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5 Ways to Buy Bitcoin in Canada
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Buying Bitcoin is now a seamless process that can be bought instantly and securely by Canadians thanks to MyBTC.ca.
MyBTC.ca is a Canadian brokerage exchange site that helps you to buy Bitcoin in seconds with Interac e-Transfer, Credit Card (Visa or Mastercard) Cash or Debit Card, Flexepin Vouchers, and Bank Wire.
As Bitcoin becomes increasingly popular among Canadians, many people are looking to invest and trade in Bitcoin using a reputable secure platform. MyBTC.ca offers Canadians a service that allows them to buy Bitcoin within seconds with Canada's most convenient payment methods.
With a great reputation and excellent customer support response time, you know by using MyBTC.ca you will be able to buy Bitcoin conveniently using a trusted platform with a lightning speed processing time.
Bitcoin (BTC)
Bitcoin is a type of cryptocurrency that has been created and is known to exist in electronic form only. There is no physical form of Bitcoin that can be held by owners. As Bitcoin continues to grab headlines due to its secure nature, it is the revolutionary blockchain technology that is gaining huge impetus when it comes to ensuring secure payments.
Bitcoin continues to grow in popularity for many as an investment and to trade, whilst for others, they can now purchase with Bitcoin with many merchants now adding Bitcoin to their list of supported payment methods. This has seen some of the world's leading companies take steps to include Bitcoin as an accepted payment method. Other eCommerce platforms and marketplaces are already accepting buying and payment with BTC.
If you are looking to invest or trade in Bitcoin cryptocurrency, here are some ways in which you can buy and invest in Bitcoin in Canada.
Crypto Exchange Broker (MyBTC.ca)
For most investors or traders out there, the easiest way to buy Bitcoin in Canada is by creating an account on a leading Canadian cryptocurrency exchange website like MyBTC.ca.
MyBTC.ca is a leading centralized platform for buying Bitcoin. This centralized broker exchange is known to comply with the respective CTF and AML policies that are set by local financial regulators. The platform requires its users to perform a quick KYC check for verifying the identity before they wish to buy Bitcoin.
Upon verification of the account, the users can buy Bitcoin or BTC in exchange for Canadian dollars. They are simply required to click on the option “Buy Bitcoin” from the homepage of the platform. Users can then select the desired payment method.
The best thing about MyBTC.ca is that it provides access to a wide number of payment methods to the users.
How to Buy Bitcoin?
MyBTC.ca conveniently offers a wide range of payment methods to buy Bitcoin. These methods are:
- Interac e-Transfer
- Bank Wire
- Credit or Debit Card
- Cash or Interac Debit
- Flexepin voucher
Let us look at some of the most popular ways to buy Bitcoin in Canada through MyBTC.ca:
Credit or Debit Card
The most popular way to buy Bitcoin instantly in Canada is by using your credit or debit card.
The process of buying Bitcoin is quick and easy through MyBTC.ca. The daily minimum spend for a credit card purchase is $75 with a maximum spend of $25,000.
Most Canadian credit and debit cards are accepted with instant 24/7 access to your purchased Bitcoin. To buy, you will just need to complete a quick online verification.
To buy Bitcoin through the MyBTC.ca website you can simply head over to the home page here.
For more information on how to buy Bitcoin in Canada via Credit or Debit card on MyBTC.ca, you can read the full breakdown here: “How to Buy Bitcoin in Canada with your Credit or Debit Card”.
Bank Wire
Another popular way to buy bitcoin in Canada is by Bank Wire funding.
Bank Wire funding is used by Canadians who want to take advantage of a lower rate by ordering larger amounts of Bitcoin. With Bank Wire funding, the daily minimum purchase for Bank Wire funding is $10,000 with a maximum purchase of $250,000.
For this process, you will need to go to your local branch with the instructions MyBTC.ca emails you. With the information from the email, the bank teller will be able to transfer the amount to the MyBTC.ca bank account.
This option for buying Bitcoin in Canada is great for people who are looking to purchase a large amount whilst taking advantage of low fees. The general processing time is the next business day with all Canadian banks able to complete the transaction.
