How to Purchase Bitcoin in Canada
Canada has a broad spectrum of exchanges that allow for the purchase of Bitcoin. This article summaries a short list of the best exchanges that will suit you best. When picking the exchange to use for your transaction, it is ideal to keep in mind various factors including supported methods of payment, fees, limits, community reputation, trading volume, and delivery speed. Here is how to buy Bitcoin in Canada.
Coinbase is one of the most well-known exchanges on the planet. It lets Canadians purchase Bitcoin with their debit cards. Unluckily, the exchange fails to support Canadian bank transfers (EFT). Moreover, the majority of the credit card firms have been tracking cryptocurrency purchases that involve credit cards. Hence, your only choice is to use debit cards. In case you buy Bitcoin with Coinbase, you will incur a fee of 3.99 percent and face a limit of $250. Coinbase is a brokerage that functions a bit different from an exchange. This brokerage allows you to purchase directly from Coinbase instead of buying from another user like other exchanges. If you use your debit card for this kind of purchase, your Bitcoin will be delivered immediately.
Coinmama is another ideal brokerage that lets Canadians purchase Bitcoin using their debit and credit cards. They charge about 5 percent on their buys and can at times be greater when a credit card is utilized because of their payment processor. The exchange offers immediate delivery of the Bitcoin that you buy. It provides a different method of selling Bitcoin compared to other exchanges. The company provides you with a variety of packages and also allows you to create your own. Moreover, when you buy Bitcoin with Coinmama, you will have to offer your address for delivery.
LocalBitcoins offers people a chance to buy Bitcoin in numerous countries, including Canada. Localbitcoins runs somehow different compared to the majority of exchanges since it is an escrow service. The most popular method of payment on this platform is cash deposits, which makes it super convenient when it comes to privacy. The exchange needs you to meet the bitcoin seller in person to facilitate the trade. When it comes to fees, the platform charges one percent if you use their escrow services.
This is a Canadian Bitcoin brokerage website that lets Canadians purchase Bitcoin with same-day and instant payment methods such as Bank Wire, Flexepin vouchers, Interace-Transfer, and Instant Debit. The purchase limits of the exchange range between $20 and $100,000. It needs ID verification that can be submitted online and is usually approved within an hour. If you would like to complete it personally, you can do so at any of the Canada Post’s 4,000 locations. If you require support, you can get it through SMS text, email, live chat, or phone call. Finally, when it comes to fees, they range between 4.75 and 7.75 percent based on the payment method used.
Whether it is Coinbase, Coinmama, or any other Bitcoin exchange on this list, you are likely to find Bitcoin at the best terms.