Where to Buy Bitcoin in Canada? (2024)
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Did you know that around 5% of Canadians own Bitcoin?
Since 2009, Bitcoin has become the most famous cryptocurrency and also retains the largest capitalization of the market. Bitcoin remains the most well-known and popular crypto investment.
So how do you buy Bitcoin online and what is the best platform to invest in BTC? Check out our ranking of the best platforms to buy Bitcoin as well as other information and tips on finding the best platform to buy Bitcoin online.
Bitbuy: the best choice for security
Bitbuy is a Canadian crypto exchange that allows users to buy, sell and trade a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin and others. It was founded in 2016 and is headquartered in Toronto, Ontario.
Bitbuy allows users to buy and sell cryptocurrencies using a variety of payment methods, including bank transfers and credit cards. Bitbuy has a reputation for its strong security measures, which include two-factor authentication, SSL encryption and cold storage for user funds. Additionally, the platform is fully compliant with Canadian regulations and is licensed by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Coinbase: the most popular choice
Coinbase is a cryptocurrency exchange and digital wallet founded in 2012 and based in San Francisco, California. It is one of the largest and most popular cryptocurrency exchanges in the world, with over 43 million verified users in more than 100 countries. The key selling point of Coinbase is its user-friendly platform, which is designed to be easy for both beginner and advanced users. The platform allows users to quickly and easily buy and sell a variety of cryptocurrencies, including Bitcoin, Ethereum, Litecoin and others, using a variety of payment methods, including bank transfers, credit cards and PayPal.
Coinbase is also known for its strong security measures, which include two-factor authentication, SSL encryption and cold storage for user funds. Additionally, the platform is fully compliant with U.S. regulations and is licensed to operate in 48 U.S. states and the District of Columbia. In addition to its exchange and wallet services, Coinbase also offers a variety of other features, including a mobile app, a rewards program for eligible users and educational resources to help users learn more about cryptocurrencies and how to use them.
Nexo: the best choice for crypto borrowing
Nexo is a financial services platform that provides a variety of services for cryptocurrency users, including crypto-backed loans, interest-earning accounts and other financial products. The platform was founded in 2017 and is headquartered in Switzerland, with additional offices in London and Bulgaria. Nexo operates a crypto-backed loan service, which allows clients to borrow money using their cryptocurrency holdings as collateral. This allows clients to access cash without having to sell their cryptocurrency holdings and potentially incur taxable events.
Nexo also offers interest-earning accounts, which allow users to earn interest on their cryptocurrency holdings. The platform supports a variety of cryptocurrencies, including Bitcoin, Ethereum and others and offers competitive interest rates. In addition to its loan and interest-earning services, Nexo also offers a variety of other financial products and services, including a Nexo Card in some countries, which allows users to spend their cryptocurrency at merchants that accept Visa.
Kraken: the best choice for Canadian users
Kraken is a cryptocurrency trading platform, founded in 2011 and headquartered in San Francisco, California. It is one of the largest and oldest cryptocurrency exchanges in the world, with a reputation for trustworthiness and high-security measures. Kraken offers a wide range of cryptocurrencies for trading, including Bitcoin, Ethereum, Litecoin and others. The platform also offers advanced trading features, such as margin trading and futures contracts, as well as a variety of order types and trading tools.
Kraken is known for its high-level security measures, which include two-factor authentication, SSL encryption and cold storage for user funds. The platform is also fully compliant with U.S. regulations and is licensed to operate in most U.S. states. In addition, Kraken also offers a variety of other advantages, including a mobile app, a rewards program for eligible users and educational resources to help users learn more about cryptocurrencies and how to use the platform.
Coinsmart: the most efficient choice
CoinSmart is a cryptocurrency exchange that was founded in 2018 and is based in Toronto, Canada. The platform is designed to be user-friendly, with a focus on providing a simple and accessible interface. CoinSmart has a fast and efficient trading engine, which allows users to buy and sell a variety of cryptocurrencies, including Bitcoin, Ethereum and others.
The platform offers a variety of trading tools and features, such as advanced charting and technical analysis tools. CoinSmart is known for its security, which includes two-factor authentication, SSL encryption and cold storage for user funds. The platform is fully compliant with Canadian regulations and is licensed to operate in all Canadian provinces and territories. CoinSmart has a host of other features, including a mobile app and a referral rewards program.
