20 Ways to Buy Bitcoin in Canada in 2022 | Hardbacon

Where-to-buy-bitcoin-in-canada-2021 Cryptocurrencies are immediately mainstream investment products, barely like stocks, foreign currencies, and central traded funds ( ETFs ). This asset class is growing in popularity, therefore much thus that adenine many as 3 in 10 Canadians now own cryptocurrencies. At the clock of writing, Bitcoin, a cryptocurrency that was worth less than a cent when it was launched in 2009, costs $ 54,000 Canadian. then here are 20 ways to invest in Bitcoin .


Centralized cryptocurrency exchanges (CEX)

There are many centralized cryptocurrency exchanges offering the ability to buy and sell Bitcoin. Centralized crypto exchanges allow you to buy your cryptocurrencies directly from the chopine, and most of them transfer your cryptocurrencies to a cryptocurrency wallet linked to your score by default option. Most of these cryptocurrency exchanges, however, allow you to transfer your Bitcoins to an external wallet. tied therefore, some purists even consider these platforms more vulnerable to fraud, since customers trust the rally with their Bitcoin holdings .
When comparing different crypto exchanges, you should pay attention to the fees you pay. These fees normally come in two forms. The first form of fee is the transaction fee, which is a percentage applied to each transaction, and the second is the remainder between the actual Bitcoin price and the monetary value offered to buyers and sellers by each platform. The latter is called a spread.

thus, all exchanges charge a fee. indeed, even cryptocurrency exchanges that claim they do not charge any fees make a profit by manipulating the bargain and sell prices of their listed cryptos when compared to market prices. They increase the buy price and decrease the sell price. The exchanges pocket a percentage of each transaction that corresponds to the difference between the actual price and the one offered by the platform .
so here are the main centralize cryptocurrency trade exchanges available in Canada :

1. Bitbuy

This Canadian cryptocurrency exchange allows you to buy Bitcoin and about twenty other cryptocurrencies, including Ether, Litecoin and Dogecoin. Bitbuy ’ south fees are 0.2 % of both buying and selling transactions. Bitbuy has very high bribe and sell limits and is able to handle boastfully transactions with its over-the-counter ( OTC ) trading service .

Open a new account at Bitbuy by clicking on the link below and get a $20 discount when you make your first deposit of $250 or more.

Open an report with Bitbuy

2. CoinSmart

CoinSmart is a canadian cryptocurrency change that, as of November 2021, trades on the NEO stock switch over under the symbol SMRT. The platform not only allows you to buy Bitcoins, but besides, a twelve early cryptocurrencies. It stands out by offering a simple interface for beginners, a well as a wide variety show of payment methods, including Interac transfers, credit cards and bank transfers. Coinsmart ’ south fees are 0.2 % for Bitcoin transactions, and 0.3 % for other types of transactions .

Get $20 when you open a new account with CoinSmart by clicking the link below and using the promo code getcrypto.

Open an report with CoinSmart

3. MyBTC.ca

The Canadian cryptocurrency exchange MyBTC.ca is not indeed much a trading platform as an on-line Bitcoin ATM. indeed, unlike other canadian crypto exchanges, MyBTC.ca only allows you to buy one cryptocurrency : Bitcoin. furthermore, the exchange does not offer a cryptocurrency wallet, therefore Bitcoins purchased on the change are immediately transferred to your external wallet .
The platform besides stands out by offering a large number of requital methods, including Interac transfers, credit cards, and even cash by purchasing Flexepin coupons, which are offered at over 4000 outlets in Canada. therefore, this chopine is largely used by investors wishing to buy Bitcoins to trade on platforms that do not accept the canadian dollar. MyBTC.ca does not charge any transaction fees, but charges a fairly high down payment fee ranging from 7.75 % for Interac transfers to 9.75 % for credit poster payments .

Receive $15 (+ a FREE MyBTC.ca Black Visa Prepaid Card) when you sign up by clicking on the link below and verifying your identity with MyBTC.ca.

Open an account with MyBTC.ca

4. Shakepay

Shakepay is a cryptocurrency trade mobile app that features only two cryptocurrencies : Bitcoin and Ether. The crypto switch over does not charge any deposition or withdrawal fees, or tied transaction fees. Of class, nothing is barren in life and Shakepay is not the exception that proves the rule. In fact, like most exchanges, Shakepay generates gross by marking up the purchase price of cryptocurrencies by about 1 % .

