Today I will explain how to buy Bitcoin with a credit card in Canada. Also, provide a step-by-step guide on how to do it and some tips to keep in mind. So, if you’re interested in purchasing Bitcoin with a credit card, read on!
Cryptocurrencies have been getting a lot of attention lately, especially Bitcoin. People are talking about it, investing in it, and even using it as a form of payment. While Bitcoin is still not widely accepted by businesses, there are a growing number of methods to purchase Bitcoin with a credit card.
Key Takeaways
- How can I purchase crypto with my Canadian credit card
- Alternatives to using credit cards to buy crypto
- Answers to most of the frequently asked questions
How Can I Purchase Crypto With My Canadian Credit Card?
In July 2022, Bitbuy started accepting credit cards, making it incredibly simple to purchase bitcoins in Canada with a credit card.
This is because Bitbuy was already one of our top-rated exchangers in Canada before they started allowing credit card purchases; this was merely the cherry on top.
I will provide every option available to Canadians for buying crypto with a credit card below, but I strongly urge you to go with Bitbuy. The most reliable, secure, and respectable of the platforms listed below, Bitbuy is also owned by a publicly traded firm, so you can be confident that your money is always safe there.
1. Trust Wallet
Customers can purchase up to $20,000 worth of Bitcoin at a time on the Bitcoin exchange Trust Wallet. Through TrustWallet’s partnership with Simplex, users may buy Bitcoin and other cryptocurrencies with a credit card.
The Trust Wallet company won’t charge you anything for using your credit card to buy cryptocurrency. However, Simplex levies a fee of 3.5% of the transaction’s total value with a $10 minimum. You can only use Visa and Mastercard credit and debit cards.
Cost
- 3.5% in simplex fees
Ideal For
Investors in cryptocurrencies seek a simple method to purchase Bitcoin and other cryptocurrencies with a credit card.
Features
- Enables rapid and efficient credit card crypto purchases.
- Supported by more than a million assets
- Quickly verifying accounts
2. CEX.io
A cryptocurrency exchange called CEX.io was established in 2013 and is accessible anywhere. It is situated in the United Kingdom. Investors and traders can use it to borrow, sell, and earn different cryptocurrencies.
For seasoned cryptocurrency traders, many tradable assets and sophisticated trading instruments are accessible. On the other hand, beginners may get lost in the multitude of complex options offered by the site.
Cost
- Maker commission: 0.10% to 0.25%
- Between 0% and 0.16% as a taker fee
- 2.99% in deposit fees.
Ideal For
- Investors in cryptocurrencies seek an exchange with a broad selection of supported stablecoins and altcoins.
Features
- Several hundred cryptocurrencies are supported.
- Enables you to engage in margin trading
- Allows for the staking of cryptocurrency and the earning of incentives.
- Institutional services for advanced traders and businesses
- 24/7 client assistance
- Portable access
3. MyBTC.ca
Customers can purchase cryptocurrencies like Bitcoin (BTC) on the Canadian cryptocurrency exchange MyBTC.ca in several ways, including using a credit card. The portal, however, only takes Visa and Mastercard.
Before you can buy cryptocurrency using a credit card, you must first create an account on the platform and authenticate your identification. After that, you can use your Visa or Mastercard to purchase Bitcoin and other cryptocurrencies.
But the fees are pretty high, with a 9.75% cut of the transaction amount collected. Other trades have similar pricing as well.
Features
- Quickly purchase Bitcoin using six different payment methods.
- Non-custodial platform
- Quickly verifying accounts
Cost
- Fees for Interac e-Transfers: 7.75%
- Fees for bank wires: 4.75%
- Fees for credit cards: 9.75%
- Fees for cash or debit cards: 7.75%
- Fees for Flexepin Vouchers: 7.75%
- Fees for Interac Online: 7.75%
Ideal For
- Investors in cryptocurrencies want a quick and easy way to purchase Bitcoin and other cryptocurrencies with credit cards.
4. Bitbuy
Over 350,000 Canadian users of Bitbuy have processed more than $4 billion in transactions. 17 cryptocurrencies are supported, including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Stellar, EOS, Aave, Chainlink, Polkadot, Dogecoin, Polygon, Cardano, SushiSwap, Uniswap, Solana, Decentraland, and USDC.
Bitbuy prides itself on having friendly customer care representatives and an attractive, well-regarded interface. It also promptly verifies accounts. All account deposits and withdrawals are processed fast, and you can fund your Bitbuy account directly from your bank account via an INTERAC e-transfer or bank wire.
