How to Buy Bitcoin in Canada (2024 Guide)

Bitcoin (BTC) is the largest cryptocurrency in terms of market capitalization and an investment asset for most crypto enthusiasts. Due to Bitcoin’s insane popularity, it’s listed on almost all the cryptocurrency exchanges, making it challenging for newcomers to identify the best exchanges from the entire lot.

For this purpose, we have curated this comprehensive guide and have reviewed the best Bitcoin exchanges in Canada that you can use for buying Bitcoin. These exchanges have been cherry-picked based on multiple essential parameters. Moving forward, you will also find other ways you can earn money with Bitcoin in 2024.

How to Buy Bitcoin (BTC) in Canada: Step-by-Step Guide

Buying Bitcoin is relatively similar to investing in stocks and shares. You sign up to a brokerage/exchange, connect a payment method to your account, and you swap fiat for Bitcoins. Here is an overview of the process.

1. Find a reputable exchange: The first step is to find a reputable exchange that offers Bitcoin with low fees. We recommend using a native Canadian option for ease.
2. Create an account and deposit funds: Sign up for the exchange using your details and connect your bank account or payment card. Be sure to use a secure browser for this step.
3. Search for Bitcoin: Use the explore function to search for Bitcoin/BTC. From here, you will be able to view the price chart and conduct analysis.
4. Place a BUY order: Next to Bitcoin, select buy. Determine how much Bitcoin you would like to purchase and confirm the order.
5. Move your Bitcoin to a wallet: For safekeeping, send your Bitcoin to a hot or cold wallet.

Best Exchanges to Buy Bitcoin in Canada

The first step to investing in Bitcoin is to choose a reputable exchange. Here is a closer look at some of the best Bitcoin exchanges and trading platforms that are available to use in Canada.

NDAX – The Overall Best Way to Buy BTC in Canada

NDAX offers investors the required tools and support options to help them quickly buy and sell bitcoin (BTC), among many other cryptocurrencies in Canada. This platform provides a learning section to educate investors on various cryptocurrencies. NDAX also offers additional features apart from trading, including staking, an OTC desk, recurring purchases, a referral program, and more. Most importantly, this platform has been designed and developed using high-quality security and compliance standards.

Best Platforms to Buy and Trade Bitcoin in Canada

This part of the guide uncovers the best platforms for trading, buying, and storing Bitcoin.

Buy Bitcoin Using Cryptocurrency Brokers in Canada – The Easiest Way

The most straightforward way to acquire Bitcoin is via a cryptocurrency broker. These are platforms that facilitate trades between users for a fee. They have simple interfaces and often have an educational section for traders to help them level up their game.

NDAX

NDAX is known for offering a simplistic user interface to make trading easy for beginners. In addition, the platform also offers learning resources, staking, referral program, and more.

Netcoins

Netcoins provide a premium user experience with an intuitive trading interface, multiple deposit options, learning resources, and swap pairs for BTC. This platform also offers rapid transaction times, fast verification, top-notch customer support, and the list goes on.

Coinsquare

Coinsquare is one of the most trusted platforms for buying cryptocurrency in Canada. You can also sell, and trade cryptocurrencies like bitcoin (BTC). This platform offers three core products, i.e. Coinsquare Trade (for trading cryptocurrency), Coinsquare Pro (for the advanced crypto trading platform), and Coinsquare Wealth (to avail personalized service from wealth experts).

Best Wallet to Buy and Store Bitcoin in Canada – BTC Wallet Comparison

It is recommended to store your Bitcoin in a cryptocurrency wallet, especially a cold wallet (hardware), rather than an exchange. This is important to shield your funds from different kinds of online attacks. Exchanges are often targeted by hackers, risking the security of your funds. Below you’ll find the best hardware and software wallets for storing BTC, short or long-term, in Canada.

Buy Bitcoin Using CFDs in Canada- Best for Trading

An alternative way to invest in Bitcoin is with CFDs (Contract For Differences) issued by brokers. These are derivative products, so you won’t own the underlying asset while still investing in the coin. This also means you cannot withdraw, transfer, or spend your Bitcoin. However, crypto brokers often have easy investing methods, perfect for beginners. Here you can find the top three options:

FP Markets

FP Markets is on the top of the list because of its diverse range of features including but not limited to the customizable interface, one-click trading, MarketWatch, customizable alerts, and more. This platform also allows you to discover the benefits of powerful trading platforms like MetaTrader 4 and MetaTrader 5.

easyMarkets

Established in 2001, easyMarkets has been operating in the industry for two decades. This platform offers users an exclusive risk management tool for efficient trading, followed by exceptional customer support service, tight fixed spreads, zero slippage, and negative balance protection.

