The Best Way To Buy Bitcoin In Canada With Fiat Canadian Dollars
As a Canadian, I'm well aware that some things are more complicated for us folks up here in Canada. However, buying Bitcoin, Litecoin or Etherium with fiat currency is not one of them. This article will show you the best way to buy bitcoin in Canada.
Fiat currency, if you're not familiar with the term, is for paper money that is printed and has a recognized value through Canadian society.
According to Fool.com
Fiat currency is legal tender whose value is backed by the government that issued it. The U.S. dollar is fiat money, as are the euro and many other major world currencies. This approach differs from money whose value is underpinned by some physical good such as gold or silver, called commodity money.
So one of the things people don't really “get” when they want to invest in cryptocurrencies is how to start.
How to Understand Bitcoin Exchanges in Canada
Think of it this way. There are basically two types of cryptocurrency exchanges. Those that allow you to buy with fiat money (debit card, credit card, paper money, wire transfer), and those that only accept cryptocurrency as deposits.
(For sake of clarification, the secondary exchanges that only accept cryptocurrency as deposits generally have a very wide variety of alcoins, like Binance or Kucoin, for example.)
So those are more for diversifying your portfolio and getting into altcoins.
But there are a few that allow you to buy with your fiat currency.
The most popular option is the San Francisco based Coinbase, which allows you to buy a small amount of bitcoin from your credit card. If buy $100 worth of Bitcoin on Coinbase, you will get a $10 worth of bitcoin bonus if you use this link to open your Coinbase account.
Best Method For Buying Bitcoin in Canada
But Canada has a couple of primary exchanges and I have used both of them.
The first one I used was QuadrigaCX, which I funded with a bank wire. These are a little more costly to fund with, but QuadrigaCX has an API that connects with more coin tracking software. QuadrigaCX had some serious problems.
How To Buy On Coinsquare
But for Canadians specifically, the easiest way to fund your account is with Coinsquare, which you can fund with Interact online or e-transfer. Interact online in my experience takes less than a day.
I have had bank wires to other exchanges that have taken weeks to be depositing into my account.
Check out this video. In it I show you how to fund your Coinsquare account and use Interact Online to buy bitcoin.
Coinsquare is the EASIEST Canadian exchange that Canadians can use to buy Bitcoin, Litecoin and Etherium in Canada with fiat Canadian dollars.
You can use Interac Online (which took me less than one day to fund my Coinsquare account with $2000 CAD.) And you can avoid having to use expensive bank wires. (Bank wires are clunky and slow in Canada, plus you may lose some of your funds en route to fees.)
Join Coinsquare through this link and you fund your account with $60 CAD within 5 days, you will get a bonus of $20. Nice little Coinsquare promo. That's an immediate 30% ROI for those keeping score!
Make sure you use this link below: Coinsquare Referral Code/Promo Code: D558B2AEA
Direct Referral Link (no code required already hardcoded into link)
I am very happy with Coinsquare and in this video show how to fund your account and purchase BTC with the Coinsquare iOS app.
I have also been very happy with Shakepay, which has the best user experience for Canadians and low fees. Check out my review on Shakepay based out of Montreal, Canada here.
Have any questions? What's your experience with buying Bitcoin in Canada. Let me know in the comments below!
Hey, I'm Andrew. I moved to Lisbon, Portugal from Canada. Follow my journey here.
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