In Canada, the adoption of Bitcoin and other cryptocurrencies has been steadily growing. Because the price of bitcoin is also increasing, users are looking for how to buy bitcoin in Canada in local currency.
The good thing is that there are a bunch of cryptocurrency exchanges that allow users to buy bitcoin in Canada with different payment methods, and users just have to choose the best one.
Choosing the right platform is crucial to ensuring a smooth and secure transaction process.
So to make this process easy, Cryptoswami.com brings you the top nine platforms to buy bitcoin in Canada, covering their features, pros and cons, and user experience.
This guide may help you decide what to look for when choosing a cryptocurrency exchange.
Here are 9 platforms to buy bitcoin in Canada.
Buy bitcoin in Canada on Bitbuy.
Bitbuy is a Canada-based cryptocurrency exchange that allows users to buy bitcoin in Canada. The exchange was established in 2016 and serves more than one million users.
Bitbuy is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It is also registered with the Ontario Securities Commission and Canadian Securities Administrators as a crypto asset trading platform.
It has listed more than 45 cryptos for buying and selling with a minimum of 50 CAD.
To buy bitcoin in Canada on Bitbuy, you have to create an account and complete KYC verification. After that, deposit CAD to buy bitcoin or other cryptocurrency. This complete guide shows you how to buy bitcoin in Canada on Bitbuy.
It provides simple and advanced trading features for both types of traders. Users can also download mobile apps for a smoother experience.
Payment Methods: Bank wire, credit and debit card, Apple Pay, and Interac E-Transfer.
- Make a fee table.
- Regulated by FINTRAC.
- It has buy-and-sell features.
- It has a popular coin listed.
- Support a wide range of payment methods.
- Extremely high fees.
- It only has 45 cryptos for trading.
- The minimum buying amount is 50 CAD, which is high.
- Low trading volume.
Buy bitcoin Canada on Shakepay.
If you are still searching for how to buy bitcoin in Canada, then this Canadian based wallet may help.
Shakepay is a money app and contains all features, from buying bitcoin to sending and receiving fiat currency. Like Bitbuy, it is also regulated by FINTRAC.
It allows users to buy Bitcoin and Ethereum seamlessly using Interac e-Transfer for a minimum of $5, making it a popular choice among Canadian investors.
Users can access this wallet in their mobile wallet and on the webpage. Like other crypto exchanges, it does not have advanced features, which can be good for beginners.
Payment Methods: Interac e-Transfer and bank wire.
- Simple and beginner-friendly.
- Provides a Shakepay card.
- The starting minimum amount is $5.
- There is no fee for bitcoin transfers.
- Instant fund deposit.
- A crypto-selling option is also available.
- Only BTC and ETH are available.
- No advanced features are available.
Use Paybis to buy bitcoin in Canada.
A Poland based cryptocurrency exchange that allows you to buy bitcoin in Canada via credit or debit card and AstroPay.
On Paybis, users can buy and sell more than 50 cryptocurrencies via different payment methods that will be sent directly to their wallets.
Paybis charges a lower fee than others, and it can vary based on several factors such as payment method, amount, and network, which users can see during the buying process. Find here the fee process.
Payment Methods: Credit and debit cards and Astro Pay.
- 150+ crypto and fiat currencies.
- Easy to use
- TLS encryption
- Live, 24/7 support
- UK, EU, and USA compliant
- High service charge.
- There is no trading option.
Buy bitcoin in Canada on Mybtc.
If you don’t know how to buy bitcoin in Canada with your local bank, then visit MyBTC.ca. It supports six local banks and four different payment methods that allow you to buy bitcoin in Canada.
Just simply create an account, choose your preferred payment method and amount, and buy BTC or ETH.
Depending on the payment method, you can pay a minimum of 20 CAD on a daily basis. The fee is also various; the minimum fee is 4.75% for bank transfers.
Payment Methods: Interac e-Transfer, bank transfer, credit card, and Flexepin Voucher.
- Easy to go.
- Support local banks.
- Direct bitcoin sell option.
- Regulated in Canada.
- Fees are very high.
- No trading option
- Only two coins are listed to buy.
Use Changelly to buy bitcoin directly.
If you want to buy bitcoin in Canada but don’t want to store your bitcoin on the platform, then you must try Changlly.
Since 2015, Changelly has been providing an intuitive platform for fast crypto exchanges.
Like other platforms, Changlly doesn’t create an account or store your bitcoin on the platform. It asks for your bitcoin address during the buying process and sends it directly to your wallet. So, you don’t have to worry about the transaction fees.
Payment methods: Visa, Simplex, Transak, Moonpay, Google Pay, and Apple Pay.
- No sign-up is needed.
- Receive bitcoin directly in your wallet.
