If you want to buy Bitcoin Cash (BCH), you’ll find this popular digital currency listed for trade on a wide range of exchanges.
However, buying digital coins can be complicated and confusing, particularly for those new to cryptocurrency trading, so keep reading for step-by-step instructions on how to buy BCH with Canadian dollars (CAD) or another cryptocurrency.
Buy cryptos with CAD
Multiple payment methods
95% cold storage policy
Established in 2013
Bitbuy.ca Digital Currency Trading Platform
At this Canadian-based cryptocurrency broker, you can pay in CAD through bank wire, Interac e-Transfer, Interac Online or Flexepin.
If you’re a cryptocurrency novice, the quickest and simplest option is to buy Bitcoin Cash with CAD. However, we’ve also provided step-by-step instructions on how to buy BCH with another digital currency if that is your preferred option.
Buying Bitcoin Cash with CAD
Here’s an example of how you can buy Bitcoin Cash with CAD on Canadian-based exchange Bitbuy.ca. Please note that there are several exchanges that list BCH in trading pairs and accept CAD deposits, so compare a range of platforms before deciding where you’d like to buy.
Navigate to the Bitbuy.ca website and register for an account. You can sign up for an account by providing:
Your full name
Your email address
Your phone number
Additionally, you will need to verify your identity by submitting:
A photo of your valid Canadian government issued ID
A picture of yourself holding your Canadian government issued photo ID
Proof of address document such as a bank statement or a utility bill where your name and address are clearly visible
Don’t forget to activate 2-factor authentication on your account before you deposit any funds.
Click on the “Deposit” link and deposit funds from your Canadian bank account. There are four ways you can make a deposit:
When the funds have arrived in your account, click the “Buy” tab and choose Bitcoin Cash from the list of currencies. Click the “Buy Bitcoin Cash” link and enter the amount of BCH you want to buy and a dollar amount you want to spend.
Take a moment to review the details and total cost of your transaction before you click “Buy”.
Here’s an example of how to buy Bitcoin Cash with another cryptocurrency on Binance. Once again, Bitcoin Cash is listed on a huge range of crypto exchanges, so compare your options before deciding which platform you want to use.
Bitcoin Cash can be purchased using a number of popular cryptocurrencies. However, as bitcoin is the most readily available of all cryptos, this example will focus on using bitcoin to buy BCH.
You can sign up for a Binance account by entering your email address and creating a password. Make sure that you enable 2-factor authentication on your account before proceeding to step 3.
It’s also worth noting that if you want a higher account withdrawal limit than 2 BTC, you’ll need to provide proof of ID to verify your account.
If your bitcoin is already stored on Binance, skip ahead to step 4.
However, if you’ve been holding your BTC on another exchange or in your private wallet, it’s time to transfer it over to Binance. To make a deposit, you’ll first need to find the correct address to send it to.
To do this, log in to your Binance account, click “Funds” and select “Deposits”. Search for bitcoin in the list of supported currencies and copy the wallet address or scan the QR code provided. Use this as the destination address when depositing BTC to Binance.
Note: Bitcoin Cash is listed as BCC on Binance, rather than under the more widely used ticker symbol of BCH.
The final step is to click the “Exchange” tab and choose between the “Basic” and “Advanced” trading interfaces. You can then use the search box to locate your desired trading pair – BCC/BTC in this case – and choose a limit, market or stop-limit order.
Type in the amount of Bitcoin Cash you want to purchase, and make sure to review your transaction details before clicking “Buy BCC”.
If you want to sell your Bitcoin Cash, you have the option of exchanging it for either crypto or fiat currency. Once again, you’ll need to click through to the trading page on your chosen exchange, but this time you’ll need to make sure you enter your transaction details in the “Sell” rather than “Buy” field.
You should also be aware that BCH isn’t listed in the same extensive range of trading pairs as digital currencies like bitcoin and Ethereum, so you may not be able to directly trade your coins for the currency you want.
