How to Buy Bitcoin in Canada

When it comes to investing your money there’s a number of different avenues at your disposal. You could put it in stocks and shares, an account with your banks like an ISA that will gradually grow interest over a set period of time or you could try cryptocurrencies. One such currency that’s taking the trading world by storm over the last couple of years is Bitcoin and it’s definitely worth considering if you’re looking for somewhere new to stick your cash! In this complete guide, we’ll guide you through the steps and tips to buy Bitcoin in Canda.

Buy BItcoin in Canada
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Why So Much Interest In Bitcoins?

If you’re new to the online Bitcoin Canada trading scene and have never heard of them until now then here’s some useful information on why so many people are taking the plunge with Bitcoins.

To begin with, one of the main appealing benefits of invest in Bitcoin CAD is that they regularly inflate and decrease their value, sometimes so often that it can change overnight. So you could invest $100 in the morning on Bitcoins and find your shares in the cryptocurrency have triple or even decreased a few hours later. It’s a highly volatile trading market, but the fluidity of value is why so many people find it appealing.

You can invest your cash and then quickly flip it for a tidy profit if you know how!

Plus, Bitcoins are secure and extremely difficult to break into making them the perfect place to invest your cash safely and easily.

With these two strong selling points alone, you can see why the Bitcoin Canada market is so popular!

Top Countries Bitcoin is being used

Bitcoin Explained

If you’re still unsure about investing in Bitcoin’s then worry not we’ll break them down even further so you understand exactly what you’re putting your hard earned cash into. Bitcoins put simply, are an online payment system that you can use to send and transfer digital currency equivalent to an initial cash purchase amount without any intermediary involved in the process. They were first invented back in 2008 by a user that goes by the name “Satoshi Nakamoto” and a year later Bitcoins were then released to the general public as a form of open-source software. To learn much more about this disruptive digital asset please visit our Bitcoin Guide.

The Uses of Bitcoins

So where can you use Bitcoins?

Well, you can use Bitcoins with practically everything and anything you can think of. Because of their growing popularity of the last few years, there are a number of different online and physical retailers that accept them as a form of currency.

Like Furniture Toronto for example, they will happily accept Bitcoins when you want to buy yourself some modern and contemporary furniture for your apartment or home.

fortress geek

Or you can spend your Bitcoins over at Fortress Geek if you’re looking to get your hands on the latest gadgets, toys or nerd apparel. Another interesting place to use your Bitcoins would be Dell, because through a partnership they set up with Coinbase you can purchase top of the line computers with a 10% discount when you use Bitcoins to make your purchase.

Which only further incentivises you to use them to spend your cash on cryptocurrency.

From physical goods in stores to online items, there really is no end to the places and ways you can buy Bitcoins in Canada and spend this digital currencies as preferred.

The most popular usage of Bitcoins outside of CFD trading is to store them in a bitcoin wallet and send them to other users in exchange for goods or services. These wallets are basically software programs that store various public and private keys that interact with a series of blockchains to complete online transactions.

As a basic example, if you were to send money to a specific Bitcoin address it would be stored there for a specific amount of time until it was unlocked by the recipient. To unlock it the person or site receiving your money would use a special key code and if the key matches the one stored inside of the wallet then it unlocks and the transaction is complete.

How Exactly Do You Buy Bitcoins?

If after reading all that you’re still interested in taking a spin on Bitcoins then using your helpful guide you can get your hands on your very own cryptocurrency as quickly as possible.

If you want to purchase Bitcoin CAD you have two main options to choose from. You can buy your coins from one of the various Canadian exchanges you can find online, or you can try your hand at trading derivatives like underlying assets, futures or CFDs. All of these options have their positive and negative factors, so you might want to consider them first before you dive in and start spending cash.

Two Ways to Trade and Buy Bitcoin in Canada

Take derivatives, for instance. These are ideal if you’re looking to make a quick turnaround on your cash. They’re perfect for short investments because they take advantage of the quick and regular movements in price that Bitcoins contend with. They also have a multiplier system that can increase your cash up to 25 or even 100 times its regular amount if you play the market just right and pick the right path. If you’ll use a derivative-model, please bear in mind that you just invest in the possibility that the price changes, and you don’t get real Bitcoins.

On the other hand, if you plan on using cryptocurrencies you’ll find that long-term investment is actively encouraged since Bitcoin Canada prices can occasionally triple in worth in the space of a week. Since it’s pretty much impossible to lose money with Bitcoin, you can safely dump your cash and come back to it a few months later to check on its net worth safe in the knowledge that you won’t lose a lot of money accidentally. Purchasing bitcoin in Canada is extremely easy. All you need is a bank account, an ID and choose a platform for it. There’s a lot of them to choose from, so we’ve picked out one we highly recommend as our online broker of choice and that’s eToro.

