In Canada, cryptocurrencies such as Bitcoin and Ethereum are not recognized as legal tender. Bitbuy receives numerous inquiries on how gains or losses from cryptocurrency are taxed. Canada has specific regulations concerning cryptocurrencies like Bitcoin and Ethereum, which impact how your investments are taxed.

Mobile App

Bitcoin uses blockchain technology to regulate the release of new Bitcoins and verify transactions independently of the banking system. Don’t worry; you can maintain your trading strategy on the mobile app! You can create an account by clicking on “Get Started.”This requires inserting your personal information to verify your identity, including name, email address, and telephone number.

All you need to do is head over to the Apple App Store or Google Play store and download the app on iOS or Android. With the Bitbuy crypto app, you can stay connected to the crypto markets wherever you are. Crypto staking is when holders lock up their assets to participate in and maintain a network’s blockchain. Deposits are free, withdrawal fees are 1.5 percent, and the minimum deposit is $50.

Tools for advanced traders

Cryptocurrency assets have emerged as a significant contributor to Canadians’ investment goals. You can use a software wallet such as a desktop or mobile or hardware such as paper as or a USB drive that contains a unique address on the blockchain. If you want to know everything there is to know about buying Bitcoin in Canada, you’re looking for a more in-depth explanation. The value of your sell will be displayed at the bottom of the page. Sign into your Bitbuy account and you will be automatically directed to the ‘Accounts’ section.

Your Guide to Buying Bitcoin in Canada – The 5-Minute Explainer

• KYC verification is why you need to confirm your identity to a Canadian crypto exchange.
• For every person who signs up and makes a qualifying deposit with your referral code, you get $20 deposited in your account to buy Bitcoin and other cryptocurrencies.
• Our integrated wallets allow you to store Bitcoin (BTC) and other cryptocurrencies within your accounts, facilitating seamless transactions without needing external wallets.
• Like trading stocks or commodities, you need basic knowledge about investing and incorporating strategies into your investment arsenal.

Exchanges offer more convenience and security than your other options. They offer advanced trading through Bitbuy Pro and over-the-counter services for high-net-worth individuals and businesses. It possesses lots of utility and is a critical component for Decentralized Finance (DeFi), which has become integral to the entire crypto industry in the last couple of years. With approximately 4 million Canadians owning crypto, it remains incredibly popular. It highlights that those who are still able to save and invest view crypto as a valuable asset. A 2023 Bank of Canada report found that 10 percent of Canadians own Bitcoin, down from 13 percent during the crypto mania in 2021.

• The peer-to-peer decentralized digital token maintains a maximum supply of 21 million coins.
• Thanks to Bitbuy’s reporting tool, users can create and download comprehensive annual activity reports for their accounts.
• Second, Bitbuy’s commitment to security shines through our cold wallet storage policy of 90% of customer funds to be held in a cold wallet.
• When you buy and hold cryptocurrencies, there are no immediate tax implications.
• In exchange for network validation, investors will receive staking rewards, which are paid out every couple of days, and the amount will depend on the cryptocurrency and the length of time.

A Canadian cryptocurrency exchange is the most convenient way to buy Bitcoin in Canada

Get started with Bitcoin quickly and easily on one of the most secure Canadian platforms. When storing your Bitcoin, Bitbuy stands out by combining unbeatable convenience, high-grade security, and insurance coverage to protect your assets. Operated under Coinsquare Capital Markets Ltd (CCML), a member of the CIRO, and registered with the OSC and the CSA as the first Canadian registered marketplace for crypto assets, and registered with FINTRAC as a money services business.

Buy a bit. Sell a bit.

You could also lose your assets if your phone physically breaks down. A hot wallet or software wallet stays connected to the internet in some way. Google authenticator is also available for added security. First, you need 2-Factor Authentication (2FA) to log into your customer account as well as when you take actions with the account. You can find an in-depth list for all deposit & withdrawal fees and processing times here. Bitbuy doesn’t charge a fee for crypto deposits and there is no maximum.

Approximately 18.8 million bitcoins have been mined to date, leaving about 2.1 million coins left to be mined. The peer-to-peer decentralized digital token maintains a maximum supply of 21 million coins. Join the 1,500+ businesses that trust Bitbuy Corporate Solutions to add crypto to their balance sheet.

How to buy Bitcoin in Canada

Your assets are kept offline to protect against potential cyber threats—store Bitcoin confidently. Simply create an account with Bitbuy, and you automatically receive a wallet. Store your Bitcoin (BTC) securely and conveniently on Canada’s trusted platform.

Because Bitcoin has become ubiquitous throughout the digital economy, there are many ways to sell and buy Bitcoin in Canada. Paper wallets should be kept somewhere safe or in a safety deposit box at the bank. The two main types are hardware wallets and paper wallets, but you can really use anything. Desktop wallets are downloaded and installed on your PC or laptop and accessible from there. An online wallet may require additional layers of security as they are the most vulnerable.

Input the amount of money you want to spend, and our interface will show you how much Bitcoin you get in return after fees have been applied. Thanks to Bitbuy’s reporting tool, users can create and download comprehensive annual activity reports for their accounts. You no longer need to comb through websites like LocalBitcoins and Facebook Marketplace to find buyers or sellers. Additionally, you can also purchase Bitcoin and other cryptos through conventional online brokers and money transfer applications. Remember that any time you send Bitcoin to another exchange, a friend, or a business, you should triple-check the public address. Do some research to make sure your hardware wallet is compatible with the web interface you use to buy Bitcoin.

This is where Canadians often struggle with international exchanges and why a Canadian crypto exchange can make a big difference. KYC verification is why you need to confirm your identity to a Canadian crypto exchange. bitbuy review International exchanges often also require you to exchange CAD for USD, which comes with yet more fees.

When you’re deciding where to buy Bitcoin, do your research on transaction fees. You have likely seen a Bitcoin ATM at your local mall or a convenience store near you. You need to connect with other Bitcoin owners looking to sell on sites like LocalBitcoins or Facebook Marketplace. Advanced Bitcoin traders get fast and easy Bitcoin purchases and withdrawals. It’s designed to make trading CAD for Bitcoin intuitive and simple. International exchanges won’t let you turn Bitcoin back into Canadian dollars, while some even have small limits on how much Bitcoin Canadians can buy.

Trade, Earn & Hold Crypto

Snipe your trades on the fly with advanced charts on Bitbuy Pro Trade.

Most exchanges allow you to store Bitcoin directly on their platform. Bitbuy has multiple interfaces to buy, sell, and withdraw cryptocurrencies. Once your account is funded, use the interface to buy Bitcoin and other cryptocurrencies. ‍While they are new investment tools in the United States, investors in Canada have had the opportunity to buy Bitcoin and Ethereum through exchange-traded funds (ETFs).