If you’re based in Canada and wish to learn everything there is to know about cryptocurrencies like Bitcoin, Ethereum, XRP, and more – this beginner’s guide is for you.
Today, not only will you learn how to buy cryptocurrency in Canada, but also which exchanges to consider, the top digital tokens to purchase in 2022, and the risks involved with this investment space.
How to Buy Cryptocurrency Canada – Quick Guide
Time-staved investors will appreciate the quickfire guide below on how to buy cryptocurrency in Canada. For this brief walkthrough, we show you the required steps with popular cryptocurrency exchange BitBuy.
- ✅ Step 1: Open a BitBuy Account
You will first need to register an account with BitBuy – which you do by clicking on the ‘Get Started’ button on the homepage. When prompted, enter your personal details. Before you can buy cryptocurrency with Canadian dollars, you will need to provide some ID.
- 💳 Step 2: Deposit CAD
Next, you will have the option of depositing Canadian funds instantly with a debit or credit card. Choose your preferred third-party payment provider, enter your card details, and let BitBuy know how much you wish to deposit.
- 🔎 Step 3: Search for Cryptocurrency
BitBuy offers a wide selection of supported markets, albeit, you can use the search bar to find the cryptocurrency that you want to buy today.
- 🛒 Step 4: Buy Cryptocurrency
Finally, you will need to create a simple buy order – which requires you to enter the amount of money you wish to stake on your selected cryptocurrency. Once you confirm the order, the digital tokens will be viewable in your BitBuy web wallet.
Cryptoassets are a highly volatile unregulated investment product.
Buying cryptocurrency online in Canada can be a simple process once you know what you are doing.
However, if this is your first time investing via a cryptocurrency exchange – we would suggest that you scroll down and follow our more detailed step-by-step walkthrough.
Where to Buy Cryptocurrency in Canada
An important part of learning how to buy cryptocurrency in Canada is knowing which exchange or broker is the right fit for you.
For instance, some platforms are popular in Canada for their low-fee and user-friendly service, while others are more suited for advanced investors that seek high-level technical indicators.
To ensure you choose the right platform for your needs, consider the best crypto exchanges outlined below when deciding where to buy crypto in Canada.
1. BitBuy – Overall Best Place to Buy Cryptocurrency in Canada
Our research findings point to BitBuy as the overall best place to buy cryptocurrency in Canada for a number of reasons. First and foremost, this platform offers tools and features that are aimed at investors of all skill sets.
For instance, you are simply looking for an easy way to buy cryptocurrency for the first time – BitBuy offers an express trade system. This means that you can instantly invest in Bitcoin and other cryptocurrencies in Canada with a debit or credit card. In order to use this service, you first need to register an account and choose whether to pay by Interac bank transfer or wire transfer.
BitBuy also charges some of the lowest rates of any Canadian crypto exchange. You’ll pay just 1.50% for instant transactions using a bank transfer or 0.50% when you use a wire transfer.
In addition, BitBuy has plenty of advanced tools for experienced crypto traders. The Pro Trade trading platform includes technical indicators, various order types, historical and real-time data, and fully customizable charts. An over-the-counter trading desk lets you make peer-to-peer crypto trades, while an API enables you to apply automated trading strategies.
BitBuy even has a mobile app to make it easy to trade crypto on the go. The app is available for iOS and Android, and it allows you to easily track the latest crypto prices and manage your holdings. As such, it is considered by many crypto enthusiasts as one of the best crypto apps in Canada right now.
Cryptoassets are a highly volatile unregulated investment product.
2. Crypto.com – Access Over 250 Cryptocurrencies Alongside Savings Accounts
Crypto.com is a hugely popular exchange that offers a plethora of crypto-centric services. At the forefront of this is support for over 250 digital currencies – all of which can be purchased with fiat money. Perhaps the easiest way to buy cryptocurrency in Canada via the platform is with a debit or credit card.
