How to Buy Bitcoin How to Buy Bitcoin in Canada

How to Buy Bitcoin in Canada

my face
By ,
September 26, 2023

We may receive advertising compensation when you click certain products. Before jumping into this page, an important disclosure.

Buying bitcoins in Canada is simple. Simply find an exchange, deposit money and then purchase bitcoins. Once you purchase bitcoins, you can send them, sell them or trade them.

In Canada, bitcoins can be purchased online or in-person at ATMs. Toronto, Vancouver and most cities in Canada have ATMs to buy from with cash. ATMs are fast and easy, but have high fees.

A Bitcoin wallet that works in Canada may be needed. We've also outlined some of the best wallets to use in Canada.

At A Glance Quick List: Compare Exchanges

Exchange Our rating Founded Fees
Star icon

4.6

Best Overall Canadian Exchange

2016

0-2%

Star icon

4

Best for Many Coins

2015

0-4%

Star icon

4.5

Best New Exchange

2013

0-4%

Star icon

4.6

Best for Low Fees

2011

0-4%

Star icon

4.6

Best for Speed

2011

0-4%

List of Canadian exchanges

Best Overall Canadian Exchange

Our Rating

Star icon

4.6

Trading Fees

0-2%

Founded

2016

Buying Speed

Buy Instantly

  • Fast way to buy bitcoins
  • Very high buy and sell limits
  • Only Canadian exchange to offer 1:1 BTC insurance
  • No longer supports Flexepin
  • Unlock: Initiate your crypto journey with a special $40 bonus by depositing a mere $250 upon account creation.
  • Trade: Buy and sell from a selection of over 25 prominent cryptocurrencies, and enjoy the simplicity of Quick Verification and substantial trading limits.
  • Exceptional: Navigate through Express Trading for swift and easy deals or employ Pro Trading for more comprehensive control and market insights.
  • Elite: Experience secure and optimal OTC trading for substantial transactions, minimizing market fluctuations and guaranteeing best prices.
  • Business: Fortify your business assets by incorporating Bitcoin into your balance, backed by Bitbuy’s professional consultation and versatile solutions for enterprises of all scales.
  • Referral: Embrace the win-win scenario with the Bitbuy referral program, rewarding both you and your referrals with a $40 bonus.
  • Mobile: Command your trades on the go with Bitbuy’s intuitive mobile app, available on iOS and Android, offering both Express and Pro Trading features.
  • Transparent: Enjoy the clarity of no hidden fees, with clear guidelines on deposit types, trading fees, and minimum and maximum deposit amounts.
  • Leading: Rest assured with Bitbuy’s top-notch security measures, including 99% of assets in unhackable cold storage and additional digital asset insurance.
  • Accessible: Resolve your queries promptly with Bitbuy’s responsive email support and extensive help desk, renowned for their excellent customer service ratings on Trustpilot.
  • Invest: Bitbuy, standing as a beacon for Canadian crypto investors, offers unparalleled ease of use and trading limits, albeit with a premium on fees.
  • Limited: Despite its advantages, Bitbuy offers a more concise selection of cryptocurrencies and lacks features like staking or passive income opportunities.
  • Best for Many Coins

    Our Rating

    Star icon

    4

    Trading Fees

    0-4%

    Founded

    2015

    Buying Speed

    Buy Instantly

    • 120+ coins supported
    • Free wallet included
    • Not registered with Ontario Securities Commission
    • Founded in 2015, serving users in 180 countries.
    • Allows buying, selling, and trading of over 250 cryptocurrencies.
    • Transparent fee structure with no commissions, deposit fees, or maker-taker fees. Charges spread fees.
    • Offers the ability to trade within asset classes.
    • Provides a cash-back debit card enabling payments with assets held on the platform.
    • Supports user-friendly trading via desktop platform or mobile apps available on Android and iOS.
    • Industry-standard security with majority of user funds held offline in cold storage.
    • Quick account setup and user verification process.
    • Customer service accessible via live chat, website form, and social media.
    • Receives mixed customer reviews, with some highlighting communication issues and others appreciating product offerings and platform simplicity.
    Best New Exchange

    Our Rating

    Star icon

    4.5

    Trading Fees

    0-4%

    Founded

    2013

    Buying Speed

    Buy Instantly

    • Trusted exchange with 100 million+ users
    • Based in USA, free wallet included
    • App available on Apple App Store & Play Store
    • Only recently launched in Canada
    • Works globally, not just in Canada
    • Publicly traded on NASDAQ under the ticker COIN, establishing reliability and trust.
    • Over 98 million users globally, handling over $96 billion USD in assets since 2012.
    • Offers secure buying, selling, and storage of a variety of cryptocurrencies with no history of losing customer funds.
    • Provides Coinbase Wallet for diverse digital asset storage and Coinbase Pro for advanced traders, with instant transactions after cash deposit.
    • Enhanced security measures include two-factor authentication and machine learning for monitoring unusual transactions.
    • Opportunity to stake coins, earning additional on cryptocurrencies like Ethereum (3.26%) and USDC (4.6%).
    • Transparent fee structure: 1.49% for transactions with a bank account and 3.99% for debit/credit cards.
    • Features Coinbase Card, allowing spending in stores that accept Visa, with cashback in various cryptocurrencies, available to USA residents (excluding Hawaii).
    Best for Low Fees

