If you’re wondering how to buy Wrapped Bitcoin (WBTC) in Canada, you’ve come to the right place. This post will walk you through exactly how to buy it using Newton, one of the top-rated crypto exchanges in Canada and the easiest way for Canadians to buy Wrapped Bitcoin.
Newton is a particularly good choice for buying and selling Wrapped Bitcoin because it verifies accounts instantly, supports more than 75 crypto assets, and has zero trading fees (aside from the spread). If you’re serious about crypto investing and want to work with a reputable, reliable exchange, I highly recommend Newton.
What Is Wrapped Bitcoin (WBTC)?
Launched in 2019, Wrapped Bitcoin (WBTC) is an Ethereum-based ERC-20 token traded in the Ethereum blockchain. WBTC is backed 1:1 by Bitcoin and is part of the Wrapped Tokens Project, an initiative led by three large organizations with years of experience in the crypto world: BitGo, a DeFi institution and custodian of WBTC and BTC; Kyber Network, a liquidity protocol that integrates tokens and dApps, and Ren, a cross-blockchain integration protocol and DeFi services provider company.
All WBTC tokens are backed, similar to stablecoins pegged to a currency, and monitored by all three companies, which act as custodians.
Thanks to WBTC’s compatibility with Ethereum, it can be transferred between the BTC and the ETH networks seamlessly. Keep in mind there’s a difference between backed and pegged: WBTC tokens are backed by 1 BTC, which is held in a treasury, and BitGo is the only one with the key for minting new WBTC.
There are many benefits of using WBTC over BTC; for starters, the Ethereum network supports advanced DeFi applications like smart contracts, it is less energy-intensive, and Ethereum’s blockchain has a considerably faster block time of just 15 seconds, compared to Bitcoins, 10 minutes.
Here are some other quick facts about Wrapped Bitcoin:
|Asset Type||Ethereum-based Token|
|Market Cap||$10,880,396,915 USD|
|All Time High||$70643.4 USD|
|All Time High Date||Nov 10, 2021|
Why you should trust me
ExperiencedI bought my first cryptocurrency (Bitcoin) in 2013, bought Ethereum in 2017, and have held active accounts with at least 5 exchanges since 2018.
UnbiasedAll of my selections are supported by multiple data points, including crypto thought leaders, security experts, and TrustPilot reviews.
Deep ResearchMy team and I spent more than 100 hours researching exchanges before choosing our top picks, and we update them almost daily as the industry continues to change.
Where To Buy Wrapped Bitcoin In Canada
Here’s how to buy Wrapped Bitcoin in Canada smoothly and easily:
1. Open Your Newton Account
Opening a Newton account is easy: go to their website, enter your name and email, and follow the prompts to upload a piece of government-issued ID to verify your account.
If you sign up using my referral link, you’ll get a $25 signup bonus upon depositing $100 or more into your account.
2. Fund Your Newton Account
Canadians can fund their Newton account through Interac e-transfer, wire transfer, or cryptocurrency transfer from an external wallet. I recommend Interac e-transfer, since it’s fast, easy, and totally free.
Your funds will appear in your account in 30 minutes or less.
3. Buy Wrapped Bitcoin With Newton
Once you’ve funded your account, you can go ahead and buy however much Wrapped Bitcoin you want. To do that with Newton, log in to the app or web platform, tap Trade (the icon with two arrows), enter the dollar amount you wish to purchase, and select Wrapped Bitcoin from the dropdown menu.
Your order will be processed immediately, and your Wrapped Bitcoin will show up in your account right away. And that’s it—you just bought Wrapped Bitcoin!
Zero Trading Fees
Spreads: 0.2% – 0.7%
Why Newton Is Great For Buying Wrapped Bitcoin
There are many reasons Newton is my exchange of choice for buying Wrapped Bitcoin, but here are just three:
1. Extremely Low Fees
Newton doesn’t charge any trading fees, deposit fees, withdrawal fees, or any other types of fees you can think of. They even cover the first $5 on every crypto withdrawal, going above and beyond to save you money.
