How to buy or sell bitcoin in Canada?

sell bitcoin in Canada

Bitcoin is the cryptocurrency that has shaken the world of finances last year. Even today, more than a month after the major Bitcoin craze, many people are wondering how they can buy Bitcoin in Canada. At the same time, some people are interested in selling this cryptocurrency for different reasons. Before we go into details, let us remind you that buying Bitcoin and other cryptocurrencies like Ethereum and Ripple is perfectly legal in Canada.

According to the latest statistics, QuadrigaCX, a Vancouver-based Bitcoin exchange platform is the largest Canadian website of this kind. This is the place where you can buy and sell other digital currencies too. Of course, this is not the only place where you can opt for bitcoins. For example, you can use Coinsquare.io. This platform is headquartered in Toronto. Regardless of the choice you make, you will have to register an account using some personal information. The information you will share usually includes your Canadian ID and an email address. Think about the information that users usually share on conventional online investing sites.

In most cases, Canadian Bitcoin exchanges accept payment methods like bank wires and electronic transfers when you are topping up or withdrawing your money. However, they don’t accept credit cards.

This is one of the main reasons why more and more Canadian are turning to Coinbase, a platform based in San Francisco, USA. Any Canadian with a debit card can buy and sell cryptocurrencies via Coinbase. Don’t forget that a few months ago, Coinbase deleted Canadian dollars as a payment option which means that your Canadian dollars will be converted to US dollars first. In other words, you should be prepared to pay some additional fees which is not a good option for many traders.

Another popular method of buying Bitcoin and other cryptocurrencies is direct reading with other people. In an effort to get sellers and buyers closers, a group of tech-savvy users has created localbitcoins.com. This website lets people arrange meetings and exchange currencies. This is a nice way to avoid fees and to improve security.

Finally, we should highlight the fact that Canadians can use Bitcoin ATMs too. The largest cities in Canada have at least few of these ATMs. Use the Internet to find the location to the nearest Bitcoin ATM and make a transaction. Be prepared to pay some fees.

2018-02-24T21:55:53+00:00