Open a new account through the link below, buy at least $100 worth of cryptocurrencies and get a $30 discount.

Open an account with Shakepay

5. Netcoins

Launched in 2014 in Vancouver, Netcoins is one of the oldest canadian cryptocurrency central. Netcoins charges no deposit or withdrawal fees, but does charge a 0.5 % buy and sell transaction fee, which is in addition to the markup on the sale price of cryptos, which is about 1 % .

Open a new account with Netcoins using the link below and receive $10 back when you buy or sell at least $100 in crypto.

Open an account with Netcoins

6. NDAX.io

NDAX.IO is a canadian cryptocurrency exchange that lets Canadians buy and sell Bitcoin a well as 30 other coins cursorily and well in a safe and regulate environment. Traders will pay 0.20 % for buying and deal and that ’ s it. What makes NDAX stand out it its position on safety and security. It has multi-signature failsafes for its hot wallet and stores most of its clients assets in off-line cold wallets that besides require multi-sginatures for access. NDAX is besides registered with Financial Transactions and Reports and Analysis Centre of Canada ( FINTRAC ), Revenu Quebec as a Money Service Business ( MSB ). The commute conforms to the Terrorist Financing Act ( PCMLTFA ) and early applicable laws and regulations in addition to having insurance policies that can cover fraud .

Right now, get $10 when you sign up to NDAX and fund your account with at least $100

Open an report with NDAX

7. VirgoCX

Virgo CX is another canadian regulated cryptocurrency exchange where you can buy and sell Bitcoin. however, the platform stands out by offering several metaverse-related cryptocurrencies, american samoa well as a marketplace for buying and selling NFTs. The platform does not charge deal fees, but does charge a 0.5 % tip on canadian dollar withdrawals. They have a great referral program equally well as support for retail trade and institutional trading.

VirgoCX offers new accounts $30 in bonuses: $10 when you verify the account, and another $20 when you fund it with $100 in fiat.

Open an explanation with VirgoCX

8. Wealthsimple Trade

Wealthsimple Trade, which encompass Wealthsimple Crypto, is the on-line brokerage and cryptocurrency trade fluid app from canadian on-line investment elephantine Wealthsimple. Unlike other canadian cryptocurrency exchanges, Wealthsimple Trade allows you to both buy stocks and a choice of a few twelve cryptocurrencies, including Bitcoin. The exchange does not charge any trading fees, but does mark up the price of cryptocurrencies by 2 %. besides, it should be noted that it is impossible to transfer cryptocurrencies purchased on Wealthsimple Trade into one ’ mho own cryptocurrency wallet .

Decentralized cryptocurrency exchanges (DEX)

Decentralized crypto exchanges, besides known as peer-to-peer platforms or P2P, allow you to buy and sell Bitcoins to early users, without the exchange being involved in the transaction. These crypto exchanges are like the eBay of cryptocurrency. Since the operators do not have access to their customers ’ money or cryptocurrencies, their users argue that the fraud hazard is lower .
however, a user new to the populace of cryptocurrencies can fall victim to a scam by another decentralized exchange user, since many of these platforms accompaniment trades. Nevertheless, for experienced traders, it is potential to trade without a lot risk, since these crypto exchanges provide their users with an escrow arrangement, where the cryptocurrencies and money are deposited while waiting for the transaction to be completed. Another feature of decentralized exchanges is that sellers can choose how they want to be paid. P2P marketplaces give users more payment flexibility .

9. Binance P2P

Cryptocurrency giant Binance is best known for its centralized exchange of the lapp name. however, it besides operates a decentralized crypto switch over, Binance P2P, where hundreds of cryptocurrencies, including Bitcoin, are traded without paying any fees, making it a cheaper option than trading on Binance, where transaction fees are 0.1 % .

10. LocalCryptos

Launched in 2017 as LocalEthereum, the P2P exchange renamed itself to LocalCryptos in 2019, to reflect the fact that Bitcoin ( BTC ), Ethereum ( ETH ), and Litecoin ( LTC ) are traded there. It is, however, a more limited cryptocurrency offering than most of its competitors. Its fees are 0.25 % for sellers and 0.75 % for buyers .

