When purchasing cryptocurrency in Canada, many exchange platforms allow credit or debit card payments. However, buying crypto with a credit card often incurs high fees and added risks. This guide explores which platforms accept credit cards, associated costs, and safer alternatives.
Can You Buy Crypto with a Credit Card?
Yes, several Canadian crypto exchanges accept credit card payments, including Paybis, MyBTC.ca, and Kraken. After selecting an eligible platform, enter your credit card details during checkout to complete the purchase.
Platforms Allowing Credit Card Crypto Purchases
To simplify comparisons, we use the Finder Score—a weighted metric evaluating supported coins, fees, and features across 28 exchanges. Scores range from 0 to 10, with higher values indicating better platforms.
👉 Compare top-rated crypto exchanges
How to Buy Crypto with a Credit Card in Canada
Follow these steps to purchase cryptocurrency using a credit card:
1. Choose a Credit Card-Friendly Platform
Select an exchange that accepts credit card payments. Our curated list highlights reputable options.
2. Create an Account
Register with an email and password, then complete KYC verification (e.g., photo ID submission).
3. Make Your Purchase
Enter your credit card details (card number, name, CVV, billing address) and select the crypto amount.
4. Store Your Crypto Securely
While exchanges provide built-in wallets, transferring funds to a personal wallet (e.g., MetaMask) enhances security.
Fees & Risks of Credit Card Crypto Purchases
Common Fees:
- Cash advance fee: $3.50–$5 (treated as a cash advance by most issuers).
- Trading fee: 0.01%–0.5% (varies by platform).
- Network/gas fees: 0.5%–5% (depends on blockchain).
- Currency exchange fees: Applied for cross-border transactions.
Risks:
- High interest rates (23%+ for cash advances).
- Potential payment blocks by card issuers.
- Debt accumulation if balances aren’t paid promptly.
Pros and Cons
| Pros | Cons |
|-------------------------|---------------------------|
| Instant transactions | High fees |
| Convenient | Interest charges |
| Earn credit card rewards| Debt risk |
Safer Alternatives to Credit Cards
- Bank Transfers: Low fees ($0–1%) via exchanges like Coinbase.
- Interac e-Transfer: Fast, with fees up to 0.5%.
- Cash: Use ATMs or peer-to-peer marketplaces.
FAQs
Q: Can I buy crypto anonymously with a credit card?
A: No—transactions are traceable via your card’s linked ID.
Q: Which Canadian credit cards allow crypto purchases?
A: Visa/Mastercard generally permit it, but issuers like RBC may block such transactions.
Q: Are there platforms without KYC verification?
A: Few exist, but they’re riskier and often non-compliant with Canadian regulations.
Bottom Line
Buying crypto with a credit card is fast but costly due to fees and interest. Prioritize platforms with transparent pricing, and consider bank transfers or e-Transfers for lower costs.