How To Buy Crypto With A Credit Card In Canada (May 2022)

February 20, 2022
Blog

There are several options for Canadians wanting to purchase cryptocurrency using their credit cards, but it’s worth noting that doing so will result in hefty fees. Buying with a credit card offers speed and convenience, but because these fees will erode your earnings by a large amount, it may be preferable to evaluate any alternative options available to you.

The second option would be to acquire cryptocurrencies via a cryptocurrency exchange, and the finest among them for Canadian crypto investors is CoinSmart. Given its security, simplicity of use, and lowest trading fees than any other exchange in Canada, we can’t recommend CoinSmart highly enough.

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Offer ends May 19.

How Do I Buy Crypto With Credit Card In Canada?

To buy cryptocurrencies with a credit card in Canada, you’ll have three main options you can use. These are as follows:

1. MyBTC.ca

MyBTC.ca is a Canadian crypto exchange that allows customers to buy cryptocurrencies such as Bitcoin (BTC) in a variety of ways, including through the use of a credit card. However, the platform only accepts Visa or Mastercard.

To buy crypto using your credit card, you must first open an account on the platform and confirm your identity. Once this is done, you’ll be able to acquire Bitcoin and other cryptocurrencies using your Visa or Mastercard.

However, the fees are rather steep, with a 9.75% cut of the transaction amount charged. The pricing for other transactions is similar as well.

Features

  • Buy Bitcoin quickly through 6 different payment methods
  • Non-custodial platform
  • Fast account verification

Cost

  • Interac e-Transfer fees: 7.75%
  • Bank Wire fees: 4.75%
  • Credit Card fees: 9.75%
  • Cash or Debit Card fees: 7.75%
  • Flexepin Voucher fees: 7.75%
  • Interac Online fees: 7.75%

Best For

Crypto investors looking to buy Bitcoin and other currencies through credit cards quickly and efficiently.

2. Trust Wallet

Trust Wallet is a Bitcoin exchange that enables consumers to buy up to $20,000 worth of Bitcoin in one transaction. Users can use a credit card to purchase Bitcoin and other cryptocurrencies through TrustWallet’s collaboration with Simplex.

Trust Wallet themselves won’t charge a fee for using your credit card for crypto purchases. However, Simplex charges a fee of 3.5% of the transaction value with a minimum charge of $10. Visa and Mastercard are the only cards you can use.

To purchase Bitcoin, you’ll need to install their app on your phone, which is also available for both iPhone and Android. With the app, you’ll be able to easily purchase Bitcoin as well as other cryptocurrencies.

Features

  • Allows you to buy crypto with credit card quickly and effectively
  • More than 1 million assets supported
  • Fast account verification

Cost

  • Simplex fees: 3.5%

Best For

Crypto investors looking for an easy way to buy Bitcoin and other cryptocurrencies with a credit card.

3. CEX.io

CEX.io is a cryptocurrency exchange based in the United Kingdom that was founded in 2013 and has worldwide availability. Traders and investors may use it to buy, sell, borrow, and earn various cryptocurrencies.

There are a lot of tradable assets and sophisticated trading tools available, which will appeal to seasoned cryptocurrency traders. Beginners, on the other hand, may get lost in the plethora of advanced features offered by the platform.

Features

  • Plenty of cryptocurrencies supported (100+)
  • Allows you to do marging trading
  • Allows you to stake cryptocurrencies and earn rewards for doing so
  • Institutional services for businesses and advanced traders
  • 24/7 customer support
  • Mobile access

Cost

  • Maker fee: Between 0.10% and 0.25%
  • Taker fee: Between 0% and 0.16%
  • Deposit fees: 2.99%

Best For

Cryptocurrency investors looking for an exchange with a wide array of supported altcoins and stablecoins.

Alternatives To Buying Crypto With Credit Cards

Although buying cryptocurrencies with credit cards can be pretty convenient, you’ll soon notice that the fees you’ll be charged for doing so are quite high, especially if you buy a large number of crypto tokens.

To buy cryptocurrencies with the smallest fees possible, you might want to consider using some of Canada’s top cryptocurrency exchanges. Here are a few of the options available to you right now:

1. CoinSmart

Best Overall

Trading fees: 0.2%
Security: 95% cold storage
Signup bonus: $50

$50 offer ends May 19.

★★★★★

Rated 4.9/5

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

For starters, CoinSmart’s trading fees are an incredibly low 0.2%. 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), and as a publicly-traded company, their financials are audited by a third-party firm at least once per year. They also maintain a 95% cold storage policy, which ensures your crypto is kept extra safe and secure across all circumstances.

As a new CoinSmart user, you’ll receive a $50 bonus upon funding your account, which you can use to buy Bitcoin, Ethereum, or any of the 16 assets CoinSmart supports. If you’re looking for a highly secure, reputable crypto platform, CoinSmart is an excellent choice.

