How To Buy Bitcoin in Canada?
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Easiest and cheapest ways to buy crypto in The United Arab Emirates
No matter where they live, people always seek the easiest and cheapest way to buy bitcoin. Buying crypto in Canada is a bit harder than in some other countries so we have compiled a list of exchanges where Canadians can buy bitcoin.
CoinSmart
Ease of Use – Easy Fees – Low Verification – 1 Day Reputation – Trusted Supported fiat – CAD
Coinsmart is one of the most popular Canadian crypto exchange alternatives. It was founded in 2018 by Justin Hartzman and Jeremy Koven. Considering that it’s a relatively new exchange, Coinsmart has managed to come a long way and build a reputation through its strong customer support and wide range of custom tools.
More info +
Deposit fees:
0 – 6 % Withdrawal fees:
1% ($15 Minimum) Trading fees:
0.20% for a single trade and 0.40% for double trade Payment Methods:
Interac E-transfer, Bank draft, SEPA, Wire transfer, Credit card, Debit card, Simplex, and Crypto assets Supported fiat:
CAD
Beginner-friendly
Strong customer support
Includes a referral program
Supported by Canadian Bank
USA citizens can’t use the platform
A limited list of supported cryptos
Deposit fees:
Credit/Debit Card: 3.99%SEPA: €0U.S Bank Transfer: 1.49% (the US $0.15 min.)Coinbase USD wallet: 1.49%ACH Transfer USD: $0 Wire Transfer USD: $10 Withdrawal fees:
SEPA: €0.15U.S Bank Transfer: 1.49% (US $0.15 min.) Coinbase USD wallet: 1.49%Wire Transfer USD: $25 Trading fees:
Fees vary Payment Methods:
Bank Account, Debit Card, Credit Card, Wire Transfer, SEPA Transfer, Supported fiat:
USD, EUR, GBP, AUD, CAD, CNY & 50+ more
An easy way for new users to purchase Bitcoin
More than 100 cryptocurrencies to choose from
A regulated and trustworthy company
High liquidity and purchasing limits
Confusing fee composition
Higher than usual fees
Binance
Ease of Use – Medium Fees – Low Verification – 1 Day Reputation – Trusted Supported fiat – USD, EUR, GBP, AUD, RUB
Launched in July 2017, Binance quickly became the world’s largest centralized crypto exchange, with more than $15 billion in daily trading volume. It has over 30 million users all over the world. Binance offers an impressive number of cryptocurrencies that you can buy, sell, and trade with low trading fees.
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Deposit fees:
Free Withdrawal fees:
Vary from crypto to crypto Trading fees:
0.1% Payment Methods:
Debit Card, Credit Card, SWIFT, Bank Transfer (SEPA), and more Supported fiat:
USD, EUR, GBP, AUD, RUB, and 15+ more
Low fees
High liquidity
Excellent mobile app
Well-established and trusted
Hacked in 2019
Not accessible to U.S. users
Kraken
Ease of Use – Easy Fees – Average Verification – 2-3 Days Reputation – Trusted Supported fiat – USD, EUR, GBP, JPY, CAD
Kraken is one of the largest cryptocurrency exchanges. It has been around for a very long time since it was launched back in 2011. In fact, Kraken is a part of crypto exchanges “big three” alongside Binance and Coinbase. It has millions of users around the world with strategic investors and the international market behind it.
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Deposit fees:
EUR SEPA Deposit (Free) – EEA countries only USD Bank Wire Deposit ($5 USD) – US onlyEUR Bank Wire Deposit (€10) – outside the US only USD Bank Wire Deposit ($10 USD) – outside US onlyJPY Bank deposit (Free, ¥5,000 deposit minimum) – Japan-only USD, Wire Deposit (Free) Withdrawal fees:
Cryptocurrency: Fees vary, SEPA Withdrawal (€0.09) – EEA countries only USD Bank Wire Withdrawal ($5 USD) – US only USD Bank Wire Withdrawal ($60 USD) – outside US onlyEUR Bank Wire Withdrawal (€60) – outside US onlyJPY Bank withdrawal (¥20) – Japan onlyCAD EFT Withdrawal ($10 CAD) Trading fees:
Maker: 0.16% Taker: 0.28% Payment Methods:
Fedwire, Bank Transfer (SEPA), SWIFT, Wire Transfer, Etana Custody, Silvergate Exchange Network (SEN), FPS, CHAPS, and BACS, PayID, Osko Supported fiat:
USD, EUR, GBP, JPY, CAD
Advanced trading and staking features
It has been active on the crypto market for a very long time
It has a good reputation
Advanced trading and staking services
Fees are fairly high
No derivates or futures trading
Best Bitcoin Wallets in The United Arab Emirates
It is never a good idea to keep your coins on an exchange as that exposes you to numerous risks (exchange hacks, fund freezes by the exchange or some government regulatory body etc). That is why you should use one of the wallets we list below to store your digital assets. Safest option is a hardware wallet like Nano X but ZenGo is also a good choice, especially for newcomers.
