the coins to and are able to request them back, there is unfortunately no way to recover the funds.

Immutability is one of the fundamental features of cryptocurrency and this means that once a transaction is sent and confirmed by the network, it becomes a part of the blockchain and cannot be changed.

There are multiple ways.

If you want it back into physical cash, we recommend YAP.cx or any of our competitors’ ATMs that have 2-way abilities. Use Coin ATM radar to find the closest BATM that can buy your crypto.

We do not yet offer 2-way machines, however feel free to let us know if you think this would be useful to you! The more requests we get for them, the likely we are to add them to our network.

If you want it into your bank account, we recommend BullBitcoin.

If you simply want to convert it into fiat on an exchange you can use Shakepay & NDAX to name a few.

A crypto wallet allows you to hold and spend your crypto coins just as a regular wallet would allow you to. The difference is that this wallet is on the Blockchain, a public ledger (www.blockchain.com) where you can keep track of the date, the amount and to which addresses the crypto could have been sent to. Don’t worry, your name is not there.

Mobile

BlueWallet or Exodus if on the phone. TrustWallet is valid too.

Computer

For users on a computer, Exodus is a good option or MetaMask.

Larger Investments (more than $1000)

We highly recommend using hardware wallets like Ledger, Trezor, or BitBox for enhanced security.

Coldcard for those who want to take security up a notch.

We do not recommend sending your coins to an exchange unless you intend to actively trade them and even then we recommend a smaller stack on exchanges.

As the popular saying goes, “not your keys – not your coins”

Public Key

You can share this freely without fear of losing your money and this is what you will scan at our kiosks to receive your cryptos.

Private Key

Your public key is mathematically derived from your private key. This private key is yours, and yours only. Do not share it with anyone unless you know what you are doing. If you share it openly, you are essentially allowing anyone to spend whatever crypto you have in that wallet. Make sure to keep it somewhere safe where you can re-access it in case you lose access to your wallet for whatever reason. The medium through which you got your private key does not matter, you can import your private key wherever that function exists

(e.g. if you create a private key on Blue Wallet and then decide to import it into a Ledger, you can)

Seed Phrase (also called mnemonic phrase, recovery phrase, backup phrase, mnemonic seed, secret phrase)

A series of 12, 18 or 24 words. The number of words entirely depends on the standard used to generate the seed phrases.

Longer words mean more encryption, but even with 12 words, it would take 13.8 billion years at a rate of one billion combinations per second to crack a 12-word seed phrase. Today’s technology can, at best, do millions of combinations per second

These series of words allow you to reset a group of private keys as opposed to only one private key -> one public wallet. This is the most common way to retrieve access to a wallet.

Akin to a private key, these words should be kept in a safe space. See it as the master key that opens everything without any restriction.

Absolutely!

Tools like MetaMask, Trust Wallet, Electrum and Exodus all allow you to import a private key without the need of a seed phrase.

It is strongly advised not to proceed with the transaction unless you personally know and trust the individual. Such requests are commonly associated with fraudulent schemes. Notably, legitimate entities like the Canada Revenue Agency (CRA) or the Royal Canadian Mounted Police (RCMP) will never solicit Bitcoin payments from you.

If you encounter such a situation, here are immediate steps to take:

1. Cease all communication with the requester. Engaging further could expose you to additional risks.
2. Report the incident to the Canadian Anti-Fraud Centre. They specialize in handling such cases and can offer you guidance.
3. Contact your local police department if you suspect you have fallen victim to a scam. It’s crucial to file a report and get the incident officially documented.
4. Reach out to us for assistance. At CryptoDirect, we’re committed to helping our clients navigate through challenging situations involving cryptocurrencies. We’ll offer advice and support tailored to your specific case.

Pro Tip: Recognize potential fraud attempts by these red flags – undue pressure to act swiftly, attempts to guilt-trip or ridicule you, and efforts to induce fear or panic. Scammers often employ these tactics to manipulate their targets into making hasty and ill-advised decisions. Stay alert and always question the legitimacy of unsolicited payment requests, especially involving cryptocurrencies.