Canada is one of the countries Bitcoin is the most popular in. According to a study done by Bank of Canada, 58% of Canadians have owned or own Bitcoin. That’s an enormous number and is most likely due to the countries friendly laws and, regulations, and friendly mining conditions.
Buying Bitcoin in Canada
Canada has several cryptocurrency exchanges that allow users to purchase Bitcoin. Coinbase, one of the most popular Bitcoin exchanges in the world, allows users to purchase Bitcoin with a bank transfer and debit cards.
Unfortunately, Coinbase does not allow credit card purchases as most card providers do not allow cryptocurrency to be purchased with their cards.
In order to find the right Bitcoin exchange, you will want to take a look at the exchanges fees, security, purchasing limits, customer support, and general community standpoint.
Canadian Bitcoin Exchange Fees
Typically, one should expect 1%-2% fees when a bank account is used to purchase Bitcoin on an exchange. If a debit or credit card is used, expect between 4%-10% fees. If you have to pay 10% fees, it recommends avoiding that Canadian exchange unless there are no other options.
Canadian Bitcoin Exchange Limits
Depending on how often and how much you want to purchase, certain exchanges will be better for you.
Buying Ethereum In Canada
Many of the exchanges that Bitcoin can be purchased on, Ethereum can too. We recommend using Coinbase due to its low fees, simple user interface and great customer support.
Bitcoin Mining In Canada
One possible reason for this is due to the generally low electricity cost of the country. Low electricity ultimately makes it more profitable for Bitcoin miners to mine. To calculate your Bitcoin mining profitability, check out the Cryptocompare mining calculator. Input your electricity cost, mining pool fee, hash rate and have a personal estimate delivered to you!
Bitcoin Wallets In Canada
In order to find the best Bitcoin wallet in Canada, you’ll have to figure out what you need the wallet most for. There are 3 main types of wallets, and 2 main uses of wallets
The types of wallets are:
- Hardware Wallet
- Software Wallet
- Web Wallet
The main uses of wallets are:
- Hot Wallet (Everyday Use)
- Cold Wallet (Long Term Storage)
Hardware Wallets In Canada
In Canada, you have access to several hardware wallets. Hardware wallets are the most secure option by far and are used as cold wallets. The security offered by hardware wallets are unrivaled to the fact that the wallet must be held in person to move coins. Here are some of the most popular Bitcoin hardware wallets in Canada.
Ledger Nano S
The Ledger Nano S is the most popular cryptocurrency wallet out there. It has a beautiful interface and allows you to store hundreds of cryptocurrencies.
Trezor is another fantastic option and is another secure option. The Trezor is larger than the Nano S and holds a slightly less amount of cryptocurrencies.
Software Wallets In Canada
Due to the nature of the internet, for almost all software wallets, the country you live in won’t matter too much. Some of the best Bitcoin software wallets are Mycelium, GreenAddress, and Samourai wallet.
Overall, Bitcoin is widely accepted in Canada and is owned by a lot of citizens. While the mining in the country is relatively profitable, this could change in the future. There are a few exchanges limited to purchase Bitcoin and Ethereum on in Canada, but the global ones are better in terms of fees, limits, and privacy.