Since the creation and emergence of Bitcoin, which unarguably is the leading digital asset in the cryptocurrency industry, several businesses and individuals have embraced its potentials, not just in Canada, but across the entire globe. Thus, Bitcoin is not alien to the Canadian business and financial sector as more people are always looking for how to get their hands on what is commonly known as the currency of the future.
Bitcoin has emerged as one of the most formidable currencies in the world. Its creation and successful acceptance have equally paved the way for many other digital currencies in the decentralized exchange circle. At its initial stage, it was such a daunting task to trade bitcoin among its users, as a lot of people do not know what the future holds for the digital asset. Hence, many people were skeptical about whether to buy the crypto or not. Those who did are now enjoying the profit on their investments.
Bitcoin has spread worldwide, and it has a special stronghold in Canada. There are several methods and channels to get bitcoin in Canada as it is now possible to buy Bitcoin in Canada from the comfort of your room.
For anyone who wants to buy and sell their bitcoin, in this article, we will show you a simple and straightforward approach to getting your favorite crypto in your wallet or exchanging it for money.
Where can I buy Bitcoin in Canada?
As there are several financial institutions that offer fiat currency services to people, so are there numerous cryptocurrency institutions known as exchanges where one can buy or sell bitcoin in Canada. Furthermore, there are other crypto platforms like ATM, and online, as well as offline platforms where Canadians can get their digital currency.
Online Bitcoin Exchanges
One way to buy bitcoin is through online exchange platforms. Online exchanges are unarguably the most accessible and most popular method to obtain bitcoin all over the world. With these online exchange platforms, buying and selling of Bitcoin at any time become effortless. Cryptocurrency exchanges in Canada offer their customers secure, simple, and easy access to bitcoin and other major cryptos using several payment methods.
Here are some of the popular online crypto exchange platforms available to Canadians.
- The largest crypto exchange in Canada
- Fast verification process
- High buy and sell limits
- Supports Interac e-Transfers, Bank account, and SWIFT methods of payment
BITBUY DIGITAL CURRENCY EXCHANGE
- Has high buy and sell limits
- Handles large purchases through OTC desk
- Simple, secure, and fast method to buy bitcoin
- Fast optimization
- Has an easy to use and interactive Mobile App
- Simple and easy way to buy bitcoin
- Allows Canadians to buy between $50 to $100,000 bitcoin worth
- Accepts online and in-person verification
- Supports cash or debit, Bank wire, Flexepin Voucher, and Interac e-Transfers
- Provides customer support through SMS, phone, email, or live chat
- For new customers, it’s one of the easiest methods to get cryptos
- Offers high liquidity and buying limits
- Instant bitcoin delivery
- Supports debit card payment
- Canada-based crypto exchange company
- High buy and sell limits
- Supports wire transfer, credit and debit card, and Interac payments
Others are Bitvo, Quebex, Bit Access, NDAX, Kraken, and more. BitAccess is a Canadian Bitcoin broker and ATM operator. Funded by the Canadian government itself, through BitAccess you can sell bitcoins almost instantly. You can process a request for selling through their website and redeem cash for your BTC through the closest BTC ATM.
Funding methods for online exchanges
The majority of Canadian exchange platforms accept bank wire for funding and withdrawal as this deposit method is preferred by some Canadians as a result of its low rate features. This method is most suitable for those who want to purchase a large amount of BTC. Getting this done will most times require the client to visit his or her Bank’s local branch and complete the wire transfer process to the account of the exchange platform. To use this funding method:
- Ensure that your preferred exchange supports the use of bank transfers as a funding method.
- Create an account on the exchange platform.
- Complete the required forms and enter the amount of bitcoin worth in CAD.
- Choose the bank wire funding option.
- Get verified.
- Visit your bank and complete the bank transfer process to the Exchange account.
- When payment is received, your bitcoin account will be funded and your BTC sent to your wallet.
Interac e-Transfer is a fund transfer service provider, which is also a generally accepted deposit method for Canadian bitcoin exchange platforms. The majority of the popular and new exchange platforms support this digital transfer process which is partnered with several financial and crypto institutions.
Apart from its low fees, this Canadian-based payment solution has a secure, fast, and easy payment procedure with which Canadians can buy bitcoin from an exchange of their choice. The simplicity of Interac e-Transfer can be seen in the following steps:
- On any bitcoin exchange of your choice, create an account, and ensure they support Interac e-Transfer.
- Fund your account through e-Transfer.
- Input the desired amount in Canadian dollars.
- Go to your online banking platform and complete the e-transfer process.
- Order for your bitcoin and secure the same in your protected crypto wallet.
Flexepin is also another payment method accepted by Cryptocurrency exchanges Canada. The unfortunate thing about Flexepin is that not all Canada cryptocurrency exchanges accept it. People who want to buy Bitcoin with Flexepin will have to seek out the platform that accepts Flexepin as a payment method.
