Search TradingPlatforms
Home » cryptocurrency » buy bitcoin

It’s truly amazing how it has gone from anonymity to becoming one of the most important digital assets in the last decade that lives in the subconscious of people who have no idea what it is. This has been the story of Bitcoin’s success.

With the help of this guide, we will give you an overview of how to buy Bitcoin in Canada. We will also explain why you should consider it as an investment option as well as its long-term prospects.

Where to Buy Bitcoin Canada – Step by Step Guide 2022

In recent years, there has been a growing interest in investing in cryptocurrencies, and, as the most widely-known one, it is easy to think of Bitcoin as the first option to consider. Therefore, there is one basic and common question. Where to buy Bitcoin? The first step is to review some exchanges where Canadians can invest and trade this digital asset to get everything you should know about it before deciding. Let’s take a look:

1. BitBuy – Best Platform to Buy Bitcoin in Canada

buy bitcoin

Toronto-based Bitbuy was founded in 2013. Users can easily trade a wide variety of cryptocurrencies through this popular cryptocurrency exchange in Canada. The exchange offers trading and brokerage services for experienced traders. Traders recognize its superior customer service and competitive trading fees.

With Bitbuy, you will be able to buy and sell nine of the most popular cryptocurrencies in the world. A number of digital assets, such as Ethereum, Litecoin, as well as Bitcoin, can be found in this category. While Bitbuy Pro is available for traders with more experience, traders with less experience can cut their teeth on trading crypto and trade it with a clean and simple user interface.

On top of this, the exchange offers a feature called ‘Express’ that makes it easy for users to buy cryptocurrencies without any hassle or friction. Each CAD to crypto trade you make through Bitbuy Express will incur a 0.2% charge, and to complete each sale, that same 0.2% will be deducted from your account.

how to buy bitcoin

Bitbuy fees

Fee Amount
Crypto trading fee 1% to 1.50%
Inactivity fee Free
Withdrawal fee 1%  to 1.50%

Pros:

  • An intuitive Express Trade feature
  • Advanced tools and charts are available
  • Exchange cryptos securely with BTC insurance
  • Mobile app compatible with Android and iOS devices
  • Traders pay only 0.2% for Express Trade and 0.1%/0.2%

Cons:

  • There are fees associated with depositing and withdrawing money
  • If you’re outside of Canada, you’ll need a VPN to access this service

Your capital is at risk

2. Binance - The Best Place to Buy Bitcoin With Low Fees in Canada

how to buy bitcoin in canadaBinance is one of the exchanges where you can find the asset you are looking for because it has a wide range of cryptocurrencies to choose from. Furthermore, besides trading futures and options, users can make use of a wide assortment of order types, as well as a combination of trading possibilities.

Binance provides you with different options regarding charting and order types, so it could be a good option if you enjoy the technical analysis. The exchange has a good number of trading tools for Canadian residents, including moving averages and exponential moving averages, as well as real-time charting tools.

One of the things that make Binance stand out is its commission structure. Generally, the fees start low and only decrease over time. Binance uses a volume-based pricing model and even offers you additional discounts if you choose to buy or sell using their proprietary cryptocurrency. For example, you will be charged 0.1% of the value of your Binance Coin (BNB) transactions if you own those coins on the platform.

Binance fees

Fee Amount
Crypto trading fee Commission, starting from 0.1%
Inactivity fee Free
Withdrawal fee 0.80 EUR (SEPA bank transfer)

Pros:

  • Customizable charts with advanced indicators
  • Support for hundreds of device pairs
  • With a 0.10 percent commission
  • It is compatible with fiat currency
  • Discounts for BNB users
  • Security measures have been proven to be effective

Cons:

  • The only way to get assistance is by submitting a ticket
  • The fee for making a deposit by credit/debit card will be 3.5%

Your capital is at risk

3. Coinbase - Best App to Buy Bitcoin in Canada For Experienced Traders

buy bitcoin with paypalOriginally, Coinbase was designed as a place to send and receive bitcoins in 2012. This famous digital asset is still part of its offer. However, the exchange has since expanded to support dozens of cryptocurrencies. Businesses and institutions may also make use of their crypto storage, commerce services, and other investment options.

