I cover how to buy Bitcoin Cash (BCH) in Canada, the cryptocurrency exchanges offering BCH trading, and the best Bitcoin Cash wallets you can use to store the coin.
How To Buy Bitcoin Cash in Canada
You can buy Bitcoin Cash in Canada using one of these methods:
Cryptocurrency Exchange: A digital asset exchange allows users to trade various cryptocurrencies, including BCH, Ethereum, Dogecoin, and others. They often accept various funding methods, including direct bank transfers, crypto deposits, and credit cards.
Examples of crypto exchanges offering Bitcoin Cash in Canada include CoinSmart, NDAX, Binance, and Bitbuy.
Cryptocurrency Broker: These crypto trading platforms are great for beginners looking to invest in Bitcoin Cash. They are user-friendly and offer quick trades with 1-2 clicks.
Fees on cryptocurrency brokerages may be higher, and some limit your ability to move your coins into a personal cold wallet.
Examples of crypto-brokers offering Bitcoin Cash in Canada are Wealthsimple Crypto, Newton, and Netcoins.
Crypto ATMs: You can buy Bitcoin Cash at some crypto ATMs in Canada.
Mining: If you are tech-savvy and have the right equipment, you could help solve the complex math problems required to verify BCH transactions. In return, you earn Bitcoin Cash.
After opening an account to buy Bitcoin Cash and verifying your identity, you need to fund it with fiat or crypto.
Best Places To Buy Bitcoin Cash in Canada
Below are some of the sites offering Bitcoin Cash (BCH) trading.
1. Bitbuy
Bitbuy was founded in 2016 and was one of the first cryptocurrency exchanges to offer Bitcoin Cash in Canada. In addition to BCH, it also supports Ethereum, Bitcoin, Chainlink, Aave, ADA, SOL, and many others.
Funding methods: Interac e-Transfer, bank wire, and crypto deposits.
Fees: Trading fees on Bitbuy are up to 2%.
Promotion: Get a $50 bonus when you deposit $200 or more in your new account. This Bitbuy review has more details about how it works.
Bitbuy Crypto Exchange
Get a $50 bonus if your initial deposit exceeds $250
Trade over 50 popular coins
Great for new & advanced traders
0% to 2% trading fee
2. Wealthsimple Crypto
Wealthsimple Crypto is a registered crypto trading platform offered by Wealthsimple Digital Assets Inc.
You can use it to buy and sell Bitcoin Cash and 50+ other coins, including the likes of Uniswap, Compound, Balancer, Fantom, and Uma.
Funding method: Electronic Fund Transfer (for both deposits and withdrawals). You can’t deposit or withdraw crypto.
Fees: There are no fees to deposit or withdraw fiat. A 1.5-2% price spread applies to buy and sell transactions.
Promotion: Get a $25 bonus when you deposit at least $200.
Wealthsimple Crypto
Trade several cryptocurrencies
Excellent trading platform
1.5% to 2% trading fee
3. Newton
This cryptocurrency brokerage was established in 2018. It offers Bitcoin Cash trading and 44 other cryptocurrencies.
Funding methods: You can fund your Newton account using Interac e-Transfer, EFT, bank wire, and crypto.
Fees: Trading fees range from 0.50% to 2.20%. There are no fees to deposit or withdraw fiat.
Learn more about Newton in this review.
How To Sell Bitcoin Cash in Canada
It is easy to sell Bitcoin Cash when you have a cryptocurrency trading account. Simply log into your account and place a sell order.
When the transaction is completed, you can withdraw the cash proceeds into your bank account or leave it in your fiat wallet for future crypto purchases.
What is Bitcoin Cash?
Bitcoin Cash was created in 2017 after a hard fork from Bitcoin that was supposed to solve some of Bitcoin’s problems with scalability, including network speed.
Bitcoin Cash has a larger block size (32MB) versus a 1 MB block size for Bitcoin. As such, Bitcoin Cash can process transactions much faster and is cheaper for payments.
While Bitcoin Cash has lower transaction fees, it hasn’t seen as much success as the original cryptocurrency, Bitcoin.
In 2018, Bitcoin Cash also went through a hard fork, resulting in Bitcoin Satoshi Vision or Bitcoin SV.
Bitcoin, Bitcoin Cash, and Bitcoin SV use the Proof of Work (PoW) consensus mechanism.
Learn more about Bitcoin Cash and how it works.
How To Store Bitcoin Cash
Bitcoin Cash can be stored using a hot wallet (online wallet) or cold wallet (hardware wallet). There are also various mobile or software wallets available for free from various providers.
Lastly, you can use a paper wallet after printing off your private and public keys.
Cold wallets are considered safer than hot wallets linked to the internet. Examples of cold wallets for Bitcoin Cash include Ledger and Trezor.
Is Bitcoin Cash a Good Investment?
There are no guarantees that Bitcoin Cash will continue to appreciate in price or value in the future.
As with all other cryptocurrencies, Bitcoin Cash is a speculative investment, and you should only invest funds you can afford to lose.
Bitcoin Cash FAQs
Bitcoin is still considered to be the most valuable cryptocurrency, and it has performed better than Bitcoin Cash so far. Both can be useful to have in a portfolio. Here’s how to buy Bitcoin in Canada.
Of the Canadian cryptocurrency exchange options listed above, CoinSmart has the lowest trading fees.
Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.