Our eToro Canadian Bitcoin Guide

We’ll guide you through the basic steps to buy bitcoin with eToro. Please remember that, with their new feature, you’ll be able to convert your “contracts” of BTC to real Bitcoins stored in the new eToro Wallet. Now, here you have our quick guide:

Sign-up and verify your account

  • To start off you need to go enter etoro.com into your browser and select the ‘Join Now’ button that they have on their homepage.

eToro - Join Now

  • After that step; create your account details. This will be your name, email address, cellphone number, password and the username you want to use on the eToro website.
  • After reaching the main page you will be prompted to ‘Complete My Profile’. This part is fairly easy and should only take a few minutes. All you need to do is enter your various personal details on the site like your address, date of birth and so on.

Ripple Etoro 4

Fund your account to buy Bitcoins with you Canadian dollars

  • After completing your account you can then deposit cash into your account by selecting ‘Deposit Funds’ and filling out your payment details.

eToro - Deposit

  • A bonus feature of eToro is that it accepts a number of different payment options. So you can use everything from credit and debit cards to PayPal, Neteller and even Skrill if you so choose.

Buy litecoin with debit card

Open your trade to invest in BTC

  • Once you’ve entered your payment details select the ‘Submit’ button at the bottom of the page to get your hands on your Bitcoins. You can find BTC under the “Instruments section” or—more easily—search for it in the bar above. Once you find BTC and make a proper technical analysis, you’ll be able to open a trade. Hit “Trade” and you’ll see a pop-up window as follows:

Buy Bitcoins in Canada with eToro

Quick tip: BUY will open a long-position and SELL will open a short position. You can also open an operation at market price or choose a price you want the order to be executed (limited order). For further information, visit our main Buy BTC Guide.

Ultimate List: Top Canadian Bitcoin Exchanges

As a country with an important adoption of cryptocurrency, Canada has a variety of exchanges where you can buy Bitcoins and other altcoins. You’ll find the bests on the list below:

PaxForex

Established in 2010, PaxForex offers the two most popular cryptocurrencies, bitcoin and Ethereum. These are the two most liquid markets in the crypto sector at the moment, making them the most reliable when it comes to entries and exits. They also offer a mini account making access to certain markets a lot more accessible for the ‘average Joe’, you can trade with micro lots of 0.01, which go up to 10 Lots for the experienced investors. PaxForex is one of the few providers that make trading bitcoin and Ethereum CFDs very simple in Canada.

Pros:

  • Low minimum deposit amount
  • Offers MT4 integration
  • Low crypto spreads (the fee the provider charges for their services)
  • Offering CFDs means you only pay the spread and no transaction costs

Cons:

  • Unregulated

Coinbull

Coinbull is a cryptocurrency CFD brokerage source that has been in operation for about a year. We’ve tried trading on Coinbull and have done general research throughout the web. Though not formally licensed, Coinbull’s user interface is slick and performs well. The coins they offer are well-chosen, representing some of the most exciting assets in the space. We’ve concluded this broker is a legit way to buy Bitcoins in Canada. Learn more in our Coinbull Review.

Canadian Bitcoins

As its name suggests, Canadian Bitcoins is a Canada-based bitcoin exchange that is designed primarily for crypto trade within the country. With a wide array of payment methods, funding your account is very easy as you get to choose between using Interac Online, direct debit from your bank account, bill payment via online banking, cash/debit in person (Ottawa), and cash, among others, to move forward with trading your bitcoin(s). It is an overall stable platform that makes trading Bitcoin and Ether more accessible through the use of CAD.

Pros:

  • User-friendly interface – easy for first-time buyers.
  • Plethora of payment methods to buy BTC.
  • Can handle large BTC purchases (>100,000 CAD).

Cons:

  • Many of the private methods offered to buy bitcoins are not private.

Satoshi Counter

This bitcoin exchange in Canada offers more than most cryptocurrency exchanges do. You can either buy online or if you are based in Montreal, you may choose the location most convenient to you and just trade bitcoins directly for cash. The company allows large purchases of up to $1m; however, you will need to go through an ID verification process to complete such trades.

Pros:

  • Trusted bitcoin broker run by the Montreal Bitcoin Embassy.
  • Allows purchases of large amounts of BTC to Canadians.

Cons:

  • Needs identity verification even for purchases with cash, so it is not private.

BitAccess

BitAccess is not only a Canadian ATM operator but also a Bitcoin broker funded by the Government of Canada, which gives you the opportunity to purchase bitcoins at 1000s of locations across the country (with Flexepin). Apart from that, you may also buy BTC at one of their Bitcoin ATMs (with cash).

Pros:

  • No identity verification is necessary for small transactions.
  • Convenient locations throughout Canada.
  • User-friendly interface.
  • Trusted BTC broker.

Cons

  • Fees are quite hefty (starting out at 10%).
  • Requires ID verification for purchasing larger amounts of BTC.

