if you Want to buy bitcoin and other cryptocurrencies in Canada and don’t know how to buy cryptocurrency in Canada, Don’t worry, we are here to guide you in the right direction. Of course, you’ve read about cryptocurrency for Bitcoin in particular, but several cryptocurrencies are becoming popular nowadays such as dogecoin, Ether, Letherium and other coins too.
Canada is now leading the world in bitcoin acceptance, but there are still some Canadians who do not understand how to get digital currencies. In this article, you may get how to buy cryptocurrencies in Canada
The world’s first publicly available Bitcoin ATM opened in Vancouver in 2013. A second one followed in Toronto in early 2014. There are hundreds of applications available that double as exchanges, fund managers, and various buying and selling options.
So, as a Canadian, what are the easiest and safest methods of buying digital assets? You will read in detail about buying cryptocurrency in Canadian cities like Alberta, British Columbia, Ontario, Manitoba, Nova scotia.
So How to buy cryptocurrency in Canada?
There are a plethora of ways to buy cryptocurrency in Canada. Most popular among all are either on an exchange and in Bitcoin-ATMs. Also, you can find someone who agrees, in exchange for money, to transfer you his crypto. Let’s find out all these methods of how to invest in bitcoin Canada along with other cryptocurrencies.
Different ways to buy crypto in Canada
CRYPTO EXCHANGES: There are a lot of cryptocurrency exchanges coming up these days, so which one do you use?
There are some fantastic opportunities in Canada. Consider factors such as location, currency, accessible cryptocurrency, and fees when searching for the best Canadian exchanges. There are a plethora of cryptocurrency exchanges working in Canada now like Bitbuy, Coinbase, Kraken, Shakepay, Coinsmart and coinberry from where you can buy digital coins. As a result of these, you have to check the pros and cons of each exchange to find out which is best for you.
1. Bitbuy – Bitbuy is the best cryptocurrency exchange for Canadians in 2021. It was started in 2016. Bitbuy is headquartered in Toronto. Bitbuy also has apps for Android and IOS device. It is the best-used method for beginners to start investing. The exchange only accepts Canadian Citizens or Permanent Residents and uses Canadian dollars as their fiat currency for funding, deposits, and exchanging pairs. If you are looking to purchase Bitcoin in Canada, Bitbuy makes it easy. Sign up, fund your account, buy Bitcoin, and safely store your money.
Available Currencies: Bitbuy currently supports Bitcoin, Bitcoin Cash, EOS, Ethereum, Litecoin, Ripple’s XRP, and Stellar’s Lumen.
2. Coinberry – Coinberry is a Canadian digital asset exchange platform that allows users to buy and sell Bitcoin, Ethereum, Litecoin, and Ripple most simply and safely. Coinberry platform has zero withdrawal and deposit fees. It is well-known for its best customer service. In addition to this, their customer reviews are also very good. They ensure the total protection of your personal data and digital assets. Buying Cryptocurrency in coinberry will take only 60 seconds as claimed by the administration.
Available Currencies: Bitcoin, Ethereum, Litecoin, XRP, Bitcoin Cash, Stellar.
3. NDAX: NDAX is a Canadian cryptocurrency exchange to buy and sell bitcoins in Canada. This is a beginner-friendly platform, beginners will easily buy and sell 11 different cryptocurrencies in Canada. It stands for National Digital Asset Exchange (NDAX) and is a leading digital asset exchange located in Canada that caters to both individuals and organizations. It offers a world-class experience to safely trade. NDAX charges 0.2% of the trading fee. NDAX is the quickly grown Canada’s online exchange platform. On our user-friendly website, beginners will easily buy and sell 11 different cryptocurrencies. Its headquarters are located in Calgary.
Supported Currencies: Dogecoin, Litecoin, Bitcoin, Stellar, Ether, Ripple are some of the currencies supported by NDAX.
4. BINANCE: Binance is a cryptocurrency exchange that offers a trading forum for different cryptocurrencies. this was the world’s biggest cryptocurrency exchange in terms of trade value as of April 2021. Binance is, in my opinion, the most user-friendly and successful altcoin exchange outside of the major cryptos like Bitcoin and Ether. This is where you can sign up if you want to invest in all the new coins that everyone is excited about. But in Binance, you cannot directly buy cryptocurrency in Canada. The important thing to keep in check is that firstly you need to buy some cryptocurrency from Coinbase, Coinberry or other platforms, then deposit it in Binance.
Available Currencies: This platform supports over 500 different cryptocurrencies and altcoins.
5. COINSQUARE: It is a fairly big exchange that has been providing Canadians with a viable trading option to buy digital coins in Canada. Coinsquare is a leading cryptocurrency exchange site for Bitcoin, Ethereum, XRP, and other cryptocurrencies. In coinsquare, you can get help from their expert support team whenever you face difficulty. Nonetheless, Coinsquare has made its blockchain offerings open to multinational cryptocurrency business holders.