The only way Newton will make money your trades is through a narrow spread that’s charged on each trade. Newton’s spreads are very competitive with other exchanges, and you can see its live spread on Wrapped Bitcoin on its Fees page.
2. Wide Variety Of Coins
Newton currently supports more than 75 crypto assets, so if you want to trade other altcoins aside from Wrapped Bitcoin, Newton is your best bet for finding them.
3. Designed For Canadians
If you use a non-Canadian exchange, you generally have to fund your account with US dollars and pay foreign exchange fees ranging anywhere from 2-5%. Newton is a Canadian exchange, though, so you can fund your account directly with Canadian dollars without any fees.
Other benefits of Newton include the ability to fund your account via Interac e-transfer or from your Canadian bank account for free, plus the knowledge that you’re using a homegrown exchange that follows all current and anticipated Canadian regulations, ensuring your funds and crypto are always fully secure.
Where To Store Wrapped Bitcoin
Storing Wrapped Bitcoin is easy as long as you have the right crypto wallet to protect it and keep it secure. There are dozens of different wallets out there, each with their own set of features, many of which cost $100 or more to buy.
With Newton, though, you can skip expensive wallets altogether and just store your crypto right inside their app. Newton maintains third-party custodian partnerships with Fireblocks and Balance, which means they keep their users’ digital assets under cold (offline) storage at institutional-grade storage facilities. Other benefits of using Newton include:
- The widest selection of coins of any Canadian crypto wallet/exchange
- Newton performs daily off-site backups to ensure your crypto is always kept safe
- Open an account in 30 seconds
- $25 bonus when you buy $100 in crypto using my signup link
Newton is a widely trusted wallet and exchange I’ve personally used for more than a year. Whether you want to make your first crypto purchase or just spread out where you hold your coins, I can’t recommend Newton enough.
Zero Trading Fees
Spreads: 0.2% – 0.7%
Here’s how to buy Wrapped Bitcoin in Canada:
- Open a Newton account using my referral link to get your $25 signup bonus.
- Deposit Canadian dollars into your Newton account with zero fees.
- Exchange dollars into Wrapped Bitcoin with no commissions—you just pay the spread.
Buying Wrapped Bitcoin In Canada FAQs
What Fees Are Involved With Buying Wrapped Bitcoin?
Newton doesn’t charge any trading fees or commissions on Wrapped Bitcoin, so you just pay a spread of around 0.2% – 0.7%.
Which Canadian Exchanges Offer Wrapped Bitcoin?
Newton is the only exchange Canadians can use to buy Wrapped Bitcoin today. Other exchanges like CoinSmart and Bitbuy may add support for Wrapped Bitcoin in the future, but right now, Newton is the only option Canadians have.
How Do I Sell Wrapped Bitcoin In Canada?
To sell Wrapped Bitcoin, log in to your Newton account, go to Market -> Exchange (the arrows in the bottom-right of the app), and then set up the trade by entering the amount of Wrapped Bitcoin you wish to sell. Once the sale is complete, you can withdraw your fiat currency into your bank account via Interac e-transfer or direct deposit.
Alternatively, if you wish to transfer your Wrapped Bitcoin to a wallet outside of Newton, go to Market -> Exchange -> Withdraw -> Crypto to Wallet, select Wrapped Bitcoin from the dropdown list, and enter your external wallet address. Always double-check your external wallet address before processing your withdrawal request, as cryptocurrency transactions can’t be reversed once they’ve been submitted.
Is Wrapped Bitcoin A Good Investment?
At its current price of $38690.17 USD, Wrapped Bitcoin is down 45.23% from its all-time high of $70643.4 USD on Nov 10, 2021. If the past is any indication, though, there’s a good chance Wrapped Bitcoin will increase from here and challenge its all-time high again, probably when Bitcoin approaches its all-time high, too.
Of course, all cryptocurrency investments are volatile and uncertain, so I recommend that you only invest money you can afford to lose.
Wrapped Bitcoin Price Prediction
Our price prediction for Wrapped Bitcoin is $122,560.96 USD within 12 months. This equates to an increase of 217% from its current price of $38690.17 USD, and assumes that Bitcoin will surpass its all-time high of $69,045 USD in the next 12 months, too.