‍1. Choose a Cryptocurrency Trading Platform or Exchange

So, where can you buy Bitcoin in Canada anyway?

Once you decide to invest in Bitcoin, you must find a cryptocurrency trading platform exchange. Both will allow you to buy cryptocurrencies, but it is important to understand the difference between them so you can choose the best option for how to invest in Bitcoin in Canada.

A cryptocurrency broker is an individual or a firm acting as a financial intermediary for you. The platform will exchange your money for Bitcoin and provide you with services to buy, sell, and hold in return for a small fee – or free!

A cryptocurrency exchange is a platform where buyers and sellers can meet and trade Bitcoins. Exchanges may have lower fees than brokers, but they are also more complex and may not be the first choice for new cryptocurrency investors. Across the country, many app-based platforms or brokerage firms provide users with access to Bitcoin.

Whatever option you choose, ensure the broker or exchange allows fiat currency transfers and purchases made in Canadian dollars.

As always, before you register with a cryptocurrency exchange, do your research because, ultimately, it is up to you to determine the best platform to buy Bitcoin in Canada. Remember, several different types of online exchanges offer various features, benefits, and levels of security. Make sure you choose an exchange that is reliable, reputable, and trustworthy. You can explore the list of crypto exchanges that are approved to do business in Canada for further guidance.

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2. Sign Up and Create an Account

Once you decide on an exchange or broker, the next stage involves creating and verifying an account. This is a regulatory requirement that you have to fulfill before you can start investing in Bitcoin. The verification process will require you to submit a photo ID, such as a driver’s license or passport, and other pertinent personal information required by most financial institutions. After all personal information has been gathered and verified, then you can begin to deposit cash and invest in Bitcoin.

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3. Add Funds and Invest

When your cryptocurrency account is verified and ready to go, you can deposit cash into this account. You can do so by paying with your debit card, making an e-transfer, executing a wire transfer, or directly linking your bank account: 

• Credit cards: Some account holders will use credit cards to fund their accounts. While this is an option, financial experts say that might not be encouraged because credit card companies treat Bitcoin purchases as cash advances, and these can be subject to high interest rates. 

• Interac e-Transfer: Usually, an Interac e-Transfer’s processing time is up to 30 minutes, and there is a zero percent deposit fee. The maximum transaction you can make per day is $10,000.
• Wire Transfer: Are you planning to make a large deposit? Wire transfers are the best option since they do not consist of a maximum amount, though processing can take as long as five business days.
• Debit Cards: A debit card is a worthwhile option as transactions can be completed instantly, and the minimum deposit is $50.

With that out of the way, once you have funded your account and cleared funds, you can start investing in Bitcoin.

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4. Place Your First Bitcoin Order

Voila! Your account creation process is complete, and your funds have cleared. You are now ready to place your first Bitcoin order. 

What’s next?

1. Add the ticker symbol for Bitcoin: BTC.
2. Insert the number of coins you wish to purchase or the dollar amount.
3. Place the order.

Remember, when you are learning how to invest in Bitcoin in Canada or how to purchase Bitcoin in Canada, you will discover that you can purchase as little as $1 in Bitcoin. Likewise, when considering how to sell Bitcoin in Canada, you can follow the same steps.

5. Choose a Bitcoin Storage Method

Despite its widespread adoption, remember that Bitcoin and the broader crypto sector are relatively new investment ventures. As a result, Bitcoin and the thousands of other cryptocurrencies in Canada are not protected by the Canada Deposit Insurance Corporation (CDIC). Additionally, like anything else that is virtual, Bitcoins can also be hacked or stolen. Therefore, it is important to choose a secured storage method for your Bitcoin investment.

If you choose a cryptocurrency broker, the party may already have a storage method by default, which you will have to use. However, if you select an exchange, you have multiple storage options. You could leave your Bitcoins in the cryptocurrency wallet attached to the exchange. You could also opt for a hot wallet, which is a Bitcoin wallet in Canada that is stored online and running on internet-connected devices. 

Finally, there is the option of cold wallets that are not connected to the internet but instead use external devices like a hard drive or USB. Experts agree that cold wallets are more secure than online wallets as they are not connected to the internet, but you have to be careful not to lose the keycode associated with them in case the device breaks or fails, as you may be locked out and unable to recover your investment.

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