How To Buy Bitcoin in Canada (A Cryptocurrency Trading Guide)

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by Enoch Omololu


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Bitcoin is the world’s most popular digital currency and the strongest contender for a decentralized currency that could rival fiat money as a legal tender someday.

When you consider that the Canadian dollar (i.e. fiat currency) we use to conduct everyday buy and sell transactions has no intrinsic value other than that bestowed upon it by the government, the concept of electronic money begins to take shape.

Fiat money is a currency (a medium of exchange) established as money, often by government regulation, but that does not have intrinsic value (value independent of the nominal value, such as a precious metal might have). Fiat money does not have use value (inherent utility, such as a cow or beaver pelt might have), and has value only because a government maintains its value, or because parties engaging in exchange agree on its value.


Bitcoin and altcoins such as Ether, Litecoin, and XRP are somewhat similar to fiat currencies. Simply put, their intrinsic value is tied to the value placed on them by users.

Other factors that determine cryptocurrency values include their supply, demand, acceptability, cost of mining them, and government regulation or lack thereof.

Read on to learn about Bitcoin, how to trade it in Canada, and whether it is safe.

Key Takeaways: You can buy bitcoin in Canada using cryptocurrency exchanges like CoinSmart, Wealthsimple Crypto, Bitbuy, NDAX, Coinberry, Binance, and Bitcoin trading is legal in Canada and you should note that profits are taxable as capital gains, or as income if you are classified as a day trader.

What is Bitcoin?

Bitcoin is what comes to mind when you think about digital currencies. It is a cryptocurrency that was invented in 2008 by a person or group of persons known as Satoshi Nakamoto.

The ‘crypto’ in cryptocurrency refers to the use of cryptography to create new units of cryptocurrency as well as verify and secure transactions on the peer-to-peer network.

Since Bitcoin is decentralized, no Central Bank or intermediary is involved and the system relies on technology and code. This decentralization has also made it a target of hackers and it has been used to fund various illegal activities including terrorism and money laundering.

New Bitcoin is created by Bitcoin miners who use high-speed computers to solve complex mathematical problems.

In exchange for adding new records to the public ledger (also called Blockchain) and verifying transactions in the network, a miner is rewarded with Bitcoin tokens.

The maximum amount of Bitcoin that can ever be mined is 21 million. You can purchase very small units of Bitcoin, with the smallest amount equal to 0.00000001 BTC (also referred to as 1 Satoshi).

Bitcoin is traded under the symbol BTC or XBT and its value changes all through the day similar to stock prices on an exchange.

The highest value of 1 Bitcoin was reached on April 14, 2021, when it sold for an all-time high of $64,863.10 USD.

The Top-10 Cryptocurrencies by Market Capitalization

The top-10 cryptocurrencies, stablecoins, and altcoins by market capitalization (in USD) as of October 10, 2021, are:

CryptocurrencySymbolMarket Cap
1. BitcoinBTC$1.03T
2. EthereumETH$405.69B
3. CardanoADA$70.02B
4. TetherUSDT$68.47B
5. Binance CoinBNB$68.19B
6. XRPXRP$53.71B
7. SolanaSOL$44.67B
8. PolkadotDOT$34.14B
9. USD CoinUSDC$33.17B
10. DogecoinDOGE$30.36B

How and Where To Buy Bitcoin in Canada

There are several ways to get your hands on Bitcoin in Canada.

Your options include buying it from an online cryptocurrency exchange (e.g. Coinsquare, Bitbuy, and NDAX), a cryptocurrency broker or a trading platform (e.g. Wealthsimple Crypto and MogoCrypto); or at a Bitcoin ATM.

There are also ways to purchase Bitcoin through peer-to-peer (P2P) networks or Over-the-Counter (OTC).

1. Coinsmart

Coinsmart is a cryptocurrency exchange offering the major cryptocurrency coins to Canadians. It is based in Toronto and is one of only a few crypto platforms that allows you to buy and sell Bitcoin using a credit card.

New clients get verified within minutes and advanced traders get access to charting, limit trades, and more.

