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 $87,634.79. This is slightly down from yesterday's trading price of $86,430.27. Over the past year, Bitcoin has seen an increase of 127%. 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.
"Top picks" are those we've evaluated to be best for certain product features or categories – you can read our full methodology here. If we show a "Promoted Pick", it's been chosen from among our commercial partners based on factors that include special features or offers and the commission we receive.
Keep in mind that these are suggestions and that the exchange that is best for you will depend on your individual needs. There are other products on the market not included in our picks.
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.
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.
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.
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.
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
The 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:
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.
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.
If you’re new to crypto trading, instant purchases are the fastest but least cost-effective way to buy Bitcoin in Canada. Usually, you’ll find this under “Buy now” on the platform you’ve chosen.
Instant transactions typically feature a simple interface that lets you enter the amount of BTC you want to buy or CAD you want to spend. This might be your only option if you want to pay by credit or debit card. Be prepared to pay a markup on BTC’s market rate in exchange for the convenience.
The spot market is where buyers and sellers come together to place bids for BTC on the open market. Traders set their own prices, which is why this is usually the cheapest way to buy Bitcoin in Canada. You’ll find the spot market under “Trade” or “Spot” on your crypto platform. Different order types include:
Market order. Similar to an instant order but less expensive, this lets you buy Bitcoin at the lowest price currently available.
Limit order. This is the most common order type and lets you purchase Bitcoin at the price you specify. Traders use this to time the market and capitalize on price dips or increases.
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.
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.
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.
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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.
Consider the following factors when comparing crypto exchanges to buy Bitcoin with Canadian dollars.
In Canada, cryptocurrency is viewed as a security for tax purposes (like stock or bond investments), so crypto exchanges are regulated by provincial/territorial securities regulators. This helps protect your assets from unauthorized use and mishandling by exchange operators. View a full list of regulated crypto exchanges in Canada.
Regulated exchanges must also be registered with FINTRAC (the Financial Transactions and Reports Analysis Centre of Canada), which imposes rules to guard against fraud and money laundering.
Safety and transparency aren’t the only reasons why you should buy Bitcoin in Canada using a regulated exchange. Regulated exchanges are also more likely to let you transact in Canadian dollars and avoid costly foreign exchange fees.
Look at the platform’s security features like 2-factor authentication, multi-approval withdrawals, data encryption, regular security monitoring and 1:1 asset holdings (the platform won’t lend or access your crpyto without your permission). It’s industry standard to use cold storage (cold wallets) for user funds.
A less common security practice is setting up an insurance fund, which covers customer losses in the event an exchange is liquidated. A very small number of exchanges offer this insurance. Policies vary significantly between exchanges, so research this thoroughly if insurance is important to you.
If you have a problem with a transaction, can you quickly and easily get in touch with customer support? Is the support team based in Canada? Check which contact methods are available, and find out what the average response time is.
Before buying Bitcoin, check which types of transactions are available on the exchange you’re using as well as the fees involved. Fees typically differ for spot market transactions and instant purchases. Other fees might include spreads, trading fees and deposit and withdrawal charges.
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.
Pros
Convenience. Buy and sell your Bitcoin any time. Avoid the hassle of finding and managing a personal wallet.
Security. Holding Bitcoin on an exchange can be risky, but reputable platforms invest heavily in securing their customers’ assets.
Insurance. A small handful of exchanges offer insurance ranging from covering deposits held in cold storage to reimbursing losses due to a hack.
Earn yield. Many exchanges now let you accrue earnings on your Bitcoin by lending it out. There’s risk involved, so do your research before moving forward.
Cons
Phishing. Exchange users are frequently targeted by scammers trying to steal login information through malicious emails and fake website links.
Hacking. Exchanges are major targets for hackers. While security practices have improved substantially, hacks still occur from time to time.
Account freezing. Exchanges have been known to occasionally freeze user accounts due to security concerns, technical issues or market turbulence. This means you could temporarily lose access to your crypto.
Pros
Control. “Not your keys, not your coins” means that the only way to guarantee ownership of your Bitcoin is to own the private key, which can’t happen if you hold it on an exchange.
Security. Cryptocurrency wallets vary in features and security. Consider purchasing a hardware wallet, usually a small USB device that keeps your private keys offline at all times for added security.
Utility. Holding BTC in a wallet instead of an exchange can be more convenient if you plan to use it for transactions, daily spending or decentralised finance (DeFi).
Cons
Learning curve. It takes time and effort to learn how to use a crypto wallet. Find out how Bitcoin wallets work before transferring your funds.
Personal responsibility. You’re fully responsible for managing your crypto. If you lose your private key, the only way to regain access to your wallet is with the seed phrase. Make sure to store both of these privately and securely.