This is because – once you have registered an account and uploaded a copy of your ID, your investment will be processed instantly. When it comes to fees, Crypto.com charges 2.99% on debit/credit card payments. A more cost-effective, albeit slower option would be to transfer funds from your bank account.
Crypto.com offers a variable commission system when it comes to trading on its exchange, making it a great place to buy Dogecoin and other meme coins with the click of a button. This will cost you no more than 0.40% per slide, but much lower rates are available when you stake CRO tokens. This is the digital asset-backed by Crypto.com – and the CRO token offers a number of other benefits within the platform’s ecosystem.
Another way to reduce your trading fees at Crypto.com is to increase your 30-day volume. Nevertheless, we also like this top-rated exchange for its industry-leading crypto interest accounts. This allows you to deposit your crypto tokens and earn an attractive yield of your investment.
APY rates vary depending on the token, but you can earn up to 14.5% at Crypto.com. To maximize your interest-earning opportunities, you will need to lock your digital currencies away for at least three months and once again – hold a minimum number of CRO tokens.
Crypto.com is also worth considering if you are looking to bridge the gap between real-world spending and digital asset trading. This is because the platform offers a popular crypto card that allows you to spend your tokens online, in-store, and at ATMs. Finally, consider downloading the Crypto.com app for iOS or Android to invest in digital currencies on the move. Furthermore, when it comes to convenience Crypto.com also offers one of the best crypto wallets in Canada so you can store your crypto assets securely.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
3. Binance – Buy Cryptocurrency at the World’s Largest Exchange
Since the platform was launched in 2017, Binance has continued to smash through new targets. Not only is the exchange home to the largest amount of trading volume, liquidity, and registered users – but its native BNB token is now a multi-billion dollar asset class.
And, in choosing Binance as your go-to exchange, you can buy cryptocurrency in Canada with a variety of payment methods. For instance, you can deposit Canadian dollars via a local bank transfer or even use a Visa/MasterCard. Both of these payment options will require you to verify your identity via a quick KYC process.
Take note, when it comes to debit/credit card fees, Binance will often build this into the price that you see on screen. As such, this can make it somewhat difficult to know exactly what you are paying. Nevertheless, we also like that Binance supported fee-free cryptocurrency deposits, which also removes the need to upload any ID (limits will apply).
One of the main features of Binance is that this platform offers a significant number of trading markets. Across over 1,000 pairs, this includes large-cap projects like Bitcoin and Ethereum, Defi and Metaverse coins, ERC-20 tokens, and even NFTs. And, when you buy and sell cryptocurrency via the Binance exchange, just 0.10% in commission is charged per slide.
You can reduce this industry-leading commission even further when you own the platform’s BNB token or increase your 30-day trading volume. Another popular tool at Binance is its crypto derivatives, which includes everything from futures and options to leveraged tokens.
Moreover, seasoned pros will appreciate the advanced Binance platform – which covers technical indicators, chart drawing tools, and customizable timeframes. Binance also offers a range of crypto savings accounts across dozens of supported tokens. Once again, this will allow you to earn a competitive yield on your idle cryptocurrencies.
Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.
4. Coinbase – Great Place to Buy Cryptocurrency in Canada as a Beginner
Coinbase is a US-based cryptocurrency exchange and broker that now supports tens of millions of client accounts. In addition to a select number of other jurisdictions, Coinbase has since expanded into the Canadian market. And as such, you can easily use Coinbase to buy cryptocurrency online.
Beginners are the target market for Coinbase, which is evident in the platform’s simple layout and basic investment services. Moreover, the process of registering an account and getting yourself verified is burden-free. And, once you are set up with a Coinbase account, you will then have access to over 50 cryptocurrency markets.
With that being said, we should note that in most areas of the Coinbase website, the platform is expensive. For example, standard commissions of 1.49% are charged. Furthermore, should you wish to use your Visa or MasterCard to buy cryptocurrency – expect to pay nearly 4% in fees.
