Key Takeaways
- Bitcoin is a digital currency created in 2009 that relies on peer-to-peer technology to enable instant payments between accounts without the need for a central authority or a bank.
- Bitcoin can be bought on any cryptocurrency exchange, but it is important to choose a legitimate and trusted platform to avoid scams. Bitbuy, Zengo, and Binance are recommended exchanges in Canada.
- After buying Bitcoin, it is important to store it somewhere safe. An online wallet within your exchange account can be used for frequent trading, but for long-term holding, it is recommended to move it to an external wallet, such as a soft or hardware wallet.
- Bitbuy is a recommended exchange for buying Bitcoin in Canada because of its ease of use, low trading fees, and trusted reputation as a Canadian company since 2016.
What is Bitcoin (BTC)?
Even if you have been living in a cave, by now you have surely heard of Bitcoin. Everyone knows the word Bitcoin and how it has skyrocketed in value, but what exactly is Bitcoin? Bitcoin is the first digital currency (or cryptocurrency) to be created, way back in 2009. It relies on peer-to-peer technology to enable instant payments between accounts without the need for a central authority or a bank. More than a decade since its inception, Bitcoin is still the most popular cryptocurrency, and the most valuable by market capitalisation, especially since its meteoric rise in the last few years. Cryptocurrency has become much more popular and mainstream in recent years, and many people are looking to get their hands on some Bitcoin. Plenty of crypto exchanges have popped up where you can buy Bitcoin in Canada.
Where can I buy Bitcoin?
Since Bitcoin is the most popular cryptocurrency in the world, you can buy it on any cryptocurrency exchange, but the difficult part is knowing which one to use. It is crucial that you choose a legitimate trusted platform, so you don't lose your money in a scam. If you open an account from this list of recommended and safe exchanges for Canadians, you can buy Bitcoin with peace of mind.
Here are my top 3 suggestions of the best cryptocurrency exchanges in Canada. In this step-by-step guide on how to buy Bitcoin, I'm going to use screenshots from Bitbuy, so to follow along easily, you can open an account on Bitbuy.
Top 3 Recommendations
Bitbuy
Best Overall
Rating
4.9
Zengo
Most Secure App
Rating
4.8
Binance
Lots of Services & Coins
Rating
4.6
Step 1 - Open a Bitbuy account
Follow this link https://bitbuy.ca, click on 'Sign up for Free', fill out the details in the form, and click Create Account.
Step 2 - Verify your account
After you have created your account, you will see a pop-up asking you to verify your account. You will need to do this in order to buy and sell Bitcoin. Click on Verify Account and follow the instructions which should only take a few minutes to do.
Step 3 - Deposit CAD into your account
Once your account has been verified, it is time to deposit some Canadian Dollars into your Bitbuy account. Click on Accounts in the top left (circled in green in the screenshot below), and then click Add Funds on the right (circled in blue).
You can deposit CAD into your account using Interac e-Transfer or Wire Transfer. Simply select which option you would like to use. I prefer Interac e-Transfer because your funds are almost instantly processed, instead of having to wait a few days using Wire Transfer.
In this example, I will show you how to deposit using e-Transfer. Click 'Use e-Transfer' and you will be taken to another page that has the details you need to transfer your money. Open a new tab in your browser and log in to your online banking website. Add a new recipient and enter the information found in your Bitbuy account, then transfer the amount you would like (between $50 and $10,000).
Step 4 - Purchase Bitcoin
Once your CAD has arrived in your Bitbuy account, it is time to buy some Bitcoin! The easiest way to do this on Bitbuy is with Express Trade. Click on Express Trade in the menu along the top, and then make sure the Buy button is selected (highlighted in green in the screenshot below). If Bitcoin (BTC) is not already selected, click the Orange dropdown arrow to select Bitcoin. Enter the amount in Canadian Dollars that you want to purchase, and then click Buy Bitcoin and follow the prompts.
Step 5 - Enjoy watching your Bitcoin grow
Congratulations, you have just made your first investment in Bitcoin!
If you want to learn more about Bitbuy before opening an account, read our review here and if you are keen to research more crypto exchange options then I suggest you take a look at at this article on the best crypto exchanges in Canada.
We recommend Bitbuy for buying Bitcoin
How do I store my Bitcoin?
Now that you have bought your first cryptocurrency, you need to store it somewhere safe. When you buy crypto on an exchange such at Bitbuy, you will automatically have an online wallet within your account. If you are planning on frequently trading cryptocurrency, then you can keep your Bitcoin in your online account wallet. However, if you want to hold your Bitcoin long-term, it is better to move it to an external wallet, either a soft wallet (mobile or desktop app) or a hardware wallet (such as a Ledger or Trezor).
FAQs
Yes, it is legal to buy, sell, trade and invest in Bitcoin in Canada.
NDAX is the safest crypto exchange for Canadians. It is registered with FINTRAC, and has security standards among the highest in the Canadian FinTech industry. The majority of their digital assets are held offline in cold storage, partnered with Ledger Vault, the global leader in crypto security and infrastructure solutions.
Yes, you can invest $100 into Bitcoin, you don't need to buy a whole Bitcoin. Using Bitbuy, you can specify how much you want to spend in CAD to buy Bitcoin.
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