How to Buy Bitcoin in Canada

How to Buy Bitcoin – The 5 Second Rundown

1. Sign up and get KYC (Know-Your-Customer) verified on a Canadian crypto exchange like Bitbuy
2. Deposit CAD to the exchange directly from your bank account
3. Buy Bitcoin
4. Store Bitcoin on your exchange account or transfer it to a wallet

And that’s it, fast and simple. If you want to buy Bitcoin, sign up on Bitbuy.

Not convinced it’s that simple? To get a more comprehensive understanding of how to buy Bitcoin in Canada, continue reading. You need a guide that will tell you how to buy Bitcoin online in just five minutes.

Your Guide to Buying Bitcoin in Canada – The 5 Minute Explainer

#1 Make a Bitcoin Buying Strategy

What are you going to do with Bitcoin once you purchase it? When you buy Bitcoin in Canada, you can use it for three main purposes.

Buy Bitcoin and Hold

Do you plan to invest in Bitcoin or use it as a digital asset? The study found that 58% of Bitcoin owners in Canada invest in Bitcoin.

In 2021, people in Canada are still using cryptocurrency to buy things online, send money to friends and family, and move money between countries. Investing in Bitcoin is by far the most popular reason people own the cryptocurrency.

There are two types of investors: those who trade in the short-term, and those who buy and hold. This investment strategy involves buying an asset and holding onto it for a long period of time, in order to cash in on any price increases that may occur. The prices of Bitcoin and other digital currencies are fluctuating a lot at the moment, so if you invest in them you’re taking the same sort of risks as you would if you put your money into a volatile stock or a traditional currency.

Bitcoin can be held on a cryptocurrency exchange or using your own software or hardware wallet. Each individual crypto exchange has different security measures, but one important one to look for is cold storage. At Bitbuy, almost all of the bitcoins are kept in an offline account to make them more secure. In addition, all user bitcoin balances are backed up by insurance. You can also transfer your Bitcoin to a wallet. There are several types of software wallets you can use to store your blockchain address, including desktop, mobile, or paper wallets. You can also use a USB drive to store your blockchain address. There’s more on Bitcoin wallets further ahead.

Trade Bitcoin for Other Cryptocurrencies

While Bitcoin is the most well-known cryptocurrency, there are many others that are gaining popularity. While Bitbuy lets you purchase some major cryptocurrencies with Canadian dollars, there are many more that can’t be bought using fiat currency because of their size. Alternatively, you can use Bitcoin to purchase other cryptocurrencies. The cryptocurrency Ethereum has become popular to exchange for DeFi tokens, which is an emerging trend in crypto in 2021.

Bitbuy is a platform that allows you to trade cryptocurrencies for CAD, CAD for cryptocurrencies, and crypto for crypto. They offer Bitcoin trading through Bitbuy Pro for high net worth individuals and businesses.

Make Payments with Bitcoin

More and more retailers are accepting Bitcoin for purchases. Despite Bitcoin’s success as an investment, tech companies, travel sites, and e-commerce businesses are helping Bitcoin to reach its potential as an actual currency. Make sure you only buy goods and services online with Bitcoin from people and organizations that you know and trust. Bitcoin transactions are irreversible.

As you become more comfortable with Bitcoin, you may want to start making payments with smaller retailers. The retailer’s blockchain address is necessary to send them payment.

#2 Decide Where to Buy Bitcoin

Before you decide to buy Bitcoin, make sure you do your research. Different cryptocurrency exchanges offer different features, payment methods, transaction fees, and options. Some popular options include peer to peer and Bitcoin ATMs.

Buy Bitcoin from International or Canadian Cryptocurrency Exchanges

If you’re looking for a more convenient and secure option than your current one, you should try an exchange. Transaction fees for this service will be higher than for peer-to-peer transactions, but lower than fees charged by Bitcoin ATMs. Fees can vary widely, however. IF you’re a Canadian, international exchanges might not be as useful to you as few accept Canadian currency, leaving you stuck with high exchange fees. If you want to convert your Bitcoin into Canadian dollars, you’ll need to do so through an international exchange. Some exchanges have limits on how much Bitcoin Canadians can purchase.

