You can have your account open and KYC verified here in no time at all and Coinberry also ensures the best value environment possible for buying or trading your Bitcoin and the other supported assets. With no deposit or withdrawal fees, and a 0.
You should note though that as a market maker, they will apply a spread to the asset. Overall they provide a secure, super-convenient, and well-trusted service with competitively low costs. As an added bonus and unique feature, you also have the ability to short Bitcoin through Coinberry if this is a strategy that interests you. To learn more you can head over to Coinberry and start trading right now.
Wealthsimple is a Canadian-based finance technology company that has been offering more traditional trading services since They offer commission-free stock trading and an auto trading robo-advisor service and have recently launched their dedicated crypto service. This is currently only available in Canada and provides the opportunity for you to buy and sell Bitcoin or Ethereum around the clock through their extremely easy to navigate mobile app for iOS and Android. Wealthsimple also ensures the registration process is fast, taking only a few minutes, and that the service remains accessible to everyone with no account minimums required.
This provides a great opportunity then to get involved at the beginning of an exciting, new, and great value offering when buying Bitcoin in Canada. They also offer Ethereum ETH. You can take a look at our full Wealthsimple review , or head directly to Wealthsimple Crypto to get started right away. Paybis operate a very well-trusted Bitcoin and cryptocurrency purchase platform where you can buy Bitcoin and a range of other crypto using nothing more than your credit or debit card. They have been around since and have helped hundreds of thousands of people to make Bitcoin purchases.
The service is extremely easy to use and takes only about 15 minutes to sign up for use the first time. This includes full KYC checks for your security and setting up a third-party wallet which is required since Paybis just facilitate the transaction. You can quickly sign-up with Paybis and purchase Bitcoin from Canada and more than other countries with fees that are competitive depending on the payment methods you use. They also provide an excellent support system and detailed step-by-step guides on how to complete your transactions. This convenience and level of trust have seen them become one of the top choices in Canada and around the world.
Check out our full Paybis Review or go directly to Paybis to buy Bitcoin. Binance is one of the largest and most well-known cryptocurrency exchanges in the world. As a Canadian trader, you can also use Binance to purchase Bitcoin. Moreover, you may remember the Quadriga news story as the controversy reached headlines worldwide, making you wonder what is the best and safest way to buy Bitcoin in Canada and if the Canadian financial industry is ready for a crypto boom.
How to Buy Bitcoin in Canada?
Regardless of what you think of when talking about Canada and cryptocurrency, it has never been difficult to access as a Canadian. Apart from the Bitcoin ATMs, the country has classified cryptocurrencies as commodities, and therefore they are legal to purchase and use as a digital currency. This designation is important as it denotes that while you can use cryptocurrency such as Bitcoin to buy goods and services online or in certain stores, it is not legal tender like the Canadian dollar.
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Please note that some links on CryptoVantage. We may receive a commission, at no extra cost to you, if you click through our links and make a purchase from one of our partners. Our editorial team has ranked and reviewed the top exchanges for Canadians. It is relatively simple to buy cryptocurrency in Canada.
The first step is choosing a hardware or software wallet. The second step is picking an exchange to buy virtual currency from. The third and the possibly tedious step is having your identity verified through what is known as a Know Your Customer KYC process. This involves providing your full name, date of birth, and residential address to the exchange.
Some exchanges require your identity to be verified by providing them with a copy of your passport or government issued ID. Most Canadian credit card companies have blocked purchase of cryptocurrencies, with the exception of Koho. As their tag line goes, they are pushing for A New Era of Banking. Their visa debit card is one of the only credit cards that enables Canadians to purchase cryptocurrencies on a number of exchanges. Other options apart from a credit card purchase are Interac e-Transfer, Electronic Funds Transfer, bank wires, or direct purchase through debit.
It is legal to buy cryptocurrency in Canada. The Canadian government has classified cryptocurrencies as commodities, meaning that while you can purchase, trade, mine, or interact with cryptocurrency, it is not eligible to be a registered investment and transactions fall under the category of barter transactions. There is not way to directly purchase cryptocurrency from an exchange with your bank account, either with a debit card or a credit card.
Currently, all known bank accounts restrict the purchase of Bitcoin or any other cryptocurrency. However, the easiest way to get around that is by sending an e-transfer to your account on the exchange of your choosing, and then convert your CAD to either Bitcoin or any other cryptocurrency.
These are digital market places that allow you to trade, buy and sell cryptocurrency. Some of the exchanges listed above also feature FIAT to crypto transactions.
Meaning, they provide you the ability to exchange your Bitcoin for Canadian dollars. Follow us on Twitter or join our Telegram. Living in Canada is great if you want to buy or sell bitcoin since there are none regulatory hurdles and many ways to it.
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The only problem may be where to start. Until the infamous QuadrigaCX scandal , Canada was known as a home to many trustworthy exchanges.
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These include:. Most of these platforms accept e-transfers and bank wires for funding and withdrawal, among other options. Most Canadian Bitcoin services also support Interac e-Transfer , which makes it super easy to fund an exchange account for everyone with a Canadian bank account. Bank wire transfer is another convenient option but mind it takes more time days for the funds to reach your exchange account.
Perhaps the most convenient option to purchase bitcoin in Canada is by using a credit card, but it is also the most expensive one. You can trade bitcoin and earn up to For more info on credit card purchases, read our guide " How to buy Bitcoins with a credit card. It works like this:.
How to Buy Bitcoin in Canada?
Alternatively to these platforms, you can also try using a decentralized Bitcoin exchange, like BitSquare or Coinffeine. Decentralized exchanges require less communication with the other party, and are super convenient if you prioritize speed, privacy, and anonymity. The process of buying or selling bitcoin in a face-to-face meeting is like the one using peer-to-peer platforms. You are likely to use the same peer-to-peer platforms like LocalBitcoins or Paxful to find someone who wants to deal with you.