Through this tutorial, get to know about the best methods for How to Buy Bitcoin in Canada along with features, pros, cons, etc:
Canada is one of the most active cryptocurrency markets around the world with 13% owning Bitcoins in 2021. There are numerous global and local cryptocurrency exchanges, kiosks, and ATMs available for anyone who wants to sell or buy Bitcoin in Canada. While some host a wallet where you will keep the Bitcoins, others may need you to connect an external wallet.
These exchanges, apps, and platforms support diverse methods of trading cryptocurrencies from brokerage, peer-to-peer trading, over-the-counter, and derivatives trading.
Besides, it is easy to purchase crypto using bank accounts, credit/debit cards, wire transfers, PayPal, e-transfer, cash, cheques, and almost any other locally available payment method. In addition, most work on mobile devices, making it even easier to purchase Bitcoins in Canada.
What You Will Learn:
- Buy Bitcoin in Canada
- Frequently Asked Questions
- List of Top Places to Buy Bitcoin in Canada
Buy Bitcoin in Canada
This tutorial covers the best methods of buying cryptocurrencies like Bitcoin in Canada.
- Quite a several exchanges including Coinberry, Coinsmart, Bitbuy, and VirgoCX have free cash deposits and withdrawals and charge spreads of between 0% and 1.5%. They are therefore the cheapest option to buy Bitcoin in Canada. CoinSmart, Bitbuy, VirgoCX, and Crypto.com are legal in Canada.
- Interac e-Transfer is the easiest method of buying Bitcoins in Canada, although most local exchanges also support buying with bank wire and accounts, credit/debit cards, and other methods.
- Fees, deposit and withdrawal options, licensing, security and safety, advanced trading tools like charting and OTC for institutional and high net-worth people, and a range of supported coins are some of the factors to consider when buying Bitcoin on crypto apps and exchanges.
- The CRA requires tax reporting for transactions of above $10,000.
- You can also buy Bitcoin ETFs – about 5 are approved on the Toronto Stock Exchange. You can only buy contracts and not spot BTC. There are also multiple crypto and bitcoin stocks, including Nvidia and Square.
- Local cryptocurrency exchanges have simpler rules and quicker bank deposits compared to international ones that also carry hefty requirements for those buying Bitcoin. These include tax burdens and other things.
- LocalBitcoins, LocalCryptos, and other peer-to-peer methods are excellent for buying directly from other users. They support the widest range of payment methods, including buying Bitcoin with cash, Interac e-Transfer, crypto/Bitcoin ATMs, cheques, PayPal, Western Union, bank deposits, cardless cash, and credit cards, among many others.
- Spreads of trading fees of 2% and above e.g. charged on Wealthsimple Crypto exchange, Shakepay (2.5%-3%), and Coinbase (2% conversion and 4% card debit), are some of the highest when buying Bitcoin in Canada.
- Crypto.com is most suitable for those looking for a cryptocurrency exchange that supports the widest range of cryptocurrencies – 100+. It also allows easier conversion of Bitcoin to cash and spending crypto as cash on all ATMs and Visa merchants globally. It also offers more investment options like staking in addition to advanced trading. The drawback is the high fees.
How to Buy Bitcoins in Canada
Step #1: Research and decide on a method to use to buy and pay: Buyers can decide to buy cryptocurrency on peer-to-peer exchanges like LocalBitcoins.com and LocalCryptos that allow them to buy directly from fellow local Canadians with locally available payment methods like Cash, local banks, and others.
Other methods include using local crypto or Bitcoin ATMs installed near them. You can simply locate any from a map, visit the ATM with cash and have created a Bitcoin wallet, then buy.
There are multiple locally regulated crypto exchanges in Canada like Coinsmart, Coinberry, and Bitbuy on which you can create a free account online or on their app, deposit Canadian dollars and buy Bitcoin instantly.
Global centralized or broker cryptocurrencies like Binance and Coinbase are also easily accessible in Canada and work like the local brokerage crypto exchanges. Users can also buy Bitcoin ETFs on Canadian security exchanges.
Step #2: Create and verify an account with an exchange/broker: Exchanges differ in verification requirements. Some require you to verify the account online using an ID copy or other documents like a driver’s license. Others do not have this requirement.
Step #3: Create or connect a wallet: Exchanges that do not offer you a hosted crypto wallet when you sign up must allow you to enter the wallet address or sync a wallet where the crypto is deposited after buying.
Most apps/exchanges/platforms have a hosted wallet created automatically when you sign up, although some offer non-custodial wallets and require you to back it up with a passphrase for purposes of restoring it. If you are required to connect an external wallet, the platform should say which ones it supports.
