Dec 18, · To sell your Bitcoin or other cryptocurrencies on an exchange after purchasing, just go to the appropriate page or tab, for example, Coinbase has a Buy/Sell tab where users can buy and sell on the same page. Most exchanges will charge a fee for selling, usually around 1%-2%. Sep 27, · There are several ways to get your hands on Bitcoin in Canada. Your options include buying it from an online cryptocurrency broker or trading platform (e.g. Wealthsimple Crypto and MogoCrypto), a cryptocurrency exchange (e.g. Coinsquare and Bitbuy), or at a Bitcoin ATM. 71 rows · Nov 21, · When the funds have arrived in your account, click the “Buy” tab and choose .
How to buy and trade bitcoin in canadaHow To Buy Bitcoin in Canada (BTC) - Crypto Head
The reason all of this can be so time-consuming is that there are limited payment options available through traditional exchanges. Through them, the only way to make the exchange from your typical currency to a traditional currency is to make a bank transfer of your funds to the exchange. It takes time for this transfer to clear, delaying the amount of time it takes for you to receive the cryptocurrency. Peer to peer exchanges, on the other hand, are exchanges that allow you to exchange your typical currency for cryptocurrency through a transaction that takes place between two private individuals.
These exchanges have a lot of things in common with traditional exchanges. However, they do come with their own benefits and risks. With peer to peer exchanges, it is common for the verification steps and wait times to be less than what you would find from a traditional exchange. Using a peer to peer exchange essentially means taking on different risks for increased benefits. As you will be conducting private transactions with other individuals, you will not be afforded the protections that come with trading with a reputable, Canadian, established, traditional exchange.
In most cases, transactions on peer to peer exchanges are completed smoothly, with thousands of successful trades conducted on a daily basis. Now that you know a little bit about the two main types of exchanges you will encounter during your time trading with cryptocurrency from Canada, the next step is to start looking at specific exchanges.
On the other hand, Bitcoin exchanges such as Bitbuy , the most popular Canadian crypto exchange, let you fund your account via Bank Wire, Interac eTransfer, or Flexpin. As a Canadian trader, the best thing about using a local exchange like Bitbuy is the ability to pay in your native currency, i. The platform is very user-friendly and allows customers to choose between a basic Express Trade and an advanced trading system Pro Trade. Both of them offer Bitcoin and a couple of other prominent cryptocurrencies at affordable fees.
These coins are a double-edged sword: they have a low market cap and are almost worthless at the start, but if sufficient attention has been drawn to them, it drives their price up, and they turn into a lucrative investment. If this type of trading appeals to you, our advice is to look for a well-established exchange that has large trading volumes and high liquidity. We recommend using Binance , one of the largest cryptocurrency exchanges in the world.
On top of that, Binance provides its customers with a plethora of advanced trading tools, order books, and depth and price charts.
The cheapest crypto exchange is not always the one with the lowest transaction fees. Even if the platform offers an affordable flat fee, the deposit and withdrawal fees could be over the top, or the spreads might be too wide. You should also keep in mind that fees will vary according to your preference: are you looking to trade or simply purchase some coins?
Sometimes, exchanges have lower tiers and higher fees for users with low trading volumes that lift up as their volume increases. For example, Coinberry is a good place to purchase your first cryptocurrencies in Canada as they have a 0. For traders that want to try something new, we recommend visiting Newton , a promising new Canadian crypto exchange.
Newton operates as a brokerage that buys the coins beforehand and sells them to its customers making a profit from the small bid-ask spread. Moreover, makers are rewarded with discounts for the liquidity they bring to the platform. To those of you who are primarily interested in trading crypto to crypto, Binance has the best offer.
On top of its starting 0. The way in which researchers estimate whether an exchange is large enough or not is by taking into account its trading volume. This metric is important because it gives us an insight into the level of liquidity that a platform can deliver and the popularity and attention it gets on a daily level. They either do this by means of market manipulation or wash trading. Luckily, there are still some groups of researchers and experts that try to bring more transparency to the industry.
The results from the calculations done by the Blockchain Transparency Institute show that Binance is the number one crypto exchange by trading volume. Next comes Coinbase , an American brokerage that offers its services to Canadian traders as well. Typically, the largest cryptocurrency exchanges are the most popular ones as well. The large trading volume indicates the exchange has been used by a great number of traders with different backgrounds, profiles, and trading strategies, all of whom seem to vouch for its reliability and performance.
Judging by this, both Binance and Coinbase automatically make it to the list of most popular crypto exchanges. This has been confirmed with data from the Blockchain Transparency Institute and Similarweb who found that these two platforms have had the highest number of website visits.
The fact that this platform can only be used in Canada tells us that its large trading volume comes exclusively from local traders. By focusing on one market only, Bitbuy can afford a dedicated support team that promptly solves any customer queries.
