How to buy bitcoin with a credit card in Canada

Using a credit card to buy bitcoin isn't cost-effective, but it can be done.

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Yes, you can buy bitcoin with a credit card in Canada, but it might not be the best idea. Paying for bitcoin via credit card may be convenient, but you could face blocked payments or additional fees. On top of this, not all crypto platforms in Canada let you buy BTC with a credit card, although some do.

This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

How to buy Bitcoin with credit card

Here’s If you’ve thoroughly researched the fees and risks and decided to buy Bitcoin with credit card, here are the general steps you’ll need to take.

  1. Compare platforms that let you buy BTC with a credit card. There are a small number of investment apps, brokers and crypto exchanges that accept credit card payments for bitcoin in Canada.
  2. Create an account. Requirements vary between platforms, but you’ll need to provide basic personal information. Most exchanges require photo ID to satisfy Know Your Customer (KYC) requirements.
  3. Buy bitcoin. Choose the amount of bitcoin you want to buy, and enter your credit card details, which may include your billing address and the name on your card.
  4. Receive and store your crypto. Your trading platform may offer to store your BTC on your behalf in a hot wallet (online). If you don’t plan to trade frequently, it’s good to transfer most of your BTC to a cold wallet (offline) for added security.

Where to buy bitcoin with a credit card in Canada

Compare fees and features of crypto platforms that let you buy bitcoin with a credit card in Canada.

1 - 5 of 11
Product GXFCY Finder Score Fiat currencies Cryptocurrencies Deposit methods Offer Disclaimer
Uphold logo

20

219

Credit card, Debit card, Apple Pay, Google Pay
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Capital at risk

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Paybis logo

60

87

Bank transfer, Credit card, Debit card, Neteller, Skrill, Apple Pay
Use code Finder25 to get a 25% discount on all commission for 1 transaction. T&Cs apply.
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Capital at risk

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Kraken logo

7

277

Credit card, Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer, Apple Pay, Google Pay
Certain trading features are limited or unavailable to residents of Ontario and Quebec.
Go to site

Capital at risk

View details
VirgoCX logo

2

78

Credit card, Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer
Get a $20 bonus when you open a new account and deposit $100+. T&Cs apply.
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Capital at risk

View details
Bitget logo

45

874

Bank transfer, Credit card, Cryptocurrency, Debit card
Sign up and receive a 6,200 USDT newcomer's gift package.
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Capital at risk

View details
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Finder Score for crypto exchanges

To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score the better the exchange - simple.

Read the full methodology

Best places to buy bitcoin with a credit card

There are several places to pay for BTC via credit card, including:

  • Cryptocurrency trading platforms. Exchanges and brokers that accept credit card typically require identity verification before purchase.
  • Bitcoin ATMs. Some Bitcoin ATMs accept credit card payments, allowing users to buy bitcoin in person. Fees often range from 5% to 20%, and you may also be charged a small flat fee per transaction.
  • Peer-to-peer marketplaces. P2P platforms like EMCD or Zapit connect crypto buyers and sellers, some of whom may accept credit card payments.

Where can I find a Bitcoin ATM in Canada?

There are over 3,100 Bitcoin ATMs in Canada, according to Coin ATM Radar. These are largely concentrated in or near major Canadian cities like Toronto, Montreal, Vancouver, Calgary, Edmonton and Ottawa. Find a local Bitcoin ATM near you using this Coin ATM Radar map.

How much does it cost to buy bitcoin with a credit card?

While buying bitcoin with credit is generally straightforward, it can also be quite expensive. Several fees from your crypto broker and card issuers can contribute to the cost of your transaction, including:

Cash advance fee and interest rateMany card issuers treat cryptocurrency purchases as cash advances. If so, your purchase will come with a cash advance fee and a (usually) higher interest rates than regular credit card purchases.
Transaction and network feesThe platform you use to buy bitcoin with a credit card will charge a transaction fee, likely ranging from 0.01% to 0.5%. Separate fees for using the Bitcoin network run from 0.5% to around 5%.
Credit card surchargeYou may also be asked to pay a credit card surcharge on top of any other fees and commissions.
Currency exchange feeIf you’re using a local credit card on an overseas exchange, you might wind up paying foreign currency conversion fees.

