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How to buy Bitcoin (BTC) in Canada

Learn how to buy Bitcoin with a range of payment methods and find out how to get the lowest fees in this step-by-step guide.

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Certain trading features are limited or unavailable to residents of Ontario and Quebec.

In Canada, you can buy Bitcoin through crypto exchanges, stock trading platforms and crypto wallets. On most platforms, you must upload photo ID before depositing funds and making a purchase. In this guide, we break down how to buy Bitcoin in Canada using payment methods like bank transfers, debit, credit cards and cash.

Choose a platform that supports your preferred payment method. Compare fees, features, strengths and weaknesses to find the most suitable exchange on which to buy Bitcoin.

What is Bitcoin's price in CAD? Today, the price of Bitcoin in Canadian dollars is $91,640.67. This is slightly up from yesterday's trading price of $88,745.33. Over the past year, Bitcoin has seen an increase of 143%. Launched in 2009 as the world's first cryptocurrency, Bitcoin (BTC) reached an all-time-high price of $101,021.06 CAD in March 2024.

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 in Canada in 4 steps

The following steps are for Canadian residents and should work with most cryptocurrency exchanges, investing apps and brokers.

  1. Choose a payment method
    For beginner crypto buyers, fees and available payment methods are often top considerations when buying Bitcoin. It’s usually cheap (sometimes free) to pay by bank deposit, while debit and credit card payments can get costly.
  2. Choose a platform and open an account
    Once you’ve selected a trading platform that supports your preferred payment method, provide basic personal information and photo ID (like a valid driver’s license or passport) to create an account. You might be required to take a selfie to prove your identity in accordance with Canadian law.
  3. Buy Bitcoin
    The spot market is where you can buy Bitcoin in CAD (or other fiat currencies), but the investment interface can take some getting used to if you’re new to crypto. Alternatively, you can buy Bitcoin directly through your platform, but the fees may be higher.
  4. Transfer your Bitcoin to a crypto wallet
    Crypto exchanges are at risk of being hacked or financially mismanaged, so it could be unwise to leave your crypto on the platform on which you bought it. Instead, consider transferring your Bitcoin to a cryptocurrency wallet that you independently own and manage.

Bitcoin market update: April 2024

BitcoinThe price of Bitcoin in CAD has surged since the start of the year, rising to $86,700 CAD by the end of February and $93,000 CAD in early March.

But USD is the most commonly used fiat currency for trading Bitcoin, so that’s the currency to watch. Bitcoin has yet to exceed the all-time high of $65,000 USD reached in 2021, but in late February, the price rose above $60,000 USD for the first time since then.

The approval of 11 spot Bitcoin exchange-traded funds in January have likely contributed to the Bitcoin price surge, along with the next Bitcoin halving due around April 20.

Historically, halving events have been a hugely positive price catalyst for Bitcoin and the wider crypto markets, but it remains to be seen what impact it will have this time around.

What are the best ways to buy Bitcoin in Canada?

The easiest way for a beginner to buy Bitcoin is usually through a crypto exchange. The best Bitcoin trading platform for you depends on your preferred payment methods and investment goals.

Buy Bitcoin with a bank account

Many exchanges support free and instant bank transfers in Canada. Some offer other options like wire transfers, but check if there’s a deposit fee first.

Buy Bitcoin with a debit card

Some exchanges let you use a debit card for multiple types of Bitcoin transactions. Others only let you use a debit card to make instant purchases, which often comes with higher fees than spot market purchases.

Buy Bitcoin with a credit card

Many crypto exchanges in Canada accept credit cards as an instant purchase method. But you should think very carefully before buying Bitcoin with a credit card, because:

  • Credit card fees are higher than using bank transfers.
  • Some card issuers may block cryptocurrency transactions.
  • Your purchasing options will be limited and more expensive.
  • You may end up losing your initial investment and being charged fees and interest by your credit card provider.

Buy Bitcoin with cash

It’s not common to buy Bitcoin with cash in Canada, but it can still be done. There are a few ways to buy BTC with cash:

  1. Bitcoin ATMs. Purchase BTC with cash using a dedicated Bitcoin ATM. These can be found in many major Canadian cities. You’ll need to provide photo ID and pass a Know Your Customer (KYC) check.
  2. Peer-to-peer (P2P). Use a P2P platform to find someone who will sell you their BTC directly in exchange for cash. Beware that there’s a high risk of fraud when you attempt to settle a transaction in-person or without an escrow service. Look for an established and reputable platform that offers an escrow service and online trading capabilities.

Buy Bitcoin with another cryptocurrency

On some platforms, you can swap any cryptocurrency you already own for BTC using the “swap” or “convert” service. This lets you instantly exchange cryptocurrencies even if there’s no trading pair on the spot market.

Can I buy Bitcoin in Canada with PayPal?

