By Royal Armani
Bitcoin transactions provide user autonomy and aren’t subject to banking fees. Plus, you can complete them anywhere because they’re mobile.
But before you can start making these transfers, you’ll first need to buy Bitcoin. Canada-based users can purchase this currency from a number of places. This article will cover some of the most popular ones.
Best Places to Purchase Bitcoin in Canada
You can buy Bitcoin on several platforms in Canada. Here are your best options:
Wealthsimple Crypto
This is the most widely-used online management solution and the first regulated Bitcoin platform in Canada. It offers a simple way to purchase BTC and a few other cryptocurrencies from your smartphone. It’s also perfect for novice traders due to its easy-to-use interface. After registering and funding an account, you can buy and sell BTC within seconds.
This platform works like brokers. Once you place your order to buy or sell cryptocurrency, it connects you to market makers who find the most favourable price on the exchange. Your holdings are stored with a custodian, keeping your BTS safe in a cold wallet.
National Digital Asset Exchange (NDAX)
NDAX is another intuitive platform that supports more than a dozen cryptocurrencies, including Bitcoin. The trading fees are low, and the system is available on various devices. Furthermore, most of the interface is easy to use, but there are several advanced features, such as robust order types and charting tools.
The risk of safety issues on NDAX is minimal. Most of the assets are held in cold storage, and the system uses SSL (Secure Sockets Layer) and 2FA (Two-factor Authentication) to shield your account. On top of that, transferring funds requires multiple signatories, adding another layer of protection.
Coinsmart
This is a popular cryptocurrency exchange compatible with Bitcoin and many other major cryptocurrencies. It enables you to buy your BTC with credit cards, and the verification process takes just a few minutes.
Like the previous platform, Coinsmart depends on SSL and 2FA encryption for account protection. Nearly 100% of the cryptocurrencies are stored in cold wallets, and fiat assets are held in prominent Canadian banks.
Bitbuy
Besides BTC, Bitbuy allows you to buy Ethereum, Litecoin, EOS, XRP, Stellar, Aave, and a few other popular currencies. Opening your account is straightforward, and it can be funded with a bank wire or Interac e-transfer to start trading.
The platform provides peace of mind due to reliable security measures, like SSL and 2FA encryption. The system is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to help prevent crypto laundering. Moreover, your funds are held in cold wallets, making them less susceptible to cyberattacks.
Coinberry
Apart from BTC, you can purchase a wide array of cryptocurrencies on Coinberry. The list includes Stellar, Bitcoin Cash, XRP (Ripple), Ethereum, and Litecoin. It’s a FINTRAC-registered platform, lowering the risk of cybercrime.
Coinberry can be used on practically any device. It’s also a partner of the City of Richmond Hill and the Town of Innisfil, meaning it accepts property tax payments with Bitcoin.
Many users enjoy the AutoPilot feature, too. It allows them to automatically purchase Bitcoin and other currencies to help overcome price volatility. Members of the platform can select the amount they want to buy and the frequency, ensuring much-needed personalization.
Binance
Binance processes approximately $2 billion in cryptocurrency trades every day, making it one of the biggest exchanges on the planet. It’s an excellent choice for both advanced and novice users, offering a range of cutting-edge and intuitive features. Additionally, it comes with futures contracts, options, and a derivatives market.
Another great thing about Binance is its OTC (over-the-counter) system for large trading. You also get a Trust Wallet to make mobile transactions.
Crypto.com
Crypto.com is a colossal cryptocurrency exchange, with more than 10 million traders from over 90 countries. It supports Bitcoin and hundreds of others cryptocurrencies, delivering tremendous flexibility.
One of the most significant benefits of this platform is simple conversions. It enables you to convert more than 20 fiat currencies at low fees.
The Choice Is Up to You
All of these platforms should serve you great if you want to buy Bitcoin. Canada-based transactions on them are highly secure, which should be your primary concern. To choose the right one, consider whether you need beginner or advanced features and how many cryptocurrencies you wish to purchase other than BTC.
