Buy Bitcoin & Crypto in Canada
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Canada is an important market for Bitcoin because many of its developers and funding call Canada home. For example, Blockstream (headquartered in Victoria, BC) is one of the major sources of development for Bitcoin. There is also a robust cypherpunk community in the country.
LocalBitcoins daily trading volume in Canada is .... The current price of Bitcoin is .... There are ... Bitcoin ATMs available to Canada residents. And ... businesses accept Bitcoin in Canada.
Most Popular Exchanges in Canada
Coinmama
Founded 2013
Coinmama allows users to easily and quickly make bitcoin purchases from almost anywhere in the world using many different payment methods, including credit cards.
Kraken
Founded 2011
Started in 2011, Kraken was one of the first Bitcoin exchanges. Founder Jesse Powell started the exchange after helping with MTGOX's 2011 crisis/hack. It was during this experience that Jesse realized the importance of security for a bitcoin exchange. Determined to do better, Jesse started what would become Kraken later that year. As a testiment to the focus on security, Kraken has never been hacked and remains of the of top Bitcoin exchanges in the world.
Bitcoin & Cryptocurrency Trading in Canada
The cryptocurrency exchange you use will depend on what your goals are. Some people buy only bitcoin, while some buy many cryptos. Some trade, while some buy and hold.
We'll outline some of the best options for each type of buyer and trader.
Top Cryptocurrency & Bitcoin Exchanges in Canada
Founded 2013
Coinmama Popular
Founded 2013Coinmama Popular
Coinmama allows users to easily and quickly make bitcoin purchases from almost anywhere in the world using many different payment methods, including credit cards.
Visit Site MorePROS
- Super Fast Withdrawal
- Higher privacy that most exchanges
- Super convienent and easy to use
- One of the few places to buy bitcoin using credit cards
CONS
- Higher fees than some other exchanges
Supported Fiat: Yes
Payment methods include: Credit Card Debit Card Wire Transfer
Headquarters: Israel
Ease of Use
Super easy
Privacy
Low
Speed
Super fast
Fees
Medium
Reputation
Excellent
Limits
-
Founded 2011
Kraken Popular
Founded 2011Kraken Popular
Started in 2011, Kraken was one of the first Bitcoin exchanges. Founder Jesse Powell started the exchange after helping with MTGOX's 2011 crisis/hack. It was during this experience that Jesse realized the importance of security for a bitcoin exchange. Determined to do better, Jesse started what would become Kraken later that year. As a testiment to the focus on security, Kraken has never been hacked and remains of the of top Bitcoin exchanges in the world.
Visit Site MorePROS
- Excellent Security record
- Large Volume
CONS
- Slow Customer Service response
- Slow account verificaiton
Supported Fiat: Yes
Payment methods include: Debit Card Bank Transfer Cash BACs Chaps
Headquarters: San Francisco, USA
Ease of Use
Super easy
Privacy
Low
Speed
Slow
Fees
Low
Reputation
Excellent
Limits
Medium
Best Bitcoin Wallet for Canada
Bitcoin wallets are just software or hardware, so the truth is that wallets can work in any country.
However, we've highlighted some Bitcoin wallets we think would be good for Canada users here.
Trezor Model T
Secure storage with high res color touch screen
Read ReviewThe Trezor Model T is perfect for long term holders of many coins. It's full color high resolution touch screen makes it easy to navigate and advanced features make it the most secure hardware wallet
Ledger Nano X
Secure Storage with Bluetooth Functionality
Read ReviewThe Ledger Nano X is great for traders who need to access their coins on the go. The on-board bluetooth functionality allows you to access your coins on your mobile device.
Electrum
Multi-feature desktop wallet that works with hardware wallets.
Visit WebsiteElectrum is a Bitcoin-only desktop wallet that offers many advanced features for higher level users. It is best paired with a hardware wallet.
