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How to Buy Bitcoin in Canada

We found 11 trusted online cryptocurrency exchanges operating in Canada including Bitbuy, ShakePay, and Canadian Bitcoins.

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Most Popular Bitcoin Exchanges in Canada

Popular

Bitbuy is the most popular Bitcoin exchange in Canada with 250,000 users

Visit Bitbuy

User-friendly

ShakePay allows buying and selling Bitcoin with 2 forms of payment

Visit ShakePay

All Around

Canadian Bitcoins accepts users and payments from 1 countries

Visit Canadian Bitcoins
Bitbuy

Ease of Use

Easy

Fees

Medium

Verification

1-2 Days

Reputation

Trusted

Bitbuy is a popular Canadian made and operated exchange registered with FINTRAC and offering Bitcoin and 8 other cryptocurrencies.

ShakePay

Ease of Use

Easy

Fees

Average

Verification

1-2 Days

Reputation

Trusted

ShakePay is a mobile crypto exchange and peer-to-peer wallet that is only available in Canada.

Canadian Bitcoins

Ease of Use

Medium

Fees

Average

Verification

1-2 Days

Reputation

Trusted

Canadian Bitcoins is a brokerage service that is designed to handle the buying and selling of Bitcoin within Canada.

Coinbase

Ease of Use

Easy

Fees

Average

Verification

1 Day

Reputation

Trusted

Coinbase is one of the most popular digital currency exchanges, based in the U.S and boasting over 43 million users.

Binance

Ease of Use

Medium

Fees

Low

Verification

1 Day

Reputation

Trusted

Within 8 months of launching in July 2017, Binance quickly skyrocketed into the world's largest cryptocurrency exchange by trading volume, processing more than $1 billion on a daily basis.

Gemini

Ease of Use

Medium

Fees

Very High

Verification

1-2 Days

Reputation

Trusted

Gemini is a digital asset exchange and custodian, founded in 2014 by brothers Cameron and Tyler Winklevoss, that allows customers to buy, sell, and store digital assets such as bitcoin and ether.

Coinmama

Ease of Use

Easy

Fees

High

Verification

1 Day

Reputation

Trusted

Coinmama is a leading cryptocurrency exchange that allows you to buy and sell bitcoin and other cryptocurrencies with a credit card and/or bank transfers.

Kraken

Ease of Use

Medium

Fees

Average

Verification

2-3 Days

Reputation

Trusted

With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market.

Paxful

Ease of Use

Medium

Fees

Low

Verification

1-2 Days

Reputation

Trusted

Paxful works as a peer-to-peer Bitcoin trading platform.

LocalBitcoins

Ease of Use

Medium

Fees

Low

Verification

1 Day

Reputation

Trusted

LocalBitcoins works as a decentralized exchange, facilitating P2P (peer-to-peer) Bitcoin sales by allowing users to list their own buy/sell advertisements.

Changelly

Ease of Use

Easy

Fees

Average

Verification

1 Day

Reputation

Trusted

Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card.

History of Bitcoin in Canada

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In 2021, Canada’s security regulator made history by approving the first Bitcoin ETF in North America to trade on the Toronto Stock Exchange. The Purpose Bitcoin ETF (ticker BTCC) now holds more than 14,000 bitcoin, approximately $820 million, in assets under management.

BTCC will allow retail investors to invest in Bitcoin without having to purchase and store the digital currency themselves.

Is Bitcoin Legal in Canada

Canada allows the use, buying, and selling of cryptocurrencies like Bitcoin. According to the Government of Canada webpage on digital currencies, “you can use digital currencies to buy goods and services on the Internet and in stores that accept digital currencies. You may also buy and sell digital currency on open exchanges, called digital currency or cryptocurrency exchanges”. However, cryptocurrencies are not considered legal tender in Canada.

Due to the fact that Bitcoin is not considered a legal tender currency in Canada but rather treated as a commodity, it is taxed according to guidelines issued by the Canada Revenue Agency. This means that depending o whether your Bitcoin activity is business-related or not, it is subject to either income tax or capital gains tax. Business income is 100% taxable, while capital gains are only 50% taxable. A financial advisor or tax expert can help you determine which one you are liable for.

Bitcoin ATMs in Canada

Canada has over eight hundred Bitcoin ATMs around the country. Toronto has the highest number of Bitcoin ATMs, followed by Montreal, Vancouver, Ottawa, and Calgary. The kiosks can be typically found at airports, malls, and supermarkets, retail stores, and restaurants. The majority of the Bitcoin ATMs support card payments but there are also some that accept transactions in cash.

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