The easiest way to buy Bitcoin in Canada is to use a cryptocurrency exchange.
Ways To Buy Bitcoin in Canada
Every single cryptocurrency exchange that operates in Canada sells Bitcoin because it is cryptocurrency gold. But there are other ways to get your hands on BTC as well.
On an Exchange
As mentioned, cryptocurrency exchanges are the easiest way to buy Bitcoin, and they are straightforward to use. Even those who have never purchased any cryptocurrency before will find the top Canadian exchanges, such as CoinSmart, BitBuy, CoinSquare, and Newton, stress-free to understand and navigate.
To get started, all you need to do is open an account, add CAD to your online/digital wallet, and choose how much of the cryptocurrency you want to buy.
Today you can buy BTC with fiat currencies, like CAD or USD, credit cards, and other cryptocurrencies. Several Canadian cryptocurrency exchanges such as BitBuy, CoinSmart, CoinSquare, and Newton even accept instant e-transfers and Interac payments from Canadian bank accounts.
Linking your Canadian bank account to the exchange is the fastest and most affordable way to add funds and use exchanges. It is also possible to buy BTC with a credit card, but be aware that there are higher fees on most exchanges when using a credit card.
Or, if you already own other cryptocurrencies, like Ethereum, Tether, or Litecoin, you can exchange them for BTC. The exchanges above offer cryptocurrency trading pairs. The exchange works the same way as with fiat currency, but sometimes you can get a better value if you trade one cryptocurrency for another because there are fewer transaction fees.
With cryptocurrency exchanges like CoinSmart, and now PayPal, you can also accept payment for services rendered in BTC. All you do is create an invoice for the buyer, and they send you the funds in BTC. It is also possible to purchase other cryptocurrencies.
Wealthsimple is another Canadian Bitcoin exchange. It is a traditional asset exchange that sells Bitcoin and Ethereum. To use the Wealthsimple app, you need $500 CAD to open an account. You can link your bank account to the app, which makes topping up your account very easy. Then start buying BTC.
Buy Peer-to-peer
Another way to buy BTC is peer-to-peer. To do this, you will need to create a digital wallet, such as Metamask, and add funds to it. Once you do, then you can visit any number of decentralized exchanges or digital meet-ups to find others who want to sell their BTC to you.
Decentralized exchanges often have no, or low commission rates, because they offer far fewer services. In some cases, these exchanges will work their fees into network transaction fees. Each exchange or meet-up is a bit different.
Decentralized exchanges and peer-to-peer transactions are very secure. All you need to do is share the QR code or the digital address of your wallets and the desired amount for the exchange. It is a lot like sending an email or an e-transfer.
With peer-to-peer transactions, the participants of the trade come up with the terms of the exchange. So often only fees that you will pay are the cost of the Bitcoin and the network transactions fees, which vary considerably.
Decentralized Exchanges
If you have been in the game a while, you may want to put your cryptocurrency to work. You can do this either by staking your cryptocurrency or trading on margins. These trades are for a more advanced investor, as you need to feel comfortable with the markets and the tech.
Margins and staking is a hands-on way to earn BTC. And while you have more earning potential, you also need to pay close attention to staking and margin trades.
For those interested, you may want to try KuCoin’s Pool-X or KuCoin lending. KuCoin is a global cryptocurrency exchange and decentralized financial ecosystem, which launched in 2017.
Pool-X is a Liquidity Trading Market that is a POS (proof-of-stake) mining platform. Users can stake and un-stake tokens at any time. Staking platforms allow users to leverage their cryptocurrencies by staking them on in a mining pool, Pool-X. These pools allow multiple stakeholders to combine their computational resources, which increases their chances of cryptocurrency mining rewards.
Another feature is KuCoin Lending, which enables users to trade margins with cryptocurrency. On KuCoin, users can leverage up to 10x their actual holdings. Users then earn interest on the margins that they lend on.
If you are new to buying BTC, it is better to keep it simple and start small. But if you want to expand into more decentralized finance prospects, margins or staking may interest you.
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