Bitbuy Digital Currency Exchange
- Based in Toronto
- Lets you make quick buys and sells or actively trade
- Bitbuy dashboard makes it easy to manage and track your crypto
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If you want to buy cryptocurrency with Canadian dollars, using a crypto exchange that accepts bank transfers can be one of the cheapest and most convenient solutions. But if you’re new to cryptocurrency, it can be tough knowing where to get started.
Read on for a list of which exchanges accept bank transfers and how you can buy crypto with your bank account.
There are a couple of ways you can buy crypto with your bank account:
Depending on the exchange you choose, the exchange may support one or both of these payment methods.
This is our quick guide to just one way to buy bitcoin with a bank transfer.
Compare some other options in the table below.
Buying crypto with your bank account is actually quite easy. To show you how to do it, let’s look at an example of how to buy bitcoin (BTC) with Canadian dollars.
There are a number of platforms to choose from when purchasing crypto with your bank account, so compare your options to see how each exchange performs across a range of key areas:
Answering these questions should help you narrow down your choices and find a platform that will work for you.
If you want to store your newly acquired crypto coins on the exchange where you bought them, you can. However, this is not recommended for a couple of reasons:
With this in mind, the safest course of action is to move your digital coins into a secure wallet that allows you to retain control of your private keys. From desktop and mobile wallets to online and hardware wallets, there are plenty of options to choose from. Make sure you do your research before picking one that’s right for you.
Buying crypto with a bank account offers a safe and secure way to exchange CAD for digital currency, but only if you’re certain you’re dealing with a reputable exchange provider. With this in mind, it’s essential that you thoroughly research the credentials of any platform before transferring any funds.
You’ll need to find out the following:
Of course, if you plan on buying cryptocurrency from someone through a peer-to-peer platform, you’ll need to be certain you’re dealing with a reputable seller before transferring any funds. This is why it’s a good idea to set up the trade through a marketplace that uses some sort of reputation system and has security measures in place to protect against fraud.
From a broader point of view, you should also be fully aware of the risks associated with buying cryptocurrency before you make a purchase. Cryptocurrencies are complicated and volatile assets, so there’s a risk of losing some or all of the money you spend.
If you want to buy crypto with your bank account, the first thing you need to do is start comparing a range of cryptocurrency exchanges. Compare their features, accepted payment methods, transaction limits, fees and level of community trust to find a platform that’s right for your needs.
Yes, at the time of writing, it’s legal to buy crypto with your bank account in Canada.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.
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