Those interested in learning more about crypto markets would be wise to check out Coinbase since it provides a user-friendly interface that has integrated educational tools, as well as strong security. Additionally, users are offered beginner's guides to various coins and use of cryptocurrency through Coinbase Learn, regular updates on the market, and recommendations for additional resources on this option.

where to buy bitcoin

However, if you are more of an experienced crypto trader, then Coinbase has another really helpful feature that you should check out. This is Coinbase's Pro account, which includes real-time order books, charting tools, and trading history. A WebSocket feed and an API also provide easy access to market data and the option to develop bots that can trade securely.

Coinbase fees

Fee Amount
Crypto trading fee Commission, starting from 0.50%
Inactivity fee Free
Withdrawal fee 1.49% to a bank account

Pros:

  • The interface is straightforward for beginners and experienced users alike.
  • Among the fastest and most liquid exchanges in the world is Coinbase
  • Coinbase supports many altcoins
  • Low balance requirements

Cons:

  • Complicated fee schedule
  • No margin accounts or crypto futures

Your capital is at risk

4. WealthSimple - Best Platform to Buy Bitcoin in Canada with Algorithmic Solutions

what can you buy with bitcoinThe Toronto-based broker launched in September 2014, Wealthsimple offers clients in Canada, the U.K., and the U.S. algorithmic investment and saving programs. There is no doubt that this exchange is an attractive option for traders looking for an innovative robo-advisor solution to automate their investment operations.

With its Wealthsimple Trade, you can access all of the fundamentals for passive investing in a highly simplified way. For example, suppose you prefer not to spend as much time or effort monitoring your investments. In that case, you may find this to be a good alternative since you can set up automated purchases, deposits, and rebalancing instead of having to do it manually. Additionally, its interface aims to be attractive to beginners and passive investors who find it easier to use.

Traders have access to 20 popular cryptocurrencies within its platform, including the best cryptos such as Bitcoin, Ethereum, and Litecoin. For statements and trade confirmations, as well as to open or close your account, Wealthsimple Crypto does not charge fees. Instead, a spread is applied whenever you enter an order to buy or sell. Usually, the spread ranges between 1.5% and 2.5%.

how to buy bitcoin canada

WealthSimple fees

Fee Amount
Crypto trading fee Free
Inactivity fee Free
Withdrawal fee 1.5%

Pros:

  • Simple and easy to use, no technical skills are required to use the Bitcoin wallet
  • You can add money to your account through a variety of methods
  • Recurring investments options are available
  • There are no deposit or withdrawal fees
  • There are no minimum account balance requirements
  • Canadian traders can choose from a wide variety of coins

Cons:

  • It isn’t possible to store Bitcoins separately on the platform
  • Spreads aren’t the most competitive ones

Your capital is at risk

5. Crypto.com - Best Way to Buy Bitcoin in Canada With Multiple Holding Management Options

where to buy bitcoin in canadaCrypto.com is one of the oldest cryptocurrency exchange platforms in the fast-paced world of cryptocurrencies. It was founded in 2016. To the founders of Crypto.com, the objective is to make cryptos the default investment class of the future rather than a curiosity.

The exchange stands out as the go-to place for all your crypto-transaction needs for investors of any knowledge status. This platform currently supports 150 currencies and advanced order types and trading crypto futures. In case you are interested in buying and storing currencies such as Bitcoin and Ethereum, Crypto.com might be the right choice for you. If you trade, it will be at a fee of 0.40%, which drops with high volume or with a significant holding of its native CRO token.

buy bitcoin in canada

Since Crypto.com offers numerous earning and payment options, it is more like a crypto bank than a traditional exchange. Rates on the exchange are very competitive, and investing in crypto, exchanging it, and purchasing is really easy. In the Crypto.com app, users will find everything they need to start cryptocurrencies.

The Crypto mobile app will also allow users to store fiat currencies in the fiat wallet, which can be used at any time for purchases. In addition, users can manage their card details directly from the app if they acquire a Crypto.com Visa Card. The platform also will enable you to transfer cryptocurrencies held within it to the exchange at zero cost.