Available Currencies: Ripple, Stellar, Litecoin, Dogecoin, Dash, Ethereum, Ethereum Classic, Bitcoin, Bitcoin ABC, Bitcoin SV.
Bitcoin-ATMs are one of the best-used methods to buy digital assets in Canada. It allows anyone to buy bitcoin and other Cryptocurrencies using cash or debit card. Currently, there are 1439 Bitcoin ATMs in different cities all over Canada. The city with the most Bitcoin ATMs in Canada is Toronto. They are different from normal ATMs. They are not linked to any banking network.
Steps you have to follow while using Bitcoin ATM:
1. Firstly, scan Your Wallet’s QR Code. Scan the QR code of your mobile or paper wallet at any available Bitcoin ATM.
2. Insert Canadian Dollar notes.
3. Insert your Canadian (CAD) bills equivalent to the amount of Bitcoin you wish to purchase.
4. Receive Your Bitcoin.
5. Once you confirm your purchase, your Bitcoin will be deposited into your wallet.
PURCHASE CRYPTO OVER THE COUNTER(OTC)
OTC purchase is a private transaction between two parties. The Stock exchange has no control over the OTC trade. For buying cryptocurrencies in Canada using OTC you will locate individuals and businesses willing to sell you their coins using sites like LocalBitcoins.com to make a direct deal with them. You may also look for them on your own, either on the internet or in your neighbourhood.
However, it is important to note that there is no standardised exchange rate for such services; instead, each seller determines his rate.
Bitbuy is the digital currency trading platform what offers Over-The-Counter (OTC) purchase of Bitcoin and other digital currencies.
Steps to follow for buying cryptocurrency via OTC in Canada
1. Firstly, you will need to find out which Bitcoin trading platform platforms offer OTC services then sign-up and create an account.
2. Secondly, one of the OTC traders will work on your request
3. Get a live price quote from that OTC trader
4. Lock in a price
5. Send a bank wire and receive the cryptocurrency and withdraw it to a secure wallet.
- OTC Pros
- In OTC, there is no exchange risk
- This platform is better for high-volume traders with a high net worth
- It offers more privacy.
- OTC Cons
- May have higher fees compared to exchanges
- Minimum order amounts
NOTE: Bitbuy is the fastest and most trustworthy place to conduct an OTC purchase.
Are you the sort of person who likes to do all of their shopping in a store and speak with a live person? You might go to a Bitcoin exchange or a foreign exchange centre that also accepts cryptocurrencies. MyBTC.ca, located in Canada, allows you to pay with cash or an Interac Debit card at 6,000+ Canada Post locations around the country, whilst Netcoins allows merchants to sell Bitcoin and other cryptocurrencies at thousands of locations. If you’re on the West Coast, Bitcoiniacs, which operates in-person Bitcoin stores, could be worth a look. Hence, In=Person-Retail-Location is ideal for customers who want to talk with a live human before making an order.
1. Can I buy bitcoin using Paypal in Canada?
The answer to this is No. Currently, Paypal only supports bitcoin purchases over the US. Maybe in the future, Paypal starts this service for its customers in Canada.
2. Which is the best Bitcoin wallet in Canada?
Ledger Nano X is the best wallet for storing Bitcoins. It has very high-security standards. Ledger Nano X let you manage 22 coins using a single application. Regularly updates make it very convenient to use.
3. What can I buy with Bitcoin in Canada?
Cryptocurrency can be used to purchase numerous things from retail websites. Customers may use bitcoins to pay for their orders. You can also exchange bitcoins with Canadian Dollar.
4. What is the most trusted exchange to buy cryptocurrency in Canada in May 2021?
Bitbuy is the best crypto exchange in Canada. It is the most trusted and respected crypto exchange. Since the exchange wanted to rely exclusively on the Canadian cryptocurrency industry, all of its trading volumes come from Canadian traders. The variety of payment options that cater to a diverse clientele is what makes Bitbuy the number one Bitcoin marketplace.
5. Are there any local Bitcoin exchanges in Canada?
Canada is home to a slew of bitcoin exchanges. Coinberry, Bitbuy, and wealthsimple crypto are among the most common bitcoin exchanges based in Canada.
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Final Verdict: All the methods listed of buy cryptocurrency in Canada are secure and trustworthy. Canadians are fortunate to have a wide range of opportunities and payment mechanisms for purchasing cryptocurrency, whether in-person or online. Hopefully, you find this article useful and that it presented you with some excellent choices for purchasing cryptocurrency in Canada in 2021. Once again, the quickest way to purchase cryptocurrency in Canada is through e-transfer via a reputable online exchange.