We are very sorry to report that due to increasingly restrictive banking conditions and tightening regulations we will begin the process of winding down our crypto-currency dealing. This has been a difficult decision to take, but has been forced upon us by the recent actions of our banking partners and significant increases in compliance requirements by regulators. We will begin withdrawing services immediately and wind them down over the next 1-2 months to enable time for clients to act accordingly.
Effective immediately, we are be implementing the following changes...
We strongly recommend that clients who wish to continue dealing with crypto-currencies open an account with a new provider such as CoinSquare, Kraken (both of whom accept Canadian Dollar clients). To store crypto-currencies yourself, order a hardware wallet from Trezor or Ledger.
Further updates and information will be posted here as it becomes available.
Your crypto-currency vault balances (BTC, ETH, LTC, XRP) must be sold or withdrawn on or before FRIDAY 14th MAY 2021.
Any remaining balances in your account after this time will be subject to forced liquidation at the prevailing market rate for Canadian Dollars.
If you wish to move your crypto balances elsewhere - ACT NOW as it can take time to set up accounts or buy/install hardware or software wallets.
To transfer your crypto-currencies to your own wallet, or an address at an exchange, take the following steps...
1) What are Crypto-currencies ?
There is a comprehensive guide on Wikipedia, so rather than repeating it, the link is HERE.
2) Are they legal ?
Yes, it is perfectly legitimate to buy, sell, trade & exchange crypto-currencies for other currencies, or products & services
3) What are the regulations ?
Canada has brought in legislation regarding crypto-currencies meaning that exchanges to/from other currencies are to be regulated the same as any other foreign currency exchange. This means there will be certain ID requirements before transactions can take place. As of June 2017, this legislation is not yet in force, and there is currently no timetable for when this will take place. We have been registered with FINTRAC since 2011, and are already fully compliant with all current and anticipated future legislation in this area.
4) Do I need ID to trade crypto-currencies ?
Like most dealers, we require ID prior to conducting any transactions involving crypto-currencies. If you come into our store, you just need 1 piece of Photo ID. If you wish to order by phone or online, you must send a copy of Photo ID plus a Proof of Address by email. You will only need to sumbit your ID once, then your account will be validated and you will be free to trade !
In store verification
1 piece of valid, unexpired Photo ID
1 piece of valid, unexpired Photo ID
1 Proof of Address, from last 3 months.
You will also be sent a SECURITY CODE by regular mail, which must be confirmed prior to trading.
5) What forms of ID are acceptable ?
|Photo ID||Proof of Address|
|Drivers License||Phone / Internet / TV Bill|
|Firearms License||Property Tax Bill|
|Permanent Residence Card||Water / Sewer Bill|
|Provincial ID Card|
6) Can I buy / sell crypto-currencies the same as gold and silver ?
Broadly the answer is yes, however, there are a few differences listed below...
7) Can you send my crypto-currency to my wallet ?
Yes. Please make sure your wallet ID is correct in your account details, as this is what we will use to send your crypto-currency. Once sent, transactions are irreversable. for larger orders, we may send a small amount first to confirm the details. We send out crypto-currencies after 5pm local time each day.
8) Is my crypto-currency in your Vault accounts secure ?
Yes, we use "Offline Cold Storage" for the majority of our crypto-currency. Whilst we keep a small balance at the exchange for daily trading, we keep the majority in a wallet that is secured using cryptographic keys known only to us. These are stored on a dedicated hardware device which is stored in our safes with our precious metals. It is not connected to any computers, or the internet, and even when connected to validate a transaction, the keys never leave the device. Backup security codes are also kept in other secure physical locations.
9) Are there any commissions or fees ?
The price you see is the price you pay, inclusive of all exchange fees, commisions and brokerage. However, if we send crypto-currencies to your wallet, then there is a network transfer charge.This varies depending on the currency, and prices will be quoted when you order.
10) Coin Forks & Air Drops
From time to time, some developers decide to create split-off coins from the main coins by 'forking' the existing blockchain, or 'airdrops', where a new coin is given directly to holders of existing coins. In the last few years we have seen this happen with Bitcoin (Bitcoin Gold & Bitcoin Cash), Ethereum (Ethereum Classic, Stellar Lumens), and Litecoin (Litecoin Cash). In theory this awards existing holders of a coin some of the new coins for free. In practice, this is complicated and is not supported by all exchanges or wallet providers. Every fork is unique and has different pros and cons, with varying levels of industry support. The vast majority of these forks or air-drops simply fail to gain wide acceptance and fall by the wayside. As such, we will NOT support any forks or airdrops of any crypto-currencies we hold on account for clients. Should you wish to participate in any forks or airdrops of coins you own, you should take steps to move these coins to your own alternative storage BEFORE the event takes place.
Due to the constant growth and change in the crypto-currency space, the operation of buying and selling is not without its challenges. Problems can and will arise. As such we have the following Terms Of Service when dealing wih crypto-currencies.
By using The Atlantic Gold and Silver Centre, accessing the website, or using any service provided by The Atlantic Gold and Silver Centre, you agree to the following terms of service. Continued use of the The Atlantic Gold and Silver Centre website demonstrates that you agree with our terms of service.
Throughout the following terms of service, The Atlantic Gold and Silver Centre may be referred to as "us", "our", "we", and "the website".Users of The Atlantic Gold and Silver Centre include but are not limited to registered members, as well as any visitor who uses the website in any way, shape or form. The term cryptocurrency may be used to describe any form of digital currency, including but not limited to Bitcoin and Ethereum.
By opening an account or accessing the The Atlantic Gold and Silver Centre Website, you agree to the following terms:
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