Feel Mining: the best choice for earning passive income
Feel Mining is a cryptocurrency mining and investment company that was founded in 2018 and is based in France. The company offers various services related to cryptocurrency mining, staking and masternodes, as well as investment products that allow users to earn passive income from their cryptocurrency holdings. One of the main services offered by Feel Mining is cryptocurrency mining, which involves using specialized hardware to validate transactions on a blockchain and earn new coins as a reward. Feel Mining offers a variety of mining packages for different cryptocurrencies, including Bitcoin, Ethereum and others.
The company also offers staking services, which allow users to earn rewards by holding and validating certain cryptocurrencies on a blockchain. In addition, Feel Mining provides masternode hosting services, which allow users to run and earn rewards from a masternode without needing to manage the technical aspects of hosting it themselves. Feel Mining also offers a variety of investment products, including cryptocurrency-backed loans and yield farming services, which allow users to earn passive income from their cryptocurrency holdings.
Kriptomat: the best choice for beginners
Kriptomat is a European cryptocurrency exchange platform that was founded in 2018 and is based in Estonia. The platform is designed to be intuitive, with a focus on providing a simple and accessible interface for beginner and advanced users alike. Kriptomat boasts an efficient trading engine, which allows users to buy and sell a variety of cryptocurrencies, including Bitcoin, Ethereum, and others. The platform also offers a wealth of trading tools and features, such as advanced charting and technical analysis tools.
Kriptomat has developed strong security measures, including two-factor authentication, SSL encryption, and cold storage for user funds. The platform is also fully compliant with European regulations and is licensed to operate in most European countries. Additionally, Kriptomat also offers a mobile app, a referral program, and educational resources.
CEX: the best choice for swift and easy trading
CEX.IO is a London-based crypto exchange that was founded in 2013. It is one of the oldest and most established cryptocurrency exchanges in the world. CEX.IO prides itself on its state-of-the-art trading engine, which allows users to trade in a variety of cryptocurrencies, including Bitcoin, Ethereum and others.
CEX.IO's security measures include two-factor authentication, SSL encryption and cold storage for user funds. The platform is also fully compliant with regulations in multiple jurisdictions, including the US, Europe and the UK. CEX.IO also offers a number of other ways to make money from your Bitcoin, including margin trading and staking. The platform has a wide range of deposit and withdrawal options, including bank transfers, credit and debit cards and various other payment methods.
Coinhouse: the best choice for trading between different cryptos
Coinhouse is a Paris-based cryptocurrency exchange and brokerage service that was founded in 2014. The platform is designed to be user-friendly, with a focus on providing a simple and accessible interface for beginner and advanced users alike. Coinhouse's chief advantage is its brokerage service, through which users can trade many different cryptocurrencies, including Bitcoin, Ethereum and others, with the help of a personal broker. The platform also offers an exchange service, which allows peer-to-peer trading within the platform.
Coinhouse is known for its strong security measures, which include two-factor authentication, SSL encryption, and cold storage for user funds. The platform is also fully compliant with European regulations and is licensed to operate in France. Coinhouse also offers a mobile app, a referral program and educational resources for beginners.
CoinGate: the best choice for e-commerce integration
CoinGate is a Lithuanian-based cryptocurrency payment gateway that was founded in 2014. The platform is designed to make it easy for businesses and individuals to accept payments in various cryptocurrencies, including Bitcoin, Ethereum and others. CoinGate's payment processing service, allows merchants to accept payments in cryptocurrency from customers all over the world. The platform supports a variety of payment methods, including payment buttons, invoices and point-of-sale solutions. CoinGate also offers a range of integrations with popular e-commerce platforms.
Two-factor authentication, SSL encryption and cold storage for user funds all help Coingate protect its users' assets. The platform is also fully compliant with European regulations and is licensed to operate in the European Union. In addition to its payment processing services, CoinGate offers its users a mobile app, a cryptocurrency wallet and an API for developers.
What is Bitcoin?
Bitcoin is a digital or virtual currency that was created in 2009 by an anonymous person or group of people under the pseudonym "Satoshi Nakamoto." Bitcoin is a decentralized currency. That means that it is not controlled by a central authority like a government or financial institution. Instead, it is based on a peer-to-peer network, with transactions recorded on a public ledger called the blockchain.