The first thing that a trading platform should have is high liquidity which acts as a safety margin that promises the platform is able to pay its debts and liabilities. Next, a trading platform incorporates advanced features such as margin trading with x leverage, live market data and charts, futures, and options. NDAX is by far the best Canadian exchange for advanced traders. It offers all sorts of orders for the daring and adventurous: regular market orders, stop-limit orders, trailing orders, and fill or kill orders are just a couple of them.
If your field of interest is margin trading then definitely give Binance a try. The Hong Kong-based exchange offers margin trading with x leverage. Kraken , on the other hand, is great for futures investments. Whatever trading platform you choose, be extra careful in your investment strategy. These advanced options have the potential to bring you high profits but they could just as easily result in heavy losses.
The safest cryptocurrency exchanges are the ones that invest in both platform and account security. The two exchanges monitor the transactions of their customers in order to identify suspicious trading patterns which are then reported to FINTRAC.
They arrange frequent audits from third-parties that inspect all departments. As far as account security is concerned, users on Bitbuy and NDAX are required to log in using the two-factor authentication method.
With the growing number of cyber thefts and security breaches, the well-known KYC or Know Your Customer check has become mandatory on most crypto exchanges. Apart from basic personal information such as full name, address, and telephone number, most KYC checks ask for a utility bill to prove your place of residence and a copy of a government-issued ID.
The opinions among traders are divided regarding this regulation. Some of them approve this type of identity verification because they believe it enhances the level of security on the platform. Others feel like it goes against the core philosophy behind cryptocurrencies — more user privacy.
There are some limits that you should keep in mind as well. Moreover, Binance and Kucoin both offer the option to make crypto to crypto trades and stay anonymous. The catch is that you can only withdraw 2 BTC per day. Next, you can use popular exchanges like Coinbase or Coinmama that let their users pay with a credit or debit card almost instantaneously. However, you should be aware that this convenient service incurs higher fees.
Another option is to choose peer to peer exchanges such as LocalBitcoins or Paxful mentioned in the previous section. Browsing their websites, you can find sellers that either accept cards as a payment method or would agree to meet with you in person so that you pay them in cash.
In this case, make sure you meet at some crowded public place for your safety. Finally, exchanges such as Bitit offer yet another option of purchasing Bitcoin using a prepaid voucher e. Flexepin or Neosurf. The main reason for this decision is the fact that the number of online thefts and hacking attacks is continually on the rise. This means that instead of providing digital wallets where users can keep the private keys to their wallet addresses, these exchanges let the users choose a secure digital wallet or hardware device of their own preference.
Those of you who already use some kind of digital wallet or those who have invested in a hardware wallet and are satisfied with its performance, we suggest turning to Coinmama as one of the best non-custodial exchanges. The platform is registered with the American financial regulator FinCEN and complies with its policies. This has held true for beginning investors and seasoned traders. The only problem is finding these stocks takes hours per day. You can today with this special offer:.
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Not only for Canadians, but exchanges are the most popular place globally to buy Bitcoin. Online exchanges have many options for funding your account, we break down the top funding methods below. Many online trading platforms in Canada accept Interac e-Transfer as a funding method for your account.
Over financial institutions across Canada allow their customers to use Interac e-Transfer. You can find a full list here. If you want to buy Bitcoin Interac e-Transfer we have outlined the steps below:. Create an account on an exchange and request to fund your account with Canadian dollars via Transfer. Log into your online banking provider and send the e-Transfer to the e-mail address provided by the exchange.
Buy Bitcoin and withdraw it to a secure wallet. We recommend MyBTC. A bank wire requires the customer to visit their bank branch, which can be inconvenient for many Canadians especially in the winter!
It is important to note that because of the traditional banking system, funding times can be much longer when using Bank Wires days.
If you want to buy Bitcoin using a Bank Wire we have outlined the steps below:. You will need to find out which Bitcoin trading platform platforms accept Bank Wires as a funding method and then sign-up and create an account.
Buy the Bitcoin and withdraw it to a secure wallet. Flexepin is another option for Canadians who want to buy Bitcoin fast. Flexepin sells vouchers with unique pin codes that can be entered on many online services, to fund accounts or make purchases. Since these vouchers can be bought at retail stores, they are great for users looking to use cash or not get hit with huge credit card cash advance fees.
Flexepin vouchers can be bought across Canada at thousands of locations. In order to find the nearest store location to you, please check this online store finder here. Once you have a voucher, Bitbuy is a trusted exchange that will accept your voucher. Flexepin will fund your account instantly, and you will be able to buy bitcoin in less than one hour in many instances when using this method.
This means you will be paying high fees from your credit card company, not to mention the high fees charged by exchanges. To buy Bitcoin in Canada with a credit card, complete the following:.