More Bitcoin Exchanges in Canada
Most Popular Exchanges in Canada
Coinmama
Founded 2013
Coinmama allows users to easily and quickly make bitcoin purchases from almost anywhere in the world using many different payment methods, including credit cards.
Kraken
Founded 2011
Started in 2011, Kraken was one of the first Bitcoin exchanges. Founder Jesse Powell started the exchange after helping with MTGOX's 2011 crisis/hack. It was during this experience that Jesse realized the importance of security for a bitcoin exchange. Determined to do better, Jesse started what would become Kraken later that year. As a testiment to the focus on security, Kraken has never been hacked and remains of the of top Bitcoin exchanges in the world.
Founded 2017
Binance
Founded 2017Binance
Binance's US arm has fewer currency pairs than thier main exchange, but still has a solid offering. They offer fiat on and off ramps as well, allowing you to get new money into the market quickly.
Visit Site MorePROS
- Easy Fiat Deposit
- Dollar Cost Averaging tool
CONS
- Less pairs than Binance main site
Supported Fiat: Yes
Payment methods include: Credit Card Debit Card Bank Transfer Wire Transfer
Headquarters: San Francisco, USA
Ease of Use
Easy
Privacy
Low
Speed
Super fast
Fees
Low
Reputation
Average
Limits
High
Founded 2013
Cex.io
Founded 2013Cex.io
Since its founding in 2013, CEX.io has never lost any user funds. As a pioneer in credit card payments for crypto, CEX has kept it easy to access and buy coins. Since it supports 99% of all counties,you can use CEX no matter where you are to buy and sell your favorite crypto assets
Visit Site MorePROS
- Supports 99% of all countries
- Multiple Fiat pairs
- No customer funds lost
- Easy account creation
CONS
- Slow withdraw times
Supported Fiat: Yes
Payment methods include: Credit Card Debit Card Bank Transfer SEPA SWIFT
Headquarters: London, GBR
Ease of Use
Easy
Privacy
Low
Speed
Slow
Fees
Medium
Reputation
Good
Limits
High
Founded 2011
BTCC
Founded 2011BTCC
As the oldest exchange in China, BTCC has a good reputation that only longevity can earn. Easy fiat on and off ramps and many cryptocurriencies to trade continue to make BTCC China's premere exchange
Visit Site MorePROS
- Easy fiat on and off ramps
CONS
- Trader Privacy is extremely low.
Supported Fiat: Yes
Payment methods include: Credit Card Debit Card Coin Payments Wire Transfer
Headquarters: Hong Kong, China
Ease of Use
Easy
Privacy
Low
Speed
Slow
Fees
Low
Reputation
Good
Limits
High
Founded 2012
LocalCryptos
Founded 2012LocalCryptos
LocalCryptos is a Peer to Peer exchange that escrows funds, allowing two parties to trade cryptocurriences with no prior knowledge of each other.
Visit Site MorePROS
- Peer to Peer
CONS
- Can be slow. Trade speed depends upon the speed of the other party, not LocalCryptos
Supported Fiat: Yes
Payment methods include: Credit Card Debit Card Bank Transfer Coin Payments Cash
Headquarters: Richmond, Australia
Ease of Use
Average
Privacy
High
Speed
Slow
Fees
Low
Reputation
Good
Limits
-
Founded 2013
KuCoin
Founded 2013KuCoin
As one of the first exchanges anywhere, KuCoin has grown into a very large operation, supporting hundreds of trading pairs along with derivatives and futures.
Visit Site MorePROS
- Many trading pairs, Low fees, Large trading Volume
CONS
- Low Privacy, Can be overwhelming for new users
Supported Fiat: Yes
Payment methods include: Credit Card Debit Card Bank Transfer Paypal Interac e-Transfer
Headquarters: Singapore
Ease of Use
Easy
Privacy
Low
Speed
Super fast
Fees
Low
Reputation
Good
Limits
High
Founded 2014
Bittrex
Founded 2014Bittrex
Founded in 2014, Bittrex was a mainstay of crypto trading during the 2017 bull market. It has many cryptocurrency paiirs and now even allows Fiat on boarding.