One of the key features of Bitcoin is that it allows for secure, anonymous transactions without the need for a middleman such as a bank. Instead, transactions are verified by a network of users who use complex algorithms to ensure the authenticity and security of each transaction. Bitcoin is created through a process called mining, which involves using powerful computers to solve complex mathematical equations. This process not only creates new Bitcoins but also verifies and records transactions on the blockchain.
What can you buy with Bitcoin?
There are a variety of merchants in Canada that accept Bitcoin as a form of payment. Some examples of goods and services you can buy with Bitcoin include:
| Goods and services | How it works |
|---|---|
| Cryptocurrency Exchanges | You can use Bitcoin to purchase other cryptocurrencies on most exchanges |
| Entertainment | You can purchase tickets for movies, concerts, and other events through some events companies |
| Food and Beverages | Some restaurants and cafes in Canada accept Bitcoin |
| Retail | Online clothes stores and some luxury brands accept Bitcoin |
| Travel | Some airlines and hotels will accept Bitcoin |
How do you buy Bitcoin?
The most common method is to buy Bitcoin online. However, there are other alternatives, depending on your location and preference. Take a look at the table below to see your options.
| Seller | How it works |
|---|---|
| Cryptocurrency exchanges | Cryptocurrency exchange are one of the most common ways to buy Bitcoin. These exchanges allow you to buy and sell Bitcoin and other cryptocurrencies using fiat currency (such as US dollars) or other cryptocurrencies. |
| Bitcoin ATMs | Bitcoin ATMs are kiosks that allow you to buy Bitcoin using cash or credit card. You can find Bitcoin ATMs in many major cities around the world and they often charge higher fees than other methods of buying Bitcoin. |
| Peer-to-peer marketplaces | These marketplaces often have lower fees than cryptocurrency exchanges, but they can be riskier because you are dealing directly with individuals. |
| Bitcoin brokers | Bitcoin brokers act as intermediaries between buyers and sellers and they can help you buy Bitcoin in a variety of ways, such as through bank transfers or credit cards. |
Interested in comparing the best ways of buying Bitcoin in Canada?
Compare the best crypto exchanges
Where can you pay for Bitcoin?
In Canada, the most common method is to there are several ways to pay for Bitcoin, depending on the exchange or platform you use.
| Method | How it works |
|---|---|
| Bank transfer | Most Canadian Bitcoin exchanges accept bank transfers, which allow you to transfer funds directly from your bank account to the exchange. |
| Credit or debit card | Some exchanges allow you to buy Bitcoin using credit or debit cards, which can be a convenient option for many people. However, this method may be subject to higher fees than other payment methods. |
| Interac e-Transfer | Interac e-Transfer is a popular payment method in Canada that allows you to transfer funds from your bank account to the exchange using your email address or mobile phone number. |
| Cash | Certain exchanges in Canada allow you to buy Bitcoin using cash, either through Bitcoin ATMs or by meeting with a seller in person. This method can be more anonymous than other methods, but it may also be subject to higher fees and security risks. |
Good to know
It's important to note that the availability of payment methods may vary depending on the exchange or platform you use. It's also important to thoroughly research any exchange or platform before buying Bitcoin and to take steps to secure your Bitcoin after purchasing it.
When should you buy Bitcoin?
The decision to buy Bitcoin or any other investment should be based on your individual financial goals, risk tolerance and investment strategy. There is no one-size-fits-all answer to the question of when to buy Bitcoin, as the value of Bitcoin can be highly volatile and subject to market forces. Some people believe that Bitcoin is a good investment when the price is low and has potential for growth, while others believe that it is best to wait for a dip in price before buying in. Some people also believe in dollar-cost averaging, which involves buying a fixed amount of Bitcoin at regular intervals regardless of the price.
It's important to remember that Bitcoin is a high-risk, high-reward investment that should be approached with caution. It's important to do your own research and only invest what you can afford to lose. It's also important to have a plan for buying and selling Bitcoin, as well as a secure storage method for your Bitcoin holdings.
How much is Bitcoin worth?
The cost of buying Bitcoin in Canada can vary depending on a few factors such as the exchange or platform you use, the payment method you choose and the current market price of Bitcoin.