Features

  • Extremely low trading fees (0.2%)
  • 24/7 customer support available via phone, live chat or email
  • Instant account verification
  • Supports 16 cryptocurrencies
  • Registered Marketplace by the OSC
  • 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: 0.2%
  • INTERAC Deposit: 0%
  • Bank Wire Deposit: 0%
  • Bank Wire Withdrawal: 1%
  • EFT Withdrawal: 1%

Signup Bonus

$50 bonus when you sign up using this link and our promo code YOREOYSTER.

Best For

Investors looking for low fees and the best overall trading experience.

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Offer ends May 19.

2. Bitbuy

Lowest Fees

Trading fees: 0.1% – 0.2%
Security: 99% cold storage
Signup bonus: $50

Serving over 400,000 Canadians

★★★★★

Rated 4.8/5

Bitbuy is a great second option for Canadians seeking a reliable, trustworthy crypto exchange.

Like CoinSmart, Bitbuy’s trading fees are just 0.2%, and go as low as 0.1% for transactions made using their advanced trading platform. It supports 17 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

Bitbuy has processed more than $4 billion in trades across its 350,000+ Canadian users. It’s a Registered Marketplace and Investment Dealer as recognized by the Ontario Securities Commission (OSC), which means it’s a highly safe and secure exchange that offers deep liquidity for all order sizes.

For a limited time, Bitbuy is offering a $50 bonus to Yore Oyster readers who fund their account with $250 or more. If you’re looking for a highly-respected Canadian crypto exchange that offers altcoin trading, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Extremely low trading fees (0.1% – 0.2%)
  • Easy to use for both beginners and more advanced traders
  • Supports 17 cryptocurrencies
  • Excellent customer support
  • Powerful mobile app (rated 4.6/5 on the App Store)
  • 99% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Trading Fees: 0.1% to 0.2%
  • INTERAC Deposits/Withdrawals: 1.5%
  • Bank Wire Deposit: 0.5%
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 when you deposit $250 using this link.

Best For

Investors looking to trade with extremely low trading fees.

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Free account, instant verification

3. Crypto.com

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5

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 crypto 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 Bitbuy or CoinSmart 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

In Summary

There are plenty of options available to Canadians looking to buy cryptocurrency with their credit cards, but it’s worth pointing out that doing so will incur high fees. If you’re looking for speed and convenience, buying with a credit card is the way to go, but considering that these fees will eat into your profits by a considerable margin, it might be a better idea to consider any other alternatives available to you.

One of these alternatives is to buy cryptocurrencies through a cryptocurrency exchange, and the best among them for Canadian crypto investors would have to be CoinSmart. We can’t recommend CoinSmart highly enough, given its security, simplicity of use, and the fact that it has the lowest trading fees of any exchange in Canada.

Buy Crypto With Credit Card Canada FAQs

Can I Buy Bitcoin With A Credit Card In Canada?

In Canada, you may purchase Bitcoin with a credit card. You can, however, only do so through a limited number of crypto exchanges, and the costs might be prohibitively expensive when compared to other methods of acquiring Bitcoin.

Is Buying Bitcoin With Your Credit Card Safe?

In general, purchasing Bitcoin with a credit card is quite safe; it’s no more dangerous than shopping online. However, you must make sure that the crypto exchange you use is trusted and that your credit card information is secure.

Does Buying Bitcoin Count As A Cash Advance?

Buying Bitcoin does not count as a cash advance. The transaction will appear to be any other purchase you make, so you shouldn’t have to worry about any extra money advance fees showing on your bill.

That being said, if you use your credit card to fund an account and then buy Bitcoin using those funds, it could be interpreted as a cash advance. With the alternatives we’ve described, though, you’ll be making a direct purchase of Bitcoin.

Is Buying Bitcoin Risky?

Bitcoin (and other cryptocurrencies) are highly volatile, and their value can fluctuate unpredictably. Only invest in Bitcoin if you’re prepared to witness wild fluctuations in price, and you’re willing to lose money.

Where Can I Buy Bitcoin In Canada?

You can buy Bitcoin in Canada through many different crypto exchanges. I personally recommend CoinSmart due to its strong security, low trading fees, and great customer support.

Which Credit Cards Allow Bitcoin Purchases?

Only Visa and Mastercard are accepted by the majority of cryptocurrency exchanges that take credit cards. American Express cards are rarely ever accepted.

Can You Buy Crypto With A Visa In Canada?

Yes, you can use your Visa to pay for crypto purchases on certain cryptocurrency exchanges in Canada. However, not all exchanges accept Visa, and the fees associated with using this method of payment can be quite high, so we recommend using a crypto exchange like Bitbuy or CoinSmart to buy Bitcoin and other cryptocurrencies.

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

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5