Flexepin sells payment vouchers, and so it becomes easy to buy vouchers locally and then redeem them in the form of Bitcoin on a cryptocurrency exchange in Canada. A Flexepin voucher promises speed because when the voucher is redeemed on a crypto exchange network, it reflects on the account instantly. So a user can use Flexepin to buy his or her Cryptocurrency holdings with an advantage of time.
Another online cryptocurrency exchange wallet funding method accepted in Canada is the use of a Credit card. Credit cards are accepted by some exchange platforms as a way to buy Bitcoin in Canada. Rather than visiting the bank to complete your bitcoin transactions, you can conveniently make your purchases from the comfort of your room with the use of your card.
The only downside of the credit card funding method is the fact that its charges are between 7 percent to 10 percent on every transaction, which is relatively high. Still, it is however possible for those willing to look at its possibility and potentials in Canada.
The steps to follow to fund a cryptocurrency exchange Canada account with a credit card are highlighted below:
- Seek out a cryptocurrency exchange that accepts Credit card payments
- Register on the exchange network
- Follow the funding and payment instructions on the exchange platform website to fund your account with your credit card
- When the money reflects on your exchange wallet, you can then buy your Bitcoin holdings and withdraw the same to your protected bitcoin wallet.
Bitcoin Automated Teller Machines (ATMs)
Like the typical automated teller machines where people can insert cards and withdraw fiat currencies from their accounts, there are also several Crypto automated teller machines (ATMs) across Canada, and they all offer a unique service to those who want to buy Bitcoin in Canada.
The advantage of buying Bitcoin with Crypto ATMs in Canada is the fact that ATMs make sure the identity of the buyer is protected. The identity of the person using the Crypto ATM is not recorded. So a user can buy large amounts of Cryptocurrency without the risk of his or her identity being revealed to hackers or fraudsters.
This Bitcoin acquisition method is especially useful in Canada because the country has some of the most substantial numbers of Crypto ATMs. It is easy to find one that is very close to you all over Canada.
The process of purchasing Bitcoin with Crypto ATMs is pretty much a walkover as well because it basically involves changing the funds of the trader from either cash or liquid money into cryptocurrency.
It is to be noted that just like there are several bank ATMs, there are also several Crypto ATM administrators, but the process of purchasing Bitcoin on all of them is pretty much the same.
The steps to take for people that want to buy Bitcoin with a Crypto ATM are as follows:
- State the Bitcoin address
- Put cash in the ATM
- Confirm that the selected amount of Bitcoin has been successfully sent to the wallet address.
Some Crypto ATMs request a little more than this information, but they all have the same process. At the end of the Bitcoin buying process on ATMs in Canada, the receipt is either sent to the email of the buyer or printed right there on the ATM.
Over The Counter Purchase
This is another unique Bitcoin buying method which is suitable for those who are heavy bitcoin buyers, as it helps to protect the identity of the user as well as it protects the buyer against Bitcoin slippage. Bitcoin Slippage occurs when the amount of Bitcoin that people (or a person) want to buy is so much it cannot be bought in one order (or block), the person may end up buying the other part of his/her Crypto holdings higher than he/she budgeted for.
Purchasing Bitcoin over the counter involves the following processes:
- Seek out a Canadian Bitcoin exchange platform that offers this kind of service
- Create an account
- Verify your account
- Request to be contacted by over the counter traders
- Get a live price quote
- Lock the price in
- Receive Bitcoin
Peer to Peer Purchase
A peer-to-peer network (also known as a P2P network) is one that allows sellers and buyers of Cryptocurrencies to engage in mutual trade orders without the role of a third party. This method of buying Bitcoin in Canada is both advantageous and risky. While using this method to buy this crypto asset serves the purpose of a truly decentralized currency, some have been swindled by this method. Hence, traders must approach the p2p network carefully, especially to buy Bitcoin.
This method is actually one of the oldest methods of acquiring the cryptocurrency, as Bitcoin itself was an operation on a complete p2p network in the early days of its creation.
While this Bitcoin buying method is a great one for identity protection, it is, however, very advisable to do some proper research about the seller (or the buyer) before sending funds or transferring the digital currency. Localbitcoins.com, Paxful, and Bitsquare are some of the p2p networks that exist in Canada, and the following are the steps to take in order to buy bitcoin on either platform.
- Register an account on the website
- Scan through the Bitcoin sales advertisements
- Check the background info of any trader that interests you
- Once you are satisfied with the credibility of the seller, you can choose to engage the seller
- Pay through any of the payment methods accepted
Face to Face Transaction
This method of acquiring bitcoin is similar to the p2p network. With the face to face method, you can decide to meet with the seller at an agreed designated location and mutually conclude on the mode of payment for the transaction. Most times, this type of transaction is usually conducted with the use of cash. To engage this transaction method, a proper background check should be conducted for safety purposes.