  • Great for: Beginners and Advanced traders.
  • Coins offered: 11 types including BTC, ETH, LTC, EOS, XRP, XLM, NEO, ADA, QCAD, USDT, and BCH.
  • Account funding options: Interac e-transfer, bank wire, bank draft, credit, and debit cards.
  • Trading fees: 0.20% for CAD to cryptocurrency trades and crypto to BTC trades. 0.40% for crypto-crypto trades not involving BTC; up to 6% fee on credit card funding; 1% fee on CAD withdrawals.
  • App: Available on iOS and web interface on all devices.
  • Promotion: Get a $20 bonus when you open and fund a new account with at least $100.
  • Review: CoinSmart review.

Is Coinsmart Safe?

Coinsmart uses 2FA and SSL encryption to protect your account. 95% or more of the coins on the platform are kept in cold storage wallets and as per the website, your fiat funds are kept in Canadian banks.

Pros of Coinsmart

  • Quick verification of new clients within minutes
  • Supports credit card funding
  • Offers 11 popular coins
  • 24/7 support
  • Access to an advanced trading platform

Cons of Coinsmart

  • Trading is limited to 11 coins
  • Assets on the platform are not insured by CIPF or CDIC
  • Fees on some deposits and most withdrawals
Open a Coinsmart Account

2. Wealthsimple Crypto

Wealthsimple Crypto is the first regulated cryptocurrency platform in Canada, having received authorization to operate by the Canadian Securities Administrators (CSA).

If you are not familiar with Wealthsimple, it is the most popular online wealth management platform in Canada.

Wealthsimple Crypto is a simple and secure way to buy and sell Bitcoin, Ethereum, and several other coins right from your phone. Its UX is particularly optimized for beginners who are new to digital currency trading.

After signing up for a Wealthsimple Crypto account and funding your account, you are able to trade cryptocurrency via the app in just a few clicks.

Wealthsimple Crypto works like a broker. When you put in an order to purchase or sell crypto, they connect you to a market maker(s) who finds the best price available on the largest exchanges.

Your crypto holdings are then held with a regulated custodian (Gemini) which keeps your cryptocurrency secure in cold storage.

  • Best for: Beginners
  • Coins offered: 28 coins including BTC, ETH, BAT, MANA, COMP, ADA, KNC, MKR, DOT, CRV, YFI, SNX, UNI, and more.
  • Account funding options: Bank transfer
  • Trading fees: Spread on buy and sell prices (1.5%-2%); no fees for withdrawals or deposits
  • App: Available on iOS and Android
  • Promotion: $50 for Wealthsimple Crypto when you deposit and trade at least $150 worth of crypto
  • Review: Wealthsimple Crypto review

Is Wealthsimple Crypto Safe?

Cryptocurrency trading is very risky, so there is that.

With regards to the security afforded your account, Wealthsimple Digital Assets (the company offering Wealthsimple Crypto) is registered as a restricted dealer in all jurisdictions of Canada except Quebec. In Quebec, the company is registered as a derivatives dealer.

Your Crypto assets (i.e. Bitcoin and Ethereum) are held in cold storage by Gemini Trust Company LLC. Gemini uses FIPS 140-2 Level 3-rated or higher hardware security modules (HSMs) and is subject to regulation by the New York Department of Financial Services.

Gemini has $200 million in cold storage insurance. Its CEO and President are the Winklevoss twins (co-founders of Facebook).

Pros of Wealthsimple Crypto

This account offers several benefits including:

  • You can sign up and create an account within minutes
  • There are no account minimums and you do not pay a fee to deposit or withdraw your funds
  • Wealthsimple Crypto is regulated and is owned by a reputable company
  • The app offers instant trades and real-time quotes
  • Their custodian, Gemini, is a trusted name in the cryptocurrency space
  • Wealthsimple Trade and Wealthsimple Crypto are accessible through the same app, making life easier for you if you also plan to purchase stocks and ETFs using a discount brokerage platform.
  • The platform is available in all 13 provinces and territories in Canada

Cons of Wealthsimple Crypto

Downsides of Wealthsimple Crypto include:

  • Your crypto assets cannot be moved to your own private wallet. It is held by Gemini Trust Company, LLC
  • Your assets are not eligible for protection by CIPF or CDIC
  • Price spread is on the high side

How To Open an Account With Wealthsimple Crypto

To open an account, you must be at least 18 years of age, have a social insurance number, and be a resident of Canada.

