How to Buy Bitcoin With Interac e-Transfer In Canada

June 9, 2023
Blog

To buy Bitcoin with Interac e-Transfer, you need to choose a platform that accepts this payment method, such as VirgoCX, Newton, or CoinSmart. You need to create an account on the platform of your choice and verify your identity. You must then fund your account using Interac e-Transfer by adding the platform as a recipient in your online banking or mobile app. If you want to buy Bitcoin in Canada quickly and easily, using Interac e-Transfer as a payment method is a great option. Interac e-Transfer is a service that allows you to send money online from your bank account to anyone with an email address or a mobile phone number.

Buying Bitcoin with Interac e-Transfer has many benefits, such as speed, convenience, security, and low cost. However, you should also follow some tips to make the most of your experience, such as comparing different platforms, checking the exchange rate and fees, using a reputable and secure platform, using a secure and compatible wallet, and being careful of scams and frauds.

If you want to buy Bitcoin with Interac e-Transfer in Canada, I suggest choosing CoinSmart, one of the best crypto exchanges in Canada.

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Bitcoin is the most popular and valuable cryptocurrency in the world. It offers many benefits, such as decentralization, security, and transparency. However, buying Bitcoin can be challenging for some people, especially if they don’t have access to a credit card or a bank account.

Fortunately, there is a solution for Canadians who want to buy Bitcoin quickly and easily: Interac e-Transfer. Interac e-Transfer is a service that allows you to send money online from your bank account to anyone with an email address or a mobile phone number. It is fast, convenient, and secure. In this post, you’ll learn how to buy Bitcoin with Interac e-Transfer in Canada. You’ll also find out the best platforms, fees, and tips for buying BTC with this popular payment method.

What Is Interac e-Transfer?

Interac e-Transfer is a service that allows you to send money online from your bank account to anyone with an email address or a mobile phone number. It’s one of the most widely-used payment methods in Canada, with over 1 billion transactions every year amounting to more than $330 billion.

Interac e-Transfer works by sending a notification to the recipient via email or text message, informing them that they have received money. The recipient then logs into their online banking or mobile app and accepts the transfer. The money is then deposited directly into their bank account.

Interac e-Transfer is supported by most financial institutions in Canada, including major banks such as RBC, TD, BMO, CIBC, Scotiabank, and more. You can also use Interac e-Transfer with some credit unions and online banks such as Tangerine and Simplii Financial.

Interac e-Transfer is a convenient way to pay for goods and services online, as well as to send money to friends and family. Additionally, you can use it to buy Bitcoin in Canada.

How To Buy Bitcoin With Interac e-Transfer

How to Buy Bitcoin With Interac e-Transfer In Canada

Buying Bitcoin with Interac e-Transfer is relatively easy and fast. You just need to find a platform that accepts this payment method and follow their instructions. Here are the general steps to buy Bitcoin with Interac e-Transfer:

Step #1 Choose The Right Platform

You must start by choosing a platform that allows you to buy Bitcoin with Interac e-Transfer. There are several options available in Canada, including VirgoCX, Newton, CoinSmart, Satstreet, Netcoins, Coinberry, and others. You can compare their features, fees, and reviews on our website, but the best crypto exchange in Canada today is, hands down, CoinSmart.

Step #2 Create An Account

Create an account on the platform of your choice and verify your identity. Most platforms will require you to provide some personal information and documents, such as your name, email address, phone number, ID card or passport, and proof of address. This is to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.

Step #3 Fund Your Account

Now you can add funds to your account using Interac e-Transfer. You will need to add the platform as a recipient in your online banking or mobile app using their name, email address, and other relevant information. The process depends on the platform you choose, but in general, to get this information, you just need to:

  1. Log in to your account.
  2. Go to “Fund you account” or a similar menu option.
  3. Choose CAD as your currency and navigate the deposit options until you find “Interac E-Transfer.”
  4. Copy the information you see in the app exactly as shown into the relevant fields on your banking platform to complete the setup process.
  5. You can now send the money you want to fund your account.