Step #4: Sign in and buy: Most cryptocurrency exchanges utilize a rather streamlined process of buying crypto. You either buy crypto, in the same manner, you buy other things online or first deposit money into your account and exchange the latter for crypto.
You need to find the relevant buttons when you get there, but most brokerages do have a dedicated spot exchange for swapping crypto for crypto or crypto for stablecoins/fiat. You may also find Bitcoin perpetual futures that are traded through a dedicated exchange on the platform.
Peer-to-peer exchanges also use a rather streamlined process of buying. They let you create an order based on your criteria for instance the currency, method of payment, amount, and location; and you can then sort available sell orders from other users.
You can then select one of the ads based on popularity/rating/amount traded, enter the amount to buy, and proceed to place the order, talk to the seller to arrange for payment, and/or proceed to pay. The equivalent amount of crypto is transferred from the seller’s wallet to escrow until they confirm payment and you can then get your Bitcoins released.
Most ATMs require you to scan a Bitcoin or crypto QR code, insert cash, then wait for the Bitcoins to be transferred into the wallet. For Bitcoin derivatives, you may need to sign up with a derivatives broker who will purchase ETF/stocks for you in a similar manner you would trade ordinary stocks.
Different cryptocurrency exchanges charge different transaction fees and there will be added gas/transaction fees per blockchain. The latter depends on the crypto you are buying.
You can view cryptocurrency prices per cryptocurrency.
Frequently Asked Questions
Q #1) What is the cheapest way to buy Bitcoin in Canada?
Answer: The cheapest cryptocurrency exchanges from which to buy Bitcoin in Canada are Coinberry and VirgoCX, which have 0% funding and withdrawal fees for all payment methods (Coinberry charges spreads of between 0% and 2.5% while VirgoCX charges 1% spreads to trade).
Bitbuy with its Pro subscription offers a fee of 0.2% for instant trades same as Coinsmart. Bitbuy offers free deposits and withdrawals on some payment methods. Coinsmart offers free bank wire and bank draft deposits and free Interac e-transfer deposits for amounts above $2,000.
Peer-to-peer exchanges like LocalCryptos and LocalBitcoins also offer free ways to buy Bitcoin, such as cash and cardless cards, and many other secure ways. These are indeed the cheapest ways to buy Bitcoin.
Q #2) How can I buy Bitcoin in Canada?
Answer: Sign up and get KYC verified on Canadian crypto exchanges like Bitbuy, Coinsmart, and local exchanges like LocalBitcoins and LocalCryptos. Deposit CAD onto the exchange through credit/debit cards, bank, wire, e-Transfer, bank deposit, and other methods.
On some exchanges like Binance and Coinbase, you do not have to deposit CAD when buying Bitcoin and a few other cryptos – you only need to choose the relevant method like debit/credit card to checkout.
Peer-to-peer exchanges require you to choose a sold ad from among many posted by sellers on the platform, after which you can pay the seller with their preferred payment method. You can arrange to meet and pay with cash etc.
Q #3) Where is the safest place to buy Bitcoin in Canada?
Answer: Bitcoins can be purchased securely on very many regulated and secure cryptocurrency exchanges and apps in Canada.
The Canadian government recognizes cryptocurrencies as legal transactions but in terms of safety away from internet hacking and other problems, most exchanges have secure protocols including keeping the assets offline on cold storage. These exchanges include Coinsmart, Coinbase, Kraken, Coinberry, and Bitbuy.
You can also safely purchase cryptocurrencies from peer traders from Canada on LocalBitcoins, LocalCryptos, and other peer-to-peer crypto exchanges. The requirement here is to ensure you are using a secure and safe payment method.
When meeting the seller to pay by cash, ensure you are meeting in a safe place where your safety and security are assured in case of first-time trades. Otherwise, ensure that you know or trust the person.
Q #4) Is it legal to buy Bitcoin in Canada?
Answer: Yes. Canada has not outlawed crypto and/or Bitcoin trading. These forms of transactions are recognized legally. Furthermore, Canada has licensed crypto exchanges where you can legally trade Bitcoin.
Q #5) What Canadian banks let you buy Bitcoin?
Answer: Tangerine, a popular Canadian online bank; Toronto Dominion; Royal Bank of Canada; Bank of Nova Scotia, and the Canadian Imperial Bank of Commerce are some of the banks that let you trade cryptocurrencies and Bitcoin. They are rated as crypto-friendly banks in Canada.
