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5 Best Ways To Buy Crypto With a Credit Card in Canada 2023


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If you are looking for ways to buy cryptocurrency with a credit card in Canada, this guide covers some of the best options available.

While buying Bitcoin using a credit card used to be more accessible, the number of trading platforms and card issuers that support crypto purchases using a credit card appears to have dropped in recent years.

For example, you can no longer link a credit card to your Coinbase account. And, for Binance, buying crypto using a credit card means you have to pay in USD and a few other currencies, but not Canadian dollars.

Read on to learn about the best places to buy crypto instantly using a credit card, the fees you will pay, and the pros and cons of buying Bitcoin with a credit card.

How To Buy Crypto With a Credit Card

To buy Bitcoin or any other cryptocurrency with a credit card, you will want to follow these steps.

  1. Open an account: Set up an account at a cryptocurrency that supports crypto purchases using a credit card. Since not many of these are available, you could start by looking at the platforms listed below. Registration generally involves providing your basic personal information and passing a KYC that confirms your identity.
  2. Add a funding method: You can fund your account with fiat currency using a direct bank transfer, a debit or credit card, or via crypto deposits from an external wallet.
  3. Purchase crypto: Place a ‘buy’ order for your preferred crypto coin and pay using a credit card. You will need to enter your card details, including the card number, expiration date, and CVV.

Best Sites To Buy Crypto With a Credit Card in Canada

While these crypto trading platforms allow you to purchase cryptocurrency with a credit card, some credit card companies do not allow it. If this is the case, your transaction may not be completed.

1. CoinSmart

CoinSmart is the best place to buy bitcoin and other crypto assets instantly using your credit card. Based in Canada, this crypto exchange now operates in multiple countries in Europe as well.

It is one of a few Canadian crypto sites that support multiple fiats, funding methods, and crypto credit card purchases.

When buying crypto using any other funding source, you pay one of the lowest trading fees at 0.20%. However, with credit card purchases, a fee of up to 6% is charged.

Funding using a credit card occurs instantly, with a minimum of $100 and a maximum of $5,000.

Offer: Get a $50 bonus when you deposit $200 or more in your new account.

CoinSmart Crypto Exchange

coinsmart logo

Top crypto exchange in Canada

Great for new & advanced traders

0.20% trading fee

Get a $50 bonus when you deposit $200

2. Trust Wallet

The Trust Wallet is a software wallet for holding various crypto coins. It helps crypto investors take ownership of their private keys to protect their investments.

Along with keeping your coins safe, you can use Trust Wallet to buy and sell cryptocurrency.

For example, you can use it to buy Bitcoin with a credit card starting at a minimum of $50 USD and up to $20,000 USD.

Trust Wallet is available on the App Store and Google Play.

While it does not charge you directly, you can expect to pay a 3.5% transaction fee on credit card purchases to Simplex or a minimum of $10 USD (whichever is greater).

3. Bitbuy

Bitbuy is a Canadian crypto exchange offering multiple coins and a way to pay with your Visa or Mastercard credit card.

Like Trust Wallet, Bitbuy uses Simplex to process credit card transactions with a 6.50% processing fee.

For non-credit card purchases, the transaction fees on Bitbuy are up to 0.50%.

4. MyBTC

MyBTC is a crypto brokerage for Bitcoin and Ethereum.

To buy Bitcoin on MyBTC, you can fund your purchase with a credit card, Interac e-Transfer, bank wire, or Flexepin vouchers.

The following fees apply, and they are on the high side when compared to the other platforms on this list.

  • Credit card: ~ 9.75%
  • Flexepin: 9.75% or $5 minimum (whichever is greater)
  • Bank wire (4.75%)
  • Interac e-Transfer: 7.75% or $10 minimum (whichever is greater)

Purchase limits for credit card transactions are $75 minimum and $25,000 maximum.

5. CEX.io

CEX.io is a crypto exchange available in multiple countries. It allows credit card crypto buys in Canada.

Credit card transactions will cost you 2.99% for deposits, and for withdrawals, you pay a service charge and commission as follows:

  • Visa: Service charge (up to 3% + $1.20); Commission: Up to $3.80.
  • Mastercard: Service charge (up to 1.8% + $1.20); Commission: Up to 1.20% + $3.80

Alternatives To Buying Crypto With a Credit Card

Buying crypto with a credit card will cost you more in fees.

If you plan on funding your account using bank transfer, debit card, or Interac e-Transfer, these crypto sites also come in handy:

  • Wealthsimple Crypto

Wealthsimple Crypto

wealthsimple logo

Trade several cryptocurrencies

Excellent trading platform

1.5% to 2% trading fee

Get a $25 bonus when you deposit $200+

  • Newton



Trade several popular coins

Excellent crypto broker for newbies

Up to 2.20% trading fee

Get a $25 bonus when you trade $100

  • Shakepay



Trade Bitcoin & Ethereum fast

Works for new & advanced traders

1-3% trading fee, free withdrawals

Get a $5 bonus when you trade $100

Pros and Cons of Buying Crypto With a Credit Card


  • Instant purchase of cryptocurrency
  • You can buy crypto even if you don’t have cash available


  • Credit cards have hefty fees if you don‘t pay off your monthly balance
  • Some credit cards charge a cash advance fee
  • FX fees may apply if your purchase is in a different currency
  • Higher trading commissions when paying with a credit card
  • Some platforms offering crypto purchases with a credit card are scams

Should I Buy Cryptocurrency With a Credit Card?

Cryptocurrencies are speculative investments and the risk you take only increases when you use borrowed funds.

If you can avoid it, only buy crypto using the money you can afford to lose.

We do not recommend buying crypto using a credit card.

Buy Crypto With Credit Card FAQs

Is it legal to buy crypto with a credit card?

Yes, it is legal to buy crypto using a credit card in Canada. That said, some credit card companies and crypto exchanges do not support this payment method.

Is it safe to buy crypto with a credit card?

It can be safe to buy crypto with a credit card if you are purchasing a legit platform like CoinSmart.

Which credit card can be used to buy crypto in Canada?

Most crypto exchanges that support crypto credit card purchases only accept Visa and Mastercard.

Does buying crypto with a credit card count as a cash advance?

Paying directly with your credit card may appear as a regular purchase. If you deposit funds in your crypto account using a credit card, cash advance fees typically apply. Some credit card companies charge cash advance fees on all crypto purchases.

What is the best site to buy crypto with a credit card in Canada?

The best site to buy crypto using a credit card in Canada is CoinSmart.

Can I buy crypto with a credit card on Binance?

Yes, you can buy crypto using a credit card on Binance.

Can I buy crypto with a credit card on Coinbase?

Yes, if you have already linked a credit card to your Coinbase account, you may be able to use it to purchase crypto.

Which banks allow crypto purchases in Canada?

Banks that allow crypto purchases in Canada include TD, CIBC, RBC, BMO, National Bank, HSBC, Scotiabank, and Desjardins. While they usually allow Interac e-Transfers, wire transfers, and debit cards, some block credit card payments.


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.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances. You can read his full author bio.

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