If you’re looking to buy Bitcoin online, there are a few things you need to know. This guide will walk you through everything about buying bitcoin online, such as different exchanges, including P2P exchanges, Bitcoin ATMs, and more.
You might be looking to get your hands on some Bitcoin but don’t know how to do it. The following sections provide valuable information on everything you need to know to buy Bitcoin online. It will cover the different methods you can use to buy Bitcoin and what you need to consider before making a purchase. Before delving into all that, let us first see why it makes sense to invest in Bitcoin.
Why Should You Invest in Bitcoin?
If you’re looking for an investment with potential, you can’t go wrong with Bitcoin. While the cryptocurrency has seen several ups and downs, its overall trend has been positive. With more and more people entering the folds of Bitcoin investment, it will only become more popular. The recently concluded Bitcoin conference (Bitcoin 2022) in Miami featured speakers from the Bitcoin community and provided a window to learn about the latest developments in the Bitcoin space. Here are a few reasons you should buy bitcoin online and invest in it.
- Bitcoin is not subject to inflation.
- Bitcoin can be decentralized and not subject to regulation.
- Bitcoin can be anonymous, enabling you to keep your financial affairs private.
- Bitcoin is global, and hence you can use it anywhere.
How to Buy Bitcoin Online in Canada?
If you’re looking to buy Bitcoin online in Canada, there are multiple options. Study about them and choose the most suitable one for you. You may use a Bitcoin exchange or purchase Bitcoin from a peer-to-peer marketplace. Bitcoin ATMs available in some cities in the country are also helpful.
- Bitcoin Exchanges:
Click here to buy Bitcoin Online from a Bitcoin exchange. You will need to sign up for an exchange account to buy bitcoin. After signing up, you will be able to deposit Canadian Dollars (CAD) into your account and use those funds to buy bitcoins. There are various bitcoin exchanges available in Canada. Below are a few examples.
- CEX Canada
CEX is an exchange that allows you to buy Bitcoin with a credit or debit card issued by a Canadian financial institution. The first step is creating a CEX account. Once you have registered and verified your account, you will be able to deposit CAD into your account via Interac e-Transfer, wire transfer, or credit/debit card. Once your account has adequate funds, you can buy Bitcoin, and you will be charged a small percentage of the total transaction value as a fee.
- Coinbase
Coinbase is one of the world’s most popular cryptocurrency exchanges. It allows its users to buy and sell cryptocurrencies quickly. The establishment has recently launched its services in Canada and is now available to Canadian users. Besides allowing users to buy Bitcoin online, Coinbase also facilitates purchasing other cryptocurrencies. Thus, it helps you get Ethereum or Litecoin and provides merchants with a platform to accept cryptocurrency payments.
- Kraken
Kraken is a bitcoin exchange that offers high levels of security and stability. Founded in 2011, Kraken is one of today’s oldest and most well-established bitcoin exchanges. With a user-friendly interface, low fees, and a wide range of features, it is an excellent choice for beginners and experienced users.
- Bitcoin ATMs
Another popular way to uy Bitcoin in Canada is through a Bitcoin ATM. Currently, there are over 2100 Bitcoin ATMs in Canada, making it one of the most accessible countries to buy Bitcoin. Bitcoin ATMs are simple to use and can be found in most major cities across Canada. You will need a Bitcoin wallet to store your Bitcoin. You can link your wallet at a Bitcoin ATM by scanning a QR code and inserting Canadian bills to receive an equivalent amount of Bitcoin in your wallet.
- Peer-to-Peer Exchanges
One of the easiest ways to buy Bitcoin in Canada is through a peer-to-peer Bitcoin exchange. A Peer-to-Peer Bitcoin exchange is a platform where two individuals can trade Bitcoin directly. There is no intermediary, and no fees are charged. The trade is made via an escrow system, ensuring that both parties are protected. Some of the examples are Localcoinswap, LocalCryptos, etc.
To buy Bitcoin on a Peer-to-Peer exchange, you must find a seller willing to accept payment in your chosen currency. Once you have found a seller, you must create an account and deposit the agreed-upon amount into the escrow system. Following the deposit, the seller will release the equivalent amount of Bitcoin to your wallet.
- Interac e-Transfer
Interac e-Transfer is a service that facilitates sending and receiving money online. It’s a safe, secure way to send money to friends and family. Interac e-Transfer is also an excellent way to buy Bitcoin quickly and conveniently.
1. You need an email address and a bank account with Interac Online enabled. The following are the steps to use it:
2. Create an account on a Bitcoin exchange that supports Interac e-Transfer.
3. Verify your account on the exchange. This process usually involves uploading some form of ID and proof of residency.
4. Deposit Canadian dollars into your account via Interac e-Transfer. Once the funds have been successfully deposited, you’ll be able to start buying Bitcoin.
5. Select the amount of Bitcoin you want to buy, and place an order. It will then transfer your Bitcoin to your account.
Essential Things to Keep in Mind Before You Buy Bitcoin Online
It would be helpful to keep a few key things in mind while buying Bitcoin online to ensure a secure and successful transaction.
- Always opt for a reputable website or exchange after reviewing them adequately.
- Do your research on the seller or exchange to ensure it is legitimate and secure.
- Acquaint yourself with adequate knowledge about the risks involved in buying Bitcoin.
- Do not invest a higher amount than you can afford to lose.
Final Words
The above discussion shows some of the most common ways to buy Bitcoin in Canada. While Bitcoin and other cryptocurrencies have their prospects, they can also have pitfalls. Therefore, whatever the channel you choose to buy bitcoins and embark on your crypto journey, always do your research before you begin your crypto journey to ensure you do not end up losing your crypto assets to malicious actors!
