How to Buy Bitcoin in Canada

If you want to buy Bitcoin in Canada, it’s good to know the best places to go. There might be several options available, however, it can be a challenge to one that works for you. That’s why we made a primer for you to show you where to go and which exchanges we prefer when it comes to buying Bitcoin in Canada.

To buy your Bitcoin, you’ll need to visit a crypto exchange. For those that are unfamiliar with what an exchange is, it’s a platform through which users can buy, sell or trade digital currencies. Many exchanges require you to register before using their site. Typically this means creating a username and password, at the very least. Some exchanges require personal information so they know who exactly who is using their platform.

We like using Bitbuy and Coinmama to buy Bitcoin in Canada. This is primarily due to the simple and pleasant experience users have when buying Bitcoin, or any cryptocurrency for that matter. When it comes to using these exchanges, buying Bitcoin is hassle-free.

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Email Form & Facebook
  • ❌ Mobile App For iOS & Android

  • 📈 Trade: BTC, BCH, ETH, LTC & XRP
  • 💰 Deposit Methods: Bank Transfer, Crypto, SWIFT & More
  • ❌ Regulated
  • ❌ No Need To Setup Crypto Wallets
  • 🎧 Support: Website Form
  • ✅ Mobile App For iOS & Android

 

Buying Bitcoin in Canada

Bitcoins image

Standard Crypto Exchange

If you like to learn things on the go, we recommend using a standard crypto exchange to buy Bitcoin in Canada. We prefer to use Coinmama and Bitbuy, both of which make it easy to buy and sell Bitcoin.

These platforms are user-friendly and offer a variety of payment methods, which makes buying Bitcoin in Canada simple and free of complex steps which are sometimes present in other sites. Use Coinmama or Bitbuy when you want to buy Bitcoin in Canada.


Buy Bitcoin in Canada with Coinmama

Buy Bitcoin in Canada with Coinmama

If you want to use an exchange that’s simple and lets you buy Bitcoin quickly, we’d recommend Coinmama. This exchange makes things so easy you’ll have Bitcoin in your digital wallet before you know it.

When you’re ready to start buying Bitcoin, visit the Coinmama site. In the top right corner of the home page is a signup button. To being the registration process, click on it.

How to signup to Coinmama exchange

The first thing you need to do is fill out the registration form. Coinmama wants your first and last name, your email address, and a valid password. The platform also asks for your country of residence. When the form is all filled in, click on the “Create Account” button. You should get an email confirmation from Coinmama soon thereafter.

How to create an account at Coinmama exchange

Now, Coinmama will ask for some personal information. Similar to Bitbuy, Coinmama uses this information for its KYC purposes, creating an additional layer of security for the exchange. This way, the exchange knows exactly who is using the exchange at any given time.

Fill in personal details to create Coinmama account

Additionally, Coinmama will ask for documentation to confirm your identity. The exchange will accept your passport, driver’s license, or another form of government ID if you have it. When you’ve sent the necessary documentation over to Coinmama, they’ll let you know that everything is good to go.

Coinmama is usually pretty good about getting users approved quickly, so the wait time shouldn’t be too long. Most users report waiting a few hours before receiving approval. Once Coinmama sends over your approval, you’re ready to start buying Bitcoin in Canada.

Buying Bitcoin in Canada

Something to keep in mind as you go about buying Bitcoin with Coinmama is that this exchange does not store your payment information locally. That means every time you make a purchase, you’ll have to re-enter your credit or debit card info. However, some people like it because it keeps their personal payment data from leaking in the event the platform is attacked or hacked.

Find the link labeled “Buy” in the menu located in the top right corner of the platform. Now, you’ll see all the cryptocurrencies that Coinmama supports listed out. Choose “BTC” since the currency you want to buy is Bitcoin. You’ll also notice that you can view Coinmama’s rates in either USD or EUR, whichever makes more sense for you.

At this point, there are only a few more clicks to go, then you’ll have your Bitcoin. Enter the amount you want to buy, then click the “Buy BTC” button at the bottom. Coinmama will ask for your Bitcoin wallet address. Unfortunately, Coinmama doesn’t store coins on its site, so you’ll need to create one offsite.