Crypto.com fees

Fee Amount
Crypto trading fee 0.4% per trade
Inactivity fee Free
Withdrawal fee Free

Pros:

  • There is a wide range of cryptocurrencies to choose from
  • Affordable and transparent rates with discounts available
  • Simple and intuitive interface
  • There are no fees involved when sending crypto to other users via mobile app
  • It has a separate NFT platform

Cons:

  • Costs are higher unless you hold CRO
  • It can be difficult to navigate trading fee discounts

Your capital is at risk

What is Bitcoin?

buy bitcoin with credit cardIn cryptocurrencies, Bitcoin (BTC) is the most liquid and speculative asset. An unknown developer known as Satoshi Nakamoto created Bitcoins as a digital currency in 2009 and contributed to the currency's popularity and scalability. Bitcoin is a concept derived from the fact that it is owned by neither a single individual, an organization, nor a central bank. Furthermore, since it is a decentralized currency, it cannot be manipulated.

Users are in control of Bitcoin. Any transaction through exchanges (Point-to-Point P2P) has to be validated by them without the government's involvement. In this way, there is no way of interfering with its value. The whole community must approve any change.

It cannot be printed, unlike traditional fiat currencies. Each Bitcoin is generated by computer code every 10 minutes. Until 25 million Bitcoins are created, it is expected to continuously accrue until 2140, when the digital currency reaches this milestone. Those who hold Bitcoin can transfer those coins to others. According to the vast majority of buyers, Bitcoin is primarily used as an investment. In other words, they assume that the price of Bitcoin will increase over time, which results in the cashing out at a much higher price in the end.

Why Buy Bitcoin?

Cryptocurrencies are generally quite useful when it comes to transactions, particularly when it comes to transparency and safety. One of the reasons investors buy into Bitcoin is the ease of sending funds, as there are no middlemen to deal with, and all transactions are free - between bitcoin wallets.

In contrast, unlike traditional currencies, the value of Bitcoin is determined solely by the demand for it, not by a fixed price. In other words, the currency value is determined primarily by the transactions between ecosystem members.

Another aspect that deserves mention is the anonymity factor. By using it, you can be sure that your identity is protected. Consequently, when someone opens a Bitcoin account, no one can see who is behind it. The primary purpose of Bitcoin is to avoid this kind of surveillance.

One more reason you should consider investing in Bitcoins at the end of the day is that they can be fractionalized. To illustrate the point further, one bitcoin today costs over $44,000, which is extremely expensive compared to the early prices of the coin. Considering how much money you're should invest in just one digital currency, it seems really unlikely at first sight. You may be wondering then how can I buy a bitcoin? We have good news: you don't have to invest that amount. As a result of fractionalization, it is even possible to buy a fraction of a Bitcoin at a time. In other words, a $44,000 coin turns out to be worth only a few cents if it is split down to 0.00000001.

How Much Does It Cost to Buy Bitcoin in Canada?

how can i buy bitcoin in canada

Your capital is at risk

Like any other asset, Bitcoin's price is constantly fluctuating depending on what market forces are at play. Demand and supply always alter every second, which causes the price to fluctuate second by second. In other terms, when there is much excitement and enthusiasm surrounding Bitcoin, there will be a lot of buyers in the market. With the growing demand for bitcoins, the price of bitcoins will rise as a result. The inverse scenario will likely result in Bitcoin losing its value shortly.

As of February 09th, 2022, when this review is written, the Bitcoin price is $44,389. According to CoinMarketCap, the cryptocurrency leads the pack with an estimated market capitalization of $841,329,494,007 and a supply of 18,953,175 Bitcoins.

How to Buy Bitcoin with PayPal

buy bitcoin with paypal canadaSeveral investors are interested in buy Bitcoin with PayPal Canada. There are many benefits of using PayPal when making online purchases, as it provides a very easy, safe, and convenient means of making payments that are quicker than traditional methods. So, maybe you wonder how you can buy Bitcoin with PayPal Canada?

The answer to this inquiry is a bit bittersweet. Some brokers do offer this possibility, such as Coinbase, but unfortunately, this is not the case for all. In addition, it is essential to note that most exchanges do not accept electronic wallets as payment facilities and instead let customers buy Bitcoin with credit card or bank transfers.

Regarding Coinbase, all you need to do is make an initial deposit of at least $50 and then determine how much Bitcoin you wish to purchase.

