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Austin Jacob • June 23rd, 2020

How To Buy Bitcoin In Canada

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How to Buy Bitcoin in CanadaYou’re here because you want to buy Bitcoin in Canada.

But…

With all the different options available, you’re unsure which is the best exchange to use.

Below we will list and explain eaches pros and cons to help find the best one for you.

Once you’ve figured out which exchange you’d like to use, head to the bottom of the guide for step by step tutorials on how to use each exchange.

Comparison

Method Established Fees
Bank 2013 ~4%
coinmama
Method Established Fees
Card 2013 5.9%

Coinbase ReviewCoinbase is probably one of the most popular and well-known exchanges in the world. It allows Canadian residents to buy Bitcoin using their debit card.

Unfortunately, Coinbase does not support Canadian bank transfers (EFT), and most credit card companies do now allow credit card cryptocurrency purchases.

This leaves debit cards as your only option in Canada.

If you are still interested in using Coinbase to buy Bitcoin with your debit card you will be charged 3.99% fees and have a $250 daily limit.

Coinbase is a brokerage that functions slightly different than an exchange.

On a brokerage, you are buying directly from Coinbase, as opposed to an exchange where another user sells their Bitcoin.

If a card is used to purchase Bitcoin on Coinbase, you will have instant delivery!

Visit Coinbase
Read Review

 

bitbuy.ca reviewBitbuy.ca is a popular exchange in Canada that has been buying and selling digital currency since 2013.

After creating an account on Bitbuy you will need to fill out some basic information.

The exchange has automatic verification making it quick and easy to purchase cryptocurrency.

Bitbuy offers competitive low fees for buying (.75%) and selling (.5%). You can buy and sell with market orders, or set your own price with a limit order.

If you are doing a larger order, Bitbuy has a dedicated in house OTC desk to facilitate large amounts.

These fees are pretty low compared to other options, but where Bitbuy.ca makes their money is through deposits and withdrawals.

Their deposit options include Interac e-Transfer, bank wire, and Flexepin.

Bank transfer deposits are typically .5%-2% fees while the fees for withdrawal are 1.75%-3%.

Visit Bitbuy.ca
Read Review

 

Coinberry is another Canadian cryptocurrency option that allows you to purchase Bitcoin in minutes. What's great about them, is they have 0 withdrawal and deposit fees as well as purchasing limits of just $50!

Trading fees are .5% which may appear high compared to other traditional exchange options. That being said, they have no other hidden fees or cryptocurrency premiums making them a very realistic option for purchasing Bitcoin in Canada.

Their user interface is also pretty sleek making it simple for beginners to get started with cryptocurrency. For funding methods, Coinberry allows cards, Interac Transfers, and bank transfers. Like many other exchanges and brokerages, they are an extremely secure option featuring industry-standard cryptocurrency cold storage.

Visit Coinberry

 

Coinsquare calls themselves the home for digital currency, and for good reason. They've been serving Canadian residents since 2014. In 2018, they added supporter for many European countries. In addition to Bitcoin, they also offer many altcoins such as Ethereum, Ripple, and more.

Payment methods on the service include bank deposits, credit & debit cards, Flexepin, and Transfer.

For fees, Coinsquare charges a .1% maker fee (offering liquidity) and a .2% taker fee (taking liquidity). On top of trading fees, some deposit and withdrawal methods have a respective fee attached. Overall, their trading fees are pretty competitive with all other exchanges. However, the deposit and withdrawal fees are certainly something to consider.

In terms of limits, Coinsquare will have different ones depending on the method. The minimum for most methods is $100 while wire transfer limits are unlimited. For the most part, limits shouldn't be too much of an issue.

Visit Coinsquare Read Review

Coinmama is another beginner-friendly cryptocurrency brokerage that focuses on credit and debit card purchases. They offer instant delivery and sell Bitcoin, Ethereum, Ripple, Litecoin, and more to 46 US States, and most countries.

Coinmama doesn’t provide its users with a wallet on the exchange. Instead, users are asked to provide a wallet address to send the purchased cryptocurrency to. As long as you have your own wallet, this shouldn’t be an issue!

Coinmama charges a fee of around 5% for credit and debit purchases with instant delivery and high purchasing limits of a max of $5,000 daily, and $20,000 monthly. 

Visit Coinmama Read Review

 

MyBTC.ca is Canadian Bitcoin brokerage site that allows Canadians to buy Bitcoin with both instant and same-day payment methods. These include:

  • Interac e-Transfer
  • Bank Wire
  • Instant Debit
  • Flexepin vouchers
  • Cash & Interac at Canada Post

In terms of buy buying limits, you can purchase anywhere from $50 all the way to $100,000. The exchange requires ID verification that can be submitted online and is usually approved within 1-hour.