Ideally, when you go with a Canadian crypto exchange, you get:

• An exchange with good relationships with Canada’s banks
• Convenient Bitcoin to CAD exchanges and vice versa
• No limits on how much Bitcoin you can buy at any one time

The most convenient way to buy Bitcoin in Canada is through a cryptocurrency exchange.

You can buy Bitcoin with Canadian dollars on Bitbuy for low transaction fees. Our web app has a new-and-improved UI, making it easy-to-use for new traders who want to trade any amount of bitcoin. The app has a sleek design that makes it easy to trade Canadian dollars for Bitcoin.

A strong support team can help you with any hiccups you may experience along the way. The new interface was accompanied by an expanded range of services and improved customer support. The Bitbuy team wanted to create a Bitcoin platform that was safe and secure, and did not require a lot of technical knowledge.

Advanced Bitcoin traders can easily buy and sell Bitcoin. Bitbuy is a convenient way to buy and sell Bitcoin in Canada. Canadian banks have been skeptical about cryptocurrency, but Canadian crypto exchanges like Bitbuy make it easy to buy Bitcoin with Interac from a Canadian bank. You can do it through a trusted Bitcoin marketplace like QuadrigaCX. You can now buy Bitcoin in Canada more easily than ever before through a Bitcoin marketplace such as QuadrigaCX.

Buy Bitcoin via Peer to Peer Transactions

If you don’t want to pay transaction fees and are willing to take on more risk, peer-to-peer transactions could be right for you. You need to find other Bitcoin owners who want to sell their Bitcoin on sites like LocalBitcoins or Facebook Marketplace. Beware of scam artists when using social media marketplaces.

Bitcoin ATMs

Bitcoin ATMs in Canada offer anonymity to users when they purchase Bitcoin, but this convenience comes at a price. Bitcoin ATMs are known for their high fees. You are probably familiar with Bitcoin ATMs as they are becoming increasingly popular and are appearing in more and more locations.

Be sure to check the transaction fees associated with a given site before buying Bitcoin. You can obtain Bitcoin from a number of places, including currency deposits and withdrawals, Bitcoin deposits and withdrawals, and buying and selling. Bitbuy does not charge any fees for withdrawing BTC, as well as other cryptocurrencies such as ETH, LTC, DOGE, XLM, EOS and BCH. Fees have been lowered, making it more affordable to trade Bitcoin on Bitbuy. Transaction fees at Bitbuy are extremely low. This service provides a secure and convenient way to buy Bitcoin in Canadian dollars.

You can save money on high fees by using a Canadian cryptocurrency exchange that lets you buy Bitcoin with Interac or eTransfer. These international exchanges typically charge much higher fees and don’t accept Canadian debit. If you’re looking to buy something from an international exchange, your best bet is using a credit card. It might take a while for the purchase to go through, but you won’t have to pay as many fees. Buying Bitcoin with Interac is faster and cheaper. When engaging in international exchanges, you may also need to exchange Canadian dollars for American dollars. However, this comes with additional fees. A cryptocurrency exchange in Canada will offer a better deal for Bitcoin buyers in Canada.

#3 Sign up & Get Verified to Buy Bitcoin

Bitbuy makes the process as seamless as possible. After providing your email address, phone number, and other required information, Bitbuy will verify your identity automatically. You can also verify your identity by providing government photo ID. After you set up your account, you can log in and start making Bitcoin transactions whenever you want.

KYC is an important Canadian financial regulation. Know Your Customer is a program used to prevent money laundering. It is used in a variety of industries, including real estate, securities, casinos, precious metals dealers, and now cryptocurrency. Canadian crypto exchanges require you to go through a KYC verification process to confirm your identity. Bitbuy makes the process as seamless as possible. After you sign up, you can login and use the service to make fast Bitcoin transactions.