No, unfortunately you cannot buy Bitcoin directly with a Canadian PayPal account. To buy BTC with PayPal, you must reside in the US and trades can only be conducted in USD.

Where to buy Bitcoin in Canada

In Canada, you typically buy Bitcoin (BTC) on a cryptocurrency exchange, an online platform that facilitates trading crypto.

You can also buy Bitcoin through online investment platforms, which sell crypto alongside traditional investments like stocks and ETFs. Stock trading platforms often offer fewer coins and tokens than dedicated crypto exchanges.

The majority of cryptocurrency exchanges and stock trading platforms can be accessed online or via mobile app, making it easy to buy and sell Bitcoin almost anytime, anywhere.

Other ways to buy Bitcoin in Canada include Bitcoin ATMs (located in many major Canadian cities) and peer-to-peer (P2P) marketplaces. However, these options aren’t as common and may not be very accessible for beginners.

How to buy Bitcoin from a crypto exchange

Buying BTC on a crypto exchange is the most common way to invest in Bitcoin.

Exchanges such as Kraken, Bitbuy and Coinbase are widely used crypto exchanges. You can also buy other cryptocurrencies if you want to expand your portfolio beyond BTC.

Most Canadian exchanges let you buy Bitcoin instantly using funds deposited from a bank account. Some also let you buy BTC with debit card or credit card, although the fees may be higher.

What’s the cheapest way to buy Bitcoin in Canada?

First things first—you don’t have to buy a whole Bitcoin. Most exchanges let you buy as little as $5 worth of BTC, if not less. Just enter how much you want to spend in Canadian dollars, and let the exchange work out the rest.

Not all platforms offer more than one way to buy Bitcoin, but the two most common types of transaction take place on the spot market or via your platform’s “instant buy” feature.

Crypto exchanges: What to consider

  • Pro: Provides a straightforward and affordable way to buy and sell BTC regardless of your experience.
  • Cons: If the exchange has any issues, your BTC may not be safe. You may want to transfer it to a private crypto wallet instead.

Buy Bitcoin from an online investment platform

Online stock trading platforms like Wealthsimple let you manage various traditional investments like stocks, ETFs and commodities. Some also let you buy Bitcoin and other popular cryptocurrencies.

One of the major differences between crypto trading platforms and traditional investment platforms is that the latter may not allow you to withdraw Bitcoin to a private crypto wallet. Additionally, you may only get access to a limited range of cryptocurrencies.

Dive deeper Online stock trading
Bitcoin ETF

You can now invest in Bitcoin through exchange traded funds (ETFs). Bitcoin ETFs can be managed as part of your traditional stock or ETF portfolio.

An ETF is a simplified way of investing in assets like gold, silver and oil without having to physically store the product. Similarly, Bitcoin ETFs eliminate the need for you to learn how to safely store and manage Bitcoin yourself, which can be complicated for some.

Buying a spot Bitcoin ETF is a really convenient way to invest in Bitcoin for anyone who just wants to speculate on the price and not worry about safe storage. The ETF issuer manages it all on your behalf, so you don't need to learn how to use a Bitcoin wallet or manage private keys.

Online investment platforms: What to consider

  • Pro: Buying a Bitcoin ETF reduces the complexity of buying Bitcoin and storing it safely.
  • Con: Owning an ETF doesn’t give you access to the actual Bitcoin; you can’t withdraw it from the platform into your own wallet.

Buy Bitcoin from a crypto wallet

Cryptocurrency wallets are specialized software applications or physical devices designed for managing and safeguarding cryptocurrencies. Many wallets let you use credit or debit to purchase Bitcoin and other cryptocurrencies through a third party.

Hardware wallets provide a secure and private way to hold your Bitcoin personally, rather than entrusting it to a third-party exchange or platform.

The Bitcoin blockchain is more secure than exchanges and has never been hacked, but your security ultimately depends on you. You’re responsible for managing your private key or seed phrase, which, if lost, could result in lost funds.

Crypto wallets: What to consider

  • Pro: You have total control over your investment, as it’s secured by an encrypted wallet rather than a third party like an exchange.
  • Con: Learning to use a crypto wallet requires time and effort. Transactions are irreversible, and human error could put your funds at risk.

Buy Bitcoin from a Bitcoin ATM in Canada

Buying Bitcoin using an ATM is a way to purchase the digital currency at a physical location. The process typically involves using cash or a debit card to purchase Bitcoin, which is then transferred to a digital wallet. You must set up a wallet before using a Bitcoin ATM.

Fees are often much higher than purchasing Bitcoin via an online exchange, and Bitcoin ATMs are only available in major Canadian cities. Additionally, inputting a long, alphanumeric Bitcoin address into an ATM can be clunky.

Bitcoin ATM: What to consider

  • Pro: Provides a way to buy Bitcoin in Canada using cash or a card.
  • Con: Can be more time consuming and expensive than using an online exchange.