Buying Bitcoin Safely

Many people ask themselves: is it too late to buy Bitcoin? The answer is easy to deduce, considering that it is still the most popular cryptocurrency despite strong competitors to revolutionize the market. The result of this is that you now have access to hundreds of cryptocurrency exchanges operated by third parties.

Many exchanges have a lack of regulation. If you trade with an unregulated broker instead of a regulated one, you will potentially lose your investment money if you are scammed. It is not uncommon for platforms to be hacked and users' funds stolen, even if the exchange doesn't have ulterior motives.

Ideally, you should only use a platform that Tier 1 regulatory agencies regulate to trade Bitcoin and other digital assets. ASIC, FCA, and CySEC are examples of regulatory bodies that every trader should consider when selecting an exchange where they are comfortable entrusting their money.

When choosing a broker, it's also important to look into the security offered by the broker. Getting everything in place will help make your operation a total success, so you feel confident that you are in the right place.

Your capital is at risk

Risks of Buying Bitcoin

As with every investment, there is always an inherent risk of loss. As we have told you before, the universe of cryptocurrencies is extremely volatile. Bitcoin is a speculative currency and is affected by market sentiment.

Many people wonder when to buy Bitcoin, this is mainly due to Bitcoin is a digital currency that is purchased on the belief that the value will rise in the near future. Throughout the past decade, Bitcoin has created impressive financial gains and has become one of the most valuable assets in the world. However, this may not always be the case, so there is no way to know if it will remain this way in the future. In light of the above, it is apparent that you will incur a financial loss if your Bitcoin is sold for a lesser amount than purchased for it.

It is also important to keep in mind that one of the risks of keeping your keys in the wrong hands is that your digital coins may be stolen as well. For this reason, you should remain vigilant about making sure that your digital wallets stay safe. A very common inconvenience is forgetting a username or password on the platform, which can lead to users being unable to retrieve their funds. Users are likely to lose their Bitcoins forever in this case.

Bitcoin remains unregulated in most countries around the world, so that's a big concern. There have, however, been a few recommendations issued by multiple expert groups regarding digital currencies. As of now, this issue is still under discussion because it is unknown how the future of cryptocurrency will be affected by this stance.

Selling Bitcoin

Depending on how you purchased your Bitcoin and how you store it, you will follow different steps when you are ready to cash out. However, if you bought Bitcoin using Bitbuy, the process would work as follows:

  • By logging into your Bitbuy account, you will automatically be directed to your account's 'Accounts' section. Upon logging in, click on the 'Express Trade' link at the top of the screen. Then, be sure to click on the 'Sell' button (red).
  • To sell a cryptocurrency, in this case, Bitcoin, select it from the drop-down list.
  • The price of your sale will be shown under 'Transaction summary' after entering the amount you wish to sell. Click the 'Sell' button when you are ready to proceed.

how do i buy bitcoin in canada

Your capital is at risk

Bitcoin Price Forecast

Having lost around 10% of its value since the start of 2022, Bitcoin has taken the wind out of the crypto market this year. Despite wildly fluctuating prices throughout most of 2021, the bitcoin price is only up 18% compared to this time last year as smaller cryptocurrencies outperform larger ones.

Despite this, it is possible that the price of Bitcoin could continue to rise over the long term. However, in the end, the supply of Bitcoin is limited due to the actual mining cap of 21 million. This means the demand for Bitcoin will only increase if it becomes easier and more efficient for everyday people to use Bitcoin alongside their fiat currencies.

According to most analysts, Bitcoin will likely stall at around $50,000 in 2022. Depending on market conditions, the coin price may fluctuate by up to 10%, as we have evidence. After all, Bitcoin is still a highly volatile currency that keeps on fluctuating. However, the rest of the year could mark a consolidation period after all the recent gains since the beginning of the year.

Nonetheless, a voice goes further than that like Guido Buehler from the Swiss bank Seba. It has been reported that the organization's chief executive expects a price somewhere between $50,000 and $70,000 in recent press statements rescued by Yahoo Finance. The executive believes this could result from institutional investors' acceptance of bitcoin in the coming months and years as one of the major drivers of the price of this digital asset.

Nevertheless, you mustn't rely exclusively on these types of predictions when planning your investments, and you should take these types of pronouncements with caution.

