This is a comprehensive blog post on how to buy bitcoin in Canada. In this article, we will cover all the options for buying bitcoin and what the advantages and disadvantages are for each method. Check out our other article if you want to learn more about what bitcoin is first.
If you are looking to buy bitcoin but don’t want to take your chances with an unknown exchange, then keep reading!
Buying Crypto Currency and especially Bitcoin has become more popular over the last few years. Buying Crypto in Canada has always been harder for Canadians than for our US counterparts, but fortunately it’s become much easier in the last couple of years!
Below we give you our top recommendations to buy bitcoin or any cryptocurrency as a Canadian.
Table of Contents
Bitbuy
Bitbuy is our top choice to buy Bitcoin in Canada, because it allows you to buy crypto with Interac e-transfer.
In addition, you can send Bitcoin or any other crypto that you hold in Bitbuy to any wallet address. As far as we know, there aren’t any other companies in Canada that have this combination! For example, Coinsquare also allows you to deposit money via Interac E-Transfer, but it doesn’t let you send the Bitcoin you buy to an external wallet address.
Coinbase
Like our US counterparts, we Canadians have access to Coinbase which is probably the most popular and easiest way to buy Bitcoin.
You can fund your account using a Canadian Debit Card and withdraw funds to a PayPal account, or send the crypto to any other wallet – you just need to provide its address.
In the past it was also possible to buy Crypto using a Credit Card but unfortunately that is not possible for Canadian customers anymore, as Canadian credit cards have blocked all Crypto purchase transactions.
Wealthsimple
Wealthsimple is a modern and trustworthy financial startup. They are based out of Toronto and have over $10 billion in management and 1.5 million Canadians who use their services. They were founded as a robo-advisor, to help you manage investments and they recently launched a Crypto investing / trading product.
Buying Bitcoin with Wealthsimple is extremely simple and honestly the most enjoyable of any of the sites on this list. They also have great customer service, even as they’ve grown over the past few years.
Disadvantages
- If you’re an advanced Bitcoin enthusiast you won’t like that this is not a true wallet. You can’t send your Bitcoin to a wallet address, or receive Bitcoin.
- This also means if you want to earn interest on your Bitcoin using a high-yield interest account, you aren’t able to. Essentially the only value of holding bitcoin becomes if the value of Bitcoin goes way up, you can sell your holding through Wealthsimple in exchange for Canadian dollars.
Conclusion
Our top recommendation to buy bitcoin in Canada is Bitbuy, but as we explain above there are pro’s and cons to each crytpo exchange so it depends on what you’re looking for!