#4 Fund Your Canadian Crypto Exchange Account

Assuming you have already signed up for a Bitcoin account, you will need to add money to your account before you can purchase any Bitcoin. Many Canadians find it difficult to trade cryptocurrencies with people from other countries, so a Canadian crypto exchange could be very beneficial. To avoid paying high fees when buying Bitcoin as a Canadian, you need to find out how to do it. If you’re on an international exchange, you may only have the option to pay with a credit card, which can have long processing times and high fees.

Although credit card companies make it difficult to purchase Bitcoin, they charge high transaction fees. An increasing amount of companies are treating Bitcoin purchases as cash advances, which means that the associated interest rates are higher, as well as the transaction fees. This is in addition to any fees that the cryptocurrency exchange charges.

On Bitbuy, you can choose to fund your account using Interac eTransfer, or Bank Wire. Each method of payment has different fees and processing times.

Interac eTransfer: Most transfers are processed within 1-4 hours, with a 1.5% fee. The minimum deposit is $50 and the maximum you can deposit is $3,000. Interac eTransfer is a secure way to fund your account. It is the easiest way to fund your account.

The best way to make large deposits is to wire transfer. The processing fee for this service is only 0.50%. Please note that it may take up to 1 business day for processing. The minimum deposit for wire transfers is $20,000 and there is no maximum. If you’re a major investor or looking to use Bitcoin to pay contractors or suppliers, wire transfer may be the best option.

After you have deposited money into your account, you can use the account interface to purchase Bitcoin and other cryptocurrencies. Bitbuy has interfaces to buy, sell, and withdraw cryptocurrencies. You can do it all on desktop or mobile. There are three ways to buy Bitcoin on Bitbuy- Bitbuy Express, Bitbuy Pro, and the Bitbuy mobile app. All three options have clean, modern interfaces that are designed to make buying Bitcoin as easy as possible.

When selling Bitcoin, processing times can range from 24 hours to 5 days, depending on how funds are transferred. There are two ways to pay your rent- Interac eTransfer or wire transfer. If you want to sell Bitcoin and withdraw the cash in Canada, you may have a difficult time finding a crypto exchange that will allow you to link your bank account.

#5 Sending Bitcoin Off a Canadian Cryptocurrency Exchange

After buying Bitcoin, you will need to store it in a safe place. Most exchanges allow you to store Bitcoin on their platform. Bitbuy protects customers’ coins two ways. To log into your customer account, you will need to use 2-Factor Authentication (2FA). Additionally, 2FA will be required whenever you take actions within the account. Text-based authentication is both secure and convenient. Google authenticator is also available for added security.

We store 95% of customer’s coins in cold wallets for security purposes. While 5% of coins are kept online and available for transactions, 95% of coins can be kept offline. This makes it less likely for cyber-criminals to target Bitbuy and prevents them from getting hold of any coins. Bitbuy works closely with top crypto wallet providers to ensure additional security for their customers. They also have a comprehensive insurance policy provided by BitGo.

If you’re regularly trading or using your coins to make payments, it’s more convenient to store them on an exchange. However, many Bitcoin buyers prefer to use their own wallets for added security. There are two types of Bitcoin wallets available: hot and cold.

Hot wallets

A good way to put it would be a checking account that’s always “open” and can be used at any time. A cold wallet or hardware wallet, on the other hand, is like a savings account where you deposit your money and then “lock the door.” A hot wallet is always connected to the internet, while a cold wallet is stored offline. Hot wallets can broadly be classified into three categories: online, mobile, and desktop wallets.

Online wallets run on the cloud. They can be accessed from any device with an internet connection. A cloud wallet is a good choice if you want to be able to access Bitcoin from any device and make regular payments with it. Online wallets are the most vulnerable type of wallet and may require additional security measures. Some online wallets have a history of scamming customers, so there are some security concerns to consider.