11. Paxful

The cryptocurrency exchange Paxful stands out chiefly because of the 350 payment methods it supports. In Canada, people purchase Bitcoins on Paxful via Interac transfers, PayPal or bank transfers. however, only the substitution alone buys and selles three cryptocurrencies : Bitcoin ( BTC ), Ethereum ( ETH ) and Tether ( USDT ). The platform charges a transaction fee of about 1 % to sellers .

Bitcoin ETFs

There are several ETFs with exposure to Bitcoin or the cryptocurrency commercialize in general that are available through a canadian on-line agent. By purchasing an exchange traded fund with photograph to Bitcoin, you do not take ownership of any Bitcoin, but you do become the owner of an investing product that owns Bitcoins or interests in Bitcoin-related businesses. The disadvantage of going through an ETF to invest in Bitcoin is that you will have to pay an annual management fee, which you avoid when buying Bitcoin directly. even so, the advantage of ETFs exposed to Bitcoin is that they can be held in a register retirement savings plan ( RRSP ) or Tax Free Savings Account ( TFSA ), unlike Bitcoin. hera are a few ETFs with exposure to Bitcoin worth mention :

12. Amplify Transformational Data Sharing ETF (BLOK)

This US ETF holds no Bitcoin in its portfolio but does own stakes in companies that have made significant investments in the coin, such as Block, once known as Square, and MicroStrategy. The ETF besides invests in companies whose engineering is critical to the smooth officiate of the cryptocurrency ecosystem, such as NVIDIA, whose processors are substantive to mining bitcoin. The management expense proportion for this ETF is 0.71 % .

13. Purpose Bitcoin ETF (BTCC)

The Purpose Bitcoin ETF is the first ETF holding Bitcoins to launch. It started in February 2021. Buying this ETF is equivalent to buying bitcoins. however, keep in judgment that this ETF ’ s management expense proportion of 1 % is uncompetitive .

14. CI Galaxy Bitcoin ETF (BTCX)

CI Galaxy Bitcoin ETF, another canadian ETF, began trading on the TSX in March 2021, fair one calendar month late than Purpose ETF. Like its Purpose rival, CI Galaxy Bitcoin ETF buys Bitcoin. however, this ETF stands out with a much more fair management expense ratio of 0.4 % .

actively managed cryptocurrency funds

actively managed cryptocurrency funds are another way to invest in Bitcoin. As the name suggests, these funds are actively managed, which means that their composition is likely to change over time, depending on grocery store conditions .
The managers of these funds may decide to sell some of their Bitcoins when they feel the cryptocurrency is due for a correction, may invest in other cryptocurrencies, or may keep some of their capital in dollars in order to be ready to take advantage of future opportunities in the cryptocurrency grocery store. Of course, since managing these funds is more exploit than managing an ETF whose composition never changes, their fees tend to be higher. here are two actively managed crypto funds :

15. Rivemont Crypto Fund

The Rivemont Crypto Fund, started in 2017, is the first actively managed crypto store in Canada and the only one of its kind in the country. The fund holds Bitcoin but besides Ether and canadian dollars. The investment company charges fees comparable to those of hedge funds and venture capital funds : 2 % on assets under management and 20 % on returns. In hardheaded terms, if the fund makes no rejoinder, or even a negative return, clients will pay 2 % of the assets invested in the fund each class. On the other hand, if the fund achieves a retort, a tip of 20 % applies on the returns generated by the investment company each year, in addition to the 2 % fee on the assets under management. The minimum investment to become a customer at Rivemont is $ 150,000, although it is not necessity to invest this $ 150,000 entirely in the crypto store at the firm .

16. Pantera Liquid Token Fund

The Pantera Liquid Token Fund is an actively managed US cryptocurrency fund that trades several cryptocurrencies. As the name suggests, the investment company specializes in cryptocurrencies that generate enough trade book to offer a good level of fluidity, meaning that it is easy to buy or sell large amounts of them. The fees charged to investors in this fund are similar to those charged by the Rivemont Crypto fund, which are 2 % on assets under management and 20 % on returns. The minimum investment for this fund is $ 100,000 .

