How To Buy Crypto: A Guide For Canadians Over 50 (May 2022)

January 25, 2022
Blog
Older couple buying cryptocurrency

Buying Bitcoin and other cryptocurrencies can be intimidating for young, tech-savvy millennials, so it’s no wonder that older Canadians have a hard time, too. But investing in crypto doesn’t need to be difficult: with the right process and the right tools, you can safely buy Bitcoin and other cryptocurrencies in 10 minutes or less.

In this post, I’m going to walk you through how to download your own crypto wallet where you can buy, sell and store cryptocurrencies. The best part? It’s completely free.

What You Need

  1. An iOS (Apple) or Android smartphone. If you’re reading this on a computer, make sure you have your phone with you as well.
  2. 10 minutes of time (5 mins to read + 5 mins to follow the instructions)

Basic Terminology

  • Cryptocurrency: A digital currency not backed by any government or central bank. Cryptocurrency is more commonly known as “crypto.”
  • Bitcoin: The most popular of all cryptocurrencies.
  • Wallet: A physical device or digital file for storing cryptocurrencies, similar to a bank account.

Step 1: Download ZenGo (2 mins)

Getting started with crypto really isn’t that difficult: you just need a place to buy it and a place to store it. Fortunately, the crypto landscape has become much simpler over the past 12-24 months, so now it’s both easy and safe to buy and store your crypto in the same place. 

The #1 place for Canadians to buy and store their crypto is with ZenGo, a highly secure wallet that allows you to buy, sell, send and receive Bitcoin and other cryptocurrencies all from an easy-to-use mobile app.

Other benefits of ZenGo include:

  • Opening an account takes just 30 seconds
  • Free to sign up and use
  • Zero hidden fees
  • The most secure wallet in the industry
  • Your crypto is fully secure even if your phone is lost, broken or stolen
  • No complex passwords to remember
  • 24/7 customer support that answers most questions in 5 minutes or less 

I’ve personally tried out more than a dozen wallets over the years and ZenGo is the best of them all. It has several more layers of security than other wallets, and is simpler to use than most online banking or social media apps.

ZenGo Crypto Wallet Canada

How To Download ZenGo

If you’re reading this on your phone, click here and download the ZenGo app.

If you’re reading this on your computer, type this URL into the browser on your phone, and then download the app from there: yoreoyster.com/out/zengo

Step 2: Open An Account (3 mins)

Opening a ZenGo account is no different than opening an account on any other website. I suggest signing up with your Google or Facebook account to make the process even easier.

There are two important things to do when setting up your account:

#1 Use Promo Code ZENX0B4G For $10 Cashback

Be sure to use promo code ZENX0B4G when signing up to get $10 USD cashback on your first purchase of $200 USD or more.

#2 Set Up Keyless Backup

Keyless Backup is an additional layer of security that ensures your coins are always safe and accessible only by you. You’ll be prompted to set up Keyless Backup using Google Drive or Dropbox when you open your account so that even if your phone is lost, broken or stolen, you’ll never lose access to your crypto.

And that’s it! You’re done.

In Summary

At this point, you’ve got your wallet set up and ready to use. If you want to buy Bitcoin or other cryptocurrencies, you always can from right inside the ZenGo app.

If you have questions or run into any difficulties, reach out to ZenGo customer support inside the app by tapping on the small icon in the top right.

I hope this helps!

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Spreads: ~0.5%
Security: 95% cold storage
Signup bonus: $30

Low spreads, great platform.

★★★★

Rated 4.5/5