List of Top Places to Buy Bitcoin in Canada
Top cryptocurrency exchanges where to buy Bitcoin in Canada:
- Binance Canada
Comparison Table for Buying Bitcoin Canada
|Crypto exchange||Payment/deposit methods||Platforms supported||Trading fees||Our rating|
|CoinSmart||Credit/debit cards, wire transfer, Interact e-Transfer, bank draft, and ETF||Web, mobile apps||0.20%||5/5|
|Coinberry||e-Transfer or bank wire transfer||Web, mobile apps||0% to 2.5%||4.8/5|
|Bitbuy||Bank wire, credit/debit cards, and Interac e-Transfer||Web, mobile apps||0.1%||4.8/5|
|VirgoCX||INTERAC e-Transfer, wire transfer, and other methods.||Web and mobile||1% spreads||4.7/5|
|Crypto.com||e-Transfers, bank transfers, credit/debit cards||Web and mobile.||0.04% to 0.4% maker fees, 0.1% to 0.4% taker fees, plus 2.99% for credit card purchases.||4.7/5|
Uphold supports or lists more than 160+ cryptos for trading and sending, as well as receiving them from other wallets.
The custodial wallet does not support advanced trading methods for BTC and other cryptos, meaning you can only use it to exchange assets for another asset, except that it is regarded best for instantly converting any asset into another asset.
For instance, you can convert crypto to metals, stocks, and other types of assets without having to use a third party or wait for long. You can also send crypto, stocks, and other assets to third-party networks.
How to buy Bitcoin on Uphold:
Step 1: Sign up on the Uphold web or mobile app by submitting the required details.
Step 2: Purchase Bitcoin – Tap the two-arrow button. Choose a funding source on the drop-down menu (funding sources include credit/debit cards, bank accounts, crypto, and other crypto networks). Choose Bitcoin on the To drop-down menu.
Enter the amount of fiat USD to spend on purchases or the amount of BTC to buy. Proceed to add funding source details such as credit or debit card number or bank account.
Some funding sources are instant and others, like bank wires, take time to complete. Once complete, the crypto will appear on your BTC wallet hosted on the Uphold app.
To deposit other cryptos and spend them to purchase BTC, find the respective wallet address from the Markets tab found on the menu on the top left-hand side of the app. Tap Markets and select the crypto you want to deposit and then the Send button to reveal the Uphold wallet address and where to send that crypto. After depositing, you will need to exchange that crypto for BTC.
To do so, use the two-arrow button (or Transact menu) and choose the crypto from the drop-down menu, enter the amount of crypto to exchange for BTC, and choose BTC on the To drop-down menu.
- Portfolio management
- Deep liquidity, But there are no advanced trading tools – you will not get any charting and speculation trading orders.
- Exchange BTC to other stakable cryptos and earn up to 19.5% APY.
- Send and receive 160+ cryptocurrencies.
- Does not charge trading fees – only spreads that range from 0.9% to 1.8%. Which means it is cheaper to actively trade with compared to some other crypto exchanges. Spreads can be as low as 0.4% if you are a loyal (high-volume trader).
- Secure and trusted exchange. Has a licensing with FinCEN, FCA, and Bank of Lithuania.
- High liquidity for large-cap cryptos (BTC included) and tokens.
- Spreads (for crypto trading) are very high for low-liquidity tokens and cryptos. Up to 1.95%.
- Wallet is custodial.
- Free to convert crypto, meaning there is no trading fees. Uphold charges fees in the form of spreads (the difference between buy and sell prices).
- Spreads range from 0.9 to 1.8% for BTC and ETH and can be higher for low-liquidity coins and tokens.
- For other assets it ranges from 0.2% to 4%. This excludes fees charged by banks and credit/debit card networks/third parties.
CoinSmart allows users to buy Bitcoins using credit/debit cards, wire transfers, Interact e-Transfer, bank draft, and ETF. Founded in 2018, it supports buying a total of 9 cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Polygon, Solana, and others.
It is one of the best exchanges to trade given that it insures up to $100 million of assets and is available on Android and iOS as an app.
How to buy Bitcoin on CoinSmart:
Step #1: Register or create an account
Step #2: Click Buy/Sell/Trade menu option: Click/tap the Buy icon from here, choose Bitcoin as the crypto to buy, enter the quantity to buy in crypto or CAD/EUR, and click/tap Buy Now button. Click/tap Requote to get the latest market prices when required to do so. The exchange platform is set to hold the price offered for 10 seconds and requires you to do so to refresh the process.
- 95% of cryptocurrency assets are kept in cold storage to prevent eventualities like hacking.
- A quick verification for traders – around 5 minutes.
- Free Interac e-transfer deposits for $2,000+ value.