    Our Rating

    Star icon

    4.6

    Trading Fees

    0-4%

    Founded

    2011

    Buying Speed

    Buy Instantly

    • Trusted exchange with 9 million+ users
    • Based in USA, free wallet included
    • App available on Apple App Store & Play Store
    • Interface may be confusing for new users
    • Works globally, not just in Canada
    • Founded in 2011, based in San Francisco, USA; available in 100+ countries.
    • Offers 200+ cryptocurrencies; high liquidity, with hundreds of millions or billions in 24H trading volume.
    • Reputation for strong security; no recorded hacks or security breaches.
    • Provides both a web and mobile app interface along with an advanced trading platform, Kraken Pro.
    • Implements zero-fee staking; over 10 coins can be staked.
    • Supports Interac e-Transfers for Canadian dollar deposits and withdrawals.
    • Charges 1.50% for Interac e-Transfer deposits, and a $10 fee for withdrawals.
    • Maker/taker fees start at 0.16%/0.26%.
    • Offers 24/7 customer support accessible via live chat, phone, and email.
    • Regulated as a Money Service Business (MSB) in Canada, registered with FINTRAC; also in pre-registration stage with the Ontario Securities Commission (OSC).
    • Provides features like margin trading, NFT marketplace, educational guides, and an affiliate program.
    Best for Speed

    Our Rating

    Star icon

    4.6

    Trading Fees

    0-4%

    Founded

    2011

    Buying Speed

    Buy Instantly

    • Trusted Canadian exchange
    • Support for buying with Flexepin and Interac
    • Users love MyBTC - 4.8 stars on TrustPilot
    • Interface may be confusing for new users
    • Website is not as clean as others
    • Exclusively Canadian cryptocurrency exchange, operating since 2016.
    • Facilitates quick purchases of Bitcoin and Ether with Canadian Dollars (CAD).
    • Non-custodial platform; transfers crypto directly to user-provided wallet addresses, minimizing counterparty risks.
    • Supports various payment methods, including Interac e-Transfer, credit and debit cards, bank wire transfer, cash or debit card, and Flexepin vouchers.
    • Transparent fee structure with different fees for different payment methods. Fees range from 4.75% to 9.75%.
    • No mobile app available; not a decentralized platform.
    • Fast user verification process; mandatory KYC compliance required.
    • Customer support available via various channels, including contact form, email, live chat, and social media, typically responding within an hour.
    • Regulated by The Financial Transaction and Reports Analysis Centre of Canada (FINTRAC); holds Money Services Business (MSB) license no. M20844324.
    • Receives solid user ratings on various platforms like TrustPilot and Google, indicating a high level of user satisfaction.

    Why Trust Us

    Experience icon

    Experience

    We've been monitoring Bitcoin & crypto exchanges since 2015.

    Unbiased icon

    Unbiased

    Our choices are data-backed with influencer endorsements and TrustPilot feedback.

    Research icon

    Research

    We monitor crypto updates for our top exchanges.

    How to Buy Bitcoin in Canada: Exact Steps

    Account icon

    Create an Account

    First, you'll need to sign up on an exchange and create an account. This only takes a few seconds.

    Verify icon

    Verify ID / KYC

    You will be required to upload a picture of your ID, and/or you with your ID/driver's license.

    Deposit icon

    Deposit money

    Select a payment method. This payment method will be used to Deposit CAD into your account.

    Bitcoin icon

    Buy Bitcoin

    Once your ID is verified, choose payment and deposit methods and you can easily purchase Bitcoin.

    How We Chose The Best Places to Buy in Canada

    Selecting the best places to buy Bitcoin in Canada involved a meticulous evaluation process to ensure that you have access to reliable and trustworthy platforms for your cryptocurrency needs.

    Canadian Bitcoin Exchange History: QuadrigaCX

    It's time for a little history, as QuadrigaCX is an important part of Canada's Bitcoin history to understand. QuadrigaCX, previously Canada's largest crypto exchange, collapsed in 2019, leading to bankruptcy with $215.7M liabilities and $28M assets. Ernst & Young supervised the company's protection from creditors.

    Despite reorganization attempts, bankruptcy was declared. RCMP and FBI investigated, while customer lawyers sought Cotten's exhumation for clarification. Quadriga's downfall remains a mystery, raising questions about cryptocurrency security, accountability, and potential fraud.

    Quadriga's fall emphasizes the importance of choosing reputable exchanges with transparent operations and secure custody solutions.

    Full List and Description of Exchanges

    Bitbuy.ca

    bitbuy.ca thumbnail image

    Bitbuy is a cryptocurrency exchange based in Canada. You can buy bitcoins, litecoin, ethereum and other coins with Interace e-Transfer or bank wire for as low as 0.1% fees. The exchange has good support available through its live chat, or via phone & email.

    New users will receive $50 CAD in BTC once they deposit at least $250 CAD.

    Star icon

    4.6

    Best Overall Canadian Exchange

    Uphold

    uphold thumbnail image

    Uphold is a global exchange and supports residents of Canada. Uphold offers a free wallet. The company