How to Buy Bitcoin in Canada
We found 6 trusted online cryptocurrency exchanges operating in Canada including Bitbuy, ShakePay, and Coinbase.
Bitbuy is the most popular Bitcoin exchange in Canada with 400,000 users
ShakePay allows buying and selling Bitcoin with 2 forms of payment
Coinbase accepts users and payments from 34 countries
Ease of Use
Easy
Fees
Medium
Verification
1-2 Days
Reputation
Trusted
Bitbuy is a popular Canadian made and operated exchange registered with FINTRAC and offering Bitcoin and 8 other cryptocurrencies.
Buy Bitcoin
Bitbuy is a popular Canadian made and operated exchange registered with FINTRAC and offering Bitcoin and 8 other cryptocurrencies. Located in the heart of Toronto's financial district, Bitbuy is the leading Canadian cryptocurrency platform and also the only Canadian exchange to offer 1:1 Bitcoin insurance. Bitbuy is suited for both beginners (with their 'Express Trade' feature) and more advanced traders (with their 'Pro Trade' feature). Bitbuy also has an OTC desk available for those wanting to invest large amounts as well as for corporations to get into Bitcoin..
Bitbuy ensures its users' cybersecurity by leveraging advanced technologies and best practices like 2FA authentication, regulatory and SOC compliance, a strong in-app wallet, and regular proof-of-reserve audits.
Ease of Use
Easy
Fees
Average
Verification
1-2 Days
Reputation
Trusted
ShakePay is a mobile crypto exchange and peer-to-peer wallet that is only available in Canada.
Buy Bitcoin
ShakePay is a mobile crypto exchange and peer-to-peer wallet that is only available in Canada. It offers easy signup, a clean interface, and great customer service. Shakepay has also received a license as a Money Service Business from Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Shakepay claims that the majority of their assets are in offline cold wallets. All communication between the apps and Shakepay’s servers are made through Secure Socket Layer connections. The servers themselves use AES-256 to encrypt customer data.
Ease of Use
Easy
Fees
Average
Verification
1 Day
Reputation
Trusted
Coinbase is one of the most popular digital currency exchanges, based in the U.S and boasting over 43 million users.
Buy Bitcoin
Coinbase is one of the most popular digital currency exchanges, based in the U.S and boasting over 43 million users. Headquartered in San Francisco, California, the platform offers both an all-in-one exchange and a wallet, making it one of the easiest starting points with Bitcoin. Coinbase’s wallet and merchant services, which have won the trust of over 108 million users, have their payment platform integrated with more than 48,000 businesses worldwide.
Coinbase is one of the world’s largest bitcoin exchanges and also considered to be one of the safest. Coinbase is a regulated company and holds licenses in all districts in which it operates. It is also a VC backed company with over $100 million in funding. Cash held in Coinbase wallets is FDIC insured up to $250,000.
After buying bitcoin from an exchange, it's important to withdraw to your own non-custodial wallet for security, privacy, and to have full control over your bitcoin.
Zengo is an easy iOS & Android crypto and NFT wallet. Buy, sell, and self-custody directly from the app.
Ledger Nano S Plus is a secure hardware wallet that connects to your computer via USB-C
BlueWallet is a popular desktop Bitcoin wallet which is compatible with Windows, Mac, and Linux
Ease of Use
Easy
Fees
Low
Verification
1 Day
Reputation
Trusted
OKX is a leading cryptocurrency exchange known for its vast selection of cryptocurrencies.
Buy Bitcoin
OKX is a leading cryptocurrency exchange known for its vast selection of cryptocurrencies. With its user-friendly interface, low fees, and deep liquidity, OKX stands out as an ideal choice for both novice and experienced traders seeking a reliable and feature-rich platform.
OKX has created an asset risk reserve fund committed to continually allocating a percentage of our earnings to guarantee and protect assets from crypto security risks
Ease of Use
Easy
Fees
Average
Verification
2-3 Days
Reputation
Trusted
With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market.
Buy Bitcoin
With millions of active users, an international market, and strategic investors on board, Kraken, joins Coinbase and Binance to become the big three cryptocurrency exchanges in the global market. Kraken provides cryptocurrency to fiat trading and provides price information to Bloomberg Terminal. In February 2019, Kraken announced that it had raised $100 million in a direct offering to its largest customers at a $4 billion valuation.
Kraken is considered one of the safest bitcoin exchanges around. The platform provides cryptography-verified proof of reserve audits. These audits verify the total amount of cryptocurrency held by Kraken. The company appears to be well-capitalized and very safe to use.
Ease of Use
Easy
Fees
Average
Verification
1 Day
Reputation
Trusted
Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card.