- Withdraw crypto via a bank account.
- Very low fees.
- A great on-ramp for any beginner looking to buy crypto easily and quickly.
- Easy to set up for beginners.
- Backed by Canadian financial institute.
- Just 9 cryptos are supported.
- Accessible in just ten countries.
Fees: 0.20% when buying with fiat like Canadian Dollars. Free bank wire and bank draft deposits. 1.5% Interac e-transfer deposits (free if above $2,000). 1% fee on ETF withdrawal.
Coinberry was established in 2017 and allows anyone in Canada and other countries to buy and sell a total of 33 cryptocurrencies including Bitcoin, Ethereum, and Dogecoin.
The exchange is registered as a Money Service Business under the Financial Transaction and Reports Analysis Center of Canada or FINTRAC. Customers, therefore, require adhering to anti-money laundering and know-your-customer rules.
How to buy Bitcoin on Coinberry:
Step #1: Register and verify an account on the Coinberry app: Account verification is immediate and you do not have to worry about delays.
Step #2: Fund the account with CAD or other currencies: This can be through e-Transfer or bank wire transfer and the minimum deposit is just 50 CAD.
Step #3: Buy Bitcoins: Visit the buy and sell tab on the app once funding is complete, tap the Markets tab, enter the amount you want to buy, preview, and confirm the order. The order will be completed instantly once submitted.
- The exchange is insured, OSC & FINTRAC registered, and compliant with PIPEDA rules. It is a trusted exchange for buying Bitcoin in Canada and other countries.
- Funds are protected by the Gemini Trust Company, which is also a regulated custodian under Canadian rules.
- Responsive customer care.
- Coinberry Autopilot (set up automatically daily, weekly, and monthly purchases) and Coinberry Pay (allows merchants to get paid and pay for goods and services in cryptocurrency and can withdraw the funds through a bank account).
- Buy crypto with fiat like CAD — e-Transfer or bank wire transfer.
- Low deposit minimum of 50 CAD.
- Instant verification and registration.
- Cryptocurrency assets are insured for up to $200 million by the Gemini Trust Company.
- No deposit or withdrawal fees.
- High spreads of up to 2.5%.
- Support for Canadian dollars by default and other currencies must be converted at a rate.
- A limited choice of cryptocurrencies are to be sold and bought – 33 only.
Fees: Spreads of between 0% to 2.5%. 0% fee for fiat and crypto deposits and withdrawals.
Bitbuy lets you buy Bitcoin and 15 other cryptocurrencies with CAD and other fiats through bank wire, credit/debit cards, and Interac e-Transfer methods. It is one of the most popular cryptocurrency exchanges with which to buy Bitcoin in Canada.
The exchange is registered as a Money Service Business with FINTRAC and is a member of the anti-money laundering group TRUST. Bitbuy is most excellent for those selling crypto for fiat since it costs a bit lower (0.1% to 0.2% to sell) and you pay just 1% to receive the fiat into your bank account.
How to buy Bitcoin on Bitbuy:
Step #1: Sign up and verify your account on Bitbuy’s web and mobile apps.
Step #2: Deposit CAD: Bitbuy lets you deposit fiat through the bank wire, Interac e-Transfer, as well as credit/debit cards. Each of these methods has a different transaction fee charged ranging. It costs 0.5% for wire transfer deposits (requires $2000 minimum and takes 1 business day to have the amount in the crypto account).
Interac e-Transfer charges 1.5%, has a minimum of $50 and a maximum of $3,000, and is the easiest to fund the account.
Step #3: Buy: Click Express Trade on the website app from the top of the page. Tap the Accounts tab if logged in to the mobile app. Choose Bitcoin as the cryptocurrency to purchase from the drop-down menu on the app, enter the dollar amount you want to spend to buy cryptocurrency, and click/tap the Place Buy Order button to complete the purchase.
- Accounts are secured using 2FA or text-based authentication methods for securing accounts, in addition to the password method.
- 95% of customer crypto deposits are stored on a cold wallet. They are also secured with BitGo insurance.
- 24/7 customer support via email and chat.
- Instant account verification and immediate deposits and withdrawals.
- A low minimum deposit – 50 CAD when using Interac to deposit.
- Insurance and cold storage secure customer funds.
- Automatic customer account verification.
- 0% bank wire and Interac e-Transfer deposits. 1% bank wire and EFT withdrawal.
- Not as many fiat deposit methods are supported.
- Fewer cryptocurrencies are supported – just 16 – compared to Binance and Coinbase.
Fees: 0.1% trading fees. 0% deposit for Interac e-Transfer and bank wire deposits, 1% bank wire withdrawals.