- Support a vast number of cryptocurrencies.
- One of the oldest crypto exchanges.
- Users are also able to sell bitcoin for cash.
- The minimum buying amount is 42 CAD.
- You have to complete KYC every time.
- The buying process is too long because of KYC.
Buy bitcoin Canada on Simpleswap.
Another platform free from sign-ups, limits, and complications that allow to buy bitcoin in Canada. SimpleSwap.io aims to provide a hassle-free experience for cryptocurrency users of all levels.
Simply choose your preferred payment method, enter the amount you wish to buy, and receive your bitcoin directly in your wallet. Say goodbye to long buying processes.
The exchange offers floating and fixed rates. You can always choose the most suitable option. It charges a total fee of 4.95% for fiat-to-crypto exchanges.
Payment Methods: Only Mercuryo Visa and MasterCard are accepted.
- User-Friendly Interface.
- No registration is required.
- a wide range of supported currencies.
- Limited payment methods.
- Lack of advanced features.
- Potential price fluctuations.
Buy bitcoin in Canada on Bybit.
Buy bitcoin in Canada on one of the best derivative crypto exchanges. Users can use various payment methods, including P2P, to buy bitcoin and other cryptocurrency.
The best thing is that Bybit gives advanced features to its users so they can do more with their bitcoin. Users can buy a minimum of 15 CAD worth of bitcoin.
Payment Methods: Bank card, Gpay, Moonpay, Banxa, Mercureyo, P2P.
- High trading volume exchange.
- Advanced trading features.
- High security measures.
- Provide trading bot features.
- It can be complicated for new users.
- Regulatory uncertainty.
Buy bitcoins in Canada on NDAX.
A secured crypto exchange for Canadian users to buy bitcoin in Canada.
Users can set up recurring buys on assets like Bitcoin and Ethereum, so they can invest in cryptocurrency on their own schedule.
NDAX claims it charges a zero fee for buying bitcoin with Interac e-transfers and wire transfers.
Payment Methods: Interac e-transfer, wire transfer, bank draft.
- Simple in use.
- Trading features.
- Send and receive crypto within the NDAX user.
- Supports a wide range of cryptocurrencies.
- Low trading volume.
Buy bitcoins in Canada on Bull Bitcoin.
Buy bitcoin in Canada and take control of your money by using Bull Bitcoin. It does not charge a fee for buying bitcoin below 100 CAD.
Bull Bitcoin is a non-custodial Bitcoin-only exchange and payment service. Users can send receipts and pay bills using their crypto.
Payment Methods: e-mail money transfers, wire transfers, and Desjardins transfers.
- Non-custodial
- Instant withdrawal
- No withdrawal fees
- Lightning Network compatibility
- No transaction limits
- Huge gap between buy and sell price.
Conclusion.
You can choose any of the crypto exchanges to buy bitcoin in Canada, but make sure they fully fill your needs. After buying your bitcoin, store it in a safe place, but if you want to trade, then choose the platform wisely.
Security must be your first priority when choosing a platform, followed by a fee and payment method.
Remember, investing in cryptocurrency carries risks, so it’s important to be cautious and informed in your decision-making.
If you ever use these platforms or know better than them, then tell us. Also, have you ever bought bitcoin or are you still looking how to buy bitcoin in Canada?
Is it legal to buy Bitcoin in Canada?
Yes, buying bitcoin in Canada is legal. The Canadian government recognizes it as a legal form of payment, but at its own risk.
What is the best Bitcoin wallet in Canada?
It depends on needs. Currently, Atomic and Trust Wallets are considered the best bitcoin wallets.
Is Bitcoin taxable in Canada?
Yes, Bitcoin is taxable in Canada. The Canada Revenue Agency (CRA) treats Bitcoin and other cryptocurrencies as commodities, subject to capital gains tax.
Is a Bitcoin ATM available in Canada?
Yes, Bitcoin ATMs are available in Canada. They allow users to buy and sell Bitcoin with cash, providing convenience for crypto investors.
What is the safest way to buy Bitcoin in Canada?
The safest way to buy Bitcoin in Canada is through reputable cryptocurrency exchanges that comply with regulations and offer robust security measures, such as NDAX, Simpleswap, or Bitbuy.
What is the fastest way to buy Bitcoin in Canada?
The fastest way to buy Bitcoin in Canada is often through instant payment methods like credit or debit cards or Interac e-Transfers.
Is Binance allowed in Canada?
No, Binance stopped its services in Canada in May 2023.
What is the lowest fee to buy Bitcoin in Canada?
It’s hard to say what the lowest fee is to buy bitcoin in Canada. Generally, bank transfers charge 4.5%, and bank cards charge 5%. If users are comfortable, then P2P charges zero or the lowest fee.
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