Step #4. Buy Bitcoin

Now that you’ve funded your account, you can use the funds to buy Bitcoin at the current market price or place an order at a specific price. You’ll see the amount of Bitcoin you will receive before confirming the transaction.

Step #5. Transfer Your Bitcoin To Your Wallet Or Keep It On The Platform

After buying Bitcoin, you can withdraw it to your wallet or leave it on the platform. It’s recommended that you use your own wallet if you want to have full control over your funds and avoid the risk of losing them due to hacking or platform failure.

How to Buy Bitcoin With Interac e-Transfer In Canada

Benefits Of Buying Bitcoin With Interac e-Transfer

Buying Bitcoin with Interac e-Transfer has several advantages over other payment methods:

  • It is fast: Interac e-Transfer transactions are usually processed within minutes or hours, depending on the platform and your bank. This means you can buy Bitcoin quickly without waiting for days for your funds to clear.
  • It is convenient: Interac e-Transfers are widely available and easy to use in Canada. You can even use it without a bank account if you have an account with a credit union. All you need is an email address or a mobile phone number and access to online banking or a mobile app.
  • It is secure: Interac e-Transfer transactions are encrypted and protected by a security question and answer. You don’t need to share your bank details or personal information with the platform or the seller. You also have the option to cancel the transfer if you change your mind or suspect fraud.
  • It is low-cost: Interac e-Transfer fees are usually low or free, depending on your bank and the platform. Some platforms may charge a small percentage or a flat fee for using Interac e-Transfer, but they are usually lower than other payment methods, such as credit cards or wire transfers.

Tips For Buying Bitcoin With Interac e-Transfer

Buying Bitcoin with Interac e-Transfer is generally safe and easy, but there are some tips you should follow to make the most of your experience:

Tip #1 Compare Different Platforms Before Choosing One

Different platforms may have different features, fees, and reputations. You should do some research and compare their pros and cons before deciding which one to use. You can also read reviews from other users or check their ratings on websites like Trustpilot or CryptoCompare.

If this seems like too much hassle, we already did the heavy lifting for you, so you can check out our post on the best crypto exchanges in Canada to choose between a short list of the best options.

Tip #2 Check The Exchange Rate And Fees Before Buying Bitcoin

The exchange rate and fees may vary depending on the platform, the market conditions, and the amount of Bitcoin you want to buy. You should always check the current price and the total cost of your transaction before confirming it.

How to Buy Bitcoin With Interac e-Transfer In Canada

You can also use tools like CoinMarketCap or CoinGecko to compare the prices of different platforms.

Tip #3 Use A Reputable And Secure Platform

Only use platforms that are licensed, regulated, and compliant with AML and KYC rules. You should also check their security measures, such as encryption, two-factor authentication, and cold storage. Finally, you can also look for platforms that offer insurance or guarantees for your funds in case of hacking or theft.

Tip #4 Use A Secure And Compatible Wallet

You should always store your Bitcoin in a wallet that you control and trust. You should also verify that your wallet is compatible with your platform and that it supports the Bitcoin network (you’ll be surprised to know that not all of them do, at least not directly).

How to Buy Bitcoin With Interac e-Transfer In Canada

Finally, it’s important to choose a wallet that is secure, such as a hardware wallet or a software wallet with a strong password and backup.

Tip #5 Be Careful Of Scams And Frauds

You should always be cautious when buying Bitcoin online, especially with strangers or unverified sellers. Never send money to anyone you don’t know or trust or who asks you to pay in advance or outside the platform; these are serious red flags. You should also avoid clicking on suspicious links or downloading unknown attachments.

The Bottom Line

Buying Bitcoin with Interac e-Transfer is a great option for Canadians who want to buy Bitcoin quickly, easily, and securely. Interac e-Transfer is a widely used and trusted payment method in Canada that allows you to send money online from your bank account to anyone with an email address or a mobile phone number.

There are many platforms that allow you to buy Bitcoin with Interac e-Transfer in Canada, such as VirgoCX, Bitbuy, and CoinSmart, among others. You just need to choose one that suits your needs and preferences, create an account, verify your identity, add funds, and buy Bitcoin.