VirgoCX allows customers to buy and sell 50+ cryptocurrencies including Bitcoin and Ethereum. It is one of the most favorite as it charges zero deposit and withdrawal fees on fiat and crypto. It will cover $6 in mining fees for customers withdrawing ERC20 crypto. The company also lets users trade NFTs through its brokerage service.
The exchange also manages superior liquidity for those who wish to trade cryptocurrencies there. It also provides detailed charting tools for active traders.
How to buy Bitcoin on VirgoCX:
Step #1: Register on the exchange by providing all the required details.
Step #2: Fund the account by depositing through INTERAC e-Transfer, wire transfer, and other methods. The funding features are on your account dashboard. From the menu button at the top right, select Dashboard, advanced trading, then activities. Choose crypto and the method to deposit.
Step #3: Select the token to buy from the default or Dashboard page and proceed to enter the amount and complete the purchase. Click Quick Trade, then Buy, choose the token to trade and it will take you to the markets page. Select the trading pair, proceed to enter the amount to buy, and complete the purchase.
- Stores 95% of cryptocurrency assets in cold storage.
- Live chat and email on a 24/7 basis.
- Sign-up bonuses.
- Detailed charting tools and advanced orders for active traders.
- Free deposits and withdrawals.
- Very few cryptos are supported for trading.
- Low fees.
- Very few cryptos are supported for trading.
Fees: Spreads of around 1%. Free cash, crypto deposits, and withdrawals.
Crypto.com is most favorite for many things when it comes to buying Bitcoin in Canada. This includes more ways of depositing CAD into the exchange (e-Transfers, bank transfers, credit/debit cards).
It also supports 788+ cryptocurrencies including all major ones and the fact that it allows for quick conversion of BTC and other cryptos to CAD via the Crypto.com Visa card.
Crypto.com is also for investors who want to earn just a small passive income on their crypto kept in their account through staking investments. You can also engage in advanced charting trading.
How to buy Bitcoin on Crypto.com:
Step #1: Open an account and verify. Click/tap the Buy Crypto button from the menu.
Select Wallet and connect a DeFi wallet to the account. Click/tap the Buy button from the menu.
Step #2: If not yet linked to a debit or credit card, go to the app and add the card.
Step #3: Select Bitcoin from the Top Coins section and click/tap the ‘Buy Now’ button. Enter the amount, select the card to use to pay, review the details, enter a passcode, complete 3DS verification if needed by the card issuer, and proceed with payment.
Check your wallet balance once the order status is Completed.
- Visa card for quick crypto-to-cash conversions.
- CRO coins can provide fee reduction benefits.
- Staking rewards for CRO holders. Can also stake in other cryptos.
- Yield farming for DeFi tokens.
- NFT Trading Support.
- Crypto payment tools for merchants.
- Quick and easy conversion to cash and spending at VISA merchant stores and ATMs.
- As low as 0% fee for loyal customers depending on staked CRO amount and trading volume.
- Great for those willing to receive crypto as payments for goods and services.
- A large number of cryptos are supported for trading.
- Poor customer service.
- Difficult to navigate for beginners.
Fees: 0.04% to 0.4% maker fees, 0.1% to 0.4% taker fees, plus 2.99% for credit card purchases.
LocalBitcoins.com is the earliest and most popular peer-to-peer cryptocurrency exchange having been started in 2012 in Finland. LocalBitcoins is a favorite for buying Bitcoins in Canada with cash, PayPal, Western Union, and easily accessible online methods although it also supports buying with credit/debit cards, bank deposits, ATMs, and others.
It allows you to buy directly from individuals who post ads and allows users to post their buy ads as per their payment and other preferences. Also, it does not charge any transaction fee on the buyer’s side.
Customers, however, may need to be careful not to get scammed – ensure that you click/tap the Paid button to have the crypto transferred from the seller to escrow since you can then raise a dispute to get your crypto if the seller does not release the crypto after receiving payment.
The methods below apply to other similar peer-to-peer crypto exchanges also available for buying Bitcoins in Canada. These include LocalCryptos.com, Paxful, Hodl Hodl, Bisq, Local.bitcoin.com for Bitcoin cash, and LocalCoinSwap.
How to buy Bitcoins on LocalBitcoins.com:
Step #1: Register on the LocalBitcoins website or mobile app.
Step #2: Find sellers or list a buy ad: From the default logged-in Buy page, select Bitcoin as the crypto to buy, country (of buyer and seller), payment method, and amount.
