Q: Why Is My Bank Transaction Pending or Under Review?

<p><em>Common Reasons Transactions Get Flagged</em></p> <p>Most bitcoin purchases go through instantly. But sometimes a transaction gets pulled for a quick review before it's processed. This is normal, and these reviews typically clear within 24 hours. Here is what may be causing this and how you can avoid these delays in the future.</p> <hr /> <h2 id="reason1toomanysmalltransactions">Reason 1: Too Many Small Transactions</h2> <p>Sending several transactions in a short period of time can trigger an automatic review. <strong>The fix:</strong> Consolidate your purchases. Instead of sending multiple smaller amounts, send one larger transaction per day, and make sure to keep it within your daily limits. Alternatively you don't need to do anything as these will automatically be reviewed and processed.</p> <hr /> <h2 id="reason2namemismatchbetweenyourbankandyourbitcoinwellaccount">Reason 2: Name Mismatch Between Your Bank and Your Bitcoin Well Account</h2> <p>Your Bitcoin Well account name needs to match the name on the bank account you're sending from, exactly. Even small differences like an abbreviation (Frank Senior/Frank Sr.), a missing middle name, or a shortened first name (e.g. David/Dave) can be enough to pull a transaction for review. Joint bank accounts are a common culprit here. If the transfer goes out under a name that isn't yours, the system won't recognize it as a match. <strong>The fix:</strong> Use a personal bank account and make sure the name on file matches your Bitcoin Well account exactly. If you're unsure what name your bank sends under, check a recent e-Transfer confirmation from your bank. Please note that if you are send</p>

Question 1

How to Set Up and Use BlueWallet

Accepted Answer

BlueWallet is a self-custodial Bitcoin wallet for iPhone and Android. Your private keys stay with you, which also means you are responsible for protecting the wallet backup.

|| Information: Self-custody means BlueWallet and Bitcoin Well cannot reset your wallet or recover your funds. Your recovery words are the backup.

1. Create a Bitcoin wallet

Download BlueWallet only from its official website or the app-store links listed there.
Open BlueWallet.
Tap Add now or the + button.
Choose Bitcoin.
Give the wallet a clear name.
Tap Create.

BlueWallet Wallets screen with Add now and plus controls highlighted

BlueWallet Add Wallet screen with Bitcoin wallet type highlighted

For most beginners, the default Native SegWit wallet is appropriate. Change advanced wallet types only when you understand the compatibility and recovery implications.

| Tip: Complete the wallet backup before receiving bitcoin, then start with a small test transaction.

2. Back up the wallet

Open the wallet.
Tap the ⋯ menu and open Wallet details.
Choose Export/Backup.
Write the recovery words down in order and store them offline.
Confirm that the backup is readable before depositing bitcoin

Question 2

How to Sell Bitcoin

Accepted Answer

Sell bitcoin from a self-custody wallet and receive Canadian dollars through the payout methods available in your Bitcoin Well account.

Create a sell order

Sign in to Bitcoin Well and select Sell bitcoin.
Enter the amount of CAD you want to receive.
Select a Payout method.
Select or add the recipient.
Review the recipient details, then select Review and pay.

The current Sell bitcoin amount and payout-method fields

Available Canadian payout methods and processing times

|| The live payout selector shows the methods, transaction ranges, and processing times available to your account. Review those details before creating the order.

||| Recipient email addresses, security answers, and bank details are private. Sell addresses are public identifiers but can reveal sensitive transaction metadata. Do not post an unredacted order publicly; share an address only through verified Bitcoin Well support when needed.

Send on-chain bitcoin

On the payment screen, select On-chain.
Open your Bitcoin wallet and select Send.
Scan the QR code or copy the complete Bitcoin Well sell address.
Send the exact BTC amount shown for the sell order.
Wait for the required blockchain confirmation.

| Bitcoin Well provides an option to

Question 3

Understanding Bitcoin Well Account Verification

Accepted Answer

Identity verification unlocks the payment methods, features, and limits available to a fully verified Bitcoin Well account in Canada.

|| Bitcoin Well is registered as a money services business with FINTRAC and must verify customer identity when required by Canadian law and its compliance program.

Start verification

Sign in to Bitcoin Well.
Open Account, then select Profile.
Under Verification level, select the verification prompt shown for your account.
Confirm your email, phone number, occupation, and any other required account information.
Complete the identity check with the verification provider.