After you’ve created one, enter in your Bitcoin wallet address, along with your payment info. Now you can buy your Bitcoin.

How to buy Bitcoin on Coinmama exchange

Once Coinmama confirms your payment information, it will send your Bitcoin over to your digital wallet. You now own your very own Bitcoin and know how to buy it in Canada via the Coinmama exchange.


Bitbuy: Buying Bitcoin in Canada

To get started with Bitbuy, the first thing you’ll have to do is create an account and then complete the registration process required by the site. When you’re ready, head on over to Bitbuy and click on the purple link to sign up.

The next screen will ask you to provide a valid email address, enter and confirm your password, and include a referral code if you have one. Once you’re done that, let Bitbuy know you’re not a robot and select “Sign Up.”

How to create account on Bitbuy

You’ll receive an email after you Sign Up, asking you confirm that it’s valid. Click on the link to head back to Bitbuy and log in. Now Bitbuy will have you turn on two-factor authentication. This isn’t an option, but it helps to make your account more secure when you’re making transactions. Give Bitbuy your phone number, then move on to the next step.k

Identity Confirmation

Like many other exchanges, Bitbuy wants to ensure that they are following Know Your Customer and Anti-Monday Laundering regulations. Additionally, the platform wants to make sure that users are compliant as well. As a result, the site requires that you confirm your identity prior to buying Bitcoin.

That means unless you provide Bitbuy with the necessary documentation, the site will not let you buy Bitcoin in Canada. Keep in mind that most exchanges as for this type of information, so there’s no need for concern here.

Bitbuy offers a few methods for identity verification. If you want to use the quickest option, you’ll go through the instant verification process. Instant verification makes use of a third-party provider who typically has a financial profile on users. When you can validate the information they have, you’re automatically verified with Bitbuy.

If you can’t get the instant verification method to work, then you’ll have to go the traditional route. This requires manual validation and asks that you provide documentation. For manual verification, you’ll need a government-issued document. You’ll also have to provide a picture of yourself while holding said document. Bitbuy also asks that you provide proof of residency.

How to verify on bitbuy

 

You need to make sure that the documentation you select has both your full name and your address clearly visible. When you submit your documents, Bitbuy will validate them. Unfortunately, this takes a little longer, typically anywhere from 1-3 business days.

Depositing Funds and Buying Bitcoin on Bitbuy

Now you’re ready to fund your Bitbuy account. There are several options through which you can deposit your CAD, however, keep in mind that each one will be subject to a deposit fee charged by the exchange.

You can use Interac e-Transfer, which will cost you 2% of the transfer, or Express Interac e-Transfer which runs 3.5%. Bitbuy also supports Flexepin, which comes with a 2% charge. Your cheapest option, wire transfer, only has a 0.5% charge attached to it.

When you use the Express Trading platform on Bitbuy, you’ll find that buying Bitcoin in Canada is quick and simple. If you’re looking for an efficient method to buy Bitcoin, using Express Trade is it.

How to buy cryptocurrency on Bitbuy

As you can see, all you need to do is find Bitcoin, which is located at the top, and click on “Buy” to get your bitcoin. You’ll buy Bitcoin at its current rate, however, you do have the option to buy fractions of Bitcoin, so don’t stretch your wallet if it’s not in your budget. Bitbuy gives you the live market rate when you buy Bitcoin, so you know the exchange is providing honest prices.

When you buy your Bitcoin in Canada, Bitbuy will move it to your wallet. At this point, you can either choose to keep it in the local Bitbuy wallet, which is stored on the site, or you can transfer it to an offsite wallet so you know that it’s safe and sound.


More About Bitcoin

Physical bitcoins

Anytime you’re considering making a purchase, you want to gather as much data beforehand as you possibly can. The same applies to Bitcoin. While Bitcoin is easily the most popular cryptocurrency, a lot of people don’t know that it was the first digital coin. Developed by Satoshi Nakamoto, Bitcoin launched in 2009 and remains the most widely used cryptocurrency today.

Bitcoin’s Purpose

The primary purpose of Bitcoin is to give its users a way to store value without relying on a centralized platform. As a result, Bitcoin users could theoretically buy and sell their goods and services from anywhere.