Best Apps to Buy Bitcoin in Canada- Most Convenient

Smartphone apps designed by exchanges are considered the most convenient method to invest or trade in crypto if you can’t access a desktop device. These apps allow you to trade, stake, withdraw, and deposit coins as long as you have an internet connection. Take a look at the top three options:

Buy Bitcoin on NDAX: Step-By-Step Guide

Buy Bitcoin With Exchanges in Canada- The Cheapest Way

You can experience affordable trading with cryptocurrency exchanges because these platforms follow a low-fee structure. Also, having a high 30-day trading volume will place you in a different fee bracket with better terms regarding the trading fee. These options were selected for providing a premium service along with low platform costs.

Buy Bitcoin on Binance: Step-by-Step Guide

Buy Bitcoin On Binance

Buy Bitcoin Using Decentralized Exchanges (DEX) in Canada- The New Way

DEXs (Decentralized exchanges) are dApps built on top of a blockchain network and facilitate trade orders using a liquidity pool system. You can start using a DEX by connecting your decentralized wallet to the Dapp. Also, DEXs are unregulated and allow you to purchase coins anonymously.

Can You Buy Bitcoin Using P2P Services in Canada?

Peer-to-peer platforms connect buyers and sellers for a small fee. You can purchase Bitcoin from verified sellers with a set price for each coin. Alternatively, you can set up a location and time of where to make a trade.

Can I Buy Bitcoin Using Other Trading Platforms in Canada?

Since Bitcoin is a leading cryptocurrency, it’s available on the majority of crypto platforms in Canada. Below you can analyze the table to see if BTC is available on your desired exchange, along with the expected fees.

What Is the Difference Between Buying Bitcoin and CFDs?

When buying Bitcoin, you can spend, store, and trade it whenever you like. However, when using a Bitcoin CFD broker, you purchase a derivative product instead. This means you’ll invest in Bitcoin but not actually own any real assets.

Best Ways to Buy Bitcoin in Canada

Here are the top crypto platforms for buying Bitcoin in Canada using different payment methods and what they’re best for.

Buy Bitcoin Instantly With Online Banking in Canada- The Fastest Way

NDAX is one of the best platforms that accept online banking as a deposit method with a fast transfer. Also, the exchange will remember your information, making future deposits convenient.

Buy Bitcoin With PayPal in Canada- The Safest Way

We couldn’t find exchanges and brokers accepting PayPal as the deposit method in Canada to buy cryptocurrencies like Bitcoin (BTC). However, you can use a P2P platform like Localbitcoins and Paxful to buy bitcoin using PayPal in Canada.

Buy Bitcoin Using a Debit Card in Canada – The Cheapest Way

Use your debit card to deposit funds on Coinbase and navigate to the spot trading tab to purchase Bitcoin. You can also use Bit2Me to buy Bitcoin using a debit card.

Buy Bitcoin Using a Credit Card in Canada

Investors can top up their accounts on Bit2Me via credit card. This platform is brilliant for its educational resources, multiple Bitcoin trading pairs, and low fees.

Best Platforms to Buy Bitcoin in Other Countries

The best providers vary between nations due to licenses, laws, and crypto regulations. Below you can analyze the top cryptocurrency platforms in each country for buying Bitcoin.

What Are the Fees When Buying Bitcoin in Canada?

This table discloses the fees you’ll pay for buying 1000 CAD worth of Bitcoin and holding 30-days.

Cheapest Way to Buy BTC in Canada

Binance, KuCoin, and Kraken Pro have adopted a tier system for calculating fees. Based on your trading volume amount, you can potentially enter a different bracket with better fee rates. The listed options below observe a huge trading volume for BTC and offer the cheapest trading fee structure.

Fastest Way to Buy BTC in Canada

These crypto platforms were selected for their quick sign-up processes and instant deposit methods. Also, they all offer excellent trading tools and order types for buying BTC.

How to Buy Bitcoin Anonymously in Canada?

The following section covers how to buy Bitcoin without revealing your identity.

How to Buy Bitcoin Without Registration or KYC in Canada?

You can avoid the registration and KYC process if you use a decentralized exchange. These applications require connecting to a crypto wallet, allowing you to remain anonymous.

How to Buy Bitcoin Without Verification in Canada?

Most cryptocurrency exchanges (centralized) require the users to complete the KYC verification to start buying cryptocurrencies like Ethereum, depositing fiat currency, and executing withdrawals. However, some exchanges like Kucoin allow P2P crypto trading without KYC verification. Alternatively, you can use a Bitcoin DEX.

Should You Buy or Sell Bitcoin?

Bitcoin is the most popular coin bought by individuals, businesses, and institutions. It has led and peaked in all bull runs since its creation. Therefore, most investors would consider Bitcoin an essential asset in their portfolio. If you’re undecided on BTC, here are some pros & cons:

Do You Need to Pay Tax on Bitcoin in Canada?

