Most of them are located in Toronto, Montreal, and Vancouver. There are currently some 700 Bitcoin ATMs in the country, many of which also offer other cryptocurrencies like Ethereum and Litecoin. Most of the major cities in Canada accept Bitcoin. Just be careful to make sure the individual you are trading with has a longstanding reputation. This can be done through bank transfer or even an in-person trade. Of course, you can always head on over to LocalBitcoins to purchase or sell Bitcoin over-the-counter. Fees are relatively low and it remains a popular destination for traders around the world. Although the order books for its CAD-based trading pairs is rather thin, it does offer more altcoins than its competitors like Coinbase. Kraken offers services in the United States, EU, Japan, and also Canada. The exchange is currently expanding its offered cryptocurrencies to include other altcoins like Ripple (XRP), Chainlink (LINK), and more. If you’re a beginner, you can simply just purchase some BTC instantly through Coinbase’s own custodial service.
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With high liquidity, traders can head on over to Coinbase Pro to conduct crypto-to-crypto trades. CoinbaseĬoinbase is the leading global cryptocurrency exchange for fiat-to-cryptocurrency trading and is also available in Canada. The exchange is well known for its around-the-clock support services. Trading fees are generally 0.25% or below for trades of under $5,000 in volume. It offers CAD deposits via bank transfer or Interac e-Transfer for free. EinsteinĪ relative newcomer onto the scene, Einstein formed in 2017. Bank deposits and withdrawals and deposits are fully supported. Cryptocurrencies can be purchased with Canadian Dollars (CAD) and fees are competitive at 0.2%. It also offers other cryptocurrencies like Ethereum, XRP, and Litecoin. Coinsquareīased in Toronto, Coinsquare is the leading cryptocurrency exchange in Canada and often boasts some of the highest Bitcoin trading volume in the country. However, international exchanges like Coinbase also allow Canadians to buy BTC just as easy as Americans. There are a few cryptocurrency exchanges that are based in Canada and have been operating in the country for a long time. The industry is well-regulated and there are no real legal ‘grey areas’ for investors. So, Canadians will not have a hard time buying and selling Bitcoin. Most of the exchanges which currently offer their services in the United States also do so in Canada. However, this is just a technicality and has no bearing on the everyday investor in Bitcoin. Legal tender in Canada can only be banknotes issued by the Bank of Canada and any coins minted under the Royal Canadian Mint Act. However, it should be noted that Bitcoin is not considered legal tender in Canada.
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However, investors are free to hold and trade Bitcoin or any other cryptocurrency as they wish without any issues. However, there is a currently a banking bank for those looking to purchase cryptocurrencies with a debit or credit card. Is Bitcoin Legal in Canada?īitcoin is completely legal in Canada. However, keep in mind that it may take a few days for the payment to process due to a bank wire being required as per Canadian law. Overall, for the everyday investor, buying Bitcoin won’t be an issue. Companies accepting virtual currency are expected to register with Fintrac. As of April 2018, cryptocurrencies can not be purchased with credit and debit cards due to a blanket ban. However, keep in mind that BTC can only be purchased with a bank transfer in the country. According to a mid-2018 study by the Bank of Canada, around 85% of Canadians know what Bitcoin is. Bitcoin in Canada: Live CAD Price, Best Exchanges, Taxes, and HistoryĬanada is generally considered to be a cryptocurrency-friendly country.