Bitcoin remains the world's most popular cryptocurrency, offering Canadians a decentralized alternative to traditional fiat currencies. This guide explores secure, legal, and efficient methods to buy Bitcoin in Canada, highlighting top-rated exchanges and platforms.
Why Buy Bitcoin?
Bitcoin’s value derives from its limited supply (21 million coins), global acceptance, and potential as a hedge against inflation. Unlike fiat currencies, it operates independently of central banks, relying on blockchain technology for transparency and security.
"Fiat money has no intrinsic value but holds value because governments mandate its acceptance. Similarly, Bitcoin’s worth is driven by user trust and adoption."
Top Ways To Buy Bitcoin in Canada
1. Cryptocurrency Exchanges
Bitbuy
- Best for: Beginners and advanced traders
- Coins offered: 50+ (BTC, ETH, LTC, etc.)
- Fees: 0–2% trading fee; free CAD deposits
- Promotion: [$50 bonus](https://www.okx.com/join/BLOCKSTAR) on deposits over $250
- Security: 90% cold storage, FINTRAC-registered
NDAX
- Low fees: 0.2% per trade
- Cold storage: 95% of assets
- Instant verification
2. Crypto Brokerages
Wealthsimple Crypto
- User-friendly app
- 50+ coins
- Assets held by Gemini Trust
Newton
- 70+ coins
- **$25 bonus** on first $100 trade
3. Bitcoin ATMs
- Convenient but high fees (5–10%)
- 1,800+ locations nationwide
4. Bitcoin ETFs
Invest indirectly via regulated stock exchanges:
- Purpose Bitcoin ETF (BTCC)
- CI Galaxy Bitcoin ETF (BTCX)
Storing Your Bitcoin
- Hardware wallets (e.g., Ledger, Trezor) – Most secure
- Exchange wallets – Convenient but riskier
- Paper wallets – Offline backup
Legality & Safety
- Legal: Yes, but taxed as capital gains/income.
- Risks: Volatility, hacking, and regulatory changes.
- Tip: Use insured platforms like Bitbuy or NDAX.
FAQ
Q1: What’s the cheapest way to buy Bitcoin?
A: Exchanges like NDAX (0.2% fee) or Newton (low spreads).
Q2: Can I buy Bitcoin with a credit card?
A: Yes, on Bitbuy and CoinSmart (now part of Bitbuy).
Q3: How do I avoid taxes?
A: You can’t—report gains to CRA as income or capital gains.
👉 Explore Bitbuy’s $50 bonus offer
Final Tip: Diversify investments and only risk what you can afford to lose. For advanced traders, consider OTC desks or limit orders to minimize costs.