In-Person Retail Location
For those who are not convenient with online transactions and prefer to have a first hand or one-on-one physical interaction with bitcoin sellers, there are also a lot of Canadian bitcoin retail locations where you can meet a real person and make your purchases. Canada has an abundance of bitcoin brokerage and foreign exchange outlets for such transactions.
Can I buy Bitcoin in Canada?
Getting the leading crypto in your wallet is as simple as making a bank transaction. In Canada, it is easy, simple, and legit to buy bitcoin and use the same for transactions and payments. Apart from online locations, there are a number of offline channels and methods where anyone in the country can purchase or get bitcoin.
Bitcoin usage is popular in Canada, and this has equally made the purchase and demand of the crypto to be on the rise. Hence, if anyone wants the opportunity to have this digital asset or in need of it, getting it in Canada is quite easy. Therefore, it is possible and easy to buy bitcoin in Canada, as there is an abundance of methods and channels through which Canadians can find their digital wallet with the virtual currency.
Is Bitcoin legal in Canada?
Bitcoin is legal in Canada. The legality of bitcoin in Canada can be upheld in the fact that it is recognized as a taxable commodity ( though not as a currency or money), by the Canada Revenue Agency (CRA). Furthermore, a lot of Canadian merchants and businesses now adopt the use of bitcoin as a payment solution.
The use and purchase of Bitcoin in Canada are similar to its operation in many other global regions. Bitcoin is decentralized, and this means it’s not regulated by the government or central authority. The only guiding factor to the use of Bitcoin (and other Cryptocurrencies) is its source code.
The Canadian government has no pull on the usage and purchase of Bitcoin in Canada. This cryptocurrency’s algorithm makes it so flexible it isn’t bound to a single government’s policy. The Canadian Dollar is still the only acceptable form of Canadian currency.
Going by the definition of the Canadian Currency Act, the acceptable money is a banknote or a coin issued under the supervision of the bank of Canada. However, this is not an indication that the use of bitcoin is illegal in the North American country. The government of Canada put in place Anti-Money Laundering (AML) laws to regulate the use of cryptocurrencies.
Bitcoin as a legal tender
Although Bitcoin use is not accepted as a legal tender within the economic system of the Canadian nation, its use still attracts tax regulations. Canadian stores accept Bitcoin as one among many other payment methods across the Canadian nation, and just as tax tariffs apply to shop activities using Canadian dollars, the government of Canada charges taxes on the use and purchase of Bitcoins.
Because digital currencies’ use complies with barter rules, as they are regarded as commodities, their successful trading executions within Canada attract taxes. Hence, although a crypto trader may not need to pay taxes for his cryptocurrency business in Canada, such still has to pay taxes on profitable trades.
Trading or buying Bitcoin holds some risks, but these risks are not particular to Canada alone. The Bitcoin risk is everywhere, not just unique to use in Canada. Because no government has the monopoly to regulate digital currencies and their use, it becomes hard to track down Bitcoin theft or fraudulent activities surrounding its use. Almost all cryptocurrencies operate on a pseudonymous identity principle, which allows traders to make trade orders on anonymous identities. It, therefore, becomes even harder to trace fraudulent activities.
Where can I purchase bitcoins?
The process of buying Bitcoin follows a relatively straightforward path in the crypto and financial world. The premier digital currency stands out among the many digital currencies that exist, to be the most formidable in the world. Buying Bitcoin is quite easy and simple to work around, even with an internet-enabled mobile device.
In almost two decades of its creation, Bitcoin has grown from a network that serves just about forty people to one that serves a global audience of over forty million people across several regions of the earth. In the transition process of Bitcoin into the most influential cryptocurrency in the world, its administrators have developed a lot of systems to ensure the fair circulation of the currency even to the most remote regions of the world.
Before you go
In some regions of the world today, there are Crypto Automated Teller Machines (ATMs) with which people can convert their funds into Bitcoin. Thus, Bitcoin has just grown to become a formidable currency not just in terms of value, but also in terms of accessibility.
Almost all reasonable Cryptocurrency exchange platforms provide services that span around the use of Bitcoin. It is easy to sell and buy Bitcoin on these exchange platforms just as it is in making bank transfers or other financial transactions.
Debit cards and credit cards can also be used to purchase bitcoin from any platform. The use of credit card and debit cards using fiat currencies as a way to buy Bitcoin in Canada has further made the crypto unique among other cryptocurrency projects.
Therefore, as highlighted above, a lot of platforms exist in Canada, either online or offline, where anyone can buy bitcoin, especially with very low fees.