This high-fee structure hasn’t derailed Coinbase in any way, as the platform continues to dominate the retail client market. After all, Coinbase has since been listed on the NASDAQ exchange – which makes it the first and only cryptocurrency exchange to become a publicly tradable stock.
Coinbase also has an excellent reputation for security and trust, so this is another factor that you should consider before discounting its expensive commission policy. For instance, the exchange has been operational for nearly a decade and 98% of client digital funds deposited into the platform are kept in cold storage.
Additionally, you will need to set up 2FA on your Coinbase account – which means you will require access to your cell phone in order to log in. Although Coinbase does lack the advanced features offered by the likes of BitBuy, Crypto.com, and Binance, you can engage in cryptocurrency staking – which offers various APYs on tokens you decide to lock up.
Cryptoassets are a highly volatile unregulated investment product.
5. Kraken – Popular Cryptocurrency Exchange With Access to Margin Accounts
Kraken is another established exchange and broker that allows you to buy cryptocurrency in Canada safely. You can deposit funds into this platform with a variety of payment methods – which includes debit/credit cards and bank transfers. Digital asset deposits are also supported.
A top-rated feature offered by Kraken is its margin trading accounts. This allows you to buy cryptocurrencies with leverage of up to 5x. And as such, a deposit of $500 would effectively give you access to over $2,500 in trading capital. Lower limits are, however, offered on smaller-cap tokens – so check this out before proceeding.
In terms of fees, Kraken charges up to 0.02% on leveraged positions – as this will be collected from your margin account every four hours. If you are more interested in accessing conventional spot markets, fees are very competitive at Kraken. For instance, the most that you will pay as a market taker is just 0.26% per slide.
As is often the case with crypto exchanges, lower fees are offered when your monthly trading volume surpasses certain milestones. When it comes to supported markets, Kraken allows you to buy and sell dozens of different cryptocurrencies. This includes everything from Bitcoin, AAVE, and Filecoin to Ethereum, Ripple, and Litecoin.
The platform also permits instant conversions to stablecoins like Tether and USD Coin. This can be a smart move when it appears the broader markets are going through a correction period. If you have a bit of prior trading experience and you understand the risks involved, Kraken also offers cryptocurrency futures.
This will give you access to even higher leverage limits of up to 50x. As such, a $100 position can be amplified up to $5,000. What we also like about Kraken is that the platform offers customer support 24 hours per day, 7 days per week. Perhaps the main drawback with Kraken is that it doesn’t offer a proprietary cryptocurrency wallet.
Should I Buy Cryptocurrency?
Now that you know where to buy cryptocurrency in Canada – you are ready to purchase your first-ever digital asset.
However, we would suggest taking a step back if you are yet to research how this marketplace works – in terms of the potential upside, volatility, and risk of loss. Moreover, you also need to consider which cryptocurrency to buy for your financial goals.
Benefits of Buying Cryptocurrency
To begin the research process, we will start by exploring some of the main benefits of buying cryptocurrency, before diving into the associated risks.
Cryptocurrencies Were Founded in 2009
If you had the chance to buy shares in Apple in the early 1980s at just $0.07 per stock (adjusted for multiple equity splits), you likely wouldn’t hesitate. After all, Apple has since increased its share price by over 250,000%.
The reason we make this comparison is that cryptocurrencies are still a completely new phenomenon in the grand scheme of things. For instance, the world’s first and still largest cryptocurrency – Bitcoin, was launched as recently as 2009.
This means that even Tesla – which is still considered a growth stock, is younger than Bitcoin. But, perhaps, more importantly, some leading cryptocurrencies are less than a couple of years old.
Either way, in buying cryptocurrency in Canada today, you will be entering a marketplace that is still in its infancy. This means that even in 2022, you’ll be purchasing an asset class that is likely nowhere near reaching its full potential.
And, from an investment perspective, this often means that you can complete your first cryptocurrency purchase at a highly favorable entry price.