Visit Site MorePROS
- Many Currency Pairs
CONS
- Extensive KYC
Supported Fiat: Yes
Payment methods include: -
Headquarters: Seattle, Washington, USA
Ease of Use
Average
Privacy
Low
Speed
-
Fees
Low
Reputation
Good
Limits
Medium
Founded 2011
Paymium
Founded 2011Paymium
Paymium is one of the oldest exchanges in Europe. It is compliant with all EU regulations and is extremily well trusted. Paymium is based in France and supports several payment methods, including SEPA transfers and credit card purchases.
Visit Site MorePROS
- High limits for SEPA transfers
- Makers get paid to trade with low taker fees
- Great mobile support for trading on the go
CONS
- Not the easiest exchange to use
- Limited desposit methods that only supports euros
Supported Fiat: -
Payment methods include: Credit Card Bank Transfer SEPA SWIFT Apple Pay
Headquarters: Paris, FRA
Ease of Use
Easy
Privacy
Low
Speed
Super fast
Fees
Low
Reputation
Good
Limits
High
Founded 2015
Bitit
Founded 2015Bitit
EU based exchange supporting 15 different fiat trading pairs and dozens of coins beyond Bitcoin. This is one of the more established exchanges with a long track record and a clean UI that is easy for newbies and veterans alike.
Visit Site MorePROS
- 15 fiat trading pairs
- Multiple payment options supported
- 50 countries supported
- €10,000 initial weekly Neosurf cash payment limit with only 8% fees
CONS
- Very low limits to buy without KYC
- Tiny weekly €500 limit for credit and debit card purchases
- Low limits overall
Supported Fiat: Yes
Payment methods include: Credit Card Bank Transfer Cash Cash Libs Wire Transfer
Headquarters: Paris, FRA
Ease of Use
Easy
Privacy
Low
Speed
Slow
Fees
Low
Reputation
Average
Limits
Medium
The history of Bitcoin in Canada
Canada, which consists of 10 provinces and 3 territories, has had a mostly apprehensive yet generally accepted view of Bitcoin. In fact, Robocoin and Bitcoiniacs, two crypto companies based in Vancouver, BC, are often billed as having launched the world’s first bitcoin ATM in 2013.
The current status of Bitcoin in Canada
In Canada, Bitcoin is not only legal but rising in popularity and acceptance. The Government of Canada even provides a comprehensive user’s manual regarding what cryptocurrency is, and how to use it, on its own website.
Digital currencies can be used to buy goods and services on the Internet and in stores that accept digital currencies. It can also be bought and sold on open exchanges, called digital currency or cryptocurrency exchanges. However, despite being technically legal to trade, cryptocurrencies, including Bitcoin, are not considered legal tender in Canada––the Canadian dollar is the only official currency.
Dealers in Bitcoin are regulated as money services businesses. Any organization or individual dealing in cryptocurrencies is required to register with the Financial Transactions and Reports Analysis Centre of Canada (Fintrac), and also must institute compliance programs while maintaining a record of transactions, highlighting those which appear suspicious or potentially terror-related––anything that could compromise or expose the financial or physical safety of their customers.
For their part, Canadian banks are unable to open or develop a banking relationship with companies specializing in cryptocurrencies like Bitcoin if such companies are not Fintrac-certified.
There are a number of banking bans on Bitcoin within Canada, namely with the country's two most powerful and public institutions, the Bank of Montreal (BMO) and Toronto-Dominion (TD), that ban credit and debit card customers from purchasing Bitcoin with their cards.
The mining of Bitcoin in Canada can be performed as either a profitable business venture or as a personal, non-taxable hobby. If, however, a tax-paying citizen mines Bitcoin commercially, the income from such profits must be included in the taxpayer's annual income.
Some of the most popular exchanges for buying Bitcoin in Canada include Bitbuy, Coinberry, and Newton.