Sep 27, · There are several ways to get your hands on Bitcoin in Canada. Your options include buying it from an online cryptocurrency broker or trading platform (e.g. Wealthsimple Crypto and MogoCrypto), a cryptocurrency exchange (e.g. Coinsquare and Bitbuy), or at a Bitcoin ATM. Most of the Canadian banks stopped providing services connected with cryptocurrency in February when the price of BitCoin was at its lowest rates. As a result, all these banks where clients could buy cryptocurrency using credit and debit cards banned this activity. Royal Bank of Canada. Sep 23, · Wealthsimple has the first regulated crypto trading platform in Canada You can now buy and sell bitcoin and ethereum with Wealthsimple Crypto.
Canadian trading bitcoinBitcoin Friendly Banks in Canada - Cryptalker
Tier site has a Frequently Asked Questions section, as well as a company blog, so if you have some basic questions about their services, you can possibly find them there. Overall, we can safely say that Coinberry. Some crypto users would argue that's it a bit too secure since it requires all of their users to identify themselves before they register an account. Every user is required to verify their identity before creating an account.
This can be accomplished by scanning and uploading one of your several personal documents. This can be a huge turn off for some, so keep it in mind.
There are only two Bitcoin exchanges that comply with these rules, and Coinberry is one of them. They've also completed an accounting audit successfully last year.
Since Coinberry is trying to function as a proper money service, they have higher security standards than most Bitcoin exchanges not only in Canada but in the whole of North America.
They have both a customer and a company fund for fiat currencies, plus they provide cold storage and 2-factor authentication as well. Since many people like to cut the chase and only see the positive and negative aspects of a crypto exchange, here we are. We've compiled a shortlist of Coinberry pros and cons you can use it when comparing it to other crypto exchanges.
Coinberry is a serious company that runs a good, beginner-friendly operation. You should definitely try their platform out if you're from Canada. On the other hand, you should possibly look for something else if you're living outside of the Great White North.
Although not many people have heard of Bitbuy, they're definitely worth your time and consideration. The company was originally founded seven years ago by Adam Goldman and Ademar Gonzalez. They are one of the oldest crypto exchanges in Canada, so you know you can trust them. For almost five years, they worked with only a small number of users, but then, they decided to expand their operations.
In , after the company receives additional funding from a PEF, Ademar left the board. He was soon replaced by Chris Ragobeer , who worked as a mobile developer and an IT project manager. It's also worth mentioning that the company is a part of the First Ledger Corp. As a company, Bitbuy is fully transparent about their operations and actions. So much so that they've provided a link to a report about their operations, conducted by Cipher Blade. The aforementioned company provides blockchain forensics services and analyzes crypto-related business and here are their biggest findings of Bitbuy:.
Fiat Currency Holdings: Bank reports were recovered, checked, and verified by international banks. The statements were all correctly filled in the Bitbuy system.
Cryptocurrency Holdings: The number of assets and coin holders matched the one Bitbuy reported. Customer assets match those in Bitbuy's system.
Staff and Operators: Every worker in the company had their personal records checked. The company discovered that none of them had any criminal activities on their records.
Like many other medium-size exchanges in the industry, Bitbuy. They will probably expand their offering in the near future, but for now, these five coins are it. The small offering gives you an insight into what's Bitbuy.
You can always connect your Bitbuy account with another exchange and use it to buy other coins. Although Bitbuy fees are slightly above the market average, the company makes up for with lower withdrawal and deposit fees.
When it's all added up, the fees are quite average. Let's take a look at the standard Bitbuy. Furthermore, if you're looking to combine express trade with e-transfer, the exchange rate is 2.
You can check their fees in more detail by visiting this page here. When it comes to customer support, Bitbuy operatives are surprisingly efficient. While many larger and well-known names in the crypto industry will have you waiting for hours and hours for a response to a simple inquiry, Bitbuy answers almost immediately.
This shows that they value their customers and want to take care of them to the best of their abilities. There's a support hotline, which allows you to talk a Bitbuy representative in a matter of minutes.
People who have something to ask urgently should use this channel. You also have email support available. They answer emails in less than 12 hours and you can expect their answer on the same day. You can check Reddit to see just how many people are satisfied with their experience. There's no point in using an exchange if you're not sure whether or not it can keep your investment safe. Hackers and cyber thieves are possibly the biggest enemies of the crypto industry.
They will keep a majority of your coins in cold storage, which will keep your assets in a locked environment, away from all of those cybercriminals. The company also performs data backups on a daily basis, which makes your assets safe in case of a DDoS attack.
Seeing how most people like to have all of the necessary information in one place, we've made a list of both positive and negative aspects of Bitbuy. Just take a look at these lists and compare the exchange to others if you're not sure which platform to pick. In such a competitive market, can such a modest company attract the interest of your average crypto user? In our opinion, it can. The company does what it advertises: gives you a simple way of exchanging your coins into Canadian dollars, and vice versa.
The organization is caring for their clients, their communication is top-notch, plus their verification process is extremely quick. Bitbuy is also safe and while their fees aren't anything to write about, they still fall in line with the rest of the market. We hope that you found our review interesting and informative. What's the best crypto exchange in your opinion? If you have any additional questions about Bitbuy. Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity.
