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

September 13, 2022
Blog

There's only one good option for Canadians looking to purchase cryptocurrency using their credit cards, and that's Bitbuy. Bitbuy has been one of our top two exchanges in Canada since late 2021, and since they added credit card support in July 2022, they've been our top recommendation here, too.

Bitbuy's credit card fees aren't low—6.5% per transaction—but they're still better than the other exchanges out there, who nickel and dime you in every way that they can. If you want to buy crypto with a credit card in Canada, Bitbuy is definitely your best option.

PROMOTION: For a limited time, Bitbuy is offering a $50 signup bonus to new users who deposit $250 or more. Take advantage of this offer by clicking the button below.

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How Do I Buy Crypto With Credit Card In Canada?

Buying cryptocurrencies with a credit card in Canada was made very easy in July 2022 when Bitbuy began accepting credit cards. That's because Bitbuy had already been one of our top-rated exchanges in Canada before they began offering credit card purchases, and this was just the icing on the cake.

I'm going to present every option available to Canadians for buying crypto with a credit card below, but I strongly suggest you go with Bitbuy. They're the most trustworthy, secure and reputable of all the platforms below, and because they're owned by a publicly-traded company, you can be sure that your funds are always safe in Bitbuy's hands.

#1 Bitbuy – Best Overall

Bitbuy has processed more than $4 billion in trades across its 350,000+ Canadian users. It supports 17 cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar, EOS, Aave, Chainlink, Polkadot, Dogecoin, Polygon, Cardano, SushiSwap, Uniswap, Solana, Decentraland, and USDC.

Bitbuy 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 make trades for just 0.10%, while Express Trade users are charged just 0.20%.

As of December 1, 2021, Bitbuy is also the first Registered Marketplace and Investment Dealer among cryptocurrency exchanges in Canada, 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, click here to get your $50 signup bonus today.

Features

  • The lowest trading fees in Canada (0.10 – 0.20%)
  • Easy to use for both beginners and 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

  • Express Trading Fees: 0.20%
  • Pro Trading Fees: 0.10% to 0.20%
  • INTERAC Deposits/Withdrawals: 0%
  • Bank Wire Deposit Fee: 0%
  • Bank Wire Withdrawal Fee: 1.00%

Signup Bonus

$50 when you deposit at least $250 using this link.

Best For

Investors looking for top-level security and fast verification, deposits and withdrawals.

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2. 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.

3. 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.

4. 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 – $50 Signup Bonus

Best Overall

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

$50 bonus ends September 31, 2022.

★★★★★

Rated 4.9/5

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

For starters, CoinSmart has the lowest trading fees in Canada at just 0.2%. It supports 16 cryptocurrencies, verifies accounts instantly, prides itself on its helpful customer service reps, and has a beautiful, well-rated app.

CoinSmart has been designated a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money Services Business with FINTRAC, and is a member of the anti-money laundering group TRUST, all of which means they're a highly secure exchange. They maintain a 95% cold storage policy, and as a publicly-traded company, their financials are audited by a third-party firm at least once per year.

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 live chat and 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 to trade with low trading fees.

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Offer ends September 31, 2022.

2. Bitbuy — $50 Signup Bonus

$50 Signup Bonus

Trading fees: 0% – 1.5%
Security: 99% cold storage
Signup bonus: $50

$50 bonus ends soon.

★★★★★

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 also low, ranging from 0% – 1.5% depending on how much you trade. They offer excellent customer support available 24/7, and user accounts are verified instantly.

To date, Bitbuy has processed more than $4 billion in trades across its 400,000+ 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 on all order sizes.

I've personally used Bitbuy for over a year, so I've seen them consistently improve their platform over time. For example, Bitbuy recently removed its fees on deposits and withdrawals, making the overall trading experience significantly cheaper for users. Those fees were Bitbuy's main drawback before, but now I'm very confident calling it the best crypto exchange in Canada.

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 exchange that offers the lowest fees in Canada, excellent customer service, and a slick mobile app, open a Bitbuy account today.

Features

  • Low trading fees (0% – 1.5%)
  • Easy to use for both beginners and more advanced traders
  • Supports 25+ cryptocurrencies
  • Excellent customer support via live chat and email
  • 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%
  • INTERAC Deposits/Withdrawals: Free
  • Bank Wire Deposit: Free
  • Bank Wire Withdrawal: 1%

Signup Bonus

$50 bonus when you deposit $250 using this link.