According to CRA (Canada Revenue Agency), earnings from cryptocurrency are treated as a taxable event in Canada. Any type of gains you make from commercial events involving crypto is taxed as a business income or capital gain, based on the circumstances.

The taxable event is triggered when you make gains or generate returns while gifting crypto, selling crypto, exchanging/trading crypto, conversion of crypto into CAD, crypto mining pursued commercially, and other events as listed by CRA on its official website.

You do not need to pay taxes for holding cryptocurrency in Canada. No need to pay the tax, even if you are just moving your crypto from one wallet address to another wallet address. Other non-taxable events include using CAD to buy cryptocurrencies and creating a DAO.

Bitcoin Price Prediction: What Is the Future of Bitcoin?

Bitcoin’s future price is unpredictable but looks positive based on historical performances in bull runs. Here’s how BTC is performing now:

What Impacts Bitcoin Price?

These are the five main factors that can swing Bitcoin’s value:

• Demand: Increased demand with lower supply grows Bitcoin’s price as investors are willing to pay more for each coin.

• Market Status: Bitcoin performs best during bull runs as more money goes into the cryptocurrency market. On the other hand, Bitcoin loses tremendous value during bear markets as its price bottoms out.

• Regulations: Countries regulating and implementing new crypto laws can impact the growth of Bitcoin negatively or positively. Crypto-friendly nations have more potential investors, which increases the demand for Bitcoin.

• Adoption: Bitcoin becoming more adopted by individuals and businesses boosts its value as it gains more utility.

• Influencers: Bitcoin trending on social media is great for increasing its popularity and demand on a global level. More people find the cryptocurrency market and begin exploring coins like Bitcoin.

Historical Bitcoin Course: Major Milestones in the History of Bitcoin:

Here, you can examine a few major milestones since Bitcoin’s creation:

Current Price Prediction News

Below, you can read about what experts have to say about the future potential of Bitcoin.

Other Ways to Make Money With Bitcoin in 2024

The following part of the guide shows alternative ways to earn money with Bitcoin.

Stake Bitcoin Using DeFi or CeFi

Unlike Ethereum, Bitcoin cannot be staked as it uses a POW (Proof-of-work) consensus mechanism.

Buy Bitcoin Using ETPs (ETFs & ETNs)

Exchange-traded products (ETPs) are securities found on the stock exchange. The best platform for buying Bitcoin ETPs in Canada is 3iQ. It is one of the first regulated fund managers in Canada to offer Bitcoin and Ether ETF. Other organizations like Purpose Investments, Evolve ETFs, and CI Global Asset Management also offers Bitcoin ETFs.

Buy and Sell NFTs Using Bitcoin

While popular NFT marketplaces like OpenSea, Mintable, and Foundation mostly allow purchases with Ethereum, the closest any NFT project has come to Bitcoin is Stacks, which verifies NFT transactions on the Bitcoin blockchain. However, you, as a buyer, can only purchase in their native tokens called Stacks.

There is no marketplace where you can buy or sell NFTs with Bitcoin. Hence, you would need to convert your BTC to the NFT platform’s supported cryptocurrencies.

Buy Stocks & Shares in Companies Owning Bitcoin

Tesla is one of the largest global companies investing in Bitcoin. However, the company has recently sold 75% of its BTC holdings to improve its liquidity position. You can buy Tesla stock conveniently from Wealthsimple.

Bitcoin Mining

Bitcoin mining is a process in which your GPU solves complex cryptographic hash puzzles to verify transactions on the blockchain. In return, you are rewarded with Bitcoin for allocating your computational power. Unfortunately, Bitcoin mining is not a profitable venture as you need to invest in expensive GPUs. Also, Bitcoin’s halving is expected on May 4th, 2024. This is when mining each block becomes harder, and rewards are cut in half.

Use Bitcoin Faucets

Bitcoin faucets are platforms that offer a small amount of bitcoins after completing a quiz or a task. The best platforms to earn crypto rewards via faucets are Coinbase and Binance, as these two platforms have a great selection of quizzes to take. However, you are likely to earn different cryptocurrencies, which you can sell after for Bitcoin.

What Cryptocurrencies Are Similar to Bitcoin?

Here you’ll find different payment cryptocurrencies similar to Bitcoin that you may find interesting.

Is It Still Worth Investing in Bitcoin or Not?

Bitcoin is a behemoth in the cryptocurrency space in terms of its market cap and global adoption. It has performed best during bull runs and gathered a loyal community that supports a decentralized economy. Factoring in all aspects of Bitcoin, it’s definitely worth buying and holding long-term. Note: Not a Financial Advice (NFA).

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