Do you remember the 2000’s tech boom? Everyone was rushing to buy Tech stocks like there is no tomorrow. If there is any boom of that sought happening right now, it is the Cryptocurrency boom. There is FOMO, there is colossal interest from Millennials to buy any cryptocurrency/coin and have fun at the end of the day.
Bitcoin is one of the most popular and oldest cryptocurrencies. Without any doubt, everyone is familiar with that. Even the central banks are on their toes with the growing interest among people and possibly calling an end to the fiat currency. End? That’s anyone’s guess. However, today we are going to explore ways how buying Bitcoin in Canada can be done. There are many options like buying from a traditional broker, cryptocurrency exchange, or trading platform. Other ways are OTC or P2P networks.
Buying Bitcoin in Canada
Incorporated in 2016, it is a top-notch crypto exchange based out of Canada and operates in Toronto. You can purchase and sell cryptos like Bitcoin Cash, XRP, Ethereum, EOS, Bitcoin, and many others here.
Simply create an account and transfer the funds to trade the cryptocurrencies of your choice. Suitable for both novice and experienced traders. If you are curious about the fees they charge then your curiosity is over. They charge close to one percent fee for deposits and payout (though vary for how much you withdraw), trading charges of no greater than 0.2%. You can trade conveniently using their App, available on Android and iOS.
- Ease in creating an account and getting verified.
- Diversity of coins and platforms for trading offered.
- Getting access to real-time quotes and different order types is just a cherry on the cake.
- The cost incurred while withdrawing and depositing funds.
- Lack of regulatory touches like assets not regulated by CDIC or CIPF.
- The platform says no credit card transactions.
Buying bitcoin in Canada would never have been easy if it wasn’t for this crypto brokerage. Newton is based out of Canada and has a large variety of cryptocurrencies and coins you can choose from.
A blessing for beginners where they can open an account without any hassle. It offers a wide range of coins like Hedera, Bitcoin, UMA, Ethereum, and many others. Let’s talk about an important aspect a trader should look at, which is fees. They charge trading fees within the 0.7% range, but withdrawals can be done without any cost.
This platform provides you the behoof of investing in new-age coins that are less known.
3. Wealthsimple Crypto
This might be the most famous platform amongst all like the most famous guy we used to have in our school/college. This is because regulators (Canadian Securities Administrators) have tied knots with this platform and voila your assets are safer than ever because your crypto assets are held with Gemini (custodian).
It operates itself in a pertinent way by connecting you to a market maker after placing your order to find the best execution price. With a wide range of offerings in crypto space and trading done with ease in an application, this is best suited for beginners.
- Hassle-free account opening in minimum time.
- You can trade crypto and other assets from one single app.
- Covering almost every part of Canada.
- Regulated with Custodians having investors’ back.
- Custodian and advantage come with a caveat that you can’t move your crypto holding to your own wallet.
- The spread in prices is a notch higher.
For someone who wants to cut the fees charged by the platform, this platform has the lowest fees. The National Digital Asset Exchange (NDAX) is a perfect deal for those trying to leverage technical analysis as it provides advanced order types and charting tools and hence becomes lucrative not only for beginners but also experienced traders.
You get paid $10 for funding your new account by at least a hundred dollars. Apple users can enjoy their services via the app, while anyone can access their platform via a browser. Fees charges are no more than 0.2%, and you pay a quarter of hundred dollars fees for withdrawals.
- All day customer service support to answer your queries.
- Offers quick account verification and choice of 28 different coins.
- Trading fees charged are amongst the lowest.
- Though one of the lowest fees for trading, fees are charged for withdrawals and deposits.
- Credit card users need to find other ways to fund their accounts.
- Your holdings are not safeguarded by regulators (CDIC or CIPF).
Based out of Toronto, this crypto exchange can be named as one of many which provide a luxury to purchase Bitcoin using your credit card. Offerings are in the range of one to thirteen different types of coins, with many alternatives to fund your account.
Verification lasts only for a few minutes, and fees are charged flat 1/5th of a percent for all trades, and one percent on withdrawals. You get a $20 bonus only when not only you open the account but also fund with at least a hundred dollars.
- Diverse offerings of up to 14 coins and aids credit card transactions.
- Enjoy the perks of an advanced trading platform with support all day and week.
- Be cautious while trading, as holdings, is not insured by regulators (CDIC or CIPF).
- Your return might take a dent, as fees are charged for withdrawals and deposits.
This is the answer to the question – Which is the world’s largest crypto exchange? How to proceed with buying Bitcoin in Canada? What makes it the largest? 1) Presence in hundreds of countries 2) User base of 10 million. Its history goes back to 2016 when it was founded and has its base in Hong Kong.
Offers more than 100 coins without any biases (Known and Unknown). Being the elephant in the room, its offerings are that vast – From loans for crypto, its own Visa credit cards, new-age technologies like NFTs & DeFi, and many more.