Best For

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

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3. VirgoCX – $30 Signup Bonus

Best For Fringe Coins

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

Low spreads, great platform.

★★★★

Rated 4.5/5

Based in Toronto, VirgoCX is another one of the best Canadian crypto exchanges. Its users appreciate that it offers 50+ cryptocurrencies, one of the widest selections of any exchange on this list. 

VirgoCX’s trading platform and mobile app are intuitive and easy to use, even for beginners. It offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.

VirgoCX charges no deposit or withdrawal fees on fiat and covers the first $6 in mining fees on ERC20 withdrawals. It requires 2-factor authentication on all accounts, and maintains a 95% cold storage policy to keep your assets safe at all times.

Features

  • Supports 50+ cryptocurrencies
  • Free fiat deposits and withdrawals
  • Free deposits and withdrawals on most cryptocurrencies
  • 24/7 support available via live chat and email
  • User-friendly for both beginners and more advanced traders
  • 95% cold storage policy keeps your crypto extra secure

Cost

  • Account Opening: Free
  • Cash Deposits: Free
  • Cash Withdrawals: Free
  • Crypto Deposits: Free
  • Crypto Withdrawals: Free for all major coins
  • Spreads on trades: Around 1%

Signup Bonus

$30 when you fund your account with $100 or more using this link.

Best For

Investors looking to buy altcoins before everyone else.

CLAIM MY $30 BONUS
Free account, instant verification

In Summary

There's only one good option for Canadians looking to purchase cryptocurrency using their credit cards, and that's Bitbuy. Bitbuy has been one of our top two exchanges in Canada since late 2021, and since they added credit card support in July 2022, they've been our top recommendation here, too.

Bitbuy's credit card fees aren't low—6.5% per transaction—but they're still better than the other exchanges out there, who nickel and dime you in every way that they can. If you want to buy crypto with a credit card in Canada, Bitbuy is definitely your best option.

PROMOTION: For a limited time, Bitbuy is offering a $50 signup bonus to new users who deposit $250 or more. Take advantage of this offer by clicking the button below.

CLAIM MY $50 BONUS
Offer ends soon.

How To Buy Crypto With A Credit Card In Canada FAQs

Can I Buy Bitcoin With A Credit Card In Canada?

Yes, you can purchase Bitcoin with a credit card in Canada. However, you can only do so through a limited number of crypto exchanges (our recommended platform being Bitbuy) 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 fairly safe, and no more dangerous than shopping online. Keep in mind, though, that the transactions you make are only as safe as the merchants you transact with, which is why we recommend using a highly reputable exchange like Bitbuy or CoinSmart for your purchases.

Does Buying Bitcoin Count As A Cash Advance?

No, buying Bitcoin with your credit card does not count as a cash advance. The transaction will appear just as any other purchase you make, so you won't have to worry about any extra cash advance fees showing on your monthly statement.

That being said, if you use your credit card to fund your account and then buy Bitcoin using those funds, it may be interpreted as a cash advance, depending on the specific rules your bank has in place. Using the methods we've described above, though, your transactions will show up as purchases, not cash advances.

Is Buying Bitcoin Risky?

Yes, Bitcoin and other cryptocurrencies are highly volatile assets, and their values fluctuate unpredictably. You should only invest money that you're willing to lose into Bitcoin and crypto in general.

Where Can I Buy Bitcoin In Canada?

You can buy Bitcoin in Canada through many different crypto exchanges. I personally recommend CoinSmart and Bitbuy due to their 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, including American Express' premium cards, are generally not accepted.

Can You Buy Crypto With A Visa In Canada?

Yes, you can use your Visa card to pay for crypto purchases on certain cryptocurrency exchanges in Canada. However, not all exchanges accept Visa, and the fees associated with using a credit card can be quite high. If at all possible, we recommend using a crypto exchange like Bitbuy or CoinSmart to buy Bitcoin and other cryptocurrencies without using your credit card at all, avoiding those high fees.

Want to earn $50 in the next 6 minutes?

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Offer ends October 1, 2022.