Bitcoin took centre stage in late 2020 and 2021 with an unprecedented surge in value. This period saw a rapid increase in retail buyers (that’s you and me!), facilitated by what are known as “exchanges.” Exchanges are companies that act as intermediaries, similar to banks, enabling the purchase of cryptocurrency. While the last bull run quickly made many millionaires, it also resulted in losses for numerous retail buyers. When it comes to making money, greed often kicks in and that’s what got the best of so many. Nonetheless, the market then quieted down until early 2024, when it surged again.
In Canada, there is renewed demand for cryptocurrencies, especially Bitcoin, among retail investors. For those new to Bitcoin or those looking for somewhere to buy it, choosing the right one is crucial. Some platforms have shut down due to scams, inappropriate government intervention, and other issues. Here’s a look at some Canadian platforms that make buying Bitcoin easy.
How to Buy Bitcoin in Canada?
Buying Bitcoin in Canada is straightforward with the right tools and knowledge. The process typically involves creating an account on a cryptocurrency exchange, verifying your identity, depositing funds, and purchasing Bitcoin. Several Canadian platforms offer user-friendly interfaces and robust security measures to facilitate this process.
What is a Canada Bitcoin Exchange?
A Canadian Bitcoin exchange is an online platform where you can buy, sell, and trade Bitcoin and other cryptocurrencies. These exchanges often support a variety of payment methods, including bank transfers, credit cards, and e-transfers, making it convenient for users to fund their accounts and make transactions.
Note that due to the Canadian government getting involved in cryptocurrencies, you will be asked a series of questions when you join the more regulated exchanges. They will ask for personal details as well as questions about risk tolerance and related topics. It is also recommended that you keep track of your buying and selling of Bitcoin and other cryptocurrencies so they can be declared on your income tax statements (profits and losses are valid entries into your year end reports for the government).
A crypto exchange makes it easy for Canadians to buy crypto. There are other ways to obtain it as well. As you get experienced in buying and selling crypto on exchanges, and learn more about it, you may want to consider alternatives.
Popular Canadian Platforms to Buy Bitcoin
None of these Canadian crypto exchanges are being endorsed. This is just a list to help guide you. Do your own research to see which, if any, are ideal for you. Also, be aware that exchanges can be confusing, with few explanations of what things mean, or worse, they do explain things but it’s too confusing to comprehend. It’s common to be annoyed by this, especially among beginners.
- Bitbuy: A Canadian cryptocurrency exchange based in Toronto, Bitbuy is known for its fee-free Interac e-Transfer deposits, credited within 30 minutes. It supports over 40 cryptocurrencies and offers both beginner and advanced trading options. Bitbuy is regulated by FINTRAC and the Ontario Securities Commission.
- Bitget: This platform is extensive and offers many crypto buying and investment services.
- Coinbase: Offers fee-free deposits via Interac e-Transfer, although using a debit/credit card incurs a fee. Coinbase also has a mobile app and provides advanced trading features for more experienced users.
- Coinsquare: This is a Canadian-based exchange. It allows free funding with Interac e-Transfer or wire transfers. It supports a variety of cryptocurrencies and offers direct bank deposits for withdrawals. Like other exchanges, they periodically add more cryptos to buy and sell on their platform.
- Kraken: This is one of the most popular exchanges globally and can be used in Canada. The interface isn’t the prettiest but the platform works well for both beginners and advanced traders. It supports over 200 cryptocurrencies and allows funding with various methods, including Interac e-Transfer, debit/credit cards, and bank transfers.
- Kucoin: This is an expansive crypto trading platform. They offer services from beginners all the way up to institutional investors.
- Shakepay: The mailing address for Shakepay is in Montreal and they cater to Canadians. Shakepay allows users to buy and sell Bitcoin without any deposit or withdrawal fees. It supports Interac e-Transfer and wire transfers. They also offer unique features like the Shakepay Card for rounding up purchases to the nearest dollar in Bitcoin.
- Wealthsimple Crypto: Wealthsimple offers a straightforward way to buy and sell Bitcoin through its Wealthsimple Trade app. It is integrated with the Wealthsimple ecosystem, making it convenient for users already using their other financial services. Wealthsimple has a limited selection of cryptocurrencies available.
More Than Just Bitcoin
Canadian exchanges tend to offer more than just Bitcoin. The platforms support a variety of cryptocurrencies, including Ethereum, Dogecoin, and Ripple (XRP), allowing users to diversify their portfolios and explore different investment opportunities.
Bitcoin ATMs Exist in Canada!
Yes, Bitcoin ATMs do exist in Canada! These ATMs allow you to buy Bitcoin using cash or a debit card. They are located in various cities across the country, providing a convenient option for those who prefer in-person transactions. To be sure, in-person in this case refers to a physical machine but not dealing with an actual person. Bitcoin ATMs are easy to use and often do not require extensive verification, making them accessible to a broader audience.
Are you ready to buy cryptocurrencies?
With the growing demand for Bitcoin and other cryptocurrencies in Canada, finding the right platform is essential for a smooth trading experience. Whether you choose a user-friendly exchange or explore the convenience of Bitcoin ATMs, there are plenty of options to suit your needs. Start your crypto journey today with one of these Canadian platforms that let you buy and sell Bitcoin more easily.
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