Coinsquare

The Toronto-based Bitcoin exchange is one of the leading Canadian cryptocurrency exchanges that offer trading against the CAD and imply a 95% cold storage policy. That alone guarantees a very high level of security. The base currency of a Coinsquare account can be CAD, USD, GBO, EUR, BTC, and AUD. As for the costs of making transactions on them, these are in-line with the industry average. They charge 0.20% for those selling or buying directly at the best possible price (aka market takers) and 0.10% for the ones that provide liquidity to the exchange passively (aka market makers).

Pros:

  • QuickTrade feature available.
  • Easy-to-use interface.
  • Accepts fiat currency deposits.
  • Lots of CAD funding options.
  • Mobile apps available.
  • Supports trade in some exotic forms of metals.
  • 95% cold storage policy.
  • Competitive fees

Cons:

  • Limited trading pairs.
  • Trading offerings a bit too basic for trading veterans.

Morrex

Morrex is the only cryptocurrency exchange in Quebec fully licensed by Authorite des Marches Financiers. It is also one of the oldest bitcoin exchanges in Canada, and offers spot trading in Bitcoin, Feathercoin, and Litecoin. However, no leveraged trading is offered. The altcoins offered can only be exchanged for CAD, which is fairly logical, since the company serves solely the Canadian traders.

Pros:

  • Long-established, fully regulated cryptocurrency exchange.
  • Accepts fiat currencies
  • Fast debit card funding.

Cons:

  • Small number of digital currencies on offer (no Ether).
  • No money transferring service.

Bitcoinbrains

Bitcoin Brains was founded in 2013 and is the first bitcoin brokerage in Alberta (also a brick-and-mortar selling crypto mining equipment). The company’s focus is on educating Canadians about the huge potential blockchain technology and bitcoin brings and making bitcoin trading easy for all Canadians. They are often mistaken for an investment platform built around bitcoin called Bitcoins Brain, which promises to give customers 0.3% returns every hour forever. The platform has received numerous complaints about it being a pyramid scheme rather than an investment opportunity.

Pros:

  • Extensive selection of bitcoin mining hardware (also Litecoin mining hardware).
  • A wide range of altcoins on offer.
  • Reputed bitcoin brokerage (recently partnered with BitJob).

Cons:

  • ATMs only in Northland Malls and Sunridge.
  • Details, such as fees, not clear on the site.

Non-Canada-Based Exchanges where you can Buy BTC too

Except for a few exceptions, Canadian exchanges are not fairly popular in the crypto market. That’s why you’ll likely choose a foreign platform that’s also secure and reliable. Check our reviews from the top exchanges worldwide. All the exchanges listed below are available for Canadian citizens:

What Does The Future Hold For The Canadian Bitcoin?

Bitcoin Canada 2017

The Bitcoin market in 2017 has often been referred to as the dot-com bubble of the 90’s. You can clearly see the comparison as both started off as a small niche market with little to no financial investment, that is  until the right kind of people saw there was money to be made. Once that happened the market almost exploded overnight as everyone tried to stake a claim in now valuable resource.

The rapid growth of the Canada Bitcoin market is obvious, in the last few weeks alone the value of the Canada’s Bitcoin’s has skyrocketed to a massive $16,000, and that price is still going up on a relatively regular basis.

To put that statement in context, this time last year if you wanted to buy or trade Bitcoin’s you would have to pay $750. In the space of just one year that is a massive jump in net worth, it’s more than 21 times its original net worth, which is staggering when you think of how much money you could make in just one year with Bitcoin’s alone!

Bitcoin Canada 2019

The future of the Bitcoin in Canada is plain to see, it’s here to stay and it’s only going to become more involved in our day to day lives than it is already.

For example, just like in London in the UK already in Canada there are numerous ATMS that will allow you to deposit your cash and turn it into Bitcoin’s pretty quickly. A cursory glance on Google maps will show the nearest one and thanks to their popularity it’s relatively easy to find one in no time at all.

With so many options at your fingertips on how to buy and sell your Bitcoin’s it’s definitely a good investment now, just think of where a small $100 deposit now could go in just a few short months.

Final Thoughts on Cryptocurrencies in Canada

Starting out as a Bitcoin trader in 2017 has arguably never so simple. There’s countless different avenues and platforms at your fingertips and the ability to turn a quick profit has become incredibly easy that literally, anyone with a bank account can give it a shot. With our simple guide, you can become the next big investor in no time at all, you just have to remember a few simple things.

First off, you need to find a reliable and safe system to purchase Bitcoins through. Your main choice should be a broker. We recommend using a broker to handle your transactions because all brokers are strictly monitored, regulated and controlled to prevent any fraudulent activity that could potentially happen on their accounts.

There’s a number of different brokers out there for you to choose from and each one offers different benefits and features that you can take advantage of when you create an account. If you don’t have time to spend sitting sifting through all the various sites and comparing and contrasting them then we recommend just sticking with eToro. Not only will you have our helpful guide at your fingertips to help you through their account creation procession, but they also have tons of great features to use.

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