Guide On Buying Bitcoin In Canada

According to Canadian Law Bitcoin is considered Legal in Canada however most of the countries do not consider digital currencies legal however there are some taxes and laws that are applicable on bitcoin while there are some money laundering and terrorism funding laws that restrict some major use of Bitcoin without accountability.

Canada is also on the list of top ten Bitcoin friendly countries and due to increase in demand many communities on Reddit and other forums can be found easily in Canada.

However many of the trusted exchanges are run under Government supervision and are not really private exchanges.

Local Bitcoin Exchanges in Canada

There are number of bitcoin exchanges in Canada including Satoshi counter,Canadian Bitcoin,Quick BT,ezBTC but the most popular three are QuadrigaCX,Coin Square and Bit Access.

Bit Access

Bit Access is a Canadian ATM operator and also a Bitcoin broker funded by the Government of Canada, which gives you the opportunity to purchase bitcoins at thousands of locations across the country and one can also buy BTC at one of their Bitcoin ATM’s using Cash and no Identity Verification is required for small transactions and has User-friendly Interface.The locations are convenient over all in Canada and is a trusted Bitcoin Broker.However fees are large starting from 10% even require Id verification for large amounts of bitcoins.

Quadriga CX

It is the best Canadian exchange present at the moment with large trading volumes. Based in Vancouver it has a volume limit of $1 million which quite large as compared to other exchanges operating in Canada.

However it is a market mediator that controls the flow of business between buyers and sellers the fees of trade are from 0.20% to 0.50%.Trading can be done in USD and CAD.

There are only three currencies at the moment Bitcoin,Ethereum and Lite Coin.

Coin Square

This exchange is considered to be the best exchange in Canada according to Security standards and many trading options (Alternative Coins) apart from bitcoin.

The Exchange in based in Toronto and has got currency options including CAD,USD,AUD,GBP,EURO and BTC while the market fee considers on maker-taker model where 0.20% is charged to takers.

The exchange provides easy to user Interface,fiat funding options and many Canadian funding options available.There is also official mobile application available for trading from phone.

However there are very limited trading pairs specially for everyday traders it is to basic.

International Exchanges Available in Canada Supporting fiatĀ 

While Canada is a first world country many of the popular exchanges working support Canada and coins can be bought using fiat deposits like Bank transfers or Credit Cards.

Coinbase

Coin base is a USA based exchange and it is the most popular online exchange available in terms of buying coins with credit or debit cards instantly,there are really high limits for buying bitcoins while privacy is the concern on Coinbase.

CEX.IO

It is a London based exchange and supports Canada in terms of buying bitcoin it has large Volumes and coins can be bought with credit card or Bank transfer but is expensive in fees.

CoinMama

CoinMama is an easy to use platform for beginners and support Canada,coins can be bought using credit or debit cards but has 5.5% fee on each purchase which is not good for small purchases and effective as compared to other exchanges available.

Other Online Exchanges:

If you want to exchange bitcoins for other alternative coins there are countless options to consider.

Binance

Binance is an Asian based online exchange which has very high online volumes and trading can be done in unlimited amounts with every global level coin listed to trade on.

Deposits and withdrawals can be done in any coin,this might be the perfect location for you to trade any alternative coin for Bitcoin.

HitBTC

HitBTC is a giant exchange relatively for everyday traders with a daily volume of over 250 million Dollars in trading.

Just Like Binance it allows deposits and withdrawals in all crypto currencies available with a list of more then 200 coins and counting. HitBTC is available in all around the globe with no restrictions on countries.

So for Canada it might be a pretty good option.

Coin ATM’s in Canada

Total number of Bitcoin ATMs in Canada are 496 as of the time of writing and are available in major cities and states.

Conclusion

So Buying Bitcoin in Canada is not a big deal and problem in Canada as it is a developed country and there are many legit exchanges to buy Bitcoin from how ever there are government regulations on money laundering Bitcoin and some government supervised exchanges also working.

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