How To Buy Bitcoin in Canada (Jan 2022)

December 30, 2021
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Buy Bitcoin Canada

Bitcoin can be purchased in Canada in many different ways. You could buy it from an online cryptocurrency exchange or trading platform, through a crypto broker, or you could even buy Bitcoin through one of the many Bitcoin ATMs across Canada.

Because of its high level of security and its ease of use, however, CoinSmart is our top choice when it comes to cryptocurrency exchanges. It also has the lowest trading fees of any exchange in Canada, so if you’re looking for a secure, cost-effective way to buy and sell crypto, we can’t recommend CoinSmart highly enough.

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How To Buy Bitcoin In Canada

Bitcoin can be purchased in Canada through a variety of different means.

You could buy it from an online cryptocurrency exchange or trading platform, through a crypto broker, or you could even buy Bitcoin through one of the many Bitcoin ATMs across Canada.

Some people also choose to purchase Bitcoin via P2P networks, while others go over the counter (or OTC).

You could also mine Bitcoins by yourself if you have a powerful computer, but this is nowhere near as straightforward as using cryptocurrency exchanges and trading platforms.

The 5 Best Crypto Exchanges In Canada

Here are some of the best crypto exchanges and crypto brokers in Canada to buy Bitcoin from, with a brief overview of each.

1. CoinSmart

CoinSmart: best crypto exchange Canada

CoinSmart is, without a doubt, the best crypto exchange in Canada in 2022.

For starters, CoinSmart’s trading fees are an incredibly low 0.20%. They offer excellent customer support available 24/7 via phone, live chat and email, and user accounts are verified instantly.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), which means they’re a highly secure exchange. They also maintain a 95% cold storage policy, which keeps your crypto extra safe across all circumstances.

I’ve personally used CoinSmart for more than a year now and have had nothing but excellent experiences with them. I’ve tried out many of the other cryptocurrency exchanges on this list, too, and I’m confident that CoinSmart is the best place to buy crypto in Canada.

Features

  • Extremely low trading fees (0.20%)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 13 cryptocurrencies
  • Registered Marketplace by the OSC
  • Trade all altcoins directly
  • Immediate deposits and withdrawals
  • User-friendly for both beginners and advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.20%

Signup Bonus

$20 bonus when you sign up using this link

Best For

Investors looking to trade with extremely low trading fees.

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2. Bitbuy

Bitbuy has processed more than $4 billion in trades across its 350,000+ Canadian users. It supports 15 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

You can fund your Bitbuy account directly from your bank account via INTERAC e-transfer or bank wire, with all account deposits and withdrawals executed quickly. Pro Trade users can trade for just 0.10%, while Express Trade users are charged 0.20%.

Bitbuy is a Registered Marketplace and Investment Dealer, as recognized by the Ontario Securities Commission (OSC). This means that the OSC has recognized Bitbuy as a highly safe and secure exchange, and that it offers deep liquidity for all order sizes.

If you’re looking for a highly-respected exchange that offers altcoin trading, great customer service, and a slick mobile app, Bitbuy is for you.

Features

  • Extremely low trading fees (0.10% – 0.20%)
  • Easy to use for both beginners and advanced traders
  • Supports 15 cryptocurrencies
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Express Trading Fees: 0.20%
  • Pro Trading Fees: 0.10% to 0.20%
  • INTERAC Deposits/Withdrawals: 1.50%
  • Bank Wire Deposit Fee: 0.50%
  • Bank Wire Withdrawal Fee: 1.00%

Signup Bonus

$20 when you deposit $250 using this link

Best For

Investors looking for top-level security and instant account verification.

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Free account, instant verification

3. Crypto.com

Crypto.com: best crypto exchange Canada

Crypto.com is a major global player that brings a mature, proven exchange to Canadian crypto investors. It supports 100+ cryptocurrencies, making it an ideal fit for anyone looking to invest in undiscovered altcoins before the masses.

Crypto.com offers some unique features that no other Canadian cryptocurrency exchanges can match. Users can trade options and futures contracts, earn interest by staking their coins, and make trades with up to 10x leverage when they feel particularly confident in a coin.

Crypto.com also has invested an enormous amount of money into its platform security, which makes trading with them extremely safe. The exchange is lightning quick (prices update dozens of times per second), which gives day traders an upper hand over the rest of the market.

Overall, Crypto.com is a solid exchange for investors looking to cash in on brand new altcoins. If you’re just looking to buy more mainstream coins like Bitcoin and Ethereum, though, I suggest either CoinSmart or Bitbuy instead.

Features

  • Average trading fees (0.4%)
  • Supports 100+ cryptocurrencies
  • Allows up to 10x leverage
  • Trade crypto derivatives (futures and options contracts)
  • Earn daily interest by staking your coins
  • Purchase newly-listed coins at up to 50% off
  • Free deposits from all cryptocurrencies

Cost

  • Account Opening: Free
  • Trading Fees: 0.4%

Best For

Investors looking to buy altcoins and other new crypto assets before they go mainstream.

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Extremely secure, 10x leverage

4. Coinberry

Coinberry is a Canadian FINTRAC registered Bitcoin trading platform that allows users to buy and sell Bitcoins. There are no deposit or withdrawal fees on Coinberry, and users can fund their accounts through credit card purchases, bank wire transfers, and through Interac e-Transfer.

Withdrawals will be locked for 72 hours after the first purchase is made as an anti-fraud measure; however, deposits can be made up to $500 via credit cards.