Prices can swing dramatically from month to month or even day to day. Here are some historical prices:
- December 2018: 1BTC = 5,085 CAD
- December 2019: 1BTC = 9,547 CAD
- December 2020: 1BTC = 30,543 CAD
- December 2021: 1BTC = 64,898 CAD
- December 2022: 1BTC = 23,493 CAD
How to buy Bitcoin with PayPal?
Buying Bitcoin with PayPal is possible, but it's important to note that not all cryptocurrency exchanges or platforms support PayPal as a payment method. Here are the general steps:
- Choose a cryptocurrency exchange or platform that supports PayPal as a payment method.
- Create an account with the exchange or platform and complete any necessary verification steps.
- Link your PayPal account to your exchange or platform account.
- Deposit funds into your exchange or platform account using PayPal.
Once you have completed these steps, you can then use the deposited funds to buy Bitcoin within the platforms exchange service.
Can you save Bitcoin?
Yes, you can save your Bitcoin by storing it in a Bitcoin wallet. A crypto wallet is a digital wallet that allows you to securely store, send and receive Bitcoin. There are two main types of Bitcoin wallets: hot wallets and cold wallets. A hot wallet is a wallet that is connected to the internet and can be accessed online or through a mobile app. A cold wallet is a wallet that is not connected to the internet and is typically a physical device, such as a USB drive or a hardware wallet.
Both hot and cold wallets have their advantages and disadvantages. Hot wallets are more convenient and easier to use, but they are also more vulnerable to hacking and other security threats. Cold wallets are more secure, but they can be more difficult to set up and use.
What is the best strategy for buying Bitcoin?
The best strategy for buying Bitcoin depends on your individual financial goals, risk tolerance and investment strategy. Here are some general tips and strategies to consider when buying Bitcoin:
| How to buy Bitcoin in Canada | Why is it important? |
|---|---|
| Set a budget | Determine how much money you are willing to invest in Bitcoin and stick to that budget. It's important to only invest what you can afford to lose, as the value of Bitcoin can be highly volatile. |
| Dollar-cost averaging | Consider using a dollar-cost averaging strategy, which involves investing a fixed amount of money at regular intervals regardless of the price. This can help you avoid buying in at a high price and can help you take advantage of dips in price. |
| Research and analysis | Do your own research and analysis of the market before buying Bitcoin. Follow news and trends in the cryptocurrency space and look at historical price data and other factors that could affect the value of Bitcoin. |
| Timing | Consider the timing of your purchase. Some people believe that it is best to buy Bitcoin during dips in price, while others believe that it is best to buy at a consistent rate over time. |
Should you buy Bitcoin anonymously?
The decision to buy Bitcoin anonymously or not depends on your personal circumstances and risk tolerance. Here are some things to consider:
Pros
- Increased privacy: you can maintain a higher degree of privacy and prevent your transactions from being tracked.
- Protection from fraud: you may be able to protect yourself from fraud or other security threats, as your personal information would not be linked to your Bitcoin transactions.
Cons
- Risk of scams: to buy and sell Bitcoin anonymously can also make you more vulnerable to scams, as there is a higher likelihood of dealing with unscrupulous or fraudulent sellers.
- Limited availability: to buy/sell Bitcoin Bitcoin anonymously may limit the number of exchanges or other services that are available to you, as many reputable exchanges and services require some form of identification to comply with anti-money laundering (AML) and know your customer (KYC) regulations.
Watch out!
If you decide to buy Bitcoin anonymously, it's important to do your research and take steps to protect yourself, such as using a reputable and trustworthy seller, using a secure Bitcoin wallet.
Should I use a trader bot to buy Bitcoin?
Whether or not you should use a bot to buy Bitcoin depends on your individual investment strategy and comfort with technology. Here are some advantages and disadvantages:
Pros
- Efficiency: Automated trading systems can be faster and more efficient than manual trading, as they can analyze market data and execute trades in real-time.
- Objectivity: Automated trading systems can help remove emotion from the trading process, which can be useful in volatile markets like Bitcoin.
- Backtesting: Automated trading systems can be tested and optimized using historical data, which can help you refine your strategy and potentially improve your results.
Cons
- Technical complexity: Automated trading systems can be complex to set up and use. They may require some technical expertise or familiarity with programming languages and trading algorithms.
- Limited adaptability: Automated trading systems may not be able to adapt to changing market conditions or unexpected events, which could result in losses or missed opportunities.
Interested in seeing which platforms offer the best trading bots?
Compare the best crypto exchanges