Additionally, Bitcoin is not associated with any government, country, or financial institution. This means it has no ulterior motive or hidden agenda. Businesses also like the idea of Bitcoin since its fees are much less than they would experience using a credit card company.

Who is Bitcoin For?

One of the great benefits of Bitcoin is that anyone who wants to use it can. If you have access to it, you can use it. This is in large part due to the fact that Bitcoin is one of the most popular and easily recognizable cryptocurrencies in the world. It gives users a level of privacy and security not currently available when making transactions with financial institutions.

Speaking of financial institutions, Bitcoin is an excellent alternative for anyone who doesn’t want to use banks. Bitcoin holders keep their digital currency in a wallet specifically for cryptocurrencies. Your wallet resides on your PC desktop or on your smartphone, so you have access to it whenever you need it. A digital wallet is just like a bank, only without the regulations and fees users often encounter.

If you do decide to buy Bitcoin and store it in a wallet, keep in mind that Bitcoin wallets are not insured. Your chances of recovering it if it gets lost or stolen are not very high. So be sure you always know where your digital wallet is and how much Bitcoin you have.


Pros and Cons

Bitcoin logo

Bitcoin has its fair share of pros and cons. We’ve listed a few of each below to consider before buying Bitcoin:

Pros
  • Was the first cryptocurrency to gives users a digital store of value
  • Well-known and popular cryptocurrency
  • Available to anyone
  • Shows growth in important adoption markets
  • Has been around for over a decade which shows stability and longevity
  • Users can purchase fractional pieces of Bitcoin
  • Almost all crypto exchanges support Bitcoin for selling, buying, and trading
Cons
  • Cryptocurrencies are a volatile asset, which means there are risks associated with Bitcoin
  • Value of Bitcoin can dramatically raise and drop in short periods of time

Is Bitcoin a Good Investment?

A good indicator that Bitcoin might be a good investment is the fact that it’s been around for over ten years now. That doesn’t mean that we know how it will perform in the future, though, so be sure you do your due diligence and come to your own conclusion.

Think about the following as you decide whether or not to invest in Bitcoin:

  • All other cryptocurrencies measure themselves against Bitcoin
  • Bitcoin is the most popular digital coin around the world
  • Provides its users with a store of value
  • Available on nearly all platforms and exchanges
  • Doing its part of push crypto adoption and into the mainstream
  • Its perch at the top of the world of cryptocurrency makes it much less of a risk

Remember that the digital currency market is very volatile and prone to sudden ups and downs. With that in mind, don’t be surprised if the price changes drastically from one day to the next. There are risks involved with investing in Bitcoin, and you should never invest more than you’re okay with losing. If you want to learn more about Bitcoin’s past performance before investing, head over to TradingView or CoinMarketCap.

 

  • 📈 Trade: BTC, ETH, XRP, LTC, BCH, ADA, QTUM, ETC
  • 💰 Deposit Methods: Credit/ Debit Card, Bank Transfer, Cash
  • ✅ Regulated
  • ❌ No Need To Setup Crypto Wallet
  • 🎧 Support: Email Form & Facebook
  • ❌ Mobile App For iOS & Android

  • 📈 Trade: BTC, BCH, ETH, LTC & XRP
  • 💰 Deposit Methods: Bank Transfer, Crypto, SWIFT & More
  • ❌ Regulated
  • ❌ No Need To Setup Crypto Wallets
  • 🎧 Support: Website Form
  • ✅ Mobile App For iOS & Android

 

You can also buy other top cryptocurrencies like Ripple XRP and Ethereum in Canada.

Further Reading At TotalCrypto.io
1) Still Not Quite Sure What Bitcoin Is? You Might Want To Read Our Bitcoin Guide Before Making Any Moves.

2) Some Say That Finding The Next Bitcoin Is A Top Strategy. We Give You Some Tips On How To Find The Next Big Crypto. 

3) Buying Crypto Is One Thing & Tracking Your Holdings Is Another. Make Your Life Simple With A Coin Tracker – We Evaluate The Top 10 Options In Our Dedicated Article.

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DISCLAIMER: Be aware that the activity of cryptoassets mentioned in this article is unregulated. This article must not be construed as investment advice. Always do your own research.

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