Features

  • Supports 20+ cryptocurrencies
  • Instant account verification
  • Auto-purchase functionality (dollar-cost averaging)
  • Cold storage provided by Gemini

Cost

  • Deposit and withdrawal fees: 0%.
  • Spread: From 0% to 2.5%.

Signup Bonus

$20 when you trade at least $50 using this link

Best For

Investors looking to buy cryptocurrencies through dollar-cost averaging.

5. MogoCrypto

MogoCrypto

MogoCrypto is a cryptocurrency trading platform in Canada that belongs to Mogo, a Canadian financial technology company.

The parent company (Mogo Inc.) is publicly traded on the Toronto Stock Exchange and NASDAQ.

In addition to crypto trading, they offer other products including free credit scores, personal loans, mortgages, and more.

MogoCrypto makes it easy to purchase cryptocurrency. Mogo members can place trades using the app or portal, but the platform only offers trading in Bitcoin.

Features

  • 0.5% cashback if you trade more than $10,000 in a month
  • 95% cold storage policy keeps your crypto extra secure
  • Free tax statements designed for easy tax filing

Cost

  • Trading Fees: 1%

Best For

New investors looking for a starting point in cryptocurrencies.

Bitcoin FAQs

1. What Is Bitcoin?

Bitcoin is a digital currency that allows you to send and receive money quickly without the need for any central authority or banks.

Bitcoin is a modern-day alternative to currency, and it’s not controlled by any one person or organization; no single entity has the power to regulate Bitcoin because there isn’t anyone behind Bitcoin except its users.

However, this also makes Bitcoin prone to hacking, and it has been used to fund various illegal activities including terrorism and money laundering.

You should also know that Bitcoin is a fixed supply of 21 million total coins: there will never be more than 21 million Bitcoins in circulation. This makes it like a finite resource, just like gold, and the smallest unit you can mine is 0.00000001 BTC (also known as 1 Satoshi).

New Bitcoins are created by Bitcoin miners who solve complex problems with their extremely powerful and fast computers.

Bitcoin miners are rewarded with new Bitcoin tokens every time they successfully add a new record to the public ledger and verify transactions in the network.

Bitcoin is traded under the symbol BTC (or XBT), and it tends to have a changing value throughout the day that is similar to stock prices on an exchange.

The highest price a Bitcoin has ever reached to have was reached on April 14th, 2021, having a value of $64,863.10 USD.

2. Can I Buy Bitcoin In Canada?

Of course: in fact, it’s easier to buy Bitcoin in Canada than ever before. Considering Bitcoin is the most popular digital currency to date, you also have a plethora of options to choose from as far as crypto exchanges and brokers are concerned.

To buy Bitcoin in Canada, I recommend using one of the following exchanges: CoinSmartBitbuy, or Crypto.com. These are currently our three top-rated exchanges in Canada, and each of them allows you to buy and sell Bitcoin with relatively low fees.

3. Can I Use Bitcoin ATMs in Canada?

When purchasing Bitcoin, you can also purchase it from ATM machines specifically designed for buying and selling cryptocurrency.

Generally speaking, this is a process where you should already have a specific bank account address to have your Bitcoins deposited in cash form at the time of withdrawal.

When using an ATM machine that allows exchanging Bitcoins for fiat currencies (like Canadian dollars), commissions are typically higher than those charged by exchanges.

4. Where Do I Store My Bitcoins?

Once you have purchased your cryptocurrency, it is important to store it somewhere safe. You do not want to leave your coins “out in the wild” where other people can steal them from you, after all.

There are a few ways you can store your cryptocurrencies, and the best way to do it is through the use of a crypto wallet.

A cryptocurrency (or Bitcoin) wallet is software/hardware that stores your crypto assets. It’s best to think of it as a digital bank account that you use to store, send and receive your cryptocurrencies.

Here are our top 3 cold storage wallet picks:

  1. Ledger Nano X: The Ledger Nano X is the best cold storage crypto wallet on the market today. It’s a hardware wallet that uses a certified secure chip to protect your private keys and it supports more than 1,800 crypto assets.
  2. Ledger Nano S: Similar to the Nano X, the Ledger Nano S is a hardware wallet with extremely positive reviews from its users. It supports 1,500+ cryptocurrencies and allows users to hold up to 20 digital assets on the device at any given time.
  3. Trezor Model T: The Trezor Model T is a hardware wallet and password manager designed and created by the SatoshiLabs team. It supports 1,000+ cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, Zcash (ZEC), and many others.

In Summary

Thankfully, there are plenty of options for you to buy Bitcoin in Canada, whether you use cryptocurrency exchanges, brokers, or you use Bitcoin ATMs to go about it.

Because of its high level of security and its ease of use, however, CoinSmart is our top choice when it comes to cryptocurrency exchanges. It also has the lowest trading fees of any exchange in Canada, so if you’re looking for a secure, cost-effective way to buy and sell crypto, we can’t recommend CoinSmart highly enough.

CLAIM YOUR $20 BONUS
Offer ends Friday at 11:59pm EST

The Best Crypto Exchanges In Canada

#1 CoinSmart

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry
  • 24/7 customer support

Signup Bonus: $20 when you deposit at least $100

#2 Bitbuy

  • Supports 15 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

Signup Bonus: $20 bonus when you deposit $250 or more

#3 Crypto.com

  • Supports 100+ cryptocurrencies
  • Trade with up to 10x leverage
  • Earn daily interest by staking your coins

Signup Bonus: $10 of CRO when you stake $1,000 of CRO