If you are not already a Wealthsimple client, you will also need to verify your identity in line with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) requirements.

Open a Wealthsimple Crypto Account


The National Digital Asset Exchange (NDAX) offers an easy-to-use platform to trade 14 cryptocurrencies in Canada. It also has one of the lowest fees for cryptocurrencies in Canada.

It also has one of the lowest fees for cryptocurrency trading. The platform is available on all devices and advanced traders can utilize its advanced charting tools and order types.

  • Great for: Beginners and Advanced traders.
  • Coins offered: 18 types including BTC, ETH, LTC, EOS, XRP, XLM, LINK, USDT, ADA, DOGE, UNI, COMP, AAVE, DOT, and more.
  • Account funding options: Interac e-transfer, bank wire transfer, and bank draft.
  • Trading fees: 0.20% for buy and sell trades; $25 flat fee for CAD withdrawals, crypto deposits are free and there are varying fees for crypto withdrawals.
  • App: Available on iOS and web interface on all devices
  • Promotion: Get $10 when you open and fund a new account with at least $100.
  • Review: NDAX review.

Is NDAX Safe?

95% to 98% of the digital assets on NDAX are in cold storage and the platform uses 2FA and SSL to protect your account. Multiple signatories are required to transfer funds out of cold storage.

NDAX is a registered Money Service Business and complies with rules set by FINTRAC.

Pros of NDAX

  • Offers access to 16 crypto coins
  • Offers instant ID verification
  • It has one of the lowest trading fees in Canada
  • 24/7 access to customer support
  • Access to advanced trading tools

Cons of NDAX

  • Your securities are not protected by CIPF or CDIC
  • It does not offer credit card funding
  • There is a fee for some deposits and withdrawals
Open a NDAX Account

4. Bitbuy

Bitbuy is a top-rated Cryptocurrency exchange in Canada that offers buy and sell trades in Bitcoin, Ethereum, Litecoin, Bitcoin Cash, EOS, XRP, Chainlink, Aave, and Stellar. It was founded in 2016 and operates out of Toronto.

Getting started is a breeze. After creating an account, you can fund it using Interac e-transfer and bank wire to begin trading.

  • Great for: Beginners and Advanced traders.
  • Coins offered: BTC, ETH, LTC, EOS, XRP, XLM, BCH, LINK, and AAVE.
  • Account funding options: Interac e-transfer and bank wire.
  • Trading fees: Up to 0.20% trading fee; up to 1.00% fee for CAD deposits and withdrawals; fees vary for crypto withdrawals.
  • App: Available on iOS and Android.
  • Promotion: Get a $20 bonus when you open an account and make the first deposit of $250 or more.
  • Review: Read my detailed Bitbuy review.

Is Bitbuy Safe?

Bitbuy uses 2-factor authentication and SSL encryption to secure your account. It is registered with FINTRAC as a Money Service Business and 95% of its coins are kept in cold storage.

Pros of Bitbuy

  • Quick sign-up and instant verification
  • Offers multiple coins
  • Offers multiple trading platforms including mobile and advanced trading tools for pros. (including OTC trading)
  • You can access various order types and real-time quotes

Cons of Bitbuy

  • Offers trading in only 9 coins
  • Your assets are not insured by CIPF or CDIC
  • Does not support credit card funding
  • Has fees for withdrawals and deposits
Open a Bitbuy Account

5. Binance

Binance is one of the largest cryptocurrency exchanges in the world with an average volume of $2 billion in trades per day.

The company was founded by Changpeng Zhao and is based in Malta.

If you want an advanced cryptocurrency platform that makes it easy to trade hundreds of crypto pairs, this platform may work for you. It also offers a derivatives crypto market with futures contracts and options.

