Canadians have access to dozens of platforms that support Bitcoin investments, so you’ll need to choose a provider that is suitable for your level of experience.
In addition to offering a safe way to buy BItcoin in Canada, BitBuy also makes the investment process simple for first-timers.
Once you have opened an account and made a deposit, BitBuy then allows you to buy Bitcoin instantly via its Express Trader feature.
Not only does this facilitate a speedy way to invest in Bitcoin, but BitBuy will charge you a standard commission of just 0.20%.
If you are also looking to buy cryptocurrency in Canada in addition to just Bitcoin, BitBuy has you covered.
For instance, the BitBuy Pro Trade platform comes with various order types, real-time pricing charts via TradingView, and technical indicators.
Crypto.com offers a wide range of cryptocurrency services – which includes the ability to buy Bitcoin in Canada with a debit/credit card.
Nevertheless, once you have bought Bitcoin at this platform, you can then deposit your tokens into a crypto savings account.
In terms of yields, this will depend on a variety of factors – such as the lock-up term and whether or not you own any CRO tokens.
If you would prefer a flexible account that permits 24/7 withdrawals with no CRO token requirement, the APY is paid at just 1.5%.
Alternatively, if savings accounts are not of interest, you can elect to buy Bitcoin at Crypto.com and withdraw the tokens to one of the best crypto wallets.
Another reason why Crypto.com is one of the best places to buy Bitcoin in Canada is that the exchange lists over 250 other digital currencies.
If you’re the type of investor that likes to diversify across a wide range of markets, Binance might be the best place to buy Bitcoin for your requirements.
However, the exact fee will be built into your final cost price – so it can vary depending on market conditions.
In terms of commissions, the most you will pay at Binance is 0.10% per slide – which to our knowledge, is the cheapest in this marketplace.
This is because you will have access to everything from technical indicators and custom charting screens to advanced order types and real-time data.
This includes options, futures, and leveraged spot markets, all of which allow you to trade on margin.
Alternatively, if you prefer the convenience of keeping your Bitcoin in the Binance web wallet, a variety of security tools are in place to keep your funds safe.
For example, it took more than two years for Bitcoin to hit a market value of $1.
Fast forward to 2021, and Bitcoin hit an all-time high of over $68,000.
Be it Canadian dollars, euros, or British pounds – these fiat currencies are backed by central banks.
But, in the case of Bitcoin, no single person or authority has control over the network – which is why it is a decentralized asset class.
Crucially, this means that once you have Bitcoin in a non-custodial, private wallet – nobody can gain access to your tokens.
One of the many reasons why the value of gold has held its own for thousands of years is that it is a finite asset.
And, when this happens, this means that in theory, while supply remains fixed, demand continues to rise- which ensures that its value appreciates over the course of time.
However, it is important to note that gold has an estimated market capitalization of between $12-13 trillion.
In terms of the best way to buy Bitcoin in Canada, it goes without saying that you should stick with exchanges that are approved by reputable licensing bodies.
The former, which includes the likes of BitBuy, Crypto.com, and Binance – refers to platforms that sit between you and other market participants.
On the other hand, decentralized exchanges have no centralized operator – which means that you will be trading without the appearance of a third-party intermediary.
Throughout this guide, we have discussed the Bitcoin price in US dollars – which is the industry standard.
Moreover, BitBuy is registered as a money service business with FINTRAC.
As you may well know, Bitcoin is stored in a digital or hardware wallet.
When choosing a wallet to store your Bitcoin investment, you will need to consider security and convenience.
You also need to upload a selfie of you holding the respective ID next to your face.
Finally, now that you have funds in your BitBuy account, you can proceed to buy Bitcoin.
Next, enter the amount of Canadian dollars you wish to invest in Bitcoin.
If you bought Bitcoin at BitBuy, you will be pleased to know that this top-rated exchange also supports withdrawals.
First, you will need to log back into your BitBuy account and sell your Bitcoin.
First, register an account with an exchange that is approved to operate in Canada – such as BitBuy.
The upside potential on Bitcoin is very attractive, especially when you consider its performance since launching in 2009.
Since moving into 2022, Bitcoin has entered a correction phase – where it continues to hover in a range between $37,000 and $44,000.
The nearest thing to being able to buy Bitcoin stock is that of Coinbase – which is is listed on the NASDAQ.
Kane Pepi is an experienced financial and cryptocurrency writer with over 2,000+ published articles, guides, and market insights in the public domain.