How To Buy Crypto With A Credit Card In Canada (Feb 2024)

November 24, 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.

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 below to get your $50 signup bonus today.

Features

  • 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

  • Trading Fees: 1.50%
  • INTERAC Deposits: 0%
  • INTERAC Withdrawals: 1.50%
  • Bank Wire Deposit Fee: 0%
  • Bank Wire Withdrawal Fee: 1.50%

Signup Bonus

$50 when you deposit at least $250 using the link below

Best For

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

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 itself 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 a 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. Kraken – Best In Canada & Lowest Fees

Best In Canada
Kraken

Total Fees: ~0.16%
Security: Best in class
Customer Support: Excellent

By far the lowest fees in Canada.

★★★★★

Rated 4.9/5

Based in the U.S. and regulated by FINTRAC in Canada, Kraken is undoubtedly the best crypto exchange in Canada. Founded in San Francisco back in 2011, Kraken outperforms the smaller Canadian crypto exchanges due to its significantly lower fees, better customer support, and superior overall trading experience.

For starters, Kraken's fees are far lower than any Canadian exchange, with most users paying 0.16% per transaction (fees decrease down to 0% if you trade high volumes). Kraken's spreads are also absurdly low, typically around $0.10 per Bitcoin, which is 0.0003%. Compare that with the other Canadian exchanges—which routinely charge up to 2% in commissions plus an additional 2% or more in spreads—and it's easy to see why Kraken is such a popular exchange.

Kraken also has better customer support than any other Canadian exchange, and is the only exchange in Canada offering telephone support (available in English, French and Spanish). It supports 100+ cryptocurrencies and has a world-class trading platform and mobile app that's powerful yet easy to use.

If that wasn't enough, Kraken's trading platform is far more professional and robust than its Canadian peers, offering features like NFT trading, staking and support for a wide range of fiat currencies including CAD, USD, EUR, and more.

Overall, Kraken is the best fit for most Canadian crypto investors because it has lower fees, better support and a better trading platform overall. If you're looking to start trading crypto in Canada, we strongly recommend Kraken.

Features

  • Extremely low trading commissions (0.16%)
  • Extremely low spreads (0.0003%)
  • Trade 100+ cryptocurrencies
  • Stake 100+ cryptocurrencies
  • Simple, intuitive user interface
  • Kraken Crypto Watch allows you to keep track of the crypto market
  • NFT trading inside the Kraken app
  • 24/7 customer support via phone, email and live chat
  • Plenty of free educational resources available to users
  • 95% cold storage policy
  • Regulated by FINTRAC

Cost

  • Trading Fees: 0.16% (spot trades cost 0.26%)
  • Spreads: 0.0003%
  • Fiat Deposit Fee: 0%
  • Fiat Withdrawal Fee: $10 CAD

Best For

Canadian cryptocurrency investors looking to trade with the industry's lowest fees.

2. Bitbuy – $50 Signup Bonus

Strong Security
Bitbuy

Trading fees: 2% (High)
Security: 99% cold storage
Signup bonus: $50

Higher fees, strong security.

★★★★

Rated 4.2/5

Bitbuy is a decent backup option for Canadians in need of a crypto exchange.

Bitbuy user accounts are verified instantly, but its customer support has degraded over time, and trading fees are quite high at 2%, more than 10x that of Kraken.

To date, Bitbuy has processed more than $4 billion in trades across its 450,000+ 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 change their platform over time. For example, Bitbuy recently removed its fees on deposits, making the overall trading experience less expensive for users. However, they increased their trading fees to 2% around the same time, negating most or all of those cost savings.

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 great customer service and a slick mobile app, open a Bitbuy account today.

Features

  • Easy to use for both beginners and more advanced traders
  • Supports 25+ cryptocurrencies
  • 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: 2%
  • INTERAC Deposits: Free
  • INTERAC Withdrawals: 1.5%
  • Bank Wire Deposit: Free
  • Bank Wire Withdrawal: 1.5%
  • Credit Card Transactions: 6.25%

Signup Bonus

$50 bonus when you deposit $250 using the link below

Best For

Investors looking for a smooth trading experience (though be aware of high fees).

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.

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 Kraken 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 1. CoinSmart to buy Bitcoin and other cryptocurrencies without using your credit card at all, avoiding those high fees.

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