Bitcoin ATM from Well Review 2022

The Bitcoin ATM from Well has over 220 machines across Canada that let you buy Bitcoin and other cryptocurrencies. Unfortunately, there are no Bitcoin Well ATMs in Nova Scotia, Prince Edward Island, Newfoundland & Labrador, or Northern Canada. This Bitcoin Well ATM was located in a small local market slightly east of Vancouver, in Burnaby. The first thing you will notice about a Bitcoin ATM from Well is the kiosk’s simple design. There is a touch screen, QR code scanner, bill acceptor, anti-fraud warning and instructions for help decals. The help decal features only a phone number. Are you ready to buy some Bitcoin? Here’s how to use a Bitcoin Well ATM in Canada.

Getting started on a Bitcoin ATM from Well

The first screen is as simple as the Bitcoin Well ATM’s streamlined appearance and all-white design. There are three language options across the top of the screen: English, French, and Spanish. The only other thing you will see on the screen is a blue circle that says “I want Bitcoin.” It’s all fairly straightforward, simple, and easy.

After selecting that you want Bitcoin, the screen will change minimally. The “I want Bitcoin” button is replaced by a Bitcoin icon in the center of the screen. Underneath the icon is the current trading value of Bitcoin through a Bitcoin Well ATM. Above the icon, the screen simply states “Choose a Cryptocurrency you’d like to buy.” 

Yes, it’s that easy. The Bitcoin Well ATM is extremely efficient, simple, and easy to use. The user has one decision: do I want to buy bitcoin at Bitcoin Well’s current price point?  There aren’t any real options or decisions to make other than that. For comparison, Bitcoin was trading at $38,586.83 per token on Wealthsimple Crypto when this Bitcoin Well ATM was tested. 

How much does it cost to buy Bitcoin on a Bitcoin ATM from Well?

When was the last time that Bitcoin was trading at Bitcoin Well’s price of $45,056.00? 11 days earlier. The Bitcoin Well user experience is simple, streamlined, and efficient. We’d recommend this machine for people with little to no Bitcoin ATM experience, but not necessarily for people with little knowledge about crypto. The Bitcoin Well ATM user interface is designed for first-time users, but might not be the best option for the uninformed. If you want to get the most value from a crypto ATM transaction, the user should be aware of roughly how much Bitcoin’s value is, which means they should be following Bitcoin’s price action on a fairly regular basis.  

There was no indication on the ATM of how often the price is updated. If you have a Bitcoin Well ATM near you, it might be worthwhile to check the price on the ATM and compare it to the market before you make a transaction to ensure you are not over-paying for your crypto.

Where do I keep my Bitcoin?

After selecting Bitcoin, you need to enter the public Bitcoin wallet address from your crypto wallet. The screen features a simplistic 3-D animation of where to find it and how to scan the address QR code. There is a help option with three methods to connect with support: phone, email, and website. There is also an option to get a Bitcoin address on this screen. Most crypto ATMs have some option to provide the user with a crypto wallet if they do not have one. Again, Bitcoin Well loves to be easy, straightforward, and simple. 

As soon as the Bitcoin ATM from Well registers the QR code, the transaction moves to the simple anti-fraud warning. Bitcoin Well outlines three warnings for users in easy-to-understand language. They provide a phone number for potential fraud victims, a chance to exit the transaction, consent to the transaction, and a small QR code in the bottom right corner of the screen for more information. Anti-fraud warnings are features of every cryptocurrency ATM. Bitcoin Well’s anti-fraud warnings were the easiest to read. But they should get bonus points for providing an external resource for people to explore anti-fraud measures further. 

Are there transaction fees to use a Bitcoin ATM from Well?

If you are comfortable with the Bitcoin purchase price and are not a victim of fraud, you can agree to the transaction. The next screen continues Bitcoin Well’s incredibly straightforward user interface and experience. Bitcoin Well ATMs have a fixed fee of $3 per transaction. If you are comfortable with that you can insert your cash into the machine. A familiar blue circle keeps a tally of how much cash you have inserted so far, the amount of bitcoin that has been exchanged for your money, and the Bitcoin wallet address. 

Bitcoin Well ATMs state that $9 is the minimum transaction value, which isn’t possible in Canada because we do not have $1 paper bills. Therefore, the actual minimum transaction value is $10 with Canadian currency. Because of this, it’s possible that Bitcoin Well ATMs accept American currency, but don’t know for sure. There is nothing on the machine or in the transaction steps to indicate that Bitcoin Well ATMs accept any other currencies but Canadian.

If you are uncomfortable or want to leave the transaction, simply press the home button on the screen. Bitcoin Well ATMs ability to reverse the transaction – up to inserting cash – is very smooth. This is all part of an extremely efficient user experience.

At this point, if you’re ready to buy Bitcoin with cash then go ahead and insert it. Finish the transaction and take a picture of the final screen as your transaction receipt. This is when I noticed the little question mark in the bottom right corner of the screen.

What if I need help?

The question mark brings the user to a help section complete with frequently asked questions (FAQ), credits, the ability to return to the transaction from this screen, and the Terms of Use you are consenting to. Notably, this is the only time throughout the transaction that you can see the Terms of Use.

If you need help and want to leave the transaction, there is a green rectangle prompting you to press for help. This opens a pop-up screen with a QR code for help, a phone number, an email address, and a home button to end the transaction which redirects you to the Bitcoin Well home page.

Bitcoin ATM from Well: Our Rating

If you couldn’t tell already, Bitcoin Well ATMs are efficient, simple, and easy to use. The user interface and transactions are straightforward. The user-friendly interface has everything that someone with no experience or no crypto wallet could need to consent to and complete the transaction. Bitcoin Well has one cryptocurrency option: Bitcoin. It may be simple, but it does that one thing very well.

Limited cryptocurrency options, no anti-money laundering protection, two-factor authentication, or ID requirements help with a streamlined experience but they are major limitations of a Bitcoin Well ATM. To get the best value, users should be aware of Bitcoin’s current market value and the Bitcoin Well ATM’s selling price before making a transaction. For those reasons, our rating is 3.75/5.

Fees: $3 per transaction	4.5/5
Cryptocurrencies available for purchase :	1/5
User experience: simple, efficient, easy to use. It’s brilliant in its simplicity. Limited options. Cryptocurrency value needs regular updating.	5/5
ATM Locations: over 220 across Canada, from British Columbia to New Brunswick.	4/5
Total	3.75/5