Users of Pro Trade can execute deals for just 0.10%, and users of Express Trade pay just 0.20%.
Cost
- Express Trading Commissions: 0.20 %
- 0.10% to 0.20% in pro trading commissions
- Deposits/Withdrawals from INTERAC: 0%
- Fee for Bank Wire Deposit: 0%
- Fee for Bank Wire Withdrawals: 1.0%
- $50 welcome bonus when you use this link to deposit at least $250.
Ideal For
- The best option for investors seeking the highest level of security and quick deposits and withdrawals.
Features
- Lowest trading commissions in Canada (0.10–0.20%).
- Easy to use for both novice and experienced traders
- 17 cryptocurrencies are accepted
- Fantastic customer service
- 4.6/5 on the App Store for a robust mobile app
- With 99% cold storage, your cryptocurrency is exceptionally secure.
Alternatives To Using Credit Cards To Purchase Crypto
Even though purchasing cryptocurrencies with credit cards can be convenient, you’ll soon realize that the fees associated with doing so are rather substantial, especially if you purchase a significant amount of crypto tokens.
You might want to think about using some of Canada’s best cryptocurrency exchanges if you want to acquire cryptocurrencies with the lowest possible costs. Here are some of the choices you have at the moment:
1. Bitbuy
Similar to CoinSmart, Bitbuy offers minimal trading costs that range from 0% to 1.5%, depending on the volume of your transactions. They provide exceptional customer service available around the clock, and user credentials are promptly validated.
Over 400,000 Canadian customers of Bitbuy have transacted more than $4 billion in transactions to date. It is a Registered Marketplace and Investment Dealer, which implies it is a very safe and secure exchange that provides deep liquidity on all order sizes, according to the Ontario Securities Commission (OSC).
Since I’ve been a personal user of Bitbuy for more than a year, I’ve witnessed them continuously develop their platform. For instance, Bitbuy recently eliminated its fees on deposits and withdrawals, significantly reducing the overall cost of trading for consumers.
Cost
- Opening an account is free
- Trading Commission: 0.1%
- Free INTERAC deposits and withdrawals
- Deposit through Bank Wire: Free
- Withdrawing via bank wire: 1%
Welcome Bonus
- $250 in deposits with this link will earn you a $50 bonus.
Ideal For
- Most excellent For Investors seeking the best overall trading experience and incredibly minimal expenses.
Features
- Low trading commissions (0–1.5%)
- Both novice and more experienced traders will find it simple to use
- Accepts more than 25 cryptocurrencies
- Excellent live chat and email client service
- 4.6/5 on the App Store for a solid mobile app
- With 99% cold storage, your cryptocurrency is exceptionally secure.
2. VirgoCX
The trading platform and mobile app from VirgoCX are simple, even for beginners. Along with a comprehensive FAQ section on its website, it provides live chat, email, and customer service around-the-clock.
For fiat deposits and withdrawals, VirgoCX does not charge any fees, and for ERC20 leaves, it pays the first $6 in mining costs. It enforces 2-factor authentication on each account to keep your assets secure and follows a 95% cold storage policy.
Features
- Enables 50 or more cryptocurrencies
- Free deposits and withdrawals in fiat
- For the majority of cryptocurrencies, free deposits, and withdrawals
- Live chat and email are available twenty-four hours a day.
- Both more experienced traders and beginners will find it easy to use
- Your cryptocurrency is kept extra secure by a 95% cold storage policy.
Cost
- Opening an account is free
- Free cash deposits
- Free withdrawals of cash
- Bitcoin deposits are free.
- Free withdrawals for all major cryptocurrencies
- Trading spreads: about 1%
Welcome Bonus
- $30 when you use this link to fund your account with $100 or more.
Best For
- Investors that want to purchase alternative currencies before everyone else.
3. CoinSmart
CoinSmart is a very secure exchange because it has been recognized as a Registered Marketplace by the Ontario Securities Commission (OSC), is registered as a Money Services Business with FINTRAC, and is a member of the TRUST anti-money laundering organization.
As a publicly traded corporation, they uphold a 95% cold storage policy, and a third-party entity audits its financials for at least one year.
When you fill out your account as a new CoinSmart user, you’ll get a $50 bonus that you can use to purchase Bitcoin, Ethereum, or any of the other 16 assets that CoinSmart supports. CoinSmart is an excellent option if you’re looking for a trustworthy, highly secure cryptocurrency platform.
