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 Canada.
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!
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.
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.
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.
- 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.
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.
- 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.
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:
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
For Canadians now being introduced to the Blockchain and cryptocurrency trading world, the following list represents some of the most preferred and trusted Bitcoin Exchanges in Canada, as well as cryptocurrency brokers that do business in Canada and can help you get started with trading Bitcoin. Also available is the Bitcoin Handbook, perfect for beginners or experienced investors.
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:
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:
Binance is a Chinese cryptocurrency exchange that is particularly favoured by Canadians too. Although still fairly new on the market, its impressive number of ICO (Initial Coin Offering) listings and low trading fees have made it gain a lot of popularity. Traders can use the platform to trade several cryptocurrencies, including Bitcoin, Bitcoin Gold, Bitcoin Cash, and Ethereum. As for charges, Binance has a 0.10% fee per trade (on average); however, those that pay via the Binance token get a significant discount on the trading fee (50% off).
- Huge range of cryptocurrencies on offer (>100).
- High liquidity.
- Multi-language support.
- Low withdrawal/transaction fees.
- Reward programs available.
- Two-factor authentication only for Chinese phone numbers.
- New player, so relatively unproven.
A European Union-based marketplace that brings together bitcoin sellers and buyers. It is among the most trusted names in the cryptocurrency market and you may also trade a wealth of other crypto assets too. It is one of the four exchanges that represent and determine the CoinDesk BPI (Bitcoin Price Index) – the other three being itBit, Coinbase, and OKCoin. Traders can add funds via both fiat and cryptocurrencies (i.e. CAD, USD, GBP, EUR, and CHF) while the platform also facilitates trading of a total of 4 cryptocurrencies, namely Bitcoin, Ripple, Litecoin, and Ethereum.
- Offers trading between fiat currency and cryptocurrency; plus, among cryptocurrencies.
- Trusted bitcoin exchange.
- High liquidity.
- Low transaction fees.
- CAD is converted to USD when you send it – the exchange rate may cost you some money.
- High deposit fees on smaller sums.
- Limited selection of altcoins.
- Only available funding method for Canadians is eCheck.
AvaTrade is a popular and trusted forex trading platform in Canada, located in Dublin. Its user-friendly interface makes it easy for both professionals and novices to trade bitcoin and make a profit. Where AvaTrade excels is in its software that features 200:1 leverage and fixed spreads; plus, the AVA Select program with perks to the most serious traders. You may join the platform using your WebMoney or PayPal account, or even a credit card and start trading immediately. Besides bitcoin, the site also allows you to trade several other financial instruments, from indices and oil to gas and gold. Upon signup, users become eligible to receive additional support (i.e. free e-book with forex strategies).
- AutoTrade system allows traders to create their own Forex automation systems.
- Customisable trading environment that allows traders to copy skilled traders’ trades (via the MetaTrader 4, ZuluTrade, and Mirror Trader trading platforms).
- Lots of funding options (credit card, wire transfer, debit card, electronic payments).
- Well-regulated broker.
- Plethora of trading instruments.
- Low maximum leverage (200:1).
- Market maker model.
This escrow service allows traders to buy bitcoins with cash deposits in almost all countries around the world. Its very private way to purchase bitcoins, along with its low fees, have made it one of the most preferred bitcoin exchanges in Canada. Usually, it takes only 15 minutes after payment for your bitcoins to be credited to your wallet.
- Purchasing BTC is very easy.
- The only identity verification required is your phone number (in most cases).
- Low rates (1%-2%)
- Allows cash deposits
- Exact fees not publicly disclosed.
- Might be difficult to find bitcoin traders in Canada due to limited uptake.
- Complicated process if you need to buy large amounts of BTC.
Alternative Canadian Bitcoin Cryptocurrency Exchanges
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.