Where to Buy Bitcoin

  1. Bitbuy - Best Platform to Buy Bitcoin in Canada
  2. Binance - The Best Place to Buy Bitcoin With Low Fees in Canada
  3. Coinbase - Best App to Buy Bitcoin in Canada For Experienced Traders
  4. WealthSimple - Best Platform to Buy Bitcoin in Canada with Algorithmic Solutions
  5. Crypto.com - Best Way to Buy Bitcoin in Canada With Multiple Holding Management Options

Best Way to Buy Bitcoin Canada – BitBuy Tutorial

Step 1: Open an Account

Create an account by clicking on the "Get Started" button at the top right of the Bitbuy homepage as the image below shows.

best way to buy bitcoin in canada

Your capital is at risk

Step 2: Upload ID

should i buy bitcoin

Please fill in your email address, password, phone number, and referral code if you have been referred. Then, click "Create account" when you have verified that you are 18 years old or older and have read and accepted Bitbuy's Privacy Policy and Terms and Conditions.

During the process of creating an account, you will need to verify your email address, along with verifying your phone number.
As soon as your email address and phone number have been verified, you will be asked to provide additional details for your account. An automated third-party identity verification service can verify your identity by providing the information.

When the automated verification process does not pass, you will be required to supply the next documents:

  • A financial statement such as a credit card, bank, loan account
  • Utility Bill
  • Passport, or driver's license
  • Selfie holding your ID

Step 3: Deposit Funds

It is possible to fund your account with cryptocurrencies, bank transfers, credit cards, or debit cards.

You can also deposit CAD through the Accounts page or Wallets page as a Canadian. If you are looking to deposit Bitbuy cryptos, you will need to visit the Wallets section of the Bitbuy website. The most convenient way to deposit Canadian Dollars is to go to the "Accounts" page and click on "Add Funds."

best place to buy bitcoin canada

Step 4: Buy Bitcoin on BitBuy Canada

If you want to buy Bitcoin online and you're still doubtful about how to buy Bitcoin Canada and how do you buy Bitcoin, it is as simple as going to your Bitbuy dashboard and looking for it there. Upon clicking 'Trade,' you will be able to access a trade order form when it appears. As soon as you have entered the amount of BTC you wish to purchase, click on the "Buy" button.

best platform to buy bitcoin in canada

Your capital is at risk

Conclusion

Throughout this guide, we have demonstrated how easy it can be to buy Bitcoin in Canada, and it has proven to be a quick and easy process. If you have not yet invested in one of the most popular cryptocurrencies that are becoming more accepted by organizations and companies, then you should not hesitate any longer.

The best way to buy Bitcoin in Canada is through a trusted and reliable exchange like BitBuy. If you want to trade one of the most attractive assets of the moment, register today.

BitBuy – Best Canadian Crypto Exchange to Buy Bitcoin With 0% Commission

how do you buy bitcoin in canada

Your capital is at risk

FAQs

What is Bitcoin?

Bitcoin is one of the most famous digital assets, with a concept developed from the fact that Bitcoin does not belong to any entity, nor is it owned by any government or central bank. It can also not be manipulated due to its decentralized nature.

Who created Bitcoin?

Bitcoins were first introduced as a digital currency in 2009 by an unknown developer known as Satoshi Nakamoto.

What is the market cap of BTC?

Bitcoin has the highest market capitalization according to CoinMarketCap, with an estimated $841,329,494,007 and a supply of 18,953,175 bitcoins.

Do I need a crypto wallet to buy Bitcoin?

Buying Bitcoins does not require you to have a crypto wallet if you choose to do so. The benefit of buying actual Bitcoins with a wallet is that you can transfer the digital currency between different platforms.

Can I buy Bitcoin in Canada?

If you live in Canada, you can buy Bitcoin through several established cryptocurrency exchanges, including BitBuy, Binance, and Coinbase.

How much money do I need to buy Bitcoin in Canada?

For buying Bitcoin, you need a certain amount of money that you can deposit into your account. The amount depends on the minimum deposit requirement of the exchange you want to use. This can be as low as $25, but in general, it is at least $50.

About Omar Ortiz
About Omar Ortiz

Radio producer, interested in international media, long distance communications, technology and world cultures.

Scroll Up