This will sort seller ads in terms of popularity or other criteria and you can see each of the seller’s price offer, slippage, minimum and maximum amounts allowed, and other things like payment methods they accept. You need to click/tap on an ad that mostly suits your buying preferences.
There is also an option to post your purchase ad that other people can see and respond to. They will be selling to you on your terms including the payment methods you want and pricing. Just click/tap on the relevant menu to create an offer and create an offer based on your price and other terms.
Step #3: Buy crypto: On selecting a seller’s ad, enter the amount to buy (in CAD or other currencies or crypto). You can also type in a message to the seller using the chat. This is crucial if organizing for custom payment methods like Cash where you might need to arrange where to meet.
Pay the money needed using the seller’s payment method and click/tap Paid to transfer the crypto from the seller’s wallet to an escrow account. It is withheld and inaccessible to both of you in case of a dispute. The seller requires confirming having received the money and it is released to your wallet.
The same process will be followed if the seller is initiating the sell order from their side after seeing your purchase ad.
- The most diverse fiat payment methods – you do not need to even deposit CAD or another fiat.
- You can buy Bitcoin instantly and at no fees.
- Custom terms include verification, payment, and others.
- Buy crypto at locally available methods, including cash.
- Low to no fees including no deposit fees. Some methods, like credit cards, may require paying higher transaction fees.
- No brokerage or man in the middle.
- Instant purchases are highly accessible.
- Only Bitcoin is supported for buying and selling via the platform.
- High chances of getting scammed.
Fees: Free. Buy ads can be promoted at a fee.
#8) Binance Canada
Binance is one of the leading crypto exchanges in the world in terms of trading volumes and is also available in Canada. It is also a clear winner feature-wise, providing the most diverse crypto trading opportunity types and investment opportunity types.
It supports over 300+ cryptocurrencies and allows users to deposit 50+ fiat currencies like CAD using over 10 fiat payment methods.
It allows customers to buy Bitcoin with fiat and fiat methods like PayPal, debit/credit cards, and other cryptos. You can do so via brokerage, OTC, or peer-to-peer platforms.
The exchange also lets you trade spot Bitcoin using advanced methods, margined derivates, or hold it for profit in a savings account. You can also trade Bitcoin dual investment products on the exchange.
How to buy Bitcoin with Binance Canada:
Step #1: Register and verify your account on the website or iOS and Android app.
Step #2: Click/tap the Buy crypto button on the top left of the web. From here you can choose whether to buy through peer-to-peer or third-party methods. Choose Bitcoin, then the methods to buy with. There are options like credit/debit cards, bank deposits, and others.
You can also buy stablecoins like BUSD and spend them on the active exchange to buy Bitcoin. Visit the Exchange after depositing the stablecoins and other crypto and look for the relevant pair.
- Advanced trading tools, institutional trading and brokerage products and services, and crypto listing services.
- Savings account on Coinbase Earn where you can hold Bitcoin for profit.
- The fee is low for loyal users and is determined by your 30-day trading volume.
- Deep liquidity.
- Diverse methods of payment.
- Instant purchase via debit and credit card.
- Diverse investment options.
- High fees if you are not loyal.
Fees: 0.5% to 5% for instant buying of Bitcoin with credit/debit cards and other methods, depending on which method with which you are buying Bitcoin. The trading fee is between 0.02 and 0.1% maker and 0.04% to 0.1% taker fees.
The futures trading fee is between 0.02% for makers and 0.04% for takers. You get a 25% discount when paying trading fees in BNB.
Website: Binance Canada
Satstreet is an OTC trading platform that allows users to trade between $25,000 and $10 million worth of Bitcoin. Therefore, it is most favorable for high-net-worth investors, groups, and companies. It allows people to buy Bitcoin at zero slippage and offers a very deep order book.
The exchange processes wire transfers within an hour, unlike other exchanges where it takes up to 3 days for the deposit to reflect in the account.
How to buy Bitcoins on Satstreet:
Step #1: Open a personal or business trading account. You have to be approved for the account.
Step #2: Deposit fiat or crypto via the approved methods.
Step #3: Ask for a quote on buying. Receive trade confirmation, pay for and receive cryptocurrency, or withdraw.
- Additional products/services including institutional custody, self-custody, and multi-sig solutions tailored per customer needs.
- The assets are stored in a hardware wallet, through Coinbase Custody, and with multi-sig wallets.
- Dedicated customer support.
- Backed by Canada’s renowned investors including Round13 Capital, Silvergate, Stephen Lister, and John McBride.
- iOS and Android mobile apps to allow tracking of the portfolio on the go.
- API trading is to be launched soon.
- Zero slippage.