ZenGo is an easy iOS/Android Bitcoin & cryptocurrency wallet. Getting started takes less than 20 seconds.
extremely safe as it uses biometrics for security
you can buy crypto directly from it
has savings and staking account
No major flaws
Electrum is one of the oldest and most popular desktop multi-currency wallets which is compatible with Windows, Mac, and Linux
One of the oldest wallets in the market
you can buy and stake directly from the wallet
supports all major coins and blockchains
Not completely open source
Ledger Nano X is a leading and most secure cold storage wallet that connects to your device via Bluetooth.
Safest wallet in the market
competitive price
supports a lot of coins
you can buy directly from the wallet
stake directly from the wallet
Small display
complicated to setup for newbies
Coinmama
Ease of Use – Easy Fees – High Verification – 1 Day Reputation – Trusted Supported fiat – USD, EUR, GBP, CAD, AUD
Coinmama is one of the oldest centralized cryptocurrency exchanges on the market. It was founded in Israel in 2013. Today, Coinmama’s head office is in Dublin, Ireland. Using this crypto exchange, you can easily and quickly buy and sell 10 different cryptocurrencies.
More info +
Deposit fees:
0 – 5 % Withdrawal fees:
None Trading fees:
2.9 – 3.9 % Payment Methods:
Bank Transfer (SEPA), SWIFT, Fedwire, Bank cards, Open Banking, Google Pay, Apple Pay, Skrill Supported fiat:
USD, EUR, GBP, CAD, AUD
150+ countries supported
Mobile App (iOS and Android)
Various payment methods
Quick verification process
Fees above the industry average
Only 10 cryptocurrencies
LocalBitcoins
Ease of Use – Easy Fees – Low Verification – 1 Day Reputation – Trusted Supported fiat – USD, EUR, GBP, and more
LocalBitcoins is one of the oldest P2P online marketplaces where you can buy and sell Bitcoin. It is considered the largest peer-to-peer crypto platform. LocalBitcoins is based in Helsinki, Finland.
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Deposit fees:
Free Withdrawal fees:
Free Trading fees:
1% Payment Methods:
SEPA, Wire Transfer, Paypal, WeChat, MoneyGram, Credit Card, Debit Card, etc. Supported fiat:
USD, EUR, GBP, RUB, and more (most currencies)
It has been active on the crypto market for a very long time
A large number of payment methods
Available worldwide, in all countries
KYC is mandatory
Potentially meeting a person face-to-face might be unpleasant
KuCoin
Ease of Use – Easy Fees – Low Verification – 1 day Reputation – Trusted Supported fiat – USD, EUR, GBP, AUD, CAD + 20 more
KuCoin is widely considered one of the leading exchanges in the crypto world. The exchange was launched in 2017 so it is not a new player on the market. We can safely say that KuCoin is more than an exchange, it is a global crypto platform that offers digital currency trading, exchange, staking, and lending.
More info +
Deposit fees:
Free Withdrawal fees:
0 – 16$ (average) Trading fees:
0 – 0.1 % Payment Methods:
Debit and Credit card, Apple and Google Pay Supported fiat:
USD, EUR, GBP, AUD, CAD + 20 more
Easy to use and beginner-friendly
A lot of (advanced) crypto services and features
Competitive fees
It is not regulated
No fiat trading pairs
Not bank deposits
Frequently asked questions about buying Bitcoin in Canada
Because Bitcoin is perfectly legal in Canada, anyone can purchase it. The government even has an official page devoted to digital currencies. It states that Canadians may use cryptocurrencies to buy services or goods at retailers that accept them.
We listed the best exchanges in this article and CoinSmart, Coinbase, and Binance are the most popular sites.
Toronto Dominion (TD) allows crypto purchases using credit and debits cards, Interac e-Transfers, and wire transfers but on a case-by-case basis. They may or may not allow your purchase to complete. If you’re looking for a Canadian bank that allows crypto purchases, the National Bank of Canada is the top choice.
Well, yes and no. The CRA can certainly link you with wallet addresses. As soon as you verify your account with the Canadian crypto exchange, you will be associated with everything that goes in and out of that account.
In Canada, the industry is continuing to grow. As of 2021, 14 percent of Canadians own or have owned cryptocurrency, according to an online Ipsos poll of more than 2,100 respondents released in October. Like any investment, you aren’t taxed if you simply acquire or hold cryptocurrency.
On October 29, 2013, a Robocoin machine opened in the Waves coffee shop in downtown Vancouver, Canada. This machine is understood to be the world’s first publicly available Bitcoin ATM.
Each of Canada’s major financial institutions will allow members to purchase Bitcoin. What varies from one branch network to the next is the means of purchase. Credit card purchases, in particular, are highly limited.
Yes, Canadians can use Coinbase.
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