6 Ways to buy Bitcoins in Canada

Introduction

There are a lot of focused digital currency exchanges that permit users to buy Bitcoins in Canada through Bitcoin trading platforms. Unified crypto exchanges enable you to buy your digital currencies directly from the platform, and most of them automatically transfer your cryptographic funds to a digital wallet linked to your record. However, the bulk of these digital currency exchanges enables you to share your Bitcoins with a different wallet. Some perfectionists believe that because customers entrust the transaction with their Bitcoin assets, these stages are more defenceless against extortion.

When comparing various crypto deals, you should consider the costs involved. These fees often have two different formats. The main fee is the exchange fee, which is a rate that is applied to every transaction, and the second is the difference between the actual cost of Bitcoin and the value that is offered to buyers and sellers at every stage. The final choice is referred to as a spread.

In this way, all deals have a cost. Undoubtedly, transactions involving cryptographic money that state they incur no fees make money by limiting the trading costs of their cryptocurrencies compared to market prices. They raise the purchasing price while lowering the selling price. Every transaction includes a percentage that the traders keep for the difference between the actual cost and the one that the stage presents.

List of Bitcoins in Canada

The following are the most well-organized cryptocurrency trading platforms Bitcoins in Canada:

Bitbuy

You may buy Bitcoin and almost 20 other cryptographic currencies. This forms one of the top platforms where you can find Bitcoins in Canada in this Canadian digital currency exchange. Furthermore, it includes Ether, Litecoin, and Dogecoin. The cost of operating both trading exchanges is 0.2% for Bitbuy. Bestbuy’s over-the-counter (OTC) exchanging administration can handle extensive conversations despite having highly severe transaction limitations. 

CoinSmart

As of November 2021, the Canadian digital currency exchange CoinSmart trades on the NEO stock market under the symbol SMRT. You may buy Bitcoins on the platform and 12 other cryptographic currencies. It provides a simple connecting point for beginners and various payment options, such as Interact movements, credit card moves, and bank moves. The fees charged by CoinSmart are 0.2% for Bitcoin exchanges and 0.3% for other exchange types.

MyBTC.ca

MyBTC.ca is a Canadian digital currency exchange whereby you can buy Bitcoins in Canada. It functions more like a virtual Bitcoin ATM than a trading platform. Unlike other Canadian cryptocurrency exchanges, MyBTC.ca only allows you to purchase one type of virtual currency: Bitcoin. Additionally, because the business lacks a digital wallet, any Bitcoins you buy are immediately transferred to your outside wallet.

The platform distinguishes itself further by providing a wide range of payment options, such as Interac transfers, Mastercards, and even cash by purchasing Flexepin coupons, which are available at more than 4000 stores across Canada. As a result, this platform is typically used by investors looking to buy Bitcoins to trade on platforms that don’t accept Canadian currency. MyBTC.ca charges a legitimately hefty fee while not charging exchange fees.

Shakepay

Shakepay is a mobile application for transferring digital currencies that only features Bitcoin and Ether as its featured cryptocurrencies. You can buy Bitcoins in Canada using this application. The cryptocurrency exchange does not impose storage, withdrawal, or talk fees. Naturally, nothing in daily life is free, and Shakepay is not the exception that proves the rule. Like other businesses, Shakepay makes money by raising the cost of digital currencies by about 1%.

NDAX.io

A Canadian digital currency exchange called NDAX.IO enables Canadians to quickly and efficiently trade 30 different currencies, including Bitcoin, in a controlled environment. There is nothing more to it than that broker will pay 0.20% for trading. Its stance on safety and security is what makes NDAX stand out. It protects its hot wallet with several signatures and keeps the bulk of client funds in small cold wallets that also need multiple signatures to access them. NDAX is registered as a Money Service Business with the Financial Transactions and Reports and Analysis Center of Canada (FINTRAC), Revenu Quebec (MSB). In addition, they possess contracts that may respond to the Terrorist Financing Act (PCMLTFA) and other relevant rules and regulations.

Trade WealthSimple

The web-based investor and flexible digital currency trading program from Canadian web-based speculating goliath WealthSimple is called WealthSimple Trade, including WealthSimple Crypto. WealthSimple Trade, unlike other Canadian cryptocurrency exchanges, enables you to buy equities and a selection of two or three dozen digital currencies, including Bitcoins in Canada. The transaction imposes no exchange fees but raises the price of digital currencies by 2%. It should be noted that transferring digital money purchased on WealthSimple Trade into one’s digital currency wallet is challenging.

Conclusion

You may buy Bitcoins in Canada directly through digital currency exchange, latent financial planning using ETFs or effectively managed crypto reserves, or investing in a company with experience in mining digital currencies. However, you should be aware that investing in this resource class has a significant risk due to the lack of regulations and the volatility of digital currencies. Although institutional investors have entered the cryptocurrency industry, ordinary investors should only invest money they can afford to lose.