  • Coins offered: 250+
  • Trading fees: Depends on your membership tier; up to 0.1%
  • Funding options: Cryptocurrency, Interac e-Transfer, debit card, credit card, third-party payments, bank deposit with SEPA
  • Security: 2FA, Withdrawal Address Management, and cold storage
  • Promotion: Get 25% discount on fees when you pay with Binance Coin

Binance also offers an OTC platform for large trades and has its own mobile wallet, Trust Wallet.

Visit Binance

6. is one of the world’s largest cryptocurrency exchanges with over 10 million users in 90+ countries.

Based in Hong Kong, was founded in 2016 and supports 100+ coins including all the popular ones and some lesser-known coins.

In addition to trading crypto, this platform has several other products including its own line of metal Visa credit cards, Crypto Earn (stake coins and earn), crypto loans, margin trading, DeFi, NFTs, and derivatives trading for advanced traders.

  • Great for: Experienced traders and those looking for a wide selection of digital assets
  • Coins offered: 100+
  • Trading fees: Varies depending on your membership tier level up to 0.40% (other fees may apply).
  • Funding options: Cryptocurrency deposits, bank transfer, credit/debit card
  • Security: 2FA, cold storage, encryption
  • Promotion: Get a $25 bonus when you stake enough Coin (CRO) for a Visa credit card. You can also use this referral code (ypa22jvaeg)
  • Review: review.

7. Coinberry

Coinberry is a popular cryptocurrency platform founded in 2017 in Canada. It is based in Toronto and is registered as a Money Service Business with FINTRAC.

Users of the platform can buy 6 different currencies including Bitcoin, Ethereum, Litecoin, XRP (Ripple), Bitcoin Cash, and Stellar.

  • Coins offered: 20+ types
  • Trading fees: Based on a price spread and can be up to 2.5%. Deposits and withdrawals are free
  • Funding options: Interac e-Transfer and wire transfer
  • Security: Coinberry keeps most of its coins in cold storage with Gemini Trust Company, a regulated crypto custodian
  • Promotion: Get a $20 bonus when you open an account and trade at least $50 worth of crypto

Coinberry is available on all devices and has a partnership with the Town of Innisfil and the City of Richmond Hill to accept the payment of property taxes using bitcoin. Learn more in my detailed Coinberry review.

Cons: You can only move 4 coins offline to your personal wallet and the price spread is on the high side.

Visit Coinberry

8. MogoCrypto

MogoCrypto is a cryptocurrency trading platform in Canada. In addition to crypto trading, Mogo also offers other products including free credit scores, personal loans, mortgages, and more.

Mogo is a Canadian financial technology company with offices in Vancouver, Surrey, and Winnipeg. The parent company, Mogo Inc., is publicly traded on the Toronto Stock Exchange and NASDAQ.

Similar to Wealthsimple Crypto, MogoCrypto functions as a broker that makes it easy to purchase cryptocurrency in just a few clicks. MogoCrypto only offers trading in Bitcoin and Mogo members can place trades using the Mogo app or portal.

To gain access to the platform, sign up for a Mogo Account. After, you can fund your account using Interac e-Transfer. MogoCrypto uses Coinsquare (goNumerical Ltd.) to facilitate purchases and sales of Bitcoin and to hold it.

  • Coins offered: Bitcoin
  • Account funding options: Interac e-Transfer
  • Trading fees: 1% trading fee plus the exchange partner’s price may include fees or mark-ups
  • App: Available on iOS and Android
  • Review: Mogo Canada review

Is MogoCrypto Safe?

It bears repeating that trading cryptocurrency is a high-risk gamble. You may win big, or lose a lot of money.

Mogo Inc. is a legitimate company in Canada with an A+ rating on the Better Business Bureau. Your MogoCrypto assets are held with Coinsquare, an exchange that has been around since 2015.

Coinsquare uses SSL and 2FA plus 95% cold storage to protect your account. The company recently ran afoul of the Ontario Securities Commission and both the founder and CEO had to step down.