Buying Bitcoin with Interac e-Transfer has many benefits, such as speed, convenience, security, and low cost. However, you should also follow some tips to make the most of your experience, such as comparing different platforms, checking the exchange rate and fees, using a reputable and secure platform, using a secure and compatible crypto wallet, and being careful of scams and frauds.

If you’re looking for advice on which platform to choose for buying Bitcoin with Interac e-Transfers, I suggest our top-rated crypto exchange, CoinSmart.

Buy Bitcoin With Interac e-Transfer FAQs

How much does it cost to buy Bitcoin with Interac e-Transfer?

The cost of buying Bitcoin with Interac e-Transfer depends on the platform you use and the amount of Bitcoin you want to buy. Some platforms may charge a percentage or a flat fee for using Interac e-Transfer, while others may offer it for free. The average fee for buying Bitcoin with Interac e-Transfer is around 0.5% to 1% of the transaction amount.

What is the cheapest way to buy Bitcoin with Interac e-Transfer?

The cheapest way to buy Bitcoin with Interac e-Transfer is to use a platform that offers low or no fees for this payment method. Some examples are Netcoins, Coinberry, and Satstreet. However, you should also consider other factors such as the exchange rate, the reputation, and the security of the platform before choosing one.

What is the best platform to buy Bitcoin with Interac e-Transfer?

The best platform to buy Bitcoin with Interac e-Transfer depends on your personal preferences and needs. There is no one-size-fits-all answer to this question. However, some factors you may want to consider are:

  • The features: such as the selection of coins, the payment methods, the verification process, the customer support, and the user interface.
  • The fees: such as the deposit fees, the withdrawal fees, the trading fees, and the hidden fees.
  • The exchange rate: such as the market price, the spread, and the slippage.
  • The reputation: such as the reviews, the ratings, and the trustworthiness of the platform.
  • The security: such as the encryption, the two-factor authentication, the cold storage, and the insurance or guarantees of the platform.

Some examples of platforms that are well-known and well-reviewed for buying Bitcoin with Interac e-Transfer are Bitbuy, CoinSmart, Satstreet, Netcoins, and Coinberry. You can compare their features, fees, and reviews on websites like Buy Bitcoin Worldwide or Crypto Head.

How long does it take to buy Bitcoin with Interac e-Transfer?

The time it takes to buy Bitcoin with Interac e-Transfer depends on the platform you use and your bank. Some platforms may have auto-accept intelligence that creates the fastest Interac e-Transfer funding experience in Canada. Others may have manual processing that may take longer. The average time for buying Bitcoin with Interac e-Transfer is between 5 minutes and 2 hours.

How much Bitcoin can I buy with Interac e-Transfer?

The amount of Bitcoin you can buy with Interac e-Transfer depends on your bank and the platform you use. Your bank may have a limit on how much money you can send via Interac e-Transfer per day or per transaction. The average limit for Interac e-Transfer is between $2,000 and $10,000 per day or per transaction. However, you can always call your bank and request a temporary limit increase for Interac e-Transfer if you want to buy more Bitcoin.

The platform you use may also have a limit on how much Bitcoin you can buy with Interac e-Transfer per day or per transaction. The average limit for buying Bitcoin with Interac e-Transfer is between $30 and $25,000 per day or per transaction. However, some platforms may offer higher limits for verified users or OTC (over-the-counter) services for large buyers.

Is buying Bitcoin with Interac e-Transfer safe?

Buying Bitcoin with Interac e-Transfer is generally safe if you use a reputable and secure platform. Interac e-Transfer transactions are encrypted and protected by a security question and answer. You don’t need to share your bank details or personal information with the platform or the seller. You also have the option to cancel the transfer if you change your mind or suspect fraud.

However, buying Bitcoin with Interac e-Transfer also involves some risks. You may encounter scams or frauds from unverified sellers or phishing websites that try to steal your money or information. You may also lose your funds if the platform you use gets hacked or goes bankrupt.

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