- Deep liquidity.
- High maximum trading volume – up to $10 million per trade/day.
- Secure/safe to trade assets given the bank-level security methods employed.
- An account statement is available for download for those interested in tax reporting.
- No active trading for Bitcoin or other cryptocurrencies.
- No additional/extra investment opportunities like staking, etc.
Netcoins is based natively in Canada and lets you buy up to 7 cryptocurrencies including Bitcoin, Ethereum, Tether, Bitcoin Cash, Litecoin, and XRP. It serves as a great option for those looking for a fiat-crypto gateway because it allows them to hold USD and CAD in one account.
Besides, it allows them to buy Bitcoin using Simplex, Interac e-Transfer ($10 minimum), bank transfer, credit card, and other cryptocurrencies.
It is regulated in Canada by FINTRAC. Founded in 2014, the company also provides crypto/Bitcoin ATMs all over the world with coverage of over 170,000. It also provides a private brokerage service for institutional and large-scale investors. It is also a publicly traded company in Canada.
How to buy Bitcoins on Netcoins Canada:
Step #1: Set up and verify an account using your phone and email. This can be done on the website.
Step #2: Buy crypto on the website through Simplex. Here you can buy Bitcoin to be sent to an external wallet. You need to verify your ID and address to deposit using other methods and trade crypto on the exchange. The buy and trade crypto features are clear from the web.
- Over-the-counter trading desk.
- Bitcoin ATMs in Canada and abroad.
- BIGG Digital Assets stocks on the Canadian stock exchanges.
- Support spot trading with instant as well as limited orders.
- Mobile price alerts for crypto traders.
- Low deposit and withdrawal fees. A low trading fee of 0.5% per trade.
- Transparent financials gave it to a publicly-traded company.
- Buy Bitcoin with Simplex without advanced ID and address verification.
- Buying Bitcoin through Simplex to an external BTC wallet is expensive at 7%. The minimum is also high at $71 compared to other methods like a credit card.
- No mobile app.
Coinsquare is also based natively in Canada and lets users trade around 820+ trading pairs including those for Bitcoin, Ethereum, LTC, Bitcoin Cash, and Dash paired against 40+ fiat currencies. It offers services in English and French.
Customers can buy each of these using Canadian dollars through Interac e-transfer, Flexpin, money order, bank draft, and wire transfer. It has a low trading fee of 0.1% maker and 0.2% taker.
It was founded in 2014.
How to buy Bitcoin on Coinsquare:
Step #1: Sign up and verify your account on the website or mobile app.
Step #2: Deposit CAD using Interac e-transfer, Flexpin, money order, bank draft, crypto, or wire transfer.
Step #3: Click Quick Trade for simple orders or use Bit Markets for more advanced trading order types and research tools.
- Withdraw to the bank.
- 24/7 customer support.
- 2FA security.
- Quick crypto through QuickTrade.
- Regulation is a plus for those looking to trade on a regulated exchange.
- Low trading fees.
- Only CAD is supported. It also supports very few cryptos for buying, selling, and trading.
Fees: 0.1% maker and 0.2% taker. Additional costs may accrue from the use of deposit methods.
Coinmama allows you to purchase 17 cryptocurrencies with CAD in Canada, including Bitcoin and Ethereum. It makes it easy and quick to buy them through credit card, debit card, or bank transfer and you can earn loyalty bonuses the more you purchase from the platform.
- ID verification for higher limits.
- No hosted wallets. You must provide an external wallet where crypto is sent.
- Tier-based fee discounts. The first level requires trading 5,000 USD over a 90-day, and the second level requires trading 18,000 USD over a 90-day rolling period.
- 50,000 USD daily purchase limit depending on verification level.
- No processing fees on orders over 1,000 USD.
- Quick verification.
- Free deposit and withdrawal.
- Up to 12.5% fee bonus on loyalty.
- Only 17 cryptos are supported.
Fees: 2.86% – 3.81% plus other applicable fees.
CEX.io supports buying 70+ other cryptos including Ethereum, Bitcoin, Dash, ZCash, Ripple, Stellar Lumens plus, as well as Bitcoin Cash and Bitcoin Gold for CAD and other popular currencies in Canada. It lets users sell, borrow, and earn cryptos as well.
In addition to instant buying, the exchange supports margined and advanced speculative trading orders, including automated trading through API.
- Multiple deposit options – bank cards, ACH, and domestic wire transfer.
- Institutional grade offers – trade with tight spreads, insured crypto custody, account management, and APIs.
- Trade with sub-accounts, each with a segregated crypto wallet.
- Transaction reporting.
