Cryptocurrency in Canada is not regarded as legal tender, and the only accepted coins are those issued by the Royal Canadian Bank and notes issued by the Bank of Canada.
But recently, The Central Bank of Canada has started experimenting with tokens which can be seen as a sign that cryptocurrencies can one day be accepted.
How to Buy Cryptocurrency in Canada
Citizens of Canada looking to purchase cryptocurrency in their country can follow the following steps as they are free to trade, transact and store different types of crypto assets. The efforts they need to take are:
- Open an account
For Canadian investors or citizens to buy cryptocurrency, they need to open an online trading account with a brokerage of their choice. To set up the online account, they need to identify with a driver’s license or passport.
- Sign in to your online account
To purchase the cryptocurrency of your choice, you will need to log in to your account with a personal WiFi connection.
- Select the brokerage option to buy
Once you have logged into your account, the next thing is to select the brokerage option to buy. It would help if you chose the digital asset you would like to purchase. For example, you can choose between bitcoin or ethereum.
- Select the amount you would like to buy
After deciding on the kind of digital asset to purchase, you need to choose the amount of that particular cryptocurrency and make sure you have some funds in your brokerage account to cover the transaction.
- Preview your purchase
Once you perform the above, you should check your buy order and be comfortable with the price and fees before confirming.
- Complete your transaction
After checking your order, you can then complete your buy order and move the worth of the crypto asset to your wallet address.
This wallet will serve as a storage location for your asset. You need to select the one with high security.
How to Sell Your Cryptocurrency in Canada
Canada’s citizens or crypto investors can sell their cryptocurrency assets in four steps. These steps include:
- Through cryptocurrency exchanges
If you intend to sell your cryptocurrency, you can choose an exchange platform of your choice and move the amount of your digital asset you plan to sell.
You can sell the crypto asset at the market price on the exchange platform by clicking “market” and then making a sell order. You can also decide to use a Canadian exchanger.
- Sell via peer-to-peer
You can search for a person or an organization who wants to buy your cryptocurrency using your preferred exchange method through the peer-to-peer platform.
Also, you can quickly check their reputation and then finalize the deal according to your terms and conditions.
- Through face-to-face meeting
You can sell off your cryptocurrency through a face-to-face meeting where you can exchange your crypto asset for cash. This method is mainly adopted by those who emphasize their privacy and security more.
- Sell via cryptocurrency ATM’s
You can sell your crypto asset through the coins or tokens local ATM, but the issue here is that they charge huge fees. If you do not have any problem with the fees, you can search for the closest cryptocurrency ATM online.
Some banks use cryptocurrencies as a monetary trade, but not all banks accept them. Some of the banks in Canada that allow the use of cryptocurrency is:
- Royal Bank of Canada
- Bank of Nova Scotia (Scotiabank)
- TD Bank
- Canadian Imperial Bank of Commerce
- National Bank of Canada
Top Ten Platform to Buy and Sell Bitcoin in Canada
Bitcoin is the most recognized crypto asset globally as it is the first and significant cryptocurrency among others.
Most traders and investors have some crypto asset in their possession, making a wave in the crypto market.
If you are looking to buy or sell bitcoin, you require a good platform. Below are some of the top platforms to trade on the crypto asset. They include:
Coinsmart offers access to over 14 cryptocurrencies and multiple ways to fund your account, including credit cards.
- WealthSimple Crypto
WealthSimple crypto is a well-known platform in Canada available on iPhone, Android devices and through a web interface.
Bitbuy is a rated cryptocurrency platform that offers a wide range of coins for investors or traders to choose from. The platform provides beginners and advanced traders with numerous features to aid their trades.
This Canadian exchange offers many crypto pairs both on smartphones and computers.
Newton crypto platform supports more than 45 coins which is the highest among all digital asset platforms.
Binance is the largest exchange globally that offers the opportunity to trade over hundreds of cryptocurrencies and has many users worldwide.
- Mogo Crypto
Mogo crypto is operated by Mogo and is an active bitcoin trading app available in Canada’s stock exchange market.
Coinsquare has the most secured trading platform that offers no trading fees and low errors while trading.
Gemini offers investors the opportunity to research the crypto market and buy bitcoin and other crypto assets.
This platform allows transactions to go quickly with no fees on deposits and withdrawals.
Things You Can Buy with Bitcoin in Canada
It is legal to buy and sell bitcoin in Canada. You can use cryptocurrency (BTC) to purchase different products online as most websites accept the coin as a means of payment.
Also, you can use your bitcoin (BTC) to exchange for other crypto-assets, which you can do through an exchange platform.
Watch the video below to learn how to buy and sell cryptocurrency in Canada:
Is Buying Cryptocurrency in Canada Legal?
Because it is illegal for one to trade on cryptocurrency in some countries, one may want to ask if it is legal to buy crypto assets in Canada. Yes, it is.
Canada’s citizens and investors can trade on cryptocurrencies, but it is not considered legal tender.
Also, its citizens and investors who trade on cryptocurrencies must report any gains or losses from trading or mining these digital assets when filing taxes.
Cryptocurrency in Canada is very much allowed, with investors only needed or required always to report the outcome of their trades.
You can consider the platforms in this article to make your trade easy. For all your views and questions, be sure to drop us a message in our comment section.