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Table Of Contents
Buying Bitcoin in Canada is now easier than ever with more trustworthy Canadian specific options, and more international exchanges offering options to Canadian residents.
In this article, we will detail how you can purchase Bitcoin (BTC) and other cryptocurrencies from any province in Canada.
Things to Consider Before Buying Bitcoin in Canada
Before getting started, there are a few things to consider when you plan on buying your Bitcoin in Canada. These are important in helping you both choose the correct time, and the correct service to make your Bitcoin purchase.
Market Position: This is a huge factor of course when you invest in any asset. Perhaps, even more, the case when you are buying Bitcoin. It is subject to more pronounced price movements than investing in stocks for example. In that case, you want to be fully aware of the market price at the time you are buying.
Trading Fees or Limits: These can vary from extremely competitive to very high depending on the service you choose to buy your Bitcoin through. Always be sure to check for all fee and charges before making a purchase.
Service Reputation: While all of the services we have chosen are some of the most trustworthy around, you should be aware that not every Bitcoin sales platform is as reputable. You can reduce your risk here by making sure you perform some due diligence.
Top Places to Buy Bitcoin (BTC) & Crypto in Canada
Coinberry is making it easy to access Bitcoin in Canada with no fuss and buy or sell the asset quickly through their easy to use platform. They have been around since 2017 and have a number of highly-trusted partnerships that set them up with a solid reputation for cryptocurrency. They are also registered with FINTRAC as a Money Services Business, so very trustworthy from that standpoint.
You can have your account open and KYC verified here in no time at all and Coinberry also ensures the best value environment possible for buying or trading your Bitcoin and the other supported assets. With no deposit or withdrawal fees, and a 0.5% trading fee, they come in as one of the cheapest services where you can buy Bitcoin in Canada using your debit, credit card, wire, or Interac transfer. You should note though that as a market maker, they will apply a spread to the asset.
Overall they provide a secure, super-convenient, and well-trusted service with competitively low costs. As an added bonus and unique feature, you also have the ability to short Bitcoin through Coinberry if this is a strategy that interests you.
MyBTC is a cryptocurrency exchange exclusive to Canadians that was founded back in 2016. Today they are becoming ever more popular and trusted medium in the purchase of Bitcoin for Canadian traders who value security, and the low costs on offer. The exchange is regulated by FINTRAC as a Money Services Business under regulation number M20844324.
They offer multiple purchase options including Interac e-Transfer a convenient option that is a preferred choice for many Canadians when buying Bitcoin for amounts between $30 and $10,000. Other options include bank wire, credit card, and Flexepin Voucher. Another option is Bitcoin can purchased at any Canada Post using cash or debit cards.
Paybis operate a very well-trusted Bitcoin and cryptocurrency purchase platform where you can buy Bitcoin and a range of other crypto using nothing more than your credit or debit card. They have been around since 2014 and have helped hundreds of thousands of people to make Bitcoin purchases.
The service is extremely easy to use and takes only about 15 minutes to sign up for use the first time. This includes full KYC checks for your security and setting up a third-party wallet which is required since Paybis just facilitate the transaction.
You can quickly sign-up with Paybis and purchase Bitcoin from Canada and more than 100 other countries with fees that are competitive depending on the payment methods you use. They also provide an excellent support system and detailed step-by-step guides on how to complete your transactions. This convenience and level of trust have seen them become one of the top choices in Canada and around the world.
Binance is one of the largest and most well-known cryptocurrency exchanges in the world. They accept residents from all Canadian provinces excluding Ontario. As a Canadian trader, you can also use Binance to purchase Bitcoin. There are slight differences when it comes to using exchanges like Binance instead of purchasing your Bitcoin directly as you can through the other services mentioned.
The main key differences are that in purchasing from Binance you can also buy from other traders in the market through the exchange. This can mean great value for you in terms of price and costs. Binance charges between 1% and 3.5% for direct Bitcoin purchases using your credit, debit card, or bank transfer, though if you want to buy Bitcoin using another crypto the fee can be as low as 0.1% from other traders on the exchange.
The process of getting started is also just as convenient. All you need to do is register with Binance and complete the KYC checks they have in place. For direct Bitcoin purchases, they partner with Simplex as a payment provider that also ensures your transactions remain safe and secure. It should take no more than a few minutes to complete your Bitcoin purchase with Binance.
They also offer over 100 of the most popular cryptocurrencies, if you want to buy altcoins including Binance (BNB), this is a great option.
Ontario residents are prohibited.
Wealthsimple is a Canadian-based finance technology company that has been offering more traditional trading services since 2014. They offer commission-free stock trading and an auto trading robo-advisor service and have recently launched their dedicated crypto service.
This is currently only available in Canada and provides the opportunity for you to buy and sell Bitcoin or Ethereum around the clock through their extremely easy to navigate mobile app for iOS and Android. Wealthsimple also ensures the registration process is fast, taking only a few minutes, and that the service remains accessible to everyone with no account minimums required.
According to the company, they charge no commission or fees for these services, and so not earn any other revenue from your crypto trading activities besides a small spread which is incorporated from $1.50 per $100 of Bitcoin traded and also helps to cover costs associated with storage through their third-party partner, Gemini. This provides a great opportunity then to get involved at the beginning of an exciting, new, and great value offering when buying Bitcoin in Canada.
They also offer Ethereum (ETH).
Anthony is a financial journalist and business advisor with several years’ experience writing for some of the most well-known sites in the Forex world. A keen trader turned industry writer, he is currently based in Shanghai with a finger on the pulse of Asia’s biggest markets.