This manual will provide comprehensive information on a number of options allowing you to buy Bitcoin Canada. Besides, it will examine the legitimacy issues and the reputation of this cryptocurrency in Canada.
How to Buy Cryptocurrency in Canada Summarized
In addition to the Bitcoin ATM option, there is a variety of ways to obtain Bitcoin locally. Here are the essential steps:
- Create a wallet
- Enroll with Coinsquare
- Select the number of coins you would like to buy
- Provide the address
- Choose the payment method
In case Coinsquare does not meet your needs, there are alternative options available.
As I will point out further on, there is a list of key ways to obtain cryptocurrency in Canada. If you are looking for detailed information, read ahead and check all the sections of the guide. Further on, I will tell you more about how to buy Bitcoin in Canada.
- The legal standing of Bitcoin in Canada
- The local reputation of the cryptocurrency
- Local Bitcoin associations
- How to Trade Bitcoin in Canada: Exchanges
- What about foreign exchanges?
- Number of local ATMs
1. The legal standing of Bitcoin in Canada
Although cryptocurrency has not been officially recognized worldwide, it is possible to procure Bitcoin legally in Canada. Moreover, the Canadian government states that taxes are similarly applied to digital transactions. This is why Canadians have freedom of action when it comes to buying or trading cryptocurrency locally. Clearly, the process is regulated by local law.
2. The local reputation of the cryptocurrency
Back in 2018, the research was released by the Bank of Canada stating that around 58% of the local population buy Bitcoin and keep it secure because of investment possibilities. Moreover, almost 90% of the population is no stranger to cryptocurrency and Bitcoin, in particular.
When it comes to the local search interest, it is regularly changing. However, it is remarkable that in recent years the interest in Bitcoin has stabilized and partly decreased. Therefore, the weekly interest ranges from around $5,000 to $6,000.
3. Local Bitcoin associations
Since the large portion of the population in Canada is interested in Bitcoin, numerous local communities have been formed. In fact, the largest community is available on Reddit. Other than that, it is also possible to check out and join the biggest Toronto-based club and meetup group.
4. How to Trade Bitcoin in Canada: Exchanges
With the numerous local exchanges available, traders can take time, research, and find the best fitting one. Here are the exchanges I decided to shortlist:
The exchange was launched in Toronto back in 2015. Apart from Bitcoin, the platform also features other currencies, provides first-class customer-oriented experience, and accepts Canadian dollars.
With Coinsquare, it is possible to obtain Bitcoin at low and highly competitive fees. In any case, the best way to fund your account is Interac or Flexepin. Funding your account with the help of your credit card is also an option. When using a credit card, you should be prepared for high fees and longer wait times.
As for withdrawal options, you can choose direct bank payment or wire transfer with 2% and 1-2% fees charged, respectively.
The objective of this exchange is to make the trading process simple and accessible for both local and foreign traders. Given that the platform is based in Canada, it offers not only multiple trading options but also OTC and brokerage.
Moreover, the platform fees are fair and adequate if compared to the rates of competitive exchanges. The platform is well-known and respected in Canada. Therefore, it is generally preferred by locals.
This platform is also well-known across Canada. Being launched in 2017, the platform managed to get official FINTREC verification. Besides, it does not require deposit or withdrawal fees. Therefore, funding options are limitless.
Even though the conditions are advantageous, there is a 0.5% trading fee and a limit set on credit card deposits. Moreover, the anti-fraud approach the exchange utilizes also shuts down the withdrawal for 72 hours after the initial deposit is made. However, no need to neglect the platform or turn to the alternative option right away. All the limits are justified by fraud prevention technology and the exchange’s focus on security.
This is another local exchange, which is famous for charging no fees whatsoever. The platform allows Interac and wire transfers. Unfortunately, you cannot make use of your credit or debit card to fund your account.
5. What about foreign exchanges?
Besides local exchanges, it is always beneficial to look into foreign ones as well. While local platforms are more convenient for Canadians, the operational performance of foreign platforms keeps up to standards and caters to traders worldwide.
Even though the platform has raised some privacy concerns, it is considered to be the most suitable choice for amateurs and pro traders. Since the buying limits are high, the platform draws many traders.
This is a British platform allowing various buying alternatives like credit card or bank transfer. While accepting Canadian currency and being highly reliable, it has one minor disadvantage. The exchange has sufficiently high fees.
The coverage of this platform is impressive, to say the least. With this exchange, traders are free to use cards or any other option to fund their accounts. Moreover, the platform is suitable for beginners and professional traders. Even though there are numerous advantages to using this exchange, it charges a 5.5% fee on each cryptocurrency acquisition.
Launched back in 2011, the platform has been a tremendous success. It is oriented on the American, Japanese, European, and Canadian traders. The exchange is well-known for reasonably low fees and a required $125 deposit, should the trader choose a bank transfer. Besides, all the payments made via EFT are subject to the $10 fee. Since the platform is regularly rated as the most reliable and safe, it guarantees the highest compliance with the law.
6. Number of local ATMs
As reported by CoinATMRadar, Canada accounted for more than 700 Bitcoin ATMs back in 2018. Most of the ATMs were located in major cities like Toronto, Montreal, and Vancouver. Naturally, all the automated tellers allow buying multiple currencies. As an alternative, traders can pay a visit to any OTC and buy a preferred amount of cryptocurrency face to face.
Regardless of the bear market situation, the local Bitcoin community remains spirited and active. Since the local traders are actively engaged in crypto trading activities, the awareness and popularity of the industry are increasing daily.