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If you want to buy Bitcoin in Canada, it’s good to know the best places to go. There might be several options available, however, it can be a challenge to one that works for you. That’s why we made a primer for you to show you where to go and which exchanges we prefer when it comes to buying Bitcoin in Canada.
To buy your Bitcoin, you’ll need to visit a crypto exchange. For those that are unfamiliar with what an exchange is, it’s a platform through which users can buy, sell or trade digital currencies. Many exchanges require you to register before using their site. Typically this means creating a username and password, at the very least. Some exchanges require personal information so they know who exactly who is using their platform.
We like using Bitbuy and Coinmama to buy Bitcoin in Canada. This is primarily due to the simple and pleasant experience users have when buying Bitcoin, or any cryptocurrency for that matter. When it comes to using these exchanges, buying Bitcoin is hassle-free.
If you like to learn things on the go, we recommend using a standard crypto exchange to buy Bitcoin in Canada. We prefer to use Coinmama and Bitbuy, both of which make it easy to buy and sell Bitcoin.
These platforms are user-friendly and offer a variety of payment methods, which makes buying Bitcoin in Canada simple and free of complex steps which are sometimes present in other sites. Use Coinmama or Bitbuy when you want to buy Bitcoin in Canada.
If you want to use an exchange that’s simple and lets you buy Bitcoin quickly, we’d recommend Coinmama. This exchange makes things so easy you’ll have Bitcoin in your digital wallet before you know it.
When you’re ready to start buying Bitcoin, visit the Coinmama site. In the top right corner of the home page is a signup button. To being the registration process, click on it.
The first thing you need to do is fill out the registration form. Coinmama wants your first and last name, your email address, and a valid password. The platform also asks for your country of residence. When the form is all filled in, click on the “Create Account” button. You should get an email confirmation from Coinmama soon thereafter.
Now, Coinmama will ask for some personal information. Similar to Bitbuy, Coinmama uses this information for its KYC purposes, creating an additional layer of security for the exchange. This way, the exchange knows exactly who is using the exchange at any given time.
Additionally, Coinmama will ask for documentation to confirm your identity. The exchange will accept your passport, driver’s license, or another form of government ID if you have it. When you’ve sent the necessary documentation over to Coinmama, they’ll let you know that everything is good to go.
Coinmama is usually pretty good about getting users approved quickly, so the wait time shouldn’t be too long. Most users report waiting a few hours before receiving approval. Once Coinmama sends over your approval, you’re ready to start buying Bitcoin in Canada.
Something to keep in mind as you go about buying Bitcoin with Coinmama is that this exchange does not store your payment information locally. That means every time you make a purchase, you’ll have to re-enter your credit or debit card info. However, some people like it because it keeps their personal payment data from leaking in the event the platform is attacked or hacked.
Find the link labeled “Buy” in the menu located in the top right corner of the platform. Now, you’ll see all the cryptocurrencies that Coinmama supports listed out. Choose “BTC” since the currency you want to buy is Bitcoin. You’ll also notice that you can view Coinmama’s rates in either USD or EUR, whichever makes more sense for you.
At this point, there are only a few more clicks to go, then you’ll have your Bitcoin. Enter the amount you want to buy, then click the “Buy BTC” button at the bottom. Coinmama will ask for your Bitcoin wallet address. Unfortunately, Coinmama doesn’t store coins on its site, so you’ll need to create one offsite.
After you’ve created one, enter in your Bitcoin wallet address, along with your payment info. Now you can buy your Bitcoin.
Once Coinmama confirms your payment information, it will send your Bitcoin over to your digital wallet. You now own your very own Bitcoin and know how to buy it in Canada via the Coinmama exchange.
To get started with Bitbuy, the first thing you’ll have to do is create an account and then complete the registration process required by the site. When you’re ready, head on over to Bitbuy and click on the purple link to sign up.
The next screen will ask you to provide a valid email address, enter and confirm your password, and include a referral code if you have one. Once you’re done that, let Bitbuy know you’re not a robot and select “Sign Up.”
You’ll receive an email after you Sign Up, asking you confirm that it’s valid. Click on the link to head back to Bitbuy and log in. Now Bitbuy will have you turn on two-factor authentication. This isn’t an option, but it helps to make your account more secure when you’re making transactions. Give Bitbuy your phone number, then move on to the next step.k
Like many other exchanges, Bitbuy wants to ensure that they are following Know Your Customer and Anti-Monday Laundering regulations. Additionally, the platform wants to make sure that users are compliant as well. As a result, the site requires that you confirm your identity prior to buying Bitcoin.
That means unless you provide Bitbuy with the necessary documentation, the site will not let you buy Bitcoin in Canada. Keep in mind that most exchanges as for this type of information, so there’s no need for concern here.
Bitbuy offers a few methods for identity verification. If you want to use the quickest option, you’ll go through the instant verification process. Instant verification makes use of a third-party provider who typically has a financial profile on users. When you can validate the information they have, you’re automatically verified with Bitbuy.
If you can’t get the instant verification method to work, then you’ll have to go the traditional route. This requires manual validation and asks that you provide documentation. For manual verification, you’ll need a government-issued document. You’ll also have to provide a picture of yourself while holding said document. Bitbuy also asks that you provide proof of residency.
You need to make sure that the documentation you select has both your full name and your address clearly visible. When you submit your documents, Bitbuy will validate them. Unfortunately, this takes a little longer, typically anywhere from 1-3 business days.
Now you’re ready to fund your Bitbuy account. There are several options through which you can deposit your CAD, however, keep in mind that each one will be subject to a deposit fee charged by the exchange.
You can use Interac e-Transfer, which will cost you 2% of the transfer, or Express Interac e-Transfer which runs 3.5%. Bitbuy also supports Flexepin, which comes with a 2% charge. Your cheapest option, wire transfer, only has a 0.5% charge attached to it.
When you use the Express Trading platform on Bitbuy, you’ll find that buying Bitcoin in Canada is quick and simple. If you’re looking for an efficient method to buy Bitcoin, using Express Trade is it.
As you can see, all you need to do is find Bitcoin, which is located at the top, and click on “Buy” to get your bitcoin. You’ll buy Bitcoin at its current rate, however, you do have the option to buy fractions of Bitcoin, so don’t stretch your wallet if it’s not in your budget. Bitbuy gives you the live market rate when you buy Bitcoin, so you know the exchange is providing honest prices.
When you buy your Bitcoin in Canada, Bitbuy will move it to your wallet. At this point, you can either choose to keep it in the local Bitbuy wallet, which is stored on the site, or you can transfer it to an offsite wallet so you know that it’s safe and sound.
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