Open Account and select Profile to find your account and verification settings

What you need

Use an accepted, valid government-issued photo ID, such as a driver's licence or provincial photo ID. Complete any document or selfie checks shown in the secure verification flow.

||| Complete verification through the secure flow opened from your Bitcoin Well account. Do not email or upload identity documents unless verified Bitcoin Well support directs you to an approved secure method.

| Have your ID ready before you begin and follow each on-screen prompt in one session when possible.

Take a clear document photo

Show all four corners of the document.
Use even lighting and avoid glare.
Make sure the image is sharp and readable.
Do n

Question 4

Using a Bitcoin Well ATM: A Complete Guide

Accepted Answer

Everything you need to know about using a Bitcoin Well ATM, from finding one to making your first purchase.

Finding a Bitcoin Well ATM

Visit bitcoinwell.ca/bitcoin-atm (or talk to our AI Chatbot Wade!)
Scroll to the interactive map
Search or select your location on the map
Select a pin to view the location details

How a Bitcoin ATM Works

Using one of our Bitcoin ATMs is simple. Tap "I Want Crypto" on the touchscreen, select Bitcoin (BTC), and scan your wallet's QR code. Insert your cash, review the transaction details, including the amount, transaction speed, and fees, then confirm. You'll need a bitcoin wallet on your phone to receive your purchase, more on that below. The whole process is designed to be intuitive. Most first-time users complete their transaction in under 5 minutes.

You can also buy Litecoin, Ethereum, and other cryptocurrencies at our ATMs.

Setting Up a Bitcoin Wallet

You'll need a mobile wallet app to receive your bitcoin. Think of it as a digital account for your cryptocurrency. If you don't have one yet, download a free wallet like Wallet of Satoshi or Blue Wallet from your app store. As per our [Terms and Conditions](https://bi

Question 5

How to Verify Your Bitcoin Well Account

Accepted Answer

Everything you need to know about identity verification, from why it's required to what to do if something goes wrong.

Why Do I Have To Verify My Identity

Bitcoin Well is registered as a money service business (MSB) with FINTRAC. This means we are required by law to collect certain documents to verify your identity before you can use our products and services. By completing verification you also unlock full access to all portal features, payment methods, and higher transaction limits. If you'd rather skip verification for now, that's completely fine. You can still use Bitcoin Well as a Lite account.

What Documents Can I Use

Acceptable documents include a government-issued driver's licence, or a state-issued ID. Make sure your documents are clearly photographed with all four corners visible, good lighting, and no glare or shadows covering any information.

How Do I Verify My Account

Sign up at bitcoinwell.com and select your country of residence.
Confirm your email.
Enter your bitcoin address.
Confirm your phone number.
Enter your occupation.
Begin the ID verification process. Verification is automated and typically takes only a couple of minutes.

Note: If you are using a VPN, please disable it before completing verification as it can cause errors.

How Long Does Verification Take

If additional documentation is requested by our partner Bitgo, the process may take up to 3 business days. During this time, keep an eye on your inb

Question 6

Why Is My Bank Transaction Pending or Under Review?

Accepted Answer

Common Reasons Transactions Get Flagged

Most bitcoin purchases go through instantly. But sometimes a transaction gets pulled for a quick review before it's processed. This is normal, and these reviews typically clear within 24 hours. Here is what may be causing this and how you can avoid these delays in the future.

Reason 1: Too Many Small Transactions

Sending several transactions in a short period of time can trigger an automatic review. The fix: Consolidate your purchases. Instead of sending multiple smaller amounts, send one larger transaction per day, and make sure to keep it within your daily limits. Alternatively you don't need to do anything as these will automatically be reviewed and processed.

Reason 2: Name Mismatch Between Your Bank and Your Bitcoin Well Account

Your Bitcoin Well account name needs to match the name on the bank account you're sending from, exactly. Even small differences like an abbreviation (Frank Senior/Frank Sr.), a missing middle name, or a shortened first name (e.g. David/Dave) can be enough to pull a transaction for review. Joint bank accounts are a common culprit here. If the transfer goes out under a name that isn't yours, the system won't recognize it as a match. The fix: Use a personal bank account and make sure the name on file matches your Bitcoin Well account exactly. If you're unsure what name your bank sends under, check a recent e-Transfer confirmation from your bank. Please note that if you are send

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