How to Buy Bitcoin in Canada

We found 6 trusted online cryptocurrency exchanges operating in Canada including Bitbuy, ShakePay, and Coinbase.

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Alon Shvartsman
Last updated: March 18, 2024
Alon Shvartsman
Last updated: March 18, 2024
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Most Popular Bitcoin Exchanges in Canada

Popular

Bitbuy is the most popular Bitcoin exchange in Canada with 400,000 users

Visit Bitbuy

User-friendly

ShakePay allows buying and selling Bitcoin with 2 forms of payment

Visit ShakePay

All Around

Coinbase accepts users and payments from 30 countries

Visit Coinbase
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.

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.

Best Bitcoin Wallets for Canada

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.

Mobile

Zengo Logo

Zengo is an easy iOS & Android crypto and NFT wallet. Buy, sell, and self-custody directly from the app.

Visit Zengo

Hardware

Ledger Nano S Plus Logo

Ledger Nano S Plus is a secure hardware wallet that connects to your computer via USB-C

Visit Ledger Nano S Plus

Desktop

BlueWallet Logo

BlueWallet is a popular desktop Bitcoin wallet which is compatible with Windows, Mac, and Linux

Visit BlueWallet
Kraken

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.

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.

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.

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.

Buying bitcoin and cryptocurrencies in Canada

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Buying bitcoin and other cryptocurrencies in Canada is a simple process and usually takes less than 10 minutes to get fully setup.

The first step is to register with a platform, app or exchange and complete a Know Your Customer (KYC) process.

Bitcoin hardware wallets

The exchange you choose will be interoperable with most devices, desktop and mobile, and will allow you to withdraw to your own personal hardware wallet.

There are also several options available for buying and selling without verification on P2P exchanges, although they are much less user-friendly and are recommended for more advanced users.

Requirements to buy cryptocurrency in Canada

Before purchasing, there are a couple of important things you'll need to prepare:

  • A passport, national identity card, or driver’s to complete the KYC process.
  • A private and secure internet connection, public WiFi is not recommended as it may pose security problems.
  • A mobile phone to verify your identity using two-factor authentication (2FA).
  • A bank account or credit card you can use to make fiat currency deposits to purchase cryptocurrencies.
  • A crypto wallet to store your assets. Almost all exchanges will offer built-in wallets, but it is important to withdraw your crypto to your own personal cold wallet for optimal security.

Steps to Buy Cryptocurrency in Canada

1. Create an account with an exchange

Canada has 6 trusted exchanges available for you to sign up for, with the most popular being Bitbuy and ShakePay, which account for a combined 1,300,000 active users.

Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies.

Exchanges will differ by fees, security, payment methods, and other features, so explore the "info" tab on the exchanges listed above to find which one is the right fit for you.

The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support.

Also it's important to note that you can always sign up to other exchanges later.

2. Complete the KYC verification process

After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in Canada.

To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document.

In most cases your verification will be approved instantly and at most can take 1-2 days.

3. Make a fiat deposit

To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange.

Some of the payment methods provided by Bitbuy and ShakePay are: Wire Transfer, Interac e-Transfer.

Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange.

4. Buy cryptocurrency

Deposit fiat for bitcoin

Once your account has been funded, you are ready to buy your first bitcoin. It's important to note that you do not need to buy a full bitcoin.

Most exchanges will let you buy as little as a few dollars worth of bitcoin, or any other cryptocurrency.

5. Send your bitcoin to a personal wallet

Bitcoin hardware wallets

Once you've purchased bitcoin or your cryptocurrency of choice it's important to withdraw it to your own secure personal wallet.

Leaving your coins on an exchange poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your own coins on your personal hardware wallet mitigates that risk.

Is Bitcoin legal in Canada?

Frequently Asked Questions

?What is the best exchange to buy bitcoin from in Canada?

There are 6 trusted exchanges operating in Canada with the most popular being Bitbuy , ShakePay , and Coinbase.

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.

?Can you buy bitcoin anonymously in Canada?

Yes, you can buy bitcoin safely and anonymously by using P2P (Peer to peer) exchanges like Bisq, Paxful and LocalSwap.

?Can you buy bitcoin in Canada using debit or credit cards?

Most of the exchanges operating in Canada have debit/credit card payment options available. Remember that this requires completing KYC.

?Should I leave my bitcoin on an exchange after buying?

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.

?Can you buy bitcoin using cash in Canada?

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.

?Can you buy bitcoin futures in Canada ?

Yes, popular Bitcoin futures exchanges like Binance, Bitmex, and Deribit enable users to long or short BTC with up to 100x leverage.

?Does Coinbase work in Canada?

Yes, Coinbase works for users in Canada. Coinbase in Canada allows for the use of debit cards, credit cards, bank accounts, wire transfers, and in some cases, PayPal to buy cryptocurrencies.

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