Pros of MogoCrypto

  • You can easily create a free account within minutes
  • The platform offers instant trades in Bitcoin
  • Funding your account using Interac e-Transfer can be completed within 30 minutes
  • The cryptocurrency exchange by Mogo is based in Canada. Coinsquare keeps your coins safe by putting 95% of crypto assets in cold storage
  • Mogo is a publicly-traded company with more than 1 million members

Cons of MogoCrypto

  • The 1% trading fees do not include mark-ups that may be charged by Coinsquare
  • MogoCrypto only offers trades in Bitcoin. Other cryptocurrencies are not available
  • You cannot transfer your Bitcoin from MogoCrypto to any other wallet or exchange. Also, you cannot transfer Bitcoin purchased elsewhere to the platform
  • There is a hold period when you want to withdraw funds from your account
  • Coinsquare recently had to pay significant fines after it was found misleading investors and inflating trading volumes between July 2018 and December 2019
  • MogoCrypto is only available to residents of Manitoba, Ontario, British Columbia, Alberta, New Brunswick, Prince Edward Island, Newfoundland and Labrador, and Nova Scotia
Visit MogoCrypto

9. Coinbase

Coinbase is a cryptocurrency brokerage platform based in the United States and open to members from 102 countries.

It has over 1,000 employees, 35 million users, and has traded more than $200 billion worth of cryptocurrency.

  • Coins offered: 27
  • Trading fees: Varies based on your location and includes a spread (~0.50%), cost of funding option (up to 3.99%), and a Coinbase Fee for transactions below $200 (expensive)
  • Funding options: Credit and debit cards, bank account, wire transfer, and cryptocurrency
  • Security: 98% cold storage, 2-step verification, hot wallet holdings are insured
  • Promotion: Get a $10 USD bonus when you trade digital currencies worth $100 USD (or equivalent in your local currency)

Coinbase has a crypto exchange, Coinbase Pro, with lower trading fees, charting tools, and advanced options.

10. Bitcoin ATM

You can purchase Bitcoin at a vending machine specifically designed for buying and selling cryptocurrency. Generally, you should already have a Bitcoin address where your Bitcoin will be deposited and you pay using cash.

Some Bitcoin ATMs also allow you to exchange Bitcoin for cash.

The commissions charged by Bitcoin ATMs are typically higher than what you’d pay on an exchange.

As of this update in September 2021, there are 1,868 Bitcoin ATMs in Canada. You can locate the ones in your area here.

How To Store Your Bitcoin

Bitcoin is stored on a wallet that can be installed on your computer or phone. You can also use a hardware wallet or even a paper wallet.

A wallet works like a traditional wallet or bank account and contains your private and public keys.

Your public key is the string of alphanumeric symbols you provide to someone who is sending you Bitcoin. Your private key is what gives you access to your coins and you should guard it carefully.

If your private key is compromised, you can lose all your funds.

The four main types of Bitcoin wallet are:

  • Desktop wallets
  • Mobile wallets
  • Web wallets
  • Hardware wallets

Hardware wallets are offline (aka cold storage) and are the most secure types of wallets available. They can be a bit expensive compared to software wallets.

You can also simply print off your private and public keys and corresponding QR codes on paper and store them in a safe place.

Bitcoin trading platforms like Wealthsimple Crypto, Coinsmart, and NDAX keep your cryptocurrency in cold storage with their custodians or exchange partners.

Is Bitcoin Trading Legal in Canada?

It is legal to buy, sell, and spend Bitcoin in Canada. However, the Financial Consumer Agency of Canada wants you to know that Bitcoin and other cryptocurrencies are not legal tender in Canada.

Only banknotes issued by the Bank of Canada under the Bank of Canada Act and coins issued under the Royal Canadian Mint Act are considered to be legal tender.

This does not stop you from using Bitcoin to pay for goods and services wherever it is accepted as a means of payment.

Also, it is perfectly legal to buy and sell Bitcoin and make a profit or capital gain when you sell your coin for more than you paid for it.

If you are tech-savvy enough to indulge in Bitcoin mining, this activity is also legal in Canada. I should note that as the competition has increased over time, Bitcoin mining has become a lot more expensive.

Is Bitcoin Safe?

Bitcoin is a speculative investment and you should not trade it using funds you cannot afford to lose.

