This means you will pay anywhere from a fraction of a percent to a few percent more than the going rate of the asset when you make the purchase. Most exchanges that require the Know Your Customer process allow you to deposit and withdraw tens of thousands of Canadian dollars per day. This is more than most average traders deposit and withdraw on a daily basis.

You can also invest in shares of companies that invest in Bitcoin, like PayPal and Square. Snipe your trades on the fly with our live order book on Bitbuy Pro Trade. Established in 2016, Bitbuy is Canada’s most secure and trusted platform for BTC, ETH and other cryptocurrencies. All information was sourced from the platforms’ websites, press releases and company employees.

Most broker services have simplified trading terminals where you simply enter the amount of Bitcoin you want to sell and what currency you want to receive in return. Once you confirm your trade, the broker will route your trade on an exchange and deposit the proceeds of the transaction bitcoin brokers canada into your account. Coinbase also offers a more traditional exchange, Coinbase Pro, designed for more advanced users. On Coinbase Pro, you can sell and buy cryptocurrencies from other users, just as you would on Binance, or any other regular cryptocurrency exchange.

bitcoin brokers canada

Also, while a great platform in general, it is geared towards more advanced traders and is not particularly beginner friendly. Fees range from 0.5%-1.5% depending on the type of transaction, like funding your account, cashing out, or making a trade for example. Kraken Pro offers lower trading fees based on your 30-day trade volume. There will also be a rate difference between the sell price and the buy price.

Step 1: Open a Crypto account

If you decide to use Newton, make sure to check our Newton crypto exchange review. For example, we spent $100 with Newton Canadian crypto exchange. When making the trade we received $99.10 worth meaning we lost $0.90 or 0.90% to the spread and that’s your only expense. The benefit of a P2P marketplace is that it gives you a platform to trade directly with others.

NDAX offers staking for certain coins; its website has a handy staking calculator. This isn’t an exhaustive list of all the cryptocurrency exchanges or platforms out there. What’s best for you depends on your own investing strategy, budget and financial goals.

How to use a cryptocurrency exchange

So proceed with caution and do your homework if you’re thinking about investing in Bitcoin using CFDs. Once set up, you proceed to selecting the type of cryptocurrency that interests you and the percentage of the coin you’d like to buy. Buy, sell and trade Bitcoin, Ether, XRP, Cardano, Litecoin, Dash and more.

If they do, make sure your credit card company or bank allows crypto transactions. Some exchanges allow you to connect your bank account directly for easier funding, with others only offer eTransfer or bank wires. Some exchanges allow you to fund your account with cash through Canada Post. Bitvooffers 11 different cryptocurrencies and is one of the only exchanges to offer a Canadian Dollar backed stablecoin called QCAD.

  • Exchanging your Bitcoin for Canadian dollars might sound like a challenge, but it can be a fairly straightforward process.
  • Active traders will need a robust and reliable platform that provides real-time cryptocurrency price charts that let them execute trades quickly.
  • Trading fees are a spread between the buy and sell price, but the platform does not disclose a specific spread on the site, which means it fluctuates with market volatility.
  • Once confirmed, you can then transfer funds to your bank account in fiat currency or to a prepaid credit card with some exchanges.

As with other MoneySense guides and rankings, this will be updated and the list will be expanded periodically. Exchanges in several countries are subject to anti-money laundering and counter-terrorism financing (AML/CTF) regulations. In order to comply with these regulations, exchange operators must gather certain details about their customers – which is why you may be asked to provide proof of ID. This process is typically referred to as “know your customer” or KYC.

Canadian-owned company offers the easiest and safest way to buy bitcoin in Canada

The best exchange or platform for one person might not necessarily be the right choice for someone else, so it’s essential to do your own research. Compare cryptocurrency exchanges to find one that offers the right service for you. The advantage of using a broker is your transactions should be instant.

bitcoin brokers canada

If you’re thinking about investing in cryptocurrencies such as bitcoin, ethereum or cardano, choosing a crypto trading platform will likely be one of the first steps. Canada has several home-grown platforms that cater to beginner investors and experienced traders alike. At first glance, they might seem substantially similar, but the features, fees and customer support can vary widely. It’s worth doing your research to find the best crypto trading platform for your needs—and to understand your risk tolerance for these very volatile assets. CoinSquare is a secure Canadian crypto trading platform that offers some of the lowest fees and the widest range of crypto coins in Canada.

Some are designed for long-term investors, while others are built for those who want to trade more frequently. As you’re shopping for the best crypto exchange for you, here are some ways to narrow down your options. Because CEXs account for most crypto trades, these exchanges tend to have greater liquidity.

Cryptocurrencies, for the most part, aren’t backed byfiat currencies, and their values are almost entirely dependent on market speculation. Looking for the cheapest crypto exchange in Canada is a good idea to start with. But you should consider all the different costs that you will be exposed to when choosing the best crypto trading platform. A very important deciding factor when it comes to trading cryptocurrency is the fees. This may sound obvious, but when you are trading cryptocurrency on an exchange, you pay fees every time you buy and every time you sell. When you look at the advantages and disadvantages of each crypto exchange, you can weigh this against what you are trying to do.

Crypto wallets

In addition to buying and selling cryptocurrency, you can stake your assets to earn yield. There are step-by-step guides to help beginners get started, while experienced investors will feel at home with Kraken Pro – a platform tailored to well-seasoned traders. The main reason for owning Bitcoin has changed in the last two years.

Should I get a credit card?

The easiest way to get a crypto wallet is to open one through a crypto exchange that offers free withdrawals and deposits. Then you can use the wallet feature to hold the crypto and you are not obliged to use the trading platform. From depositing to trading and withdrawing funds, how much will it cost you to buy and sell crypto on each platform? Consider your payment method, the currencies you want to use and any discounts you may be entitled to when completing these calculations. For instance, fees for credit card purchases are usually higher than for a bank transfer. As such, the Binance platform hosts a huge volume of transactions, which allows it to have extremely competitive fees.

If the exchange charges a 1% transaction fee then you will pay $400 to buy the Bitcoin. You can look at the comparison tool up top to see the different rates of Canada’s best trading platforms. With so many crypto trading platforms to choose from, it’s essential to review their features in detail. Read our reviews of some of the most popular cryptocurrency exchanges in Canada and around the world before you decide which to use. Compare the features, fees and pros and cons of each platform and consider whether they align with your investment goals and budget. To purchase cryptocurrency, you will need a crypto trading account at a Canadian crypto exchange.

This makes BMO not the only Canadian bank to restrict crypto purchases. After funding your account, you can buy and sell cryptocurrency using the CoinSmart crypto app. The platform currently supports 16 popular coins, including BTC, ETH, SOL, ADA, DOT, and many others.