How to Buy Bitcoin in Canada
We found 10 trusted online cryptocurrency exchanges operating in Canada including Bitbuy, CoinSmart, and ShakePay.
We found 10 trusted online cryptocurrency exchanges operating in Canada including Bitbuy, CoinSmart, and ShakePay.
Bitbuy is the most popular Bitcoin exchange in Canada with 350,000 users
CoinSmart allows buying and selling Bitcoin with 3 forms of payment
ShakePay accepts users and payments from 1 countries
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.
Buy Bitcoin with Bitbuy
Bitbuy is a popular Canadian made and operated exchange registered with FINTRAC and offering Bitcoin and 8 other cryptocurrencies. Located in the heart of Toronto's financial district, Bitbuy is the leading Canadian cryptocurrency platform and also the only Canadian exchange to offer 1:1 Bitcoin insurance. Bitbuy is suited for both beginners (with their 'Express Trade' feature) and more advanced traders (with their 'Pro Trade' feature). Bitbuy also has an OTC desk available for those wanting to invest large amounts as well as for corporations to get into Bitcoin..
Bitbuy ensures its users' cybersecurity by leveraging advanced technologies and best practices like 2FA authentication, regulatory and SOC compliance, a strong in-app wallet, and regular proof-of-reserve audits.
Ease of Use
Easy
Fees
Medium
Verification
1-2 Days
Reputation
Trusted
CoinSmart is a Canadian cryptocurrency exchange offering users a simple trading interface, learning tools for all levels, and enterprise-grade security.
Buy Bitcoin with CoinSmart
CoinSmart is a Canadian cryptocurrency exchange offering users a simple trading interface, learning tools for all levels, and enterprise-grade security. CoinSmart is fully licensed in each jurisdiction in which it operates.
Coinsmart uses standard industry practices and procedures to secure user funds and accounts. CoinSmart offers its users a cold digital wallet for each cryptocurrency offered on the exchange.
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.
Buy Bitcoin with ShakePay
ShakePay is a mobile crypto exchange and peer-to-peer wallet that is only available in Canada. It offers easy signup, a clean interface, and great customer service. Shakepay has also received a license as a Money Service Business from Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Shakepay claims that the majority of their assets are in offline cold wallets. All communication between the apps and Shakepay’s servers are made through Secure Socket Layer connections. The servers themselves use AES-256 to encrypt customer data.
After buying bitcoin from an exchange, it's important to withdraw to your own non-custodial wallet for security, privacy, and to have full control over your bitcoin.
ZenGo is an easy iOS/Android Bitcoin & cryptocurrency wallet. Getting started takes 20 seconds.
Electrum is a popular desktop Bitcoin wallet which is compatible with Windows, Mac, and Linux
Ledger Nano S is a secure hardware wallet that connects to your computer via USB
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.
Buy Bitcoin with Canadian Bitcoins
Canadian Bitcoins is a brokerage service that is designed to handle the buying and selling of Bitcoin within Canada. Registration is a simple process, the interface is clean, and the site has been operating for over 7 years.
Canadian Bitcoins is a trusted site based on user feedback.
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.
Buy Bitcoin with Coinbase
Coinbase is one of the most popular digital currency exchanges, based in the U.S and boasting over 43 million users. Headquartered in San Francisco, California, the platform offers both an all-in-one exchange and a wallet, making it one of the easiest starting points with Bitcoin. Coinbase’s wallet and merchant services, which have won the trust of over 43 million users, have their payment platform integrated with more than 48,000 businesses worldwide.
Coinbase is one of the world’s largest bitcoin exchanges and also considered to be one of the safest. Coinbase is a regulated company and holds licenses in all districts in which it operates. It is also a VC backed company with over $100 million in funding. Cash held in Coinbase wallets is FDIC insured up to $250,000.
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.
Buy Bitcoin with Binance
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. It’s rise to popularity can be attributed to the impressive number of cryptocurrencies they offer, professional attitude, friendly and transparent CEO, and low trading fees.
Binance is considered a safe cryptocurrency exchange. Binance provides 2-factor authentication and offers both multi signature wallets and cold storage options.
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.
Buy Bitcoin with Gemini
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. Gemini is regulated by the New York State Department of Financial Services (NYSDFS) and also the first exchange to launch bitcoin futures contracts in December 2017.
Gemini is considered to be one of the most secure cryptocurrency exchanges on the market. Gemini is governed by the Bank Secrecy Act (BSA) and complies with anti-money laundering (AML) rules. Client deposits are eligible for Federal Deposit Insurance Corporation (FDIC) insurance coverage and the company is also heavily capitalized to protect the digital currency you store offline
Ease of Use
Easy
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.
Buy Bitcoin with Kraken
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. Kraken provides cryptocurrency to fiat trading and provides price information to Bloomberg Terminal. In February 2019, Kraken announced that it had raised $100 million in a direct offering to its largest customers at a $4 billion valuation.
Kraken is considered one of the safest bitcoin exchanges around. The platform provides cryptography-verified proof of reserve audits. These audits verify the total amount of cryptocurrency held by Kraken. The company appears to be well-capitalized and very safe to use.
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.
Buy Bitcoin with Coinmama
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. Since its foundation in 2013, it has grown to serve over 2 million customers across 188 countries and today has over 40 employees. Coinmama is a really simple exchange, which makes a perfect platform for safe, secure and quick transactions.
Coinmama is considered a reputable platform for bitcoin purchases.
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.
Buy Bitcoin with Changelly
Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card. All this is done through a convenient and clean user-interface and a quick registration via email or social media account. Changelly’s conversion mechanism is integrated into some of the biggest cryptocurrency platforms such as Poloniex, Bittrex, and Binance. There are no geographical restrictions to the service that Changelly provides, so it can be accessed from anywhere in the world.
Changelly offers two-factor authentication and an HTTPS security protocol. No user funds are stored by Changelly as all coins sent are processed to be exchanged and transferred to user wallets.
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.
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.
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.
There are 10 trusted exchanges operating in Canada with the most popular being Bitbuy, CoinSmart, and ShakePay.
You can review each of these exchanges and find best exchange that works for you. Bitrawr ranks exchanges in Canada based on fees, users, and security while giving placement preference to exchanges located in Canada or specifically catering to users in Canada.
Yes, you can buy bitcoin safely and anonymously by using P2P (Peer to peer) exchanges like Bisq, Paxful, LocalSwap and LocalBitcoins.
Most of the exchanges operating in Canada have debit/credit card payment options available. Remember that this requires completing KYC.
No! For complete custody of your Bitcoin or other cryptocurrencies it is recommended to store them in a hardware wallet as it keeps private keys safe and entirely offline.
Bitcoin ATMs are an excellent way to buy bitcoin using cash and offer little to no requirements for KYC. ATMs are commonly located inside of convenience stores, shops, restaurants, malls or airports. Find one near you using our ATM map.
Yes, Coinbase is allowing users from certain countries to buy bitcoin using debit cards and bank accounts that are linked to PayPal. Users from the US are able to use their PayPal accounts directly.
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