Rather than carrying around a physical wallet, which can be lost or stolen, a mobile wallet allows you to store your Bitcoin digitally on your phone. You can then use it to pay for things at stores that accept Bitcoin, the same way you would use any mobile payment app. The chief security concern with mobile wallets is losing your device—they’re more secure than cloud wallets. Your assets could also be at risk if your phone breaks down.

A desktop wallet is a program that you download and install on your computer. It provides access to your cryptocurrency from that computer. Bitcoin Core is a quick and easy way to store and access Bitcoin, but it is just as vulnerable to viruses and hacking as your regular computer is. If your computer is physically damaged, you might not be able to get to your money. Before you buy Bitcoin, research the security measures you can take to protect your funds stored in online, mobile, and desktop wallets.

Where to Buy Bitcoin in Canada

If you want to buy Bitcoin in Canada, you need to choose a suitable exchange.

You’ll need to choose a provider that is suitable for your level of experience if you want to invest in Bitcoin through one of the dozens of platforms available to Canadians. Additionally, check metrics surrounding customer service, fees, and security.

The best Canadian exchanges to buy Bitcoin are those that are reviewed below.

1. Crypto.com – Overall Best Platform to Buy Bitcoin in Canada

Crypto.com is a great exchange that offers a lot of different cryptocurrency services, including the ability to buy Bitcoin in Canada using a debit or credit card. In order to access the Bitcoin markets at this exchange, you need to open an account and upload a copy of your government issued ID.

You can buy Bitcoin using Visa or MasterCard at a fee of 2.99%. If you are a new customer, you may be eligible for discounted deposit fees. The amount of the discount depends on when you sign up. Although you may not gain much interest, it is still better than keeping your tokens in a wallet Once you have bought Bitcoin at this platform, you can deposit your tokens into a crypto savings account. Although the interest rate may not be high, it is still better than keeping your tokens in a wallet.

This acts like a savings account where you earn interest on your deposited BTC tokens. This means that your BTC tokens will be loaned out to third parties through a secure loan. How much you will earn will depend on various factors, such as how long you lock up your tokens and whether or not you own any CRO tokens.

2. BitBuy – Popular Canadian Exchange for Buying Bitcoin

In terms of safety, fees, supported payment methods, and user-friendliness – we found that the BitBuy exchange is one of the best places to buy Bitcoin in Canada. First and foremost, not only is this popular exchange based in Canada, but it is also registered with FINTRAC as a money service business.

BitBuy has also been approved by the Ontario Securities Commission to offer cryptocurrency trading services in Canada in addition to what was mentioned before. BitBuy makes it easy to invest in Bitcoin for first-time investors in Canada. This means that you can easily deposit funds through Interac e-Transfer.

You only need a minimum deposit of $50 when using Interac e-Transfer to fund your account. To use the bank wire transfer method, you must have a minimum deposit of $20,000. Once an account is opened and a deposit is made, BitBuy enables customers to buy Bitcoin immediately through its Express Trader feature.

3. Binance – Buy Bitcoin Alongside Over 1,000 Cryptocurrency Markets 

If you like to invest in a variety of markets, Binance might be the best place to buy Bitcoin. This means that, in addition to Bitcoin, Binance also has over 1,000 cryptocurrency markets. This means that you can get exposure to a lot of digital assets like Dogecoin and Shiba Inu.

There are no minimum trade requirements when using the main Binance exchange. The cost of something will depend on various things. If, for example, you want to buy Bitcoin using Canadian dollars, you can expect to pay an average of 2% in debit/credit card fees. The fee will be included in your final cost, and it can change depending on market conditions.

If you deposit funds via bank wire or crypto tokens, you will be offered much lower fees. The most you will pay for commissions at Binance is 0.10% per slide. Moreover, Binance provides lower commissions when you own BNB and/or trade in larger amounts.