Having lost thousands of dollars day-trading S&P 500, NASDAQ, and Dow Jones Industrial Average (DJIA) e-mini futures in the early 2000s, I’m no stranger to speculative investments and high-risk trading.

These days, only a negligible portion of my net worth goes towards non-traditional assets (e.g. Bitcoin and P2P lending). My portfolio is largely composed of hassle-free one-ticket ETFs.

Bitcoin and other cryptocurrencies can make you a lot of money, but you can also lose 100% of your investments.

A good example of how this can happen is Quadriga. When this cryptocurrency exchange went belly-up in 2019 following the alleged death of its founder, Gerald Cotten, customers lost $215 million.

I lost approximately $600 or so in Ether when this happened.

In addition to unscrupulous exchanges, there is also a challenge with hackers who steal Bitcoin from exchanges through ransomware and other fraudulent means.

As per this Forbes article, over $4 billion worth of cryptocurrencies was stolen in the first half of 2019 alone.

It goes without saying that Bitcoin trading is a very risky venture and you should only invest in it after doing your due diligence.

In order to decrease the chances that you could lose your funds, use a regulated cryptocurrency trading platform and avoid leaving your Bitcoin in a hot wallet.

Pros and Cons of Trading Bitcoin

There are many advantages and disadvantages of trading Bitcoin in Canada.

Pros of Bitcoin

  • Bitcoin has the largest market capitalization among cryptocurrencies and is easy to buy and sell i.e. it is liquid
  • Its acceptance as a means of payment for goods and services has increased and it has real-life utility. You can also exchange Bitcoin for fiat currencies e.g. CAD, USD, EUR,GBP, and others
  • You can make money trading Bitcoin if you buy low and sell high
  • It has a finite supply which infers it should be able to hold intrinsic value over the long term. This also makes it less sensitive to inflation
  • It is a decentralized system and is theoretically not subject to the whims and caprices of any Central Bank
  • Bitcoin offers in-built privacy protections and transactions are anonymous

Cons of Bitcoin

  • The value of Bitcoin fluctuates wildly and often there are no concrete fundamentals to explain the big movements in price
  • Hackers can steal Bitcoin from wallets especially those online. Stolen digital currencies are often not recoverable. You can also lose your keys and access to your coins
  • There is limited regulatory oversight of digital currencies by the government. So, if you are a victim of fraud, you may have limited recourse to get your money back
  • Your funds are not protected by Canada Deposit Insurance Corporation (CDIC) or the Canadian Inevstor Protection Fund (CIPF)
  • There are lots of competing alternative coins (alt-coins) and many Initial Coin Offerings (ICOs) are introduced each day. As the numbers increase, Bitcoin becomes less dominant
  • Bitcoin is not accepted as a means of payment by most businesses and it is banned in a few countries
  • Bitcoin mining uses a lot of electricity (energy) which is detrimental to the environment

Bitcoin Taxation in Canada

Gains from cryptocurrency trading are taxable in Canada. As per the Canada Revenue Agency (CRA), cryptocurrency is treated as a commodity under the Income Tax Act.

How you report the gains or income from digital currencies depends on whether you are:

  • Accepting payments in cryptocurrencies
  • Trading cryptocurrencies, or
  • Mining cryptocurrencies

Let us start with the business owner who accepts Bitcoin as a means of payment. In this case, the value of Bitcoin received is reported as business income for tax purposes.

In order to figure out the value of the transaction, you can use the exchange rate available at the time of the transaction in Canadian dollars.

If your business is registered to collect GST/HST, you must also collect and remit this tax amount.

Infrequent Bitcoin users may also have to pay taxes on Bitcoin usage.

For example, if you bought Bitcoin in order to pay for goods and services and it increases in value, you are required to declare a capital gain when you dispose of it. The same applies to buy and hold investors.

Capital gains are taxed differently from income. Only 50% of your gains are added to your taxable income for the year.

If you incur a loss, it is treated as a capital loss and can be offset against capital gains for the year or any of the preceding three years.

If CRA classifies you as a day trader based on the nature of and frequency of your transactions, your profits may be taxable as business income.