Pros and cons of buying bitcoin with a credit card

Pros

  • Speed. Transactions made with a credit card are usually processed quickly, allowing you to buy bitcoin and have it in your wallet in a matter of minutes.
  • Convenience. Buying BTC with a credit card is less complicated than other payment methods like transferring from your bank account to your crypto exchange account.
  • Earn rewards. Some credit cards offer rewards or cashback for card purchases, which could help offset the cost of buying bitcoin.

Cons

  • High fees & interest. Buying bitcoin with a credit card can be more expensive than other methods due to credit card interest and fees charged by your card issuer and your crypto platform or broker.
  • Debt. Using a credit card to purchase bitcoin means you’re going into debt. If the price of bitcoin drops, you’ll still need to repay your debt in full plus interest.
  • Payment blocks. Credit card issuers have been known to freeze accounts when customers buy bitcoin or other crypto, so check if your bank is crypto-friendly before buying BTC.
  • Credit card fraud. As with any online purchase, there’s a risk of credit card fraud when buying BTC with a credit card. Only use reputable platforms that protect your credit card info.

Is it safe to buy Bitcoin with a credit card?

There are a few things worth considering before you decide to purchase bitcoin with a credit card.

Platform security and reputation. Check your crypto platform’s reputation, regulatory compliance and security history. Make sure it has a good track record of protecting customer data.

Fees and charges. Be aware of any fees or charges associated with buying BTC with a credit card. Compare these with other purchasing options to ensure you get a fair deal.

Volatility of Bitcoin. The value of bitcoin can be highly volatile, so be prepared for the possibility of significant price fluctuations after purchasing.

Legal and regulatory compliance. Some countries have laws that restrict or prohibit buying and selling bitcoin. Only use platforms that conform to the crypto regulations where you live.

Wallet security. If you plan to store your bitcoin in a wallet, choose one from a secure and reputable wallet provider.

Credit card debt. Buying bitcoin via credit can easily lead to a debt spiral if not managed properly, so it’s essential to only spend what you can afford to repay.

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Our expert says

"Purchasing bitcoin with a credit card might seem convenient, but it carries a lot more risk than using funds in your bank account. Using a credit card means you are taking on debt, which is going to compound rapidly if you don’t pay it off immediately. Taking on debt to invest in anything—especially a volatile asset like bitcoin—is particularly ill-advised because you could wind up losing more than your initial investment."

Editor

Other ways to buy Bitcoin

Credit cards aren’t the only way—or the best way—to purchase bitcoin. There are several other options for buying bitcoin that are generally more cost effective.

  • Bank transfer. You can use a cryptocurrency exchange that accepts bank transfers as a payment method. Many major exchanges let you deposit funds via bank transfer and use those funds to buy bitcoin, usually with comparatively low or no fees.
  • Cash. You can buy bitcoin with cash through a variety of methods, including a Bitcoin ATM or peer-to-peer crypto marketplace.

Compare the advantages and disadvantages of each of these methods before buying bitcoin, and always use reputable platforms to ensure the safety and security of your funds.

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Stacie Hurst's headshot
James Edwards's headshot
To make sure you get accurate and helpful information, this guide has been edited by Stacie Hurst and reviewed by James Edwards, a member of Finder's Editorial Review Board.
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Written by

Writer

Keegan Francis was a cryptocurrency writer for Finder. He has been invested in cryptocurrencies since 2013 and writing about them since 2018. He has written and edited for CryptoVantage. In 2020 he and his wife Mrugakshee Palwe opted entirely out of the world of traditional finance and went "full crypto", covering their experience in the Go Full Crypto podcast and via a Substack newsletter. Keegan holds a Bachelor of Computer Science from Acadia University, and has attained graduate certificates from Ivan On Tech's lightning network course and the Consensys Academy Ethereum bootcamp. When Keegan is not working on cryptocurrency, he enjoys travelling, rock climbing and playing piano. See full bio

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Co-written by

Writer

Frank Corva is business-to-business (B2B) correspondent for Bitcoin Magazine and formerly the cryptocurrency writer and analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City. Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets. See full bio

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