If you prefer to complete it yourself in-person you can, thanks to an agreement with Canada Post and their 4,000+ locations nationwide.

For support, the exchange is available through live chat, SMS text, phone or email.

Lastly, in terms of fees, the exchange ranges from 4.75-7.75% depending on the payment method used.

Visit MyBTC.ca

 

LocalBitcoins is available in all countries, including Canada. Localbitcoins operates a bit differently than most exchanges as it is an escrow service.

The most common payment method on Localbitcoins is cash deposits, making it one of the most convenient options for privacy.

Localbitcoins requires you to meet a seller in person to facilitate the transaction.

In terms of fees, Localbitcoins charges 1% for the use of their escrow services.

Visit LocalBitcoins

 

Coinbase Pro is Coinbase’s exchange, so both of these options are available in Canada.

Coinbase Pro doesn’t have the most beginner-friendly interface, but if learned might be one of the best exchanges to make your Bitcoin purchases on.

Coinbase Pro charges close to 0% fees on a limit order, and variable fees on market orders depending on your monthly trading volume.

Visit Coinbase
Read Review

 

Kraken is a popular exchange with a wide variety of trading pairs, including Bitcoin.

Kraken has around .25% fees that can be decreased after having a lot of trading volume.

The exchange also has decent limits that increase as your account’s verification tiers rank up.

Kraken like most exchanges requires your ID to be able to trade on the exchange.

Their exchange doesn’t have the best user interface but can easily be gotten around after spending some time on the exchange.

Visit Kraken

 

Changelly is an option too and is a shapeshifting service that allows users to select two currencies and have them swapped.

They specialize in crypto to crypto transactions, but also allow users to use debit and credit cards to purchase cryptocurrency.

Changelly charges .5% fees on crypto to crypto transactions plus around 5% when fiat is used.

This is likely a viable option if you have other altcoins to exchange. Otherwise, other exchanges will offer the same service with lesser fees.

Visit Changelly

 

Bitcoin ATM’s are appearing more and more as Bitcoin’s adoption increases.

Bitcoin ATM’s allow you to buy Bitcoin with cash. This is one of the more private options although there are typically 5% fees when used.

Use this map to find Bitcoin ATM’s near you.

Canadian Bitcoin Exchange Guides

How to Use Coinbase

Coinbase is one of the most popular exchanges around the world, and for good reason.

It’s a fantastic beginner exchange due to its simple user interface.

Even though the signup and buying process is pretty straightforward, we’ll still show you how to purchase Bitcoin on Coinbase!

To get started, create an account on the exchange!

They’ll ask for some basic information such as name, birth date, address, and more.

After this information is entered, there will likely be a screen asking for identity verification.

Don’t worry, as Coinbase is an extremely trustworthy exchange, and will keep your personal information safe.

Once an account is created, you will need to link a payment method. For Canadian’s Coinbase, your ONLY payment option is a debit card.

Coinbase Canada Payment Methods

Coinbase will need to verify the debit card, by asking you questions about the last test debit transactions they put through.

Once these are done, you are ready to purchase Bitcoin and other cryptocurrencies on Coinbase!

Initially, you’ll be able to spend the equivalent of $25,000 weekly, but this can be upgraded to $25,000 daily through further verification.

How to Use BitBuy.ca

Bitbuy CA Signup

BitBuy.ca is a Canadian only exchange that makes it easy to purchase Bitcoin.

To begin purchasing cryptocurrency on the exchange, you’ll need to create an account, and enter some basic information.

Next, is more personal information such as a picture of your ID, a photo of you with your ID, and a proof of address document.

Expect it to take 1-3 days to get your Bitbuy.ca account verified, so make sure to do this ahead of the time you’d like to buy on the exchange.

Once verified, you are ready to use the exchange! You can deposit fiat or cryptocurrency and sell to the respective accounts/wallets.

How to Use MyBTC.ca

MyBTC.ca is another Canadian exchange/brokerage that offers a variety of payment methods.

If you’re ready to use the exchange, go to the middle part of the website and click which method you’d like to use.

mybtc.ca buying guide

Similarly to Coinmama, this exchange requires you to have a valid Bitcoin wallet address before purchasing.

After your account is verified, you’ll need to fill out the request information and Bitcoin will be sent near instantly!

 

How to Use Coinmama

Coinmama is a cryptocurrency brokerage that sells cryptocurrency to people around the world.

As stated above, Coinmama specializes in card transactions and requires you to have a valid wallet address before purchasing.

