10 Ways to Buy Bitcoin in Canada

Whether it’s up or down, Bitcoin is here to stay. Thanks to the blockchain, bitcoin has become the number one peer-to-peer payment network. Bitcoin and cryptocurrency has also become the new staple for people who have an interest in investing their money.

However you want to use your cryptocurrency for, first you need to buy some, and there’s where we come in.  Here 10 exchanges I’ve used to buy Bitcoin in Canada.

Best Overall Way to Buy Bitcoin – Coinbase

Being one of the world’s largest cryprocurrency exchanges also means it’s one of the safest. If you’re looking to invest in your first BTC in Canada then coinbase is the recommended service.

I bought my first bitcoin from coinbase back in 2016 and it won’t be the last time I purchase from them. Coinbase’s fee is one of the best in the market, coming in at just 3.99%.

If you purchase with a debit card your coins are delivered to your account instantly. As an extra kicker, if you invest $100USD (around $130CAD at time of writing) you will get an extra $10USD in Bitcoin as a gift!

PROS

High liquidity

High buying limits

“Instant Buy” Available for debit card purchases

CONS

Coinbase are known for tracking Bitcoin journeys

If you purchase via BACS, it can take up to 5 days to complete

Bitbuy – High Purchase Limits

Located in Canada bitbuy is an excellent place if you’re looking to buy Bitcoin.

Bitbuy don’t just only Bitcoin buying services, you can purchase numerous different cryptocurrencies with them, such as Litecoin, Ethereum and other alt coins.

Bitbuy have some of the best fees on the market at just 0.75% for purchasing and 0.5% for selling.

If you buy or sell at least $100CAD then bitbuy will give you an extra $20 on top! T&Cs apply.

PROS

Fastest way to buy Bitcoin in Canada

Large limits

Canadian located

CONS

Supports fewer coins than Coinbase

High withdrawal fees

Kraken – Lowest Fees

Founded in 2013, Kraken quickly became one of the largest Bitcoin exchanges in terms of average trading volume. Internationally renowned Kraken accepts deposits from all over the world, including Canada.

Kraken is known for having someone the lowest fees for an exchange at just 0.25%, falling to just 0.1% if a user has sufficient trading volume.

PROS

Lowest Fees

Excellent security

Large liquidity

CONS

Requires ID Verification

Difficult user interface for first-time buyers

Coin Mama – Quickest Verification

If you’re looking to start a new account and purchase Bitcoin, then you should consider Coinmama. Over the last few years Coinmama has become one of the best exchanges for people wanting to buy Bitcoin fast!

Setting up a brand new account and getting verified can take a little as one hour and transactions are also considered to be one of the fastest. However that extra customer service costs a bit more in fees, with a 6% fee it’s considered one of the most expensive exchanges if you’re looking to buy Bitcoin in Canada.

PROS

International payments

Reliable broker

1 Hour verification

CONS

High fees

MyBTC.ca –Canadian Owned

Canadian founded and owned MyBTC.ca are one of the most reputable places to buy Bitcoin in Canada. MyBTC.ca allows you to purchase Bitcoin using e-Trasnfer, Bank Wire, Cash, Debit, or Flexepin vouchers.

Verification can be done online or via Canadian Post, online verifications can happen in just one hour.

MyBTC.ca are known for their excellent customer service, as they are contactable via phone, email or live chat and are very quick at responding to any issues you may have.

PROS

Canadian dollars only

Numerous ways to pay

Quick Verification

CONS

High fees

Long purchase time

Local Bitcoins – Best Peer to Peer Exchange

If you’re looking to get back to the core principles of crypro currency then look at Local Bitcoins.

The unique selling aspect of local bitcoins is down to the fact that they are an exchange that deals with matching buyers and sellers. You can still purchase bitcoin with cash, however the peer-to-peer aspect of Local Bitcoins means that the transaction is much more private.

However the privacy can come at a cost due to the very few scammers that join the platform, however Local Bitcoins do an excellent job of keeping them away.

PROS

Fast, private transactions

Can be used to facilitate in-person trades

Bitcoins can be purchased quickly

CONS

Slightly higher prices due to people setting their own price

Be wary of scammers

Harder to buy large amounts of Bitcoin

Canadian Bitcoins – Best for Local Cash Purchases

Another Canadian-owned exchange, Canadian Bitcoins are well known for their high purchasing limits at $100,000 and higher.

Canadian Bitcoins have a huge amount of purchasing options, including:

Interace e-Transfer

Bill Payment via online banking

Direct debit from bank account

Flexepin Voucher

If you would also like, you even visit their offices in Ottawa and purchase Bitcoin in person with cash, especially good if you’re looking to make a private purchase.

PROS

Cash purchases allow privacy

Huge buying limits

Canadian Owned

CONS

Other payments methods are not as private

Changelly – Best for Alt Coins

If you’re already experienced buying Bitcoin in Canada, but you’re on the lookout for other cryptocurrencies, then Changelly maybe for you.

Changelly is an excellent exchange if you’re looking to purchase altcoins such as Dogecoin, Litecoin, Ethereum and many, many more.

Unlike coinbase and other exchanges I’ve recommended, you are required to have crypto currency if you would like to purchase other coins, however with that comes privacy and security as Changelly does not get involved apart from taking a fee to use their services.

PROS

One of the Fastest ways to exchange coins

Reasonable fees for large traders

CONS

Cannot buy bitcoin directly

Shakepay – New Kid on the Block

Shakepay is the new exchange on the block, but that doesn’t stop it from being an excellent place to buy, sell and exchange bitcoin in Canada.

Shakepay have already served 50,000+ customers worldwide and has exchanges $50M+ in crypto currency.

Customers can purchase their bitcoins using e-Transfer, BACS, SWIFT, card payment and more.

PROS

Numerous payment options

Company invested in the future of cryptocurrency

Fast verification

CONS

People can be put off due to it being a new company