Cryptocurrencies Have Generated Huge Returns
In addition to having the opportunity to invest in an innovative sector that is still young, another reason to consider buying cryptocurrency today is that this marketplace has generated some unprecedented returns in recent years.
Perhaps the best way to illustrate this point is to look at some notable examples.
- Bitcoin, for instance, took several years since launching in 2009 to even surpass a market value of $1 per token. To date, Bitcoin has hit peaks of just under $69,000 per token – which was achieved in 2021.
This means that in just over a decade, the value of Bitcoin has grown by millions of percentage points.
- Ethereum, which was launched in 2015, is the world’s second-largest cryptocurrency in terms of market capitalization.
- This digital currency was initially sold at $0.31 per token. Fast forward to 2021 and Ethereum hit all-time highs of nearly $5,000.
As such, this represents growth of over 1.6 million percent.
- In more recent times, Avalanche was launched in September 2020 at an initial trading price in the region of $4.10.
- As of writing in early 2022, the same digital currency is trading above $70 per token.
This represents gains of over 1,600% in just over one year of trading.
As you can see, cryptocurrencies have the potential to increase by significant amounts. In fact, these amounts can be so significant that it would take many centuries for traditional blue-chip stocks to replicate.
Cryptocurrencies Continue to Outperform the Broader Stock Markets
As mentioned above, there is no comparison between cryptocurrencies and the traditional stock markets in terms of growth in recent years.
- For example, the S&P/TSX Composite – which is a stock market index that tracks 250 large-cap Canadian companies, has grown by 15% in the prior 12 months.
- Over a 5-year period, the S&P/TSX Composite has grown by 37%.
- Over the same period of time, BNB has grown by 70% and 8,300% respectively.
- Ethereum has also performed much better, with returns of 48% and over 7,000% across the same 1/5-year periods.
This disparity between the cryptocurrency and traditional stock markets is not exclusive to Canada. For instance, over in the US, the S&P 500 has increased in value by 10% and 77% over the past 1 and 5-years respectively.
Creating a Diversified Portfolio is Easy
Another crucial benefit of investing in cryptocurrency is that you have a significant number of digital tokens to choose from. As of writing, there are over 18,000 tokens in circulation across a variety of projects and market capitalizations.
This allows you to allocate your investment funds to a wide range of cryptocurrencies. For example, you might consider allocating the vast bulk of your capital to large-cap and established tokens like Bitcoin and Ethereum.
Then, with the view of targeting above-average returns, you might then consider buying some smaller-cap tokens. In doing so, although the risks are higher, the upside potential could be a lot more attractive.
Ultimately, the main concept with diversifying your cryptocurrency investments is that you will give yourself the best chance possible of mitigating your long-term risks. This is because you will ensure that you avoid being overexposed to only one or two individual tokens.
Seamless to Enter and Exit the Cryptocurrency Market in Canada
During the initial first few years of cryptocurrency trading, being able to enter the market and subsequently buy a digital token was extremely challenging.
Not only was the entire industry dominated by unregulated exchanges, but being able to pay for your tokens with Canadian dollars with virtually impossible.
- Fast forward to 2022 and you now have access to a huge number of leading exchanges and brokers, many of which support CAD payments via debit/credit cards, local bank transfers, and even e-wallets like Paypal and Apple Pay.
- And as such, from start to finish, you can now buy cryptocurrency in Canada in under five minutes.
Another important thing to note about cryptocurrencies in 2022 is that the market is now collectively worth over a trillion dollars. This means that when buying and selling popular tokens like Bitcoin or Ripple – you will have no issues with liquidity.
And in turn, you will never struggle to find a seller when you wish to cash out your cryptocurrencies back to CAD.
Risks of Buying Cryptocurrency
As covered in the sections above, you have access to a vast number of benefits when you buy cryptocurrency in Canada.
However, if you’re interested in digital currencies because of the potential to earn fast and high returns, you should know that things are not that simple.