Buy Bitcoin from a P2P marketplace

A P2P crypto marketplace is a platform that allows individuals to buy and sell cryptocurrencies directly with one another by making offers (a bit like eBay).

P2P marketplaces typically support a wide range of fiat currencies, including CAD. Low or no fees are common for P2P trades. Since order prices are fixed, you can potentially find Bitcoin below market value.

Purchasing Bitcoin through P2P exchanges regularly can be challenging, as it might be hard to consistently find a seller willing to sell you the exact amount you want each time.

P2P marketplace: What to consider

  • Pro: Interact directly with Bitcoin sellers, and choose from many payment options.
  • Con: You’re limited to the amount of Bitcoin others are willing to sell.

Compare exchanges to buy Bitcoin in Canada

Compare cryptocurrency exchanges and trading platforms to buy Bitcoin in Canada. Select Go to site to get started.

1 - 14 of 14
Name Product Deposit methods Fiat currencies Cryptocurrencies Offer Disclaimer Link
Kraken Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay, SWIFT

8

223

Certain trading features are limited or unavailable to residents of Ontario and Quebec.

Capital at risk

View details
Paybis Cryptocurrency Exchange
Paybis Cryptocurrency Exchange
Bank transfer, Credit card, Debit card, Neteller, Skrill, Apple Pay

60

87

Capital at risk

View details
Coinmama Cryptocurrency Marketplace
Credit card, Debit card, Apple Pay, Google Pay

6

16

Capital at risk

View details
OFFER
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer

1

39

Limited time only: Free $40* when you sign up and fund your Bitbuy account. T&Cs apply.

Capital at risk

View details
OFFER
VirgoCX Cryptocurrency Exchange
Credit card, Cryptocurrency, Debit card, Interac e-Transfer, Wire transfer

2

78

Get a $20 bonus when you open a new account and deposit $100+. T&Cs apply.

Capital at risk

View details
Changelly Crypto-to-Crypto Exchange
Credit card, Cryptocurrency, Debit card, Wire transfer, Apple Pay

58

391

Capital at risk

View details
OFFER
NDAX Cryptocurrency Trading Platform
Cryptocurrency, Interac e-Transfer, Wire transfer, Bank draft

1

37

Get a $15 bonus when you open an account and deposit at least CAD$100. T&Cs apply.

Capital at risk

View details
MyBTC.ca Cryptocurrency Exchange
MyBTC.ca Cryptocurrency Exchange
Cash, Credit card, Debit card, Flexepin, Interac e-Transfer, Bank Wire

1

2

Capital at risk

View details
Finder Award
Coinbase Digital Currency Exchange
Debit card, PayPal

23

257

Capital at risk

View details
Finder Award
OFFER
Gemini Cryptocurrency Exchange
Bank transfer (ACH), Debit card, PayPal, Wire transfer, Apple Pay, Google Pay

7

85

Capital at risk

View details
Finder Award
Crypto.com App
Bank transfer, Credit card, Cryptocurrency, Debit card, Google Pay

31

271

Capital at risk

View details
Coinberry Cryptocurrency Exchange
OFFER
Coinberry Cryptocurrency Exchange
Credit card, Debit card, Interac e-Transfer, Wire transfer

1

24

Capital at risk

View details
Coinsquare Cryptocurrency Exchange
EXCLUSIVE
Coinsquare Cryptocurrency Exchange
Interac e-Transfer, Wire transfer, Wealth Wire, Rushed Wire, Direct Bank Deposit

5

15

Capital at risk

View details
Netcoins Trading Platform
Cryptocurrency, Interac e-Transfer, Bank Wire

2

37

Capital at risk

View details
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Where could Bitcoin's price be heading?

Bitcoin's price is expected to rise to US$87,125 by year-end 2025, according to the average prediction from Finder's panel of fintech specialists. Panelists also predict that BTC will hit US$220,708 by 2030.

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Bitcoin to USD and CAD calculator

Find out how much Bitcoin is worth in US and Canadian dollars with our Bitcoin calculator.

BTC price last updated April 23, 2024, 02:04 UTC (EST + 5 hours).

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What to look for when buying Bitcoin in Canada

Consider the following factors when comparing crypto exchanges to buy Bitcoin with Canadian dollars.

After you’ve bought Bitcoin

Once you own BTC, you have 2 options—hold it on an exchange or move it to a personal wallet. Each comes with pros and cons.

Is Bitcoin safe to invest in?

All investments comes with risk. Before you buy Bitcoin, make sure you understand these risks.

Bottom line

If you want to buy Bitcoin in Canada, compare crypto brokers and exchanges, looking at features, fees, security and overall reputation to decide which platform is right for you.

Keeping your BTC on an exchange can be easier than choosing and managing a personal wallet, but a wallet gives you more control over your assets. It’s risky to buy Bitcoin, so talk to a financial advisor about how crypto fits into your goals and overall investment strategy.

FAQs

How to buy other cryptos


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.

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