Buy Bitcoin Worldwide is for educational purposes only. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices. Buy Bitcoin Worldwide, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisors, or hold any relevant distinction or title with respect to investing. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading.
Buy Bitcoin Worldwide does not offer legal advice. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide. Only a legal professional can offer legal advice and Buy Bitcoin Worldwide offers no such advice with respect to the contents of its website.
Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites. Bitbuy Popular. For users that want to buy their Bitcoin using cash and stay anonymous, this is one of the best options, but it comes at a price. There are hundreds of Bitcoin ATMs that are located all across the country and you have likely already seen one at a mall or convenience store. I guess we like our Bitcoin here in the great white north.
Much like Bitcoin Craigslist or even Kijiji, a P2P network is an online marketplace that allows two users to make a transaction with no middle man helping to facilitate the transaction. The most popular P2P network to purchase Bitcoin i s Localbitcoins. For each transaction that is conducted, Localbitcoin. If you want to buy Bitcoin on Localbitcoins. Register an account on their site which will give you a secure online bitcoin wallet.
Choose to engage an advertisement from a trader with a good reputation and track record. An OTC trade is private trade between two parties, without the supervision of an exchange. For a more in-depth look at what OTC entails, refer to this article. Slippage for Bitcoin transactions occurs when the amount of Bitcoin you are buying exceeds the amount available at the live quoted price.
So in essence, buying large amounts of Bitcoin through an OTC provider helps the buyer save money by protecting them from slippage.
This effectively helps individuals and corporations in securing desirable prices for their orders. If you want to buy Bitcoin using am OTC provider we have outlined the steps below:. You will need to find out which Bitcoin trading platform platforms offer OTC services then sign-up and create an account. We recommend Bitbuy as the fastest and most trustworthy place to conduct an OTC purchase.
After you create an account on Bitbuy and get verified, request to be contacted by one of their OTC traders. Receive the Bitcoin and withdraw it to a secure wallet. Are you the type of person that prefers to go to a retail location for all your shopping and talk to a real person? You may want to check out a Bitcoin brokerage, or a foreign exchange center that also offers cryptocurrency.
Canadian based MyBTC. If you are on the West Coast, you may want to check out Bitcoiniacs , who operate in-person Bitcoin stores. Perfect for those who want to speak to a real person when making their purchase. Hopefully, you found this article helpful and it provided you with some great options for buying Bitcoin in Canada! Once again, the fastest way to buy Bitcoin in Canada is through Interac e-transfer through a trusted online exchange.
The online platform was founded in as InstaBT, with a mission to provide safe, easy and quick access to Bitcoin. Rebranded as Bitbuy in , the platform still makes good on its original mission all these years later and is one of the most popular platforms in Canada.
Bitbuy delivers on quick and comprehensive customer support and in addition to their comprehensive support guide and ticketing system, they provide a toll-free number for users to call into in order to speak directly to a customer support agent. The sign-up and verification process is also very easy and typically takes only a couple minutes to complete. Bitbuy follows Canadian KYC regulations, and has an automated verification system implemented. Just enter some basic information about yourself in order to be verified.
The site has a sleek and easy to use design and is optimized for mobile browsers for easy trading on the go. They also have their own resources for beginners, including a comprehensive guide to buying Bitcoin in Canada. The platform is not just for newbies, however, as experienced users will enjoy the fast turnaround times that Bitbuy provides. Bitbuy also offers an OTC desk for customers looking to make large transactions at a great price. Turnaround times are lightning quick, as most cash deposits and withdrawals are processed within hours.
Crypto hold times are minimal as well, as only the first crypto withdrawal is held for days. We have listed Bitvo www. Established in , Bitvo is a cryptocurrency exchange that facilitates buying, selling and trading cryptocurrencies through its best-in-class website and mobile applications.
More experienced traders can utilize the Advance Trading screen, which provides access to a live order book and allows for more sophisticated order types such as limit and stop loss orders.
Bitvo also offers an OTC desk, putting you in touch with live traders to execute larger orders. Bitvo guarantees all of this or it offers to refund your fees. The company has never lost customer funds. Cryptocurrencies are stored in cold storage that is located in an offsite, third party financial institution and only accessible via multiple signatures.
If you wish to execute your order, you will need to complete KYC to use the service. With two forms of KYC verification, you can choose between submitting your identity requirements to their verification team for internal review, or you can complete it in-person at Canada Post. If you choose the In-house method, you will be prompted to submit a close-up of your government-issued photo ID and a selfie of yourself holding your ID via their secure and encrypted file upload tool.
You will need to bring your government-issued photo ID, proof of residence document and display the unique barcode, emailed to you by MyBTC. For more information you checkout the funding option here. If you need high-touch support you can communicate with them through email, phone call, text or Facebook messenger. Users looking to sell their Bitcoin will need to look elsewhere, however, as it appears to be a buy only platform.
Overall, MyBTC. Kraken is a well established international cryptocurrency exchange, originally based out of San Francisco.