By this, we mean that you also need to understand that cryptocurrencies are high-risk trading products that can result in losing some or even all of your original investment.
On the one hand, when you buy traditional blue-chip stocks, then the returns on offer will likely be a lot more modest when compared to cryptocurrencies.
However, what you won’t get with blue-chip stocks is extreme volatility – at least during normal market conditions.
In the case of cryptocurrencies, the entire market is prone to rapid volatility levels that in some cases – can equate to double-digit percentage losses in a single day of trading.
History suggests that this is perfectly normal in the world of digital currencies. And as such, if you do decide to buy cryptocurrency in Canada today, you must be prepared for a bumpy ride.
The best way to approach this is to avoid making an investment in one lump sum. If you do, then you stand the risk of entering the market at its peak.
Instead, consider buying cryptocurrency in small amounts at various time intervals to reduce to risk of being exposed to the upper-end of a bullish pricing trend.
Small-Cap Tokens Suffer From Pump and Dumps
If you find yourself investing in a cryptocurrency with a small market capitalization, this leaves you open to market manipulation in the form of pump and dumps.
- In simple terms, this happens when a group of individuals engages in collusion with the view of initially injecting money into a specific cryptocurrency.
- The aim here is that the broader markets will catch up thinking that they are investing in the next cryptocurrency to explode.
- However, when the time eventually comes, the market manipulators will dump their token holdings – which means that the price of the cryptocurrency will quickly capitulate.
To avoid this risk, it might be worth focusing on cryptocurrencies with a medium or high market capitalization.
Hacks and Personal Wallet Responsibility
Once you buy cryptocurrency in Canada – you generally have two options in terms of storage.
- First, you might consider withdrawing the tokens to a private cryptocurrency wallet.
- Or, you might decide to leave the tokens stored at the exchange that you purchased them from.
- Both of these options in themselves carry an element of risk.
For example, if you withdraw the tokens to a private wallet, you will be responsible for keeping the funds safe and away from remote hackers.
This also means that you will need to ensure that your private keys are kept secure. If you fail in any of these departments, your cryptocurrency tokens are at risk of loss.
Alternatively, if you decide to entrust your tokens with an exchange or broker, you then need to consider the risks associated with the platform itself.
For example, if the platform is hacked remotely and the bad actor gains access to your wallet, your funds might be lost forever.
When to Buy Cryptocurrency
In a similar nature to how you invest in stocks, you might be thinking about attempting to time the cryptocurrency markets. By this, we mean buying your chosen digital currencies when prices go through a brief market correction.
- For example, we mentioned earlier that Bitcoin last hit all-time highs in 2021 at $69,000 per token.
- However, since then, Bitcoin has dropped to the lows of around $35,000.
- This means that in buying Bitcoin when the broader markets are down – and on the assumption that its value will eventually recover, you could enter a position at highly favorable prices.
However, the key problem here is that being able to time the cryptocurrency markets is no easy feat.
This is the case even for the most seasoned of investors. And, when you consider just how unpredictable the cryptocurrency markets are, this makes it even more challenging.
Instead of trying to time the market, you might consider investing via a dollar-cost averaging strategy. We briefly mentioned this earlier, whereby we suggested that you avoid investing a lump sum into the markets.
Instead, you might commit $100 per month or $25 per week, for instance. The most important thing is that you spread your cryptocurrency investments out as much as you can.
Which Are the Best Cryptocurrencies to Buy?
We have mentioned several times that there are now more than 18,000 cryptocurrencies that you can buy and sell in the online domain.
Naturally, this makes it extremely difficult to know which crypto to buy now. Even if you are looking to create a diversified portfolio, you won’t be able to invest in thousands of different projects.
As a result, you need to do some research to identify the best cryptocurrencies to buy based on your tolerance for risk and investment goals.
To help point you in the right direction, we will now discuss five of the best cryptocurrencies to buy.
We have discussed Bitcoin throughout this guide and for good reason. After all, not only is Bitcoin the largest cryptocurrency in terms of market capitalization, but it’s also the first digital asset to enter this market.
As a result, Bitcoin dominates this industry by some distance. Bitcoin, like all cryptocurrencies, is very volatile. However, when compared to the rest of the market, Bitcoin is arguably the most stable, at least in cryptocurrency trading terms.
This means that Bitcoin is potentially the best cryptocurrency to buy in 2022 if you are entering the market for the first time. Most importantly, although Bitcoin trades for tens of thousands of dollars, online brokers and exchanges support fractional investments.
This means that by using any of the platforms that we reviewed earlier on this page, you can invest just a few dollars into Bitcoin. As such, instead of purchasing a full token, you will own a small fraction of 1BTC.
The next cryptocurrency to consider buying in Canada today is Ethereum. As we mentioned earlier, this cryptocurrency is the second-largest in terms of market capitalization.
In buying Ethereum, you will be gaining exposure to a platform that allows users to send and receive funds in a matter of seconds However, Ethereum is more than just a platform that can facilitate financial transactions.
On the contrary, Ethereum is home to smart contract technology. This means that people from all over the world can enter into agreements with one another without needing to trust the other party.
In terms of investing in Ethereum, this digital currency has also attracted a price in the thousands of dollars per token. However, once again, you can invest any amount of your choosing when going through one of the exchanges or brokers that we reviewed earlier.
Ripple is another cryptocurrency that you might consider adding to your portfolio today. In a nutshell, Ripple is a global payments technology system that specifically caters to banks and financial institutions.
The main concept here is that instead of using SWIFT – which is slow and expensive, institutions can now transact internationally in a matter of seconds at a fee of near-zero dollars per transfer.
This is why more than 200 banks are now testing the Ripple technology in-house. If you like the sound of Ripple, you can buy XRP tokens, which is the native crypto asset of this project.
Bearing in mind that XRP still trades below $1, you can buy a large number of tokens without needing to risk too much money.
Binance Coin, or simply BNB and as it is now referred to, is a top-five cryptocurrency in terms of market capitalization. This digital currency is backed by the world’s largest exchange, Binance, which we reviewed earlier.
BNB has several use cases, such as offering traders of the Binance exchange reduced commission fees. BNB is also the primary currency of the Binance Smart Chain. This is a relatively new blockchain network that supports thousands of decentralized tokens.
Ultimately, BNB is one of the best-performing cryptocurrencies in recent years – with significant percentage gains witnessed since the token was launched in 2017.
We also like the look of Solana, which many argue could one day overtake Ethereum. The reason for this is that Solana also offers smart contract capabilities but in a much more efficient way.
For example, while Ethereum is an expensive blockchain that charges high transaction fees, this couldn’t be further from the truth in the case of Solana. This is because transactions cost just a small fraction of one cent.
Moreover, and perhaps most importantly, Ethereum only has the potential to facilitate 16 transactions per second in its current form. Although Ethereum will soon upgrade to a proof-of-stake consensus mechanism, it remains to be seen when this will be finalized.
In the meantime, Solana can execute more than 65,000 transactions per second, which makes it considerably more scalable than its Ethereum counterpart.
Ways of Buying Cryptocurrency
Canadians have access to a variety of supported payment methods when it comes to buying cryptocurrency online.
If you’re not sure which option is best for you, below we explain the most common ways to buy cryptocurrency in Canada.
How to Buy Cryptocurrency with PayPal
A small number of exchanges allow you to buy cryptocurrency with PayPal, but you should be aware fees are often much higher than other payment methods.
Coinbase, for example, will charge you nearly 4% to instantly buy cryptocurrency with PayPal, which is the same fee that it requires for debit and credit card purchases.
How to Buy Cryptocurrency With Credit Card or Debit Card
The fastest and most seamless way to buy cryptocurrency in Canada is with your credit card or debit card. Irrespective of which platform you use for this purpose, you will need to go through a KYC process.
This means providing some personal information and uploading a copy of your government-issued ID. You might also be asked to provide proof of residency, such as a recent bank account statement or utility bill.
Just like using PayPal, you need to be aware of what fees are charged when using a credit or debit card to buy cryptocurrency
How to Buy Cryptocurrency Safely
Although you might be tempted to buy cryptocurrency in Canada from exchanges or brokers that offer the lowest fees in the market, the most important thing is that you are able to transact safely.
- The best way that you can do this is to ensure that you only use a platform that has a solid reputation in this industry.
- This is why we like BitBuy, as the platform offers a safe and secure way to buy cryptocurrency in Canada.
You also need to think about the issue of storing your cryptocurrency safely, which we briefly discussed earlier.
- For example, if you decide to buy cryptocurrency at BitBuy, you can leave your digital tokens safely in your web wallet.
- This is because BitBuy is home to a significant number of security controls, which means your funds are safe at all times.
However, many platforms in this industry do not have sufficient safety nets in place, so this is something to consider before you choose an exchange or broker to open an account with.
Finally, you also need to remember that no matter which cryptocurrency platform you invest through, there’s always the chance that you will lose money. This will happen if you sell your cryptocurrency assets at a lower price than you originally paid.
How to Buy Cryptocurrency in Canada – Tutorial
If you want to learn how to buy cryptocurrency in Canada from the comfort of your home, we will now explain how to do this via top-rated exchange BitBuy.
The walkthrough below covers the process of opening an account, depositing Canadian dollars, and buying your chosen digital currency.
Step 1: Open an Account
To open an account with BitBuy, visit the homepage and click on the ‘Get Started’ button. Enter your email address, confirm that you are at least 18 years old, and click ‘Submit.’ Next, select a username and password and then click ‘Submit’ to open your new account.
Step 2: Deposit Funds
BitBuy accepts deposits in Canadian dollars by Interac e-transfer or bank wire. To make an e-transfer, you must deposit a minimum of $50. The minimum for a wire transfer is $20,000.
Step 3: Choose Cryptocurrency
Once you have funded your BitBuy trading account, you next need to decide which cryptocurrency you want to buy. You can choose from 15 different digital currencies when using the instant buy service, including Bitcoin and Ethereum.
Step 4: Trade Cryptocurrency
Enter the amount of your selected cryptocurrency that you want to buy, then click ‘Buy.’ Your cryptocurrency will be purchased instantly and added to your BitBuy account.
How to Sell Cryptocurrency
Selling cryptocurrency on BitBuy follows a similar process to buying it. To get started, head to your account dashboard to see all of the digital currencies you currently hold. Click on the one you want to sell, and then click ‘Sell.’
This will open an order form where you can enter the amount you want to sell. Simply check the box if you want to sell your entire stake in that coin. When you’re ready, click ‘Sell’ to sell your cryptocurrency.
Is Cryptocurrency Taxed in Canada?
Cryptocurrencies are taxed in the same way as traditional assets like stocks. That is, you won’t pay any tax for as long as you hold the digital currency tokens in your wallet.
But, when you eventually sell, the profit aspect of the trade will be liable for capital gains tax. You should speak with a qualified tax specialist for further information on your liabilities when buying and selling cryptocurrency in Canada.
Expert Crypto Guides
Want to learn more about cryptocurrency investment in Canada? Check out our guides below.
In summary, if you want to buy cryptocurrency in Canada today, you will first need to choose a suitable exchange or broker.
Then, once you have decided which digital currency you wish to invest in, it’s just a case of opening an account, making a deposit, and placing a buy order.
To buy cryptocurrency right now with low fees in a secure and user-friendly environment – consider BitBuy. This popular trading platform supports Canadian dollar deposits, offers instant buy/sell transactions, and gives you access to advanced tools for crypto trading. Sign up for BitBuy today!
Cryptoassets are a highly volatile unregulated investment product.