Bitcoin mining companies listed on the stock market

When a Bitcoin changes hands, the transaction is recorded in a decentralized account daybook called the blockchain. It is not an accountant who records the transaction on the blockchain. indeed, the blockchain is governed by algorithm. however, these algorithms must be executed by computers, and this is where the function of Bitcoin miners comes in, who make their powerful computers available to the Bitcoin net in order to receive Bitcoins in exchange for their serve .
A ten ago, it was potential for an person to install software on their calculator and mine Bitcoins. today, however, to have any hope of mine Bitcoins, not entirely do you have to buy specialize computers, but you besides have to have many of them to have any find of being awarded Bitcoins. In abruptly, it is no long individuals who mine Bitcoin, but rather fresh kinds of mining companies, whose mines are datum centres .
respective companies that specialize in mine cryptocurrencies are listed on the livestock market. so, since the share value of these companies is correlated to the price of the cryptocurrencies they mine, investing in these companies via an on-line broker allows you to gain exposure to the cryptocurrency commercialize indirectly. This is the like principle as an investor choosing to invest in gold mining companies rather than investing in gold directly. here are some of these publicly traded companies .

17. Bitfarms (BITF)

Founded in 2017, Bitfarms is a Bitcoin mine company that operates five data centres in Quebec and one in Washington State in the US. The company derives its competitive advantage from low electricity prices in Quebec. indeed, one of the most crucial costs of mining bitcoins is electricity, as the speciate computers required for this natural process are very energy intensive. The company is listed on the TSX Venture Exchange ( TSX-V ) and NASDAQ and has a grocery store capitalization of $ 814 million .

18. HIVE Blockchain Technologies ( HIVE )

Hive is a canadian Bitcoin and Ethereum mining company that, like Bitfarms, started in 2017. The company operates one datum center in Quebec, two in Iceland and three in Sweden. The locations Hive chooses for its cryptocurrency “ mines ” allows it to save electricity, as cold climates allow the company to use less office. In fact, a significant helping of a cryptocurrency miner ’ s electricity expenses come from the cool system installed in these data centers, without which the expensive calculator equipment would melt or catch fire. The cold the climate, the lower the cool charge. Hive, which has a market cap of $ 1 billion, trades on the TSX Venture Exchange ( TSX-V ), NASDAQ and the Frankfurt Stock Exchange ( FSE ) .

19. Riot Blockchain (RIOT)

Riot Blockchain started in 2017 but the company has a storied history, in the first place known as Bioptix and function in the biotechnology space. After adopting the name Riot Blockchain in October 2017 and announcing plans to shift its focus to cryptocurrencies, its lineage price quickly rose from $ 8 to $ 38, earlier subsequently crashing. This fishy turn led to an investigation by the Securities Exchange Commission ( SEC ), the US fiscal markets watchdog. It concluded, however, that the ship’s company ’ mho mention change did not constitute fraud .
initially, the company wanted to launch an on-line banking and cryptocurrency substitute and invested in respective cryptocurrency startups, including Canadian crypto change Coinsquare. however, its mission refocused around Bitcoin mine in 2019 and it now operates data centres in New York State and Texas. The company trades on NASDAQ and has a market valuation of US $ 1.9 billion .

20. Marathon Digital Holdings (MARA)

Founded in 2010 as Marathon Patent Group, this U.S. company was in the first place a specialist in intellectual property evaluation. These companies, colloquially referred to as “ patent trolls, ” buy patents and generate money by suing companies whose technology infringes on their patents. It wasn ’ deoxythymidine monophosphate until 2021 that the company made a shift to cryptocurrencies and began buying bitcoin and cryptocurrency mining equipment .
Unlike other cryptocurrency mining companies that sell the Bitcoins they produce, Marathon Digital Holdings keeps its Bitcoins and even buys them on the market. This lets them profit from the rising price of Bitcoin. At the fourth dimension of write, the company has 8,595 Bitcoins in its portfolio, which are worth closely C $ 430 million at the time of writing. The caller has a market evaluation of US $ 2.37 billion and trades on the NASDAQ.

Investing in Bitcoin: a risky proposition

You can buy bitcoin directly through a cryptocurrency change, by investing passively via ETFs or actively managed crypto funds, or invest in a caller that specializes in cryptocurrency mining. however, you should understand that investing in this asset classify is a bad proposal, given the lack of regulation and the excitability of cryptocurrencies. While institutional investors have entered the crypto space, retail investors must limit themselves to investing money in it that they can afford to lose .

Would you be OK with paying less for your cryptos?

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