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How to invest in the BTCC Bitcoin ETF
To buy ETF units in BTCC, you'll first need to sign up to a broker with access to the Toronto Stock Exchange.
The “world’s first” physical Bitcoin exchange traded fund (ETF), the Purpose Bitcoin ETF (TSX:BTCC), has officially launched on Canada’s Toronto Stock Exchange (TSX). This means you can now buy units in the ETF through a global stock broker or online share trading platform.
While this is simple enough if you’re Canadian, South Africans wanting to invest in BTCC will need to do a little homework. There are limited brokers that offer Canadian stocks or ETFs in South Africa and often the fees to invest are much higher than if you’re buying US or Australian securities, for instance.
One online broker that offers R0 brokerage trades on Canadian securities is CMC Markets. Other brokers include Saxo Capital Markets, CommSec, Phillip Capital and Interactive Brokers. You can check out how other brokers compare in the comparison table below.
How to buy the BTCC ETF
- Compare online brokers. To invest in exchange traded funds (ETFs) listed in Canada, you’ll need to sign up to an ETF broker platform with access to Canadian stock exchanges. Our table below can help you choose.
- Open and fund your brokerage account. Complete an application with your personal and financial details, such as your ID. Fund your account with a bank transfer, PayPal or debit card.
- Search for the Purpose Bitcoin ETF. Find the ETF by name or ticker symbol: BTCC. Research its history to confirm it’s a solid investment against your financial goals.
- Purchase now or later. Buy today with a market order or use a limit order to delay your purchase until the Purpose Bitcoin ETF reaches your desired price. To spread out your risk, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
- Decide on how many to buy. At today’s price, weigh your budget against a diversified portfolio that can minimise risk through the market’s ups and downs.
- Check in on your investment. Congratulations, you’ve invested in the Purpose Bitcoin ETF. Optimise your portfolio by tracking how your ETF performs with an eye on the long term.
What we know about BTCC
The Purpose Bitcoin ETF began trading on Thursday 18 February, 2021 in Canada under the ticker symbols TSX:BTCC.B and TSX:BTCC.U. The BTCC.B fund is Canadian dollar denominated while the TSX:BTCC.U version is US dollar denominated. Neither option is currency hedged.
Launched by Purpose Investments and headed by CEO/founder Som Seif, the fund is designed to give investors exposure to the digital currency by investing in physically settled Bitcoin.
Although it has been called “the world’s first Bitcoin ETF” by the TSX, it’s worth noting that other “Bitcoin-themed” or blockchain ETFs do exist, although they track companies with exposure to digital currencies, rather than physical/digital Bitcoin. BTCC is the first direct custody Bitcoin ETF. There are also several cryptocurrency funds available in Europe that behave similarly to ETFs.
Despite asset management firm Sygnia trying to launch its own crypto ETF back in 2018, at the time of writing, there are no cryptocurrency ETFs listed on the Johannesburg Stock Exchange (JSE). To find out more about how the Purpose Bitcoin ETF (BTCC) works, check out our post that goes into detail about the ins and outs of this new ETF.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How to invest in ETFs
To find out more about ETFs, you can head to our guide on how to invest in exchange-traded funds or click on the video below.
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