Cost
- Opening an account is free
- Fees for trading: 0.2%
- Deposit for INTERAC: 0%
- Deposit via bank wire: 0%
- Withdrawing via bank wire: 1%
- 1% EFT Withdrawal
Welcome Bonus
- When you sign up using this link and our coupon code, you’ll receive a $50 bonus.
Ideal For
- Investors are seeking reduced trading commissions.
Features
- Meager trading commissions (0.2%)
- Live chat and email customer service are accessible around-the-clock.
- Account verification is immediate
- 16 cryptocurrencies are accepted
- By the OSC, Registered Marketplace
- Deposits and withdrawals are made right away
- Convenient for both novice and experienced traders
- Your cryptocurrency is kept extra secure by a 95% cold storage policy.
Read Also:
How To Get Instant Approval Virtual Credit Card With Instant Use
How To Build Credit Without A Credit Card (2022 Guide)
How To Accept Credit Card Payments In 7 Simple Ways
Conclusion
For Canadians trying to buy cryptocurrencies with their credit cards, Bitbuy is the only viable alternative since they launched the credit card service in July 2022.
Although Bitbuy’s credit card costs, which are 6.5% per transaction, aren’t the lowest around, they still outperform those of rival exchanges, which will do everything in their power to nickel and dime you. In Canada, Bitbuy is, without a doubt, your best choice if you want to purchase cryptocurrency using a credit card.
FAQS
Can I Buy Bitcoin With My Credit Card?
It is possible to purchase Bitcoin, Ethereum, stablecoins, and other cryptocurrencies with a credit card. Still, your credit card provider or the exchange where the cryptocurrency is sold may prohibit this. Most major U.S. credit card issuers forbid the purchase of cryptocurrencies, while some charge their customers fees.
What Canadian Credit Cards Allow Crypto?
You can only use Visa and Mastercard credit and debit cards. You’ll need to download their app to your phone, which is accessible for both iPhone and Android, to buy Bitcoin.
What Is The Easiest Way To Buy Bitcoin In Canada?
Canada’s most well-known cryptocurrency exchanges are Binance Canada, Coinbase, Netcoins, Newton, and Coinberry. Although the conventional trading interfaces of these organizations may be intimidating to novices, especially those without an experience in trading stocks, they also provide simple, user-friendly purchase options.
What Is The Best Site To Buy Bitcoin In Canada?
CoinSmart is Canada’s top Bitcoin trading site due to its bank-level security and relatively cheap costs. It supports over a dozen cryptocurrencies, rapidly processes deposits and withdrawals, and takes no more than two minutes to verify accounts.
What App Can Canada Use To Buy Bitcoin?
The Shakepay wallet lets Canadians buy and trade digital currencies quickly. Supports Canadian dollars, Ethereum (ETH), and Bitcoin (BTC) (CAD). Instantaneous confirmation Setup your account in minutes rather than days.
Can I Invest $100 In Bitcoin?
You may be asking if this is your first time looking into cryptocurrencies. Without a doubt, the answer is yes. Before you make your first cryptocurrency investment, you should be aware of a few things.
Is There A Bitcoin Atm In Canada?
According to Coin ATM Radar, Localcoin, a Canadian operator of Bitcoin ATMs, presently has the most excellent footprint of Bitcoin ATMs in Canada as of February 2022. On July 30, 2021, Edmonton-based Bitcoin Well, the first Bitcoin ATM business, went public.
Can I Buy Bitcoin Through Td Bank?
TD Ameritrade does not yet support trading in specific cryptocurrencies. Still, we provide various options to access the cryptocurrency market without needing a wallet.
What Is The Minimum Amount To Invest In Bitcoin?
Make a minimum deposit of $10 via a credit/debit card, bank transfer, or e-wallet into your trading account. Look up Bitcoin – Click “Trade” after typing “BTC” or “Bitcoin” into the search box at the top of your screen.
What Banks Allow You To Buy Bitcoin?
Ally Bank – By connecting your bank account to Coinbase, you can buy Bitcoin using a debit card provided by Ally Bank.
Chime Bank: Paxful enables Bitcoin transactions.
Newly implemented altcoin trading desk and altcoin product offer from Goldman Sachs.
Does Td Credit Card Allow Crypto Purchases?
Customers can no longer buy bitcoins with their credit cards from TD Bank (TD.TO).
Can I Buy Crypto With An RBC Credit Card?
RBC will no longer permit using RBC credit cards for bitcoin transactions. Any trouble this may create is much regretted.
You can learn more from the video below:
About Author
- I am a professional article and e-book writer with 4 years of experience, I write on well research content on cryptocurrency, stocks, loans and finances.
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