Q&A with nTrust, an exchange for Canadians

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nTrust.com is a Canadian Bitcoin and Bitcoin Cash exchange that represent one of the few options Canadians have if they want to deposit with Interac.

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  1. How can Canadians fund their nTrust account?

Canadians can fund their accounts via bank transfer, Interac, or, if they use a credit union, by adding nTrust as a payee.

  1. For all other sites and companies in Canada that offer the ability to buy or sell cryptocurrencies and are not licensed with FINTRAC, would you say this is risky and not recommended?

We can’t comment directly on the risk of using other sites or companies in general. However, we do feel that our years of working with FINTRAC, and within the highly regulated money transfer space, have been a huge advantage in terms of setting up our infrastructure and understanding how Canadian regulation works.

  1. How do your rates compare with another exchange like QuadrigaCX?

We take a slightly different approach than QuadrigaCX. We prefer to offer one comprehensive price, with no added fees. That means our “fees” are built into our spread; the exchange rate you see when you “Buy” is the rate you get.

  1. Is nTrust an exchange just for Canadians or available for others around the world?

We currently only support CAD as a deposit and withdrawal method. That means only Canadians can buy and sell BCH or bitcoin within nTrust. However, users in other countries are welcome to open an nTrust account and send BCH or BTC in to hold, store, or send again (internally or externally).

  1. Exchanges have a bit of a bad reputation as many have been hacked over the years including MT Gox, why do you think users can trust nTrust to store their cryptocurrencies on the exchange?

We encourage users to take their own measures to keep their cryptocurrency as safe as possible – such as moving their crypto coins to a hardware wallet or cold storage, rather than leaving their crypto coins on any exchange. However, we take significant precautions to protect users’ cryptocurrency on our platform. Aside from our enhanced security infrastructure, we adhere to very strict segregated funds policies for our coins and cash. Furthermore, we use a system where the individual customers do not actually hold an actual coin balance with individualized coins assigned to them; instead, coins are held in a customer reserve on behalf of all our customers. The private keys necessary to move coins from this reserve are split into fragments; those fragments are held in different locations for different components of our system. Fragments are only combined when needed to sign a transaction onto the blockchain (such as when a user wants to move his or her coins onto a hardware wallet). In essence, no one person or location holds the full private keys; they only exist at a moment in time to authorize a transaction. This system provides security advantages for our users.

  1. When will the prepaid cards be available?

We recently decided to place plans for the prepaid card on hold until later in 2018. While we’re still excited about re-releasing an nTrust Prepaid Card, we want to focus our attention on two other upcoming projects: first, in early 2018 we’ll be rebranding (and changing our name to nCrypt). Then, we plan to expand our services throughout 2018, which includes the launch of a trading platform that allows investors to place trades, monitor accounts, and chart the markets. Like our current product, the trading platform will be user-friendly and accessible, and will offer an easy way for cryptocurrency enthusiasts to take the next step.

  1. Should users be concerned that their banks might close their account for having anything to do with Bitcoin?

Unfortunately, we have no control over what the banks will or will not do as part of their risk management protocols. However, we’d love to see the Canadian financial industry embrace cryptocurrency, and begin to accept it more often than shut it out.

  1. Do you feel banks in Canada and around the world are opening up more to the world of cryptocurrencies?

Definitely – we’re just not sure what form that will take yet. Bitcoin Cash and bitcoin have huge potential to make a positive impact in the world, and we’d love to see banks get on board. We believe collaboration is key to growing cryptocurrency globally.

  1. What are some of the more common questions you get asked by users?

A lot of users ask if we’ll support other currencies! (Never say never.) We’re also frequently asked about the quickest way to fund an account. The answer to that one is usually Interac, if their bank supports it. We’re hoping to add more instant deposit options in the New Year.

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