You are also eligible for a $25 bonus when you trade in its own coin while funding your account through deposits, debit/credit card, and transfer through bank. Charges for trading are no more than 0.40%, however, be aware of the other charges and fee structure.
Father of all exchanges and have the largest volume in trades closing up to two billion per day. The roots of this company can be found in Malta. It offers not only trading in various cryptocurrencies but also offering derivatives trading (Futures and Options) in those cryptos to hedge your position.
Binance has by far the largest coin offerings of 300+ and your trading fees are dependent on your membership level and you might be charged close to 0.1%. It accepts all types of funding options including but not limited to credit card, debit card, e-transfer, etc.
You also get to enjoy the perks of cold storage and withdrawal management. If you are a whale and want to trade in large quantities then it also provides an OTC route.
Based out of the US, a renowned crypto brokerage platform extends its reach to 102 countries. Interesting stats to take note of is the colossal user base of more than 30 million users and volume till now is to the north of $200 billion.
Keeping in mind the number of investors from different countries, it offers more than fifty coins and fees vary from location to location. But be cautious of the transaction having a value below two hundred dollars, as you would be charged for it.
Fund your account through your bank account, debit and credit cards, and much more. Enhanced security feature with more than one step verification and insurance for your holdings in the wallet.
You can also explore the cryptocurrency exchange known as Coinbase Pro, with many benefits like advanced charting tools and less expensive when it comes to trading fees.
9. Bitcoin ATM
Buying Bitcoin in Canada? Ever heard that an ATM can even be used other than playing with cash? Yes, it is possible now. Buy bitcoin at your nearest ATM (locate it as per your residential area) and pay using liquid cash.
Make sure to have a unique address for your Bitcoin, so that deposit is done hassle-free. Another way you can buy bitcoin is by exchanging your cash. The only Caveat is the charges charged by these ATMs, they are generally higher compared to other exchanges.
As of the year gone by, Bitcoin ATMs had a pretty good presence of 1800+ in Canada.
Founded in 2017, it is a well-known crypto platform for buying Bitcoin in Canada. Coinberry is based out of Toronto and registered with FINTRAC as a Money service business. If you are a user of this platform then you have a choice to choose from 18 different cryptocurrencies. Includes but is not limited to Litecoin, Stellar, XRP, Bitcoin, and many more.
One thing worth noting is your crypto assets are held in cold storage with a regulated crypto custodian known as Gemini Trust Company. Another upside is withdrawals and deposits are made without any cost but fees are charged close to 2.5% on a spread.
You have got a couple of funding options like transfer through wire and Interface transfer. If you are waiting for a sign-up reward then your wait is over. You get a thirty-dollar bonus for opening an account but trade a minimum of $50 worth of coins.
- You can call this a versatile app, for being present on all devices.
- You can pay your taxes using Bitcoin.
- Higher price spread.
- You are confined to four coins only, which you can move to your own wallet.
A one-stop solution for your various needs like personal loans, credit scores, and of course a crypto trading platform.
It wouldn’t be wrong to classify it as a Fintech company based on the offerings it has to offer to its customers. It is widely spread touching all the important parts of the country like Winnipeg, Vancouver & Surrey. Mogo Inc. The holding company is traded on renowned stock exchanges like NASDAQ and Toronto.
If you are a fan of Bitcoin, then this platform has Bitcoin as the only thing to offer. It operates like a broker and makes it convenient for traders to trade bitcoin without so much effort. Its own app and website are the ways you can place your order. As it operates as a broker, it uses goNumerical Ltd. And Coinsquare to process the orders of Bitcoin. Trade by paying fees as low as 1% and additional charges for mark-ups of the exchange.
- As the company is traded on exchanges, rest assured about the regulatory requirements.
- Assurance of your crypto assets, as it stores more than 90% of assets in cold storage.
- Now fund your account with half an hour.
- Fees charged, over and above trading fees.
- No exposure to other crypto coins or currencies.
- Bitcoin you purchase is restricted for transferring to a personal wallet or a different exchange.
- You cannot withdraw funds without completing the lock-in period.
- The platform is only available to people of specific residents like Alberta, Nova Scotia, Ontario, and some more.
The Bottom Line on Buying Bitcoin in Canada
With so many choices before you, it’s quite obvious to get yourself in a dilemma as to which platform to use. But before that ask yourself a question, do you really need this list? Do you really need to trade in Bitcoin, Ethereum, or any other new coin that launches tomorrow?
After you come up with a definite answer, decide which platform efficiently fulfills your needs? For some traders, it’s the execution and tech efficiency and they don’t really care about fees. For some fees triumph over execution. Know yourself, do due diligence, and start your trading journey in this somewhat new yet popular asset class.
Before investing in Bitcoin or any other assets, remember that these are alternative assets and they come with a set of risks. You can make millions but at the same time can lose them, too. It is always better to set your goals, decide your risk appetite, and trade your preferences with the highest due diligence. All the best and be cautious!