Buy Bitcoin
Changelly allows one to exchange one cryptocurrency for another and also buy using a bank card. All this is done through a convenient and clean user-interface and a quick registration via email or social media account. Changelly’s conversion mechanism is integrated into some of the biggest cryptocurrency platforms such as Poloniex, Bittrex, and Binance. There are no geographical restrictions to the service that Changelly provides, so it can be accessed from anywhere in the world.
Changelly offers two-factor authentication and an HTTPS security protocol. No user funds are stored by Changelly as all coins sent are processed to be exchanged and transferred to user wallets.
In 2021, Canada’s security regulator made history by approving the first Bitcoin ETF in North America to trade on the Toronto Stock Exchange. The Purpose Bitcoin ETF (ticker BTCC) now holds more than 14,000 bitcoin, approximately $820 million, in assets under management.
BTCC will allow retail investors to invest in Bitcoin without having to purchase and store the digital currency themselves.
Canada has over eight hundred Bitcoin ATMs around the country. Toronto has the highest number of Bitcoin ATMs, followed by Montreal, Vancouver, Ottawa, and Calgary. The kiosks can be typically found at airports, malls, and supermarkets, retail stores, and restaurants. The majority of the Bitcoin ATMs support card payments but there are also some that accept transactions in cash.
Buying bitcoin and other cryptocurrencies in Canada is a simple process and usually takes less than 10 minutes to get fully setup.
The first step is to register with a platform, app or exchange and complete a Know Your Customer (KYC) process.
The exchange you choose will be interoperable with most devices, desktop and mobile, and will allow you to withdraw to your own personal hardware wallet.
There are also several options available for buying and selling without verification on P2P exchanges, although they are much less user-friendly and are recommended for more advanced users.
Before purchasing, there are a couple of important things you'll need to prepare:
1. Create an account with an exchange
Canada has 6 trusted exchanges available for you to sign up for, with the most popular being Bitbuy and ShakePay, which account for a combined 1,300,000 active users.
Both exchanges are considered to be beginner-friendly and offer multiple deposit methods and a variety of cryptocurrencies.
Exchanges will differ by fees, security, payment methods, and other features, so explore the "info" tab on the exchanges listed above to find which one is the right fit for you.
The platform you end up choosing will depend on your preferences and the cryptocurrencies and payment methods they support.
Also it's important to note that you can always sign up to other exchanges later.
2. Complete the KYC verification process
After signing up to an exchange you will need to verify your identity and address, which is part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all exchanges in Canada.
To complete this step you will need your photo ID readily available to take pictures of both the front and back sides of the document.
In most cases your verification will be approved instantly and at most can take 1-2 days.
3. Make a fiat deposit
To begin buying bitcoin and other cryptocurrencies you will need to link a bank account or credit card to the exchange.
Some of the payment methods provided by Bitbuy and ShakePay are: Wire Transfer, Interac e-Transfer.
Depending on the payment method, it could take anywhere from a couple of minutes to days for the funds to arrive at the exchange.
4. Buy cryptocurrency
Once your account has been funded, you are ready to buy your first bitcoin. It's important to note that you do not need to buy a full bitcoin.
Most exchanges will let you buy as little as a few dollars worth of bitcoin, or any other cryptocurrency.
5. Send your bitcoin to a personal wallet
Once you've purchased bitcoin or your cryptocurrency of choice it's important to withdraw it to your own secure personal wallet.
Leaving your coins on an exchange poses a security risk as many exchanges are targets for hackers to steal user funds. Storing your own coins on your personal hardware wallet mitigates that risk.
Canada
The Authorite des Marches Financiers, the financial regulator in the province of Quebec, has declared that some bitcoin related business models, including exchanges and ATMs, are regulated under its current MSB Act.
As of April 2018, the Bank of Montreal (BMO) announced that it would ban its credit and debit card customers from participating in cryptocurrency purchases with their cards. This is following another banking ban in Canada from Toronto Dominion (TD).
🌎 View bitcoin and cryptocurrency legality around the world
There are 6 trusted exchanges operating in Canada with the most popular being Bitbuy , ShakePay , and Coinbase.
You can review each of these exchanges and find best exchange that works for you. Bitrawr ranks exchanges in Canada based on fees, users, and security while giving placement preference to exchanges located in Canada or specifically catering to users in Canada.
Most of the exchanges operating in Canada have debit/credit card payment options available. Remember that this requires completing KYC.
No! For complete custody of your Bitcoin or other cryptocurrencies it is recommended to store them in a hardware wallet as it keeps private keys safe and entirely offline.
Bitcoin ATMs are an excellent way to buy bitcoin using cash and offer little to no requirements for KYC. ATMs are commonly located inside of convenience stores, shops, restaurants, malls or airports. Find one near you using our ATM map.
Yes, Coinbase works for users in Canada. Coinbase in Canada allows for the use of debit cards, credit cards, bank accounts, wire transfers, and in some cases, PayPal to buy cryptocurrencies.
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