Which wallets can I use to hold Bitcoin Cash?
Once you’ve successfully purchased Bitcoin Cash, you’ll need to find a safe place to store your coins. While you can keep BCH in your exchange wallet if you wish, the fact that you don’t control the keys for this wallet and exchanges are regularly targeted by hackers means that it’s not recommended.
Instead, choose a secure wallet that gives you full control over your crypto assets. There are myriad options available if you’re looking for a Bitcoin Cash wallet, including:
Bitcoin is the world’s oldest and most widely recognized cryptocurrency, but as more and more people have started using the bitcoin network, scalability problems have reared their ugly head. With slow transaction times and high fees plaguing bitcoin, the community couldn’t agree on the best way to improve network scalability – some wanted to increase the size of blocks in the blockchain, while others wanted to restructure the way data was stored in existing blocks.
When consensus couldn’t be reached, Bitcoin Cash was created from a hard fork of bitcoin in August 2017. With an aim to offer a more practical version of peer-to-peer electronic cash, Bitcoin Cash increased bitcoin’s block size from 1MB to 8MB, and the network now supports blocks of up to 32MB. The Bitcoin Cash mining difficulty also varies depending on how many miners are active on the network.
The result of these changes are that Bitcoin Cash offers lower transaction fees and faster processing times than bitcoin – features which BCH supporters believe make it a much better choice as a transactional currency.
If you’re thinking of buying Bitcoin Cash, consider the following factors:
Supply. According to CoinMarketCap, at the time of writing in September 2018, the circulating supply of Bitcoin Cash was 17,332,900 BCH. The currency’s maximum supply is capped at 21,000,000.
Distribution. When the hard fork occurred, Bitcoin Cash coins were distributed to all bitcoin holders at a 1:1 ratio.
Bitcoin performance. Bitcoin’s price movements are known to have a direct effect on the cryptocurrency market as a whole. Add to this the many links between BTC and BCH and it becomes clear just how important it is to follow bitcoin’s performance if you’re thinking of buying BCH.
Dwindling usage. Data from blockchain research firm Chainalysis of payments received by 17 of the largest cryptocurrency merchant processing services worldwide revealed that Bitcoin Cash payments diminished by almost two thirds (-65%) between March and May 2018. However, it’s worth pointing out that bitcoin experienced an even larger usage drop (~85%) during the same period.
Concentrated ownership. The same study mentioned in the point above also revealed that more than half (56%) of all Bitcoin Cash is controlled by just 67 digital wallets not located on exchanges.
Capabilities. During stress tests conducted in September 2018, Bitcoin Cash showed it was capable of handling up to 25,000 transactions per block. This equates to around 40 transactions per second (tps), which is well above bitcoin’s maximum capacity of around 7.
So many bitcoins. Bitcoin Cash is one of several bitcoin forks to include bitcoin in its name, with others including Bitcoin Diamond and Bitcoin Gold. Forked coins are viewed with skepticism by many crypto enthusiasts, while there’s also the risk that the sheer number of bitcoin variants available confuses and reduces the number of potential buyers.
Competition. Even this mark of 40tps is well below some other cryptocurrencies. For example, XRP can handle 1,500tps and has consistently lower fees than BCH. So while Bitcoin Cash offers some clear benefits over bitcoin for use as an everyday transactional currency, it will also need to overcome fierce competition from other payment coins.
Yes, Canadian customers can buy Bitcoin Cash on Coinbase with a credit or debit card.
Yes. While most exchanges will require you to provide your personal details and proof of ID before trading, it is possible to buy Bitcoin Cash without ID verification. If privacy is important to you, you could consider trading BCH on a decentralized exchange that doesn’t require customers to provide any personal details before they start trading. Alternatively, you could consider a site like Bitfinex, which allows users to deposit, trade and withdraw cryptocurrencies (but not fiat currencies) without providing proof of ID.
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.
Disclosure: At the time of writing, the author holds ADA, ICX, IOTA and XLM.
Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
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