Inheritance. If you die or become disabled, how do you give someone access to your crypto? Several companies are experimenting with ways to solve this problem. One such solution is the The Trezor Model T wallet’s Shamir back-up feature.
Is Bitcoin safe to invest in?
All investments comes with risk. Before you buy Bitcoin, make sure you understand these risks.
Bitcoin’s price is largely based on speculation, meaning it can rise and fall quickly. It’s common for Bitcoin to move by 5% or more in a single day.
Leaving your Bitcoin on a crypto platform exposes you to several counterparty risks, including scams, hacks, theft and poor fiscal mismanagement, as we saw with FTX’s bankruptcy in 2022. To reduce this risk, it’s best to keep your Bitcoin in a non-custodial wallet.
The regulatory environment for Bitcoin and other cryptos is constantly changing. In some countries, owning and trading Bitcoin is legal and in others, it isn’t. Even in countries where crypto is legalized, there can be some jurisdictions that don’t permit trading Bitcoin or other crypto. For example, only a few crypto companies are allowed to operate in New York.
Bitcoin was created in 2009, making it a relatively new form of technology and currency. Bitcoin doesn’t yet have the same performance history as some other asset classes.
If you plan to invest in Bitcoin and personally manage the asset’s custody, you’ll have to learn how to use a non-custodial crypto wallet.
The Bitcoin network is nearly impossible to hack, but the hardware and software used to manage your funds—known as wallets—can still be vulnerable. We researched BTC wallets and shared the ones we think are the best.
Once you’ve submitted a transaction to the Bitcoin network, it can’t be cancelled or reversed. Double-check the receiving address before sending a Bitcoin payment or moving Bitcoin off an exchange. One good way to do this is to check the first and last 4 digits of the wallet address to which you’re sending before triggering the transaction. There’s no way to refund BTC sent to the wrong address.
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
Many platforms have now made their trading interfaces beginner-friendly. Beginners will probably find it easiest to buy Bitcoin from a crypto exchange that offers instant purchases with CAD. Once you're feeling comfortable, buying Bitcoin on the spot market is usually a less expensive option.
Bitcoin is widely considered as a high-risk asset, so only buy what you can afford to lose. Dollar-cost averaging (DCA) can help cushion the highs and lows of market volatility. This involves buying small amounts of Bitcoin at regular intervals like every week or month. DCA removes some of the emotion from investing and can help support a long-term financial strategy.
The safest way to buy Bitcoin is through a reputable cryptocurrency exchange or broker that complies with Canadian laws and regulations. Look for one that promotes stringent security measures such as registration with FINTRAC, KYC for all users, 2-factor authentication and an insurance fund. After you buy Bitcoin in Canada, consider moving it into a self-custodial wallet for added security.
The best way to buy Bitcoin in Canada depends on your investment goals. Do you plan to trade frequently or buy and hold crypto for the long term? For regular BTC trading, fees are lowest on a spot market, while casual investors might value the convenience of higher-fee instant purchases.
It's unwise to buy Bitcoin on an exchange that doesn't require ID. Crypto exchanges in Canada must be registered with securities regulators and will require proof of identity as part of the KYC verification process. Dealing with reputable, regulated platforms is important for keeping your crypto and Canadian dollars safe.
Bitcoin is treated as an investment asset (similar to stocks or bonds) by the Canada Revenue Agency (CRA). If you've bought, sold or earned BTC during the financial year, you'll likely need to report it at tax time. Investors must declare any profits as capital gains, while losses can be used to reduce your tax bill or offset any future capital gains.
Note that crypto earnings held in a Tax-Free Savings Account (TFSA) are not taxed, provided you stay within your annual contribution limit.
If you make frequent BTC trades in a professional capacity you may be classified as a professional trader, which is a bit more complex. Learn more in our guide to crypto tax in Canada or use our round-up of the best crypto tax software to make tax reporting easier.
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.
James Edwards is the global cryptocurrency editor at Finder. He coordinates a distributed team of journalists to help further Finder's mission of helping people make better financial decisions.
He has been using Bitcoin since 2013 and began working in the industry in 2017. He takes pride in boiling down complex topics into language his parents can understand.
His expertise has seen him called on to report at events such as TechCrunch Disrupt, CoinDesk Consensus and IBM Think and has coordinated a vast number of high-profile interviews with the industry's brightest minds.
He is a regular contributor to Nasdaq, The Street and is frequently called upon for market commentary in Australia and abroad.
According to our recent survey, 16.55% of us have purchased cryptocurrency. We take a closer look at the types of people who have purchased – as well as the reasons why others haven’t jumped on board.
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The 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.