If these are both good for you, you are ready to create an account on Coinmama!

Just like all of the other Canadian Bitcoin exchanges, they will ask for personal information to be verified, as well as ID verification.

Once this is all taken care of, you are ready to buy Bitcoin on Coinmama.

Choose a pre-built package sizing, or buy a specific amount using the slider at the bottom!

Buying Bitcoin on Coinmama

After your payment gets processed, you’ll receive the cryptocurrency in the next few minutes!

And there you have it, a guide to purchasing Bitcoin on Coinmama.

How to Use LocalBitcoins

LocalBitcoins is one of the m0re different exchanges on this list. It typically focuses on a more private person to person transactions.

The exchange itself doesn’t do much exchanging, its more of an escrow service.

To use the exchange, create an account. They may require some lite levels of verification like a phone number.

Next, select the type of transaction you are trying to do.

how to buy on localbitcoins

This example will use a cash deposit, but there are several more options available on the exchange.

Hit search and a bunch of offers will appear. For the most part, you’ll want to choose the offer with the lowest premium on the price of Bitcoin.

Each buyer will provide instructions on how to proceed but it usually has to do with sending a bank wire to an account, and then receiving Bitcoin once it confirms.

While there can be scams on all services like this, choose options with high feedback and you should have no issues.

How to Use Kraken

Kraken is another US-based exchange that also offers Canadians the option to purchase Bitcoin and other cryptos.

They offer Canada domestic wires, and Canada Post in-person cash/debit.

As you’d probably guess… create an account on Kraken to begin.

Just like the others, you’ll have to upload a picture of yourself with your ID for verification purposes.

This should take a few days, so be prepared and start this early.

Once this is all done, link your bank account and send a deposit into the exchange.

The Kraken order book can be confusing for crypto/trading newbies, which is why we do not rank them higher on this guide.

How to Use Changelly

Changelly Buy Bitcoin CanadaLast, but certainly not least is Changelly.

Changelly is a bit unique in that you are trading without sending a balance into the exchange.

They use a similar credit and debit card processor to Coinmama, and allow you to purchase several cryptocurrencies and Bitcoin using a card.

Create an account on Changelly, and do the basic signup information.

Once this is done, select an input and output currency. For most of you, you’ll want to do select a fiat currency as an input, and Bitcoin as an output.

Just like some other brokerages mentioned here, make sure you have a valid address first.

Bitcoin Mining in Canada

Mining is another alternative to obtaining Bitcoin, but it is not recommended for most people.

However, if you are based in Canada, it may be profitable! Let’s find out why.

When mining cryptocurrency, you are using your computer’s power to solve cryptographic puzzles that are extremely difficult.

In the event that your computer solves one, you are rewarded with Bitcoin!

Most people don’t mine because it is not profitable. You may be wondering, how is that possible?

This is because when mining, your device is using electricity that you are most likely paying for.

So even if you earn Bitcoin for mining, the cost of electricity could cost you to go into the negatives!

Canada has some of the cheapest electricity in the world, meaning it may be profitable for you!

 

Frequently Asked Questions

What is the Best Bitcoin Wallet in Canada?

Unless for some reason you are unable to order a wallet to Canada, the best wallet in one country will be the same for the other.

Similarly to buying Bitcoins, there is no best wallet, as there are several factors to decide on.

Luckily for you, we have a post comparing and contrasting the most common Bitcoin wallets the same way we did in this post!

What is the Best Exchange in Canada?

There is no exact answer, as depending on the payment method certain exchanges will be better than others.

However, Coinbase and MyBTC.ca are two great options for buying Bitcoin in Canada.

When is the Best Time to Buy Bitcoin?

There isn’t necessarily the best time to purchase Bitcoin, as the price fluctuates often. Typically, it is best to buy when others are scared as you can get a great price.

Is Bitcoin illegal in Canada?

Nope! Bitcoin is owned by thousands of people in Canada.

There are very few places where Bitcoin is illegal, and typically it has to do with certain types of transactions Bitcoin is used for.

The Canadian government has been relatively quiet on Bitcoin, which is a good sign.

If they had any issues with it, they would have made it clear.

Can Bitcoin gains be taxed in Canada?

Yes, in most places Bitcoin is subject to capital gains and losses. For more info on cryptocurrency tax software, read our cryptocurrency tax software guide!

What factors determine the best Canadian Crypto Exchange?

When deciding which exchange to buy Bitcoin on, you will have to consider a number of factors such as supported payment methods, trading volume, fees, delivery speed, limits, and community reputation.

Depending on how fast you need your Bitcoin, or what payment methods you have available, certain exchanges will be better than others.

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