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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 $90,558.00. This is slightly down from yesterday's trading price of $89,010.35. Over the past year, Bitcoin has seen an increase of 150%. Launched in 2009 as the world's first cryptocurrency, Bitcoin (BTC) reached an all-time-high price of $99,546.30 CAD in March 2024.
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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.
The following steps are for Canadian residents and should work with most cryptocurrency exchanges, investing apps and brokers.
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 sometime in April.
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.
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.
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.
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:
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:
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.
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.
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.
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.
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.
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.
James Edwards
Cryptocurrency Journalist
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.
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.
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.
Compare cryptocurrency exchanges and trading platforms to buy Bitcoin in Canada. Select Go to site to get started.
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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Find out how much Bitcoin is worth in US and Canadian dollars with our Bitcoin calculator.
BTC price last updated March 17, 2024, 01:03 UTC (EST + 5 hours).
Consider the following factors when comparing crypto exchanges to buy Bitcoin with Canadian dollars.
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.
All investments comes with risk. Before you buy Bitcoin, make sure you understand these risks.
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.
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