‍1. Choosing Where to Buy Bitcoin

Our recommendation is to sign up with a regulated crypto currency trading platform. Working with a non-regulated crypto trading platform carries significant risk, so we suggest always double checking that the platform you choose is licensed to do business in Canada. You can explore the list of crypto exchanges that are approved to do business in Canada for further guidance.

For this example, we'll continue the steps using our recommended path, of choosing a regulated crypto trading platform.

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2. Sign Up and Create an Account At A CTP

Once you decide on an regulated cryptocurrency trading platform, 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 Canadian dollars 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. Timelines will vary from platform to platform, but generally you can expect the following experience with each funding method.

• 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

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

What’s next? Navigate to the 'trade' screen on your crypto trading platform, and find Bitcoin. Typically this will be denominated by "BTC" or in some cases "XBT". Make sure you are buying Bitcoin, and not a derivative like Bitcoin Cash or Bitcoin Gold. There's only one Bitcoin!

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

As a beginner in Bitcoin, choosing the right storage method is one of the most important decisions you’ll make. The primary consideration is security—since Bitcoin is decentralized and irreversible, losing access to your coins can mean losing them forever. At the same time, convenience matters, especially if you plan to transact frequently. Your choice will depend on your level of technical comfort, how often you need access to your Bitcoin, and the amount you're storing.

For those just starting out, a custodial wallet—such as an exchange wallet—might be the easiest option. Canadian regulated crypto trading platforms like Bitbuy or Coinsquare, provide user-friendly interfaces and take care of security measures like private key management. However, this comes with a trade-off: you’re trusting a third party with your Bitcoin, meaning they control your private keys. Custodial wallets are best for small amounts or frequent transactions but are not ideal for long-term storage.

If you're planning to store a significant amount of Bitcoin for the long term, a hardware wallet is the safest choice. Devices like the Ledger Nano X or Trezor Model T store your private keys offline, protecting them from hacks and malware. While hardware wallets require an upfront investment and a bit of setup, they provide the highest level of security. Just be sure to store your recovery phrase in a safe place, as losing it could mean losing access to your Bitcoin permanently.

Ultimately, the best way to store your Bitcoin depends on your needs and risk tolerance. Beginners might start with an exchange for convenience but should transition to a non-custodial or hardware wallet as they become more comfortable. Regardless of which option you choose, always prioritize security—use strong passwords, enable two-factor authentication, and keep backups of your recovery phrase in a secure location.

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