- Tiered fees are based on 30-day trading volumes.
- A huge number of cryptos are supported for trading.
- Extra features for ecosystem — can earn and borrow crypto (crypto-collateralized loans).
- Lower liquidity compared to leading exchanges.
Fees: from 0.01%/0.00% taker/maker to 0.25%/0.15% taker/maker fees depending on 30-day trading volume.
Kraken offers buying, selling, investment, and most other products for Canadian users, except that clients will need to start by verifying their accounts at the Intermediate level, and they cannot use off-chain staking and para-chain auctions.
Ontario residents cannot trade futures products and would also need to meet specific requirements to trade with margins on Kraken.
- Crypto staking.
- Account management for institutional and other special clients.
- Local and international funding methods – crypto, bank transfers, and bank card deposit methods.
- Instant purchases with payment cards.
- APIs, spot trading, and futures trading.
- High liquidity.
- Low fees for advanced traders – depend on 30-day trading volumes.
- Large selection of digital assets.
- Margin trading up to 5x.
- Top-notch security.
- Low withdrawal fees.
- Customer complaints.
Fees: 0.5% to 3.75% + 0.25c for instant purchases depending on the method. 0.16%/0.26% to 0.00%/0.10% maker/taker fee depending on 30-day trading volume. Other fees may apply to transfers.
Newton crypto exchange lets you buy cryptocurrencies using Interac e-Transfer, wire transfers, pre-authorized debit, and crypto. The limit for eTransfer is $10,000 per transaction and $70,000 weekly while that of a wire transfer is $1,000,000. The withdrawal limits also depend on the method but range from $10,000 to $1 million.
- Daily trading limits — $5,000,000. Up to 20 open orders.
- Web, iOS, and Android apps.
- Instant and limited orders.
- 70+ coins supported.
- Staking to earn crypto.
- Fireblocks and Balance custody partnerships to secure funds on the exchange.
- Excellent on-ramp and high daily trading limits for traders.
- Wide range of crypto selection.
- Sign-up bonuses.
- The transaction fees range from 1.5% – 2% in form of a difference between purchase and sale prices. Lacks transparency.
- Limited speculative trading orders.
Fees: 1.5% – 2% in form of difference between purchase and sale prices. Lacks transparency.
Coinbase offers a wide range of cryptos and tokens (1,000+) compared to all domestic Canadian exchanges but has a higher fee in comparison. With Coinbase Pro, however, users in Canada can reduce such trading fees.
Coinbase is also advantageous for institutions and offers API, insured crypto custody, and advanced charting and speculative trading tools compared to all domestic Canadian exchanges.
- Staking through Coinbase Earn.
- Instant as well as advanced orders for speculative trading.
- Coinbase Prime for institutions and special clients. Coinbase Commerce, listing services, crypto compliance, and exchange services are also available for these clients. Analytics and research are also available.
- Trading resources. Charting.
- Derivatives trading.
- Coinbase Crypto Card to ease spending and earn crypto rewards.
- SDKs, node, cloud, delegated staking, pay SDK, exchange API, commerce API for developers.
- High liquidity.
- Cold storage of 98% of assets for security and safety.
- Extensive crypto and token selection.
- Diverse crypto products.
- Margined trading up to 3x.
- Derivatives trading.
- Complex fee structure.
Fees: $0.99 to $2.99 in fees for instant purchases of $200 and below; or up to 2% depending on payment method. ACH is free to buy crypto with. 0.5% difference between buying and selling prices.
Active traders pay between 0.60%/0.40% taker/maker fees to 0.05%/0.00% taker/maker fees depending on 30-day transactional volume. Other fees apply.
This tutorial offers a guide on buying, selling, and actively trading cryptocurrencies in Canada. We listed multiple methods of buying Bitcoin using local payment methods like Interac e-Transfer which is cheap and easier to use, as well as credit/debit cards, bank deposits, bank wire, and other methods.
CoinSmart is probably ranked as the best crypto exchange in Canada for buying Bitcoin given the zero deposit and withdrawal options and very low trading fees.
There are other options in Coinberry, Bitbuy, LocalBitcoins, LocalCryptos, and VirgoCX, which are all legal to use in Canada. They allow you to buy Bitcoin in Canada instantly using CAD and multiple payment methods including cash.
Binance and Crypto.com offer the widest range of investment options like staking and advanced trading, as well as Binance and Crypto.com Visa cards that allow users to spend crypto easily on ATMs and Visa merchants.
- Crypto exchanges initially listed for review: 32
- Crypto exchanges reviewed: 15.
- Time taken to research, write and review: 26 Hrs