Cryptocurrency miners who are deemed to be conducting a business will have to report profits as taxable income.

There are many angles to how the CRA considers cryptocurrency profits. For instance, taxable income or capital gains may also be generated when you exchange one cryptocurrency for another e.g. Bitcoin for Ethereum.

You can check this CRA guide for more information.

Wealthsimple Crypto vs. Bitbuy vs. Coinsmart

FeaturesWealthsimple Crypto

Cryptocurrency offeredBTC, ETH, UNI, AAVE, LTC, COMP, BCH, DOGE, CRV, KNC, BAL, SNX, MKR, YFI, BAT, BCH, & more (28 types)BTC, ETH, LTC, EOS, XRP, XLM, NEO, ADA, QCAD, USDT, BCH (11 types)BTC, ETH, LTC, EOS, XRP, XLM, LINK, USDT, ADA, DOGE, UNI, DOT, COMP, AAVE, & more (18 types)BTC, ETH, LTC, EOS, XRP, XLM, BCH, LINK, AAVE (9 types)
Funding methodsBank transfer, crypto depositsInterac e-Transfer, bank transfer, credit card, bank draft, cryptoInterac e-Transfer, bank draft, bank wire, cryptoInterac e-transfer; bank wire, crypto
Fiat currency acceptedCADCAD and USDCADCAD
RegulatedCanadian Securities Administrators (Regulatory Sandbox)NoNoNo
Cold wallet storageGemini Trust Company, LLCCoinsmartNDAXBitbuy
Trading fees1.5%-2% price spread; no deposit or withdrawal fees0.20% for CAD-crypto; 0.40% for crypto-crypto; up to 6% for credit cards0.20% for trades; $25 flat-fee for CAD withdrawals; crypto deposits are freeUp to 0.20% per trade; Up to 1.50% fee for deposits and withdrawals
PromotionGet $50 when you sign up here and trade $150 or moreGet $20 when you sign up and deposit at least $100Get $10 when you sign up and fund with $100Get $20 when you sign up and deposit a minimum of $250
Other offeringsRobo-advisor and brokerage platform; high-interest savings account; tax softwareAdvanced charting and order types for advanced tradersAdvanced charting and order types for advanced tradersAdvanced charting for pro traders
Learn moreLearn moreLearn moreLearn moreLearn more

*Terms and conditions apply.

Have you traded any cryptocurrencies since they took to the airwaves? Let us know about your experiences in the comments.

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, Credit Canada, MSN Money, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

4 thoughts on “How To Buy Bitcoin in Canada (A Cryptocurrency Trading Guide)”

  1. Hi Enoch! Hope all is well. I like the article. I only started investing in Crypto currencies in November of this year. You have all solid points, but some comments don’t make sense to me. Such as, “Bitcoin mining uses a lot of electricity (energy) which is detrimental to the environment”. I’d like to hear your facts on this and why it is not considered that banks, and their infrastructure, are exempt from getting such a comment made about them?
    Also, ” it has been used to fund various illegal activities including terrorism and money laundering”. Again, it is as if you’re saying the general public are oblivious to these activities with fiat currency, and yet the moment they hear that something bad was funded by crypto currency they scorn it. I’m no economist, but I would like to know why this is included in your description of what Bitcoin is? This has nothing to do with what it is, however it just proves that it is as real as fiat currency in that the bad people of the world will use it for bad.
    Case and Point: A company makes teddy bears to donate to sick children; A drug dealer places drugs in a teddy bear for distribution….
    I don’t see how this has anything to do with what a Teddy Bear is intended for.

  2. Can you hold Bitcoin funds in an RRSP? i.e. QBTC?
    Or, is that not allowed according to the CRA?

    • Good question. I’m not 100% certain. Since it has been packaged as an ETF, I’d say yes, but will have to dig further. The QBTC has been on my radar as well, although, I am considering it for a non-registered account.

  3. What kind of “how to buy bitcoin in canada” article doesn’t even cover which banks allow debit and/or credit card purchases to these registered crypto vendors? From what I can gather none of them do.

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