How to Buy and Sell Bitcoin in Canada – A Complete Guide

Let’s take a look at what you need to know about buying and selling Bitcoin in Canada, so you can start your gambling adventure in no time.

If you are based in Canada and you are completely new to the Crypto Casino world, diving straight into the trading aspect can be a bit overwhelming at first. Thankfully, learning the ropes of Bitcoin trading is quite straightforward, and we are here to shine a light on the process!

Is Bitcoin Legal in Canada?

Let’s start with the mother of all questions regarding Bitcoin Casinos in Canada – is it actually legal in the country? Digital Currencies and Crypto Casinos are not recognized in Canada, but trading with Bitcoin is 100% legal.

The Canadian Government specifies that tax rules apply to every Bitcoin transaction, and all cryptocurrencies are taxed as a capital gain or business income. Therefore, nothing stops you from trading Bitcoin in Canada – as long as you play by the rules and pay your taxes!

Buying Bitcoin on a Crypto Exchange

Now that we have cleared the legal status of Bitcoin in Canada, let’s take a look at the first option for buying and selling digital assets – a crypto exchange.

Crypto exchange sites are platforms where buyers from all over the world, including Canada meet to buy and sell Bitcoin and other cryptocurrencies.

Exchanges have low fees, but on the surface, their interfaces may seem a bit complex to newbies in the industry. Advanced performance charts, trade types, and other functionalities might confuse you at first, but you will grasp the basics pretty quickly.

Canada is home to some local crypto exchange platforms, with the most notable ones being:

• Coinbase
• Netcoins
• Newton
• Coinberry
• Binance Canada
• Coinmama
• BitBuy
• Bitvo

All novices in the Bitcoin trading world need to remember to check whether the crypto exchange platform supports fiat currency transfers with Canadian dollars.

Some exchanges will only allow you to buy Bitcoin with another crypto, but most of the options we suggested above support e-transfers and bank wires.

Interac is arguably the most convenient option for Canadians for buying Bitcoin, but bank wires are also a possibility. Note that if you choose the latter, it might take up to 3 days for the funds to reach your account at the exchange.

Arguably the most used payment method among Canadians for buying Bitcoin is a Credit Card, but be wary of the fees that can range from 5-10% per transaction.

All in all, we can summarize the process of buying Bitcoin from a crypto exchange as follows:

• Choose a crypto exchange that accepts Canadian dollars and fiat payment methods;
• Create an account – fill out the necessary information in the registration form and create your exchange account;
• Verify your account – some crypto exchange platforms like Binance will ask you to submit government-issued documents that confirm your identity;
• Deposit into your account – choose one of the available payment methods and fund your account;
• Place your Bitcoin order – enter the BTC ticker symbol and the number of coins you would like to buy;
• Choose a storage method – you can choose to keep your Bitcoin assets on the exchange or you can opt for another software wallet or even a cold storage.

Buying Bitcoin From Peer-to-Peer Platforms

If you are not a big fan of crypto exchange platforms, we invite you to utilize the perks of P2P platforms. They are also crypto exchanges where you can trade Bitcoin and other digital assets with other users, but they are local ones – without any third-party involvement from a broker or a custodian for your digital assets.

As such, the fees at P2P platforms tend to be much lower, so as long as you choose a reputable platform, you have nothing to worry about!

To start trading at P2P platforms, all you have to do is follow the next few steps:

• Find a platform that suites your needs and register an account
• Search for a user who wants to trade Bitcoin
• Agree on the payment method
• Escrow service – you and the other user will deposit your assets into an escrow service that the platform controls – this is done for security and fraud prevention
• Confirmation – once both sides confirm the transaction, the escrow service will release the assets and the trade is completed
• Ratings – you can even rate and provide feedback on the transaction, hence helping with the trust-building on the P2P platform.

With all this in mind, to save you valuable time on research, here are our suggestions if you are on the lookout for top-class P2P platforms:

• BingX
• SimpleSwap
• 1Inch
• WazirX
• BitKan
• Paxful
• BitSquare
• Coinffeine

Bitcoin ATM Trading

You can also buy Bitcoin from a specialized ATM. Bitcoin ATMs have gained popularity over the past few years as an easy way for you to purchase the digital asset using your cash.

So, buying Bitcoin from an ATM is a walk in the park, and you need to follow the next few steps:

1. Find a Bitcoin ATM – thankfully, Canada has a large number of Bitcoin ATMs, so locating one should not be a problem.
2. Verify your identity – some Bitcoin ATMs will ask you to verify your ID by submitting a phone number or scanning your ID.
3. Deposit – Choose the Deposit option on the ATM and follow the instructions to deposit your money.
4. Calculate – the ATM itself will calculate what is the Bitcoin equivalent of the money you have deposited.
5. Enter the address – of course, you need a Bitcoin wallet for the assets you bought.
6. Confirmation – you can now hit the Confirm button and wait for the assets to arrive in your account. The Bitcoin ATM will issue a paper receipt with transaction details.

Face-to-Face Bitcoin Trading

It might seem a bit weird, but face-to-face Bitcoin trades are growing in popularity in Canada. If you value privacy and security, then you ought to think about this method of obtaining Bitcoin assets.

The process is quite similar to a P2P platform trading – you will find someone to deal with, and instead of making a wire transfer, you arrange a meeting and exchange Bitcoin for cash.

Note that such meetings require you to add an extra layer of security – never reveal your true identity or the address where you live.

A Healthy Market

Despite the fact that the entire crypto market is fluctuating and sometimes highly volatile, the Canadian Bitcoin community remains active.

As you can see, trading with Bitcoin is a very simple process, so as long as you choose a reputable platform and stick by Canada laws, you have nothing to worry about!