For the Bank Wire transaction, your verification can be taken in-person with ID at the bank or online. To read more information on how to buy Bitcoin in Canada via Bank Wire you can access the quick steps to follow here.
Cash
Another option to buy Bitcoin and fund your online account in Canadian dollars is by cash at your local Canada Post. This process is one of the most trusted and efficient ways to exchange your Canadian dollars whilst ensuring its transferred fast and securely.
To load your online account with this option, you can click the following link here. Enter your cell phone number below and press “Text Me”. You will receive an SMS text code to enter and proceed.
For the step by step instructions on how to verify your identity at Canada Post to unlock access to payment options via MyBTC.ca to purchase Bitcoin, you can get more information here: “How to Buy Bitcoin with Cash or Debit At Canada Post”.
Interac e-Transfer
Interac e-Transfer is the most popular payment method in Canada and can be used to buy Bitcoin by sending funds from their online banking to MyBTC.ca. This fast and convenient way is for many people their preferred choice when buying Bitcoin in amounts of $30 – $10,000.
To buy Bitcoin through this payment method you can click the link here. To start you will need to log in or sign up for an account, enter your cell phone number below and press “Text Me”. You will receive an SMS text code to enter and proceed.
Flexepin
Flexepin vouchers are an instant payment method used to apply Canadian dollars to your account and immediately buy Bitcoin. You can purchase Flexepin vouchers online at TopMeUp.ca or in-store at 4,000+ retail locations across Canada at Flexepin Retail Purchase Locator.
To buy Bitcoin through this payment method you can click the link here. To start you will need to log in or sign up for an account, enter your cell phone number below and press “Text Me”. You will receive an SMS text code to enter and proceed.
When buying Bitcoin through the MyBTC.ca website, buyers can then specify the exact amount of BTC that they wish to purchase in Canadian dollars. The platform will calculate the sums, adding any transaction fee, and asking to confirm the rate that might have been locked-in before proceeding.
As MyBTC.ca serves to be a non-custodial exchange, the buyers are asked to provide the respective Bitcoin wallet address. This could be a software-based or hardware wallet. At the same time, the platform also allows its users to enjoy additional perks of 24/7 customer care support and affordable fees.
Other Bitcoin Buying Options
Bitcoin ATM’s
Another method of buying Bitcoin in Canada is by making use of Bitcoin ATMs. For users who wish to buy Bitcoin using cash while staying anonymous, using Bitcoin ATMs turns out to be the best way. However, this method is known to come at a price. Most Bitcoin ATMs are known to charge heavily in the overall fees, ranging from 6% to 8% above the standard market price.
If you wish to look for the nearest Bitcoin ATM near your location, then you can check on the Coin ATM Radar.
Peer-to-Peer Network (P2P)
Another most common method of purchasing Bitcoin in Canada is through the Peer-to-Peer (P2P) network. A P2P network can be defined as an online marketplace that offers an opportunity for two users to make a transaction with no involvement of a third-party or middleman in facilitating the given transaction.
It is important to note that in some cases, buyers have been taken advantage of while buying Bitcoins using the P2P network. Therefore, it is recommended to conduct ample research on each buyer or seller while making it a point to never carry out a transaction that remains outside the thresholds.
Over the Counter (OTC)
An OTC or Over-the-Counter trade is referred to as the private trade that occurs between two parties. During the trade, there is no supervision of any exchange.
If you wish to buy large values of Bitcoin ($25,000 or more) at a single instance, then OTC can be a good method. This is because the given process of buying Bitcoin is going to protect you from “slippage”, a common phenomenon in the cryptocurrency market.
Slippage in terms of Bitcoin transaction is known to occur when the amount of Bitcoin that you are buying tends to exceed the total amount that is available at the price that is live quoted.
Part of the respective order is known to “slip” to the higher or next available sale price. As such, you must pay more than the market price that has been quoted. Therefore, in essence, purchasing huge amounts of Bitcoins with the help of some reliable OTC provider can help the buyer in saving money by offering protection from slippage.
Canadians are lucky to have multiple options when it comes to buying Bitcoin. Whichever method of purchasing Bitcoin you choose, make sure that you are selecting a reliable provider such as MyBTC.ca.
