How To Buy Bitcoin In Canada: Your Starter Guide
If you’re looking for the best place to buy Bitcoin in Canada, you’ve got several options to choose from!
However, it’s the beginning that is the most perplexing. Given the different range of tools, payment methods, and the wide range of competitive trading fees, you need to be aware of the various options from where you can buy Bitcoin.
This is where this guide might come in handy! The blog below has discussed the different Bitcoin exchanges that can help you get started with your journey.
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History & Present Of Bitcoin In Canada
Over the years, Bitcoin has gained immense popularity, and the faith in the token can be witnessed by its rate of adoption! Today, numerous investors are barging in to claim a piece of the pie with their investments.
Bitcoin’s history in Canada can be traced back to over a decade, long before the token boomed in the global markets. While the token continues to seek a stand in its legalization, the Bank of Canada has noted itself to be a BTC-friendly nation. Besides, with the increasing value of the token in the country, several institutions have started accepting BTC as a legal tender.
Besides, Vancouver and Toronto are Bitcoin hubs in Canada, recording a high rate of operation around these areas. So today, we have numerous places around Canada that allow people with the best place to buy bitcoin in Canada, the Bitcoin ATMs. With over 140 units of ATMs and 6,000 Flexepin retailers, it won’t be wrong to say that the token has a strong chance of getting legalized in the country.
Further, research suggests that the token is set to reach its highs of up to C$75,000! All of these factors surrounding Bitcoin make it one of the most attractive investments.
However, when it comes to the different ways of investing in Bitcoin in Canada, not many people know that there is more than one particular method to get started.
Wonder what they are? Continue reading as we explore the different investing methods in BTC in the next section.
Different Ways Of Buying Bitcoin In Canada
When thinking about how to invest in bitcoin in Canada, you’ll be surprised to know that there’s more than one way to invest in the token. Your options can be anything from purchasing the tokens with PayPal to opting for Interac e-Transfer. So let’s check them out.
The first option on our list is via a BTC broker! Here, users can make their transfers using the Interac e-Transfer method as it allows a simple, convenient, and cost-effective method of transferring CAD.
For instance, when choosing this option with your broker, you’ll have to pay fees up to 1.5%.
Buy Bitcoin With Credit Card or Debit Card
Next, we have the option to add funds to your crypto account using credit and debit cards. Here, users can use their regular Visa and MasterCard under Canadian banks.
One of the primary benefits of using this payment method is that users can instantly get Bitcoin! However, one of the downsides of using this payment method is that it comes with a fee of 2.99%.
Buy Bitcoin With Paypal
Did you know that you can now purchase Bitcoin in Canada using PayPal? Yes, thanks to the global popularity of these tokens, you can now buy BTC over platforms that accept PayPal deposits. This method is effortless and can be carried out anywhere across Canada. However, you might want to be wary about the fees as deposits via PayPal often attract premiums.
Given all the different ways you can get BTC in the country, you might be confused about the best way to buy bitcoin in Canada!
When it comes to selecting the best platform, it goes without saying that you should go with crypto exchanges. These platforms serve as reliable, government-backed platforms that the Ontario Securities Commission also approves. Besides, when using these exchanges, you also have the option to buy, sell, or trade your tokens.
To give you an idea of how these exchanges work, listed below are some of the top Bitcoin exchanges to start your journey in Canada.
Top Places To Buy Bitcoin In Canada
When looking for the best Bitcoin exchanges in Canada, you can’t miss out on BitBuy. This user-friendly, reliable exchange comes with a host of features suited for beginners and advanced investors and traders. Moreover, thanks to its accreditation via FINTRAC and approval by the Ontario Securities Commission, this crypto exchange is also touted as one of the best available platforms to buy Bitcoin in Canada.
In terms of signup, users can get started with the crypto journey at a mere investment of $50 and access 15 of the top digital currencies (with chances of more upcoming projects adding up in the future) like Bitcoin, EOS, AAVE, Polkadot, Chainlink, Ethereum, Litecoin, SushiSwap, and more, supported across several markets. Besides, the ease of funding using Interac e-Transfer makes it easy for beginners to get started with a minimum stake.
Talking of the functionality feature, users can access the charts provided by TradingView and get started with strategizing, covering both beginner and advanced levels. In addition, the availability of a reliable crypto application makes it a smooth experience for active traders who can buy, sell, or trade cryptos anytime and anywhere.
The fee structure and funding over the BitBuy is effortless as it allows bank transfers but with a catch! Users need to pay a minimal deposit of at least $20,000. Besides, the Interac e-Transfer option costs you a commission of 1.5% in terms of fees. For instance, making a $100 deposit would attract a small charge of $1.50. Besides, users are also entitled to pay 1.5% for withdrawals.
Trading fees, on the contrary, are significantly lower for the platform. For instance, every buy and sell order placed by the users will attract a commission of 0.20%. As such, you’ll be attracting a fee of $0.20 for every $100 traded. Besides, seasoned investors can also make their way to the platform using its Pro Trade functionality.
On the flip side, the high bank wire limit and the limited cryptos available over the platform might be limiting for advanced and seasonal traders.
- Offers 24/7 customer support
- Approved by Ontario Securities Commission
- Registered under FINTRAC
- Transparent fee structure with lower trading and deposit fees
- Supports Interac e-Transfer payment starting at $50
- Users need to shed out a minimum of $20,000 for bank transfers
Next, we have Kraken, a Bitcoin exchange that initially started as a crypto exchange targeted at European investors at the time of its launch in 2013. However, fast forward to 2022, the platform is a reliable platform serving Canada and US users. In addition, the clean and interactive UI and tools for advanced and beginner platforms further make it one of the best destinations to buy Bitcoin in Canada.
As such, users signing up for Kraken can easily access advanced tools and functionality as they mature with their strategies and trade. Furthermore, the platform comes with a slew of learning materials, making it an attractive option for investors who have just begun their journey in Bitcoin investment. In addition, the global customer support that is active 24 hours, seven days, and 365 days per year, makes it easier for investors and traders to receive prompt responses to their queries.
Users accessing the platform can get started with their trading journey by accessing over 65+ different crypto projects! The likes include some prominent ones like Bitcoin to the newly added Dogecoin. This way, users of every type can diversify their portfolio across several markets and make the most of their everyday trade.
Talking of signing up over the platform, users can get started with a minimum investment of just $10, allowing users of every shape and size to get started with their strategies. Further, the platform comes with an appealing leverage ratio of 1:5 for spot trading markets. Here, users can make the most of their strategies at a minimal cost.
For instance, if you’re stalking $100 worth of Bitcoin, you can utilize the leverage of up to x5, making it $500. Moreover, the platform allows the option for users to stake in futures! Here, once you’re confident about your strategy, you can easily access the crypto derivatives market and access leverage of 1:50, subsequently turning your $100 stake into $5,000.
Besides, the platform charges a commission of 0.26% per slide, based on the maker/taker model, allowing beginner traders to actively trade digital currencies at a lower commission. Here, traders also have a chance to reduce the overall commission rate by increasing the total trading volume. Finally, users signing up for the platform can rest assured as it claims to be keeping 95% of all users’ deposits in offline cold storage.
On the flip side, the platform won’t offer you a native wallet to store your Bitcoin or other cryptos.
- A reliable platform for both beginner and advanced investors and traders
- Offers margins up to 1:5 on spot markets
- Users can access leverage of 50x on futures
- Supports over 65+ crypto tokens
- Lower trading commission
- The platform fails to offer a native wallet to the users
When thinking of how to invest in Bitcoin in Canada, you can’t possibly miss out on Coinbase, one of the best beginner-friendly platforms that come with the most suitable tools and functionality. However, that doesn’t mean the platform is limited since its Coinbase Pro platform allows simple and easy for advanced traders to execute their orders.
Found in 2012, users over the platform can access over 50 different crypto assets and build their portfolios over time. Besides, the presence of 89+ million active traders makes it an engaging community of new and advanced traders alike. Thanks to the clean and simple UI, users who had no previous idea of investing in Bitcoin can easily get started with this platform.
Users signing up for Coinbase can start their investment journey with Bitcoin. Besides, if they think otherwise, they have the option to invest in the likes of new and popular crypto projects like Dogecoin and some old ones like Ethereum.
One of the most appealing aspects of the platform is its account opening, where users can get started with their Bitcoin investment journey in a few minutes by uploading their government-issued ID. Once done, the platform allows users to fund their accounts using debit and credit cards. However, the catch is a transaction fee of 3.99% that they need to pay.
Other options to fund the Coinbase accounts include a local bank transfer, eliminating the 3.99% fee that the users had to pay otherwise. However, it should be noted that the process is slow and takes over 1-3 working days. In addition, once the funds are reflected into individual accounts, users will have to pay a standard 1.49% commission per slide to trade in BTC or other cryptos.
Being the only Bitcoin exchange listed in NASDAQ as a public stock makes the platform a safer option for users. However, the platform’s other measures include a 98% cold storage of the user’s funds and other security measures like 2FA (two-factor authentication) and device and IP address whitelisting.
On the flip side, the platform might be appealing to a limited number of users as it comes with a high payment and commission fee.
- Listed in NASDAQ and regulated in the US
- Offers support to over 50+ crypto tokens
- Accepts credit/debit payments and bank transfers
- Provides exceptional security features
- Reliable for beginners
- Limiting for advanced users
When thinking of the different methods to buy Bitcoin in Canada, don’t forget to count Crypto.com on your list! The platform is simple, easy to get started with, and comes with many features for both beginner and advanced traders alike. Besides, the platform is also touted as one of the best exchanges for users to diversify their portfolios.
Users signing up for Crypto.com can move beyond Bitcoin investments and access multiple other short-caps projects like Shiba Inu, Dogecoin, Cardano, Litecoin, and long-term crypto projects with a view of diversifying the risk on your folio. Besides, with access to over 250+ markets globally, the platform makes it easy for users to trade their cryptos. Besides, advanced users also can invest in a wide range of stablecoins.
For the account funding options, users can use either credit or debit credit while attracting a charge of 2.99% on their transaction. Besides, it should be noted that the crypto exchange is a part of the broader ecosystem developed by Crypto.com. For instance, besides actively trading in cryptos, users can also access the crypto interest accounts, allowing them to generate yield by locking in the digital assets for some time.
Crypto.com offers floating APY rates, going up to 14.5%, depending on the crypto assets that the users choose to stake, the lock-up terms, and the option to stake their CRO tokens. These functions can easily be carried over the platform’s trading app, compatible with both iOS and Android devices.
The platform shares a relatively flexible structure that depends on additional factors, such as trading fees. These factors include whether the investor is a market taker or maker and if they hold the platform’s native CRO tokens.
With that said, users investing in Bitcoin and other crypto-assets will have to pay a fee of 0.4%, paying $0.40 for every $100 they trade. However, the deposit fee generally depends upon the chosen payment method, with bank transfers being the cheapest option.
On the flip side, the platform might be limiting for advanced users who want to make the most of their strategies with new and improved tools.
- Supports over 250+ crypto tokens
- Low trading and deposit fees
- Supports multiple funding options
- Offers a reliable 24/7 customer support
- Comes with a great reputation
- Limiting for advanced users
Last on our list; we have Binance, one of the most convenient names when you’re thinking of how to purchase bitcoins in Canada. The platform stands out from the others with its low trading fees and the different functionalities that it brings along.
The platform provides users with access to hundreds of crypto assets available in more than 1,000 markets, making it the perfect spot for investors who want to move beyond Bitcoin in their folios. Besides, the platform has a plethora of features for advanced traders too!
Users can easily access complex trading products, including the likes of futures, and leverage over different tokens, besides the right tools for doing advanced market research. For instance, advanced traders who like to execute their strategy have the option to access multiple chart drawing tools, real-time data, and technical indicators that TradingView provides.
Talking of the funding options, the platform takes the lead with the provision to deposit and withdraw money in fiat currency (CAD Dollars). Besides, users also have other options like depositing via their regular debit, credit card, or direct digital deposit to get started with their BTC investment journey.
The platform is similar to the other models on this list for its fee structure. Binance utilizes the popular maker/taker model, ensuring lower commissions at 0.10% per slide and a fee of $0.1 for every $100 traded. Thanks to the maker/taker model, users can quickly reduce their commissions over the platform by increasing their trading volumes monthly.
In terms of the safety of the users signed up for Binance, the platform backs them over several internal security features. For example, once onboard, the wallet provided by the platform is backed by features like 2FA (two-factor authentication) and a SAFU (Safe Asset Fund for Users) (SAFU), a reserve pot for ensuring seamless operations in the events of a successful hacking attempt.
On the flip side, the most significant disadvantage of the platform is that it continues to remain unlicensed under any Canadian authority or any other regulatory bodies across the globe. Therefore, before signing up, you need to beware of the risks of trading with an unregulated crypto exchange.
- Access to over 1,000+ markets
- Comes with a low commission structure at 0.10% per slide
- Supports fiat deposits and withdrawals
- A plethora of tools for advanced traders
- Offers one of the largest crypto liquidity exchanges
- Any regulatory body doesn’t back the platform
Now that you have an idea of the different BTC exchanges and what they have on offer, let’s have a look at the differences between them via this comparison table:
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Best Bitcoin Exchange – Conclusion
With the different exchanges on our list, you now have an idea of the platforms that will help you get started with your journey with Bitcoin. However, let’s not forget that when it comes to these platforms, no one solution fits the need of all users.
Our opinion of the best Bitcoin Exchange is BitBuy; the platform is simple and has a limited number of crypto tokens, making it the ideal choice for beginners. Besides, the platform has a minimal deposit and comes with a fixed commission at 0.2% per slide.
After all, the chances are that you might be a seasonal investor, daily trader, or somebody who likes locking in their funds. Since all the platforms have different USPs, it’s always wise to do your research before signing up for any individual platform. All the best!
Stores Accepting Bitcoin in Canada
Since you now have made your Bitcoin investments, we’re sure you’d want to reap the benefits of your investment. The good news is that you can now use your tokens without any doubt!
Thanks to its popularity, more businesses are now opening up to the idea of accepting Bitcoin as legal tender. So here are a few stores where you could try spending your tokens:
- Retailers: Quebec Bed-and-Breakfast is among the retail outlets that accept BTC as a legal tender. You can now visit their store to enjoy a lovely breakfast without worrying about spending your fiat currency.
2. Coffee and beverages: Yes, forget Starbucks accepting crypto tokens via a payment processor. You can now enjoy a lovely cup of coffee in downtown Vancouver last year, followed by Toronto and Ottawa.
3. Contact lenses: When considering the different services you can avail yourself of using your BTC tokens, contact lenses are no exception! Canada’s prominent retailer ClearlyContacts now accepts BTC, among 20 other cryptos, as a payment method.
Interestingly, the list is endless! There are multiple ways to spend your BTC earnings in Canada now. With the increasing acceptance of businesses towards cryptocurrencies, it won’t be long before major retail outlets also legalize the tender.
Bitcoin & Cryptocurrency Regulation In Canada
Talking of the regulations, it is more of a legal viewpoint on cryptos and the Canadian Tax System.
Blockchain and cryptos aren’t officially addressed by provincial or federal legislation. This brings us to the legality of cryptocurrencies in Canada.
Talking of the legality terms, cryptos are taxed under the commodity section rather than currencies as per the CRA (Canadian Revenue Agency). This suggests that any crypto transaction will be treated as a barter transaction.
The website states that any goods or services bought using cryptos must be accounted for taxation under the income tax act. Besides, any profits gained will be treated under capital gains.
Is it legal to buy Bitcoin in Canada?
Yes, it is entirely legal to purchase Bitcoin in Canada. However, it should be noted that the purchase needs to be made under a registered exchange that the Ontario Securities Commission backs. Lastly, it would help if you also filed for taxes under the income tax act when making profits off your crypto investments
Is it a good time to buy Bitcoin?
Given how the market has moved for the first half of 2022, Bitcoin has entered its correction phase. The token hover at a range-bound of $37,000 - $44,000. Compared to all time high that the token was able to touch, analysts suggest that it would be a great entry point. BTC is a long-term investment to go with!
Can I buy Bitcoin stock?
No, it’s not possible to buy a Bitcoin exchange. However, the closest thing to buying a stock with Coinbase is listed on NASDAQ.
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