Wondering how to buy Bitcoin in Canada? You’ve come to the right place!
This article will discuss the steps you need to take to invest in Bitcoin, covering the top trading platforms and showing you how and
where to buy Bitcoin today – with low trading fees!
How to Buy Bitcoin Canada – Quick Steps
If you’re wondering how to
buy Bitcoin in Canada, here’s a brief overview of the steps you need to take:
1.
Open an account with Bitbuy: Head to the Bitbuy homepage and click ‘Get Started.’ Enter a valid email address and choose a username and a password for your account.
2.
Deposit: You can fund your Bitbuy account with a bank transfer or wire transfer. Bank transfers require a minimum deposit of $100.
3.
Buy Bitcoin: Open the Express Trade module and select Bitcoin. Enter the amount you want to purchase, then click ‘Buy Bitcoin’ to complete your trade.
Cryptoassets are a highly volatile unregulated investment product.
Where to Buy Bitcoin in Canada
When you begin exploring where to buy Bitcoin in Canada, the number of trading platforms available may seem overwhelming. Read on to learn more about
the best crypto exchanges and their benefits for investors.
1.
Bitbuy – Overall Best Crypto Exchange to Buy Bitcoin Canada
Launched in 2016, BuyBit is a popular
cryptocurrency exchange that’s now home to over 350,000 crypto traders in Canada. This Bitcoin trading platform makes it simple to invest in Bitcoin or to trade Bitcoin to make a quick profit.
BitBuy offers 2 different ways to buy Bitcoin. The Express Trade module is perfect for anyone who wants to
buy cryptocurrency as a one-off investment. You can buy Bitcoin instantly at the current price with just a click, and it only costs 0.20% per trade.
Alternatively, the Pro Trade module is a comprehensive trading platform made for more experienced traders. You can set price alerts, chart technical patterns, and much more. Trading Bitcoin with the Pro Trade module costs 0.10% per transaction.
You can open an account at BitBuy in minutes and fund your account with a bank transfer or wire. Unfortunately, debit and credit cards aren’t accepted at this time, but the minimum deposit is just $100. BitBuy also offers 14 other popular altcoins in addition to Bitcoin.
Cryptoassets are a highly volatile unregulated investment product.
2. Binance – Best Place to Buy Bitcoin Canada with Low Fees
Binance is the world’s largest cryptocurrency exchange and regularly facilitates over $15bn in daily trading volume. Much of Binance’s excellent reputation comes from the platform’s low-fee approach, as investors only need to pay a 0.1% transaction fee when placing a trade.
Notably, you can reduce this fee by 25% if you hold Binance Coin (BNB), the platform’s native token. Binance also offers around 500 crypto assets to trade, including crypto-to-crypto pairs, ERC-20 tokens, and more. Finally, users can even buy Bitcoin in Canada instantly using their credit or debit card – although this will come with a transaction fee of 3%.
Cryptoassets are a highly volatile unregulated investment product.
3. Coinbase – Best Way to Buy Bitcoin in Canada with Free Crypto Wallet App
Another great place to buy Bitcoin Canada is Coinbase. This regulated crypto exchange has a stellar reputation in the crypto trading scene and is authorised by top-tier authorities. At the time of writing, Coinbase offers over 50 cryptocurrencies to trade, including various altcoins and DeFi tokens. In terms of fees, Coinbase users must pay a transaction fee and the spread, with the latter ranging around 0.5%.
The transaction fee is based on the total trade amount and the payment method used, so it can vary wildly depending on how you trade.
Notably, Coinbase allows all users to download its free
crypto wallet app to store crypto and navigate the decentralised web. Users can even earn staking rewards in just a few taps and with holdings from as little as $1!
Cryptoassets are a highly volatile unregulated investment product.
Should I Buy Bitcoin in Canada?
Now that you understand the Bitcoin investment process, let’s explore why most crypto-hungry traders are looking to buy Bitcoin Canada.
Market-Beating Returns
BTC outperformed the gold market and the stock market for the third year running in 2021. This highlights that, although BTC (and crypto in general) tends to be more volatile than traditional asset classes, it can provide scope for exceptional returns. So, if you have a higher risk appetite, assigning a portion of your portfolio to BTC investing can pay off down the line.
Store of Value
Traditionally, gold has been the go-to store of value for investors seeking shelter during testing times. However, Bitcoin has been touted as a viable alternative to gold, especially since economies worldwide are currently suffering from high levels of inflation. Furthermore, since the total supply of BTC is capped at 21 million, there is an element of scarcity to the coin – which is something that you can’t say about gold.
Privacy and Anonymity
Finally, Bitcoin was the first to bring the idea of ‘decentralisation’ into the public consciousness. Although other cryptos have sprung up that look to improve on Bitcoin’s approach, the market cap and popular appeal that BTC has is likely to see it remain in front for people looking to maintain their anonymity – which will help sustain price over the longer term.
Cryptoassets are a highly volatile unregulated investment product.
Before you buy Bitcoin Canada, it’s wise to look at the coin’s price history and gain an idea of where the price may go in the future. According to UpMyInterest, Bitcoin has returned over 60% in each of the last three years – and even returned a remarkable 302.8% in 2020 alone! So, although BTC is more volatile than traditional asset classes (like equities), it tends to produce far higher returns.
Bitcoin Price Prediction
Bitcoin has a current bearish momentum. As recently as April 2021, the BTC price peaked and then fell by 54% in the space of three months. After reaching a low of $29,669 on July 20th 2021, BTC then rallied by 133% in the following months.
So although BTC may be experiencing some downwards price pressure, the tides can turn very quickly. From a technical perspective, Bitcoin does seem to be approaching an area of support between $30,000 and $34,000.
This area is where BTC struggled between May and July 2021, unable to break any lower than this point. So, if you’re asking ‘should I buy Bitcoin now?’, a support zone like this would provide the highest probability of a reversal – which could turn into an extended bull run.
Cryptoassets are a highly volatile unregulated investment product.
How to Buy Bitcoin in Canada – Tutorial
Before rounding off this guide, let’s discuss the process of how to buy Bitcoin Canada, with our recommended Bitcoin exchange Bitbuy.
Step 1 – Open a Bitbuy Account
Head over to Bitbuy and click ‘Get Started’. Enter a valid email address and choose a username and a password for your account.
Step 2 – Verify Your Account
Bitbuy will send you an email. Click on the link inside to verify your account details.
Step 3 – Make a Deposit
You can fund your Bitbuy account with a bank transfer or bank wire. The minimum deposit for e-transfers is $100, while the minimum deposit for a wire is $10,000. Click on ‘Accounts’ and then click ‘Add Funds’ to make a deposit.
Step 4 – Buy Bitcoin Canada
Open the Express Trade module and select Bitcoin as the cryptocurrency you want to buy. Enter the amount you want to purchase in CAD, then confirm your trade details. When you’re ready, click ‘Buy Bitcoin.’
Cryptoassets are a highly volatile unregulated investment product.
And that’s it! You now know how to buy Bitcoin in Canada securely from the comfort of your own home.
How to Buy Bitcoin Canada – Conclusion
If you’d like to buy Bitcoin in Canada right now, you can do so with Bybit. As noted earlier, Bitbuy is our recommended
best crypto exchange as it offers low fees, excellent trading tools, and simple deposits.
Get started trading cryptos today and buy Bitcoin Canada with Bitbuy!
Cryptoassets are a highly volatile unregulated investment product.
Disclaimer: Content Produced by CryptoPR
