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How to Buy Bitcoins Canada: The Best 6 Options Revealed
If you are planning to buy Bitcoins and you haven’t done it yet, this is the perfect guide for you. Before we reveal the best methods out there, let’s talk about whether or not Bitcoin is legal in Canada. Bitcoin is legal in Canada, even though we all know that digital currencies aren’t run or controlled by a government or a specialized institution. According to the official website of the Government of Canada, tax rules do apply to virtual currency transactions and all cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and others are subject to the Income Tax Act. All residents in Canada are free to purchase, sell or trade Bitcoins and all transactions are regulated under counter-terrorist financing and anti-money laundering laws. How popular is the cryptocoin in Canada? Well, in 2016, Canada was named as one of the 10 most Bitcoin-friendly countries in the world, because of the many Bitcoin startups, as well as, ATMs, in cities such as Vancouver and Toronto. There has been a gradual increase in interest in Canadian dollar throughout the last year. Because of this popularity and huge interest, there are a lot of Canadian Bitcoin communities out there that can be used. The main communities can be located on CoinForum and Reddit, however, there is a large meeting group in Canada as well or more specifically in Toronto.
USTED CREE QUE BITCOIN ES VOLATIL?
There are so many Bitcoin exchanges that are located in Canada and among the best ones are Coinsquare and QuadrigaCX. Coinsquare is founded in 2015 and it is a popular exchange based in Toronto, Canada. Besides Bitcoins, this popular exchange features a handful of other cryptocurrencies such as Ethereum and Litecoin which are also available for trading. Again, you can purchase Bitcoins with Canadian dollars and the fees are quite competitive or 0.2%. The Interact deposit and withdrawal fees are high at #.5% and 5%. QuadrigaCX is the best and the biggest Canadian Bitcoin exchange. Launched in 2013, this exchange allows individuals to buy Bitcoins and Ethereum directly with Canadian dollars. This exchange is based in Vancouver and aims to make buying and selling Bitcoin easy and quick with a simple and user-friendly platform. They offer some great security features and their fees are quite reasonable, but, please keep in mind that it can take some time for your account to be verified and trading fees are 0.5% which is relatively high.
Besides Coinsquare and QuadrigaCX there are other international exchanges you can use in Canada. Some of the best are Coinbase, CEX.IO, Coinmama, and Kraken. With Coinbase, you can buy Bitcoins directly with your credit card and receive the coins instantly. This exchange is one of the best and most user-friendly places to purchase Bitcoins and it is highly recommended for beginners. CEX.IO is a London-based exchange on which you can purchase Bitcoin via bank transfer or credit card. This is an easy exchange to use and it is known to be secure and reliable. Coinmama operates in more than 200 countries worldwide and Canada is just one of them. You can purchase Bitcoins with a debit or a credit card. It is a simple platform and recommendable for beginners. Kraken is a very popular platform in Europe and it is one of the oldest cryptocurrency exchanges. It doesn’t have the most modern and easy platform, however, it has low fees of 0.1% – 0.25% depending on current trading volume. There are more than 300 Bitcoin ATMs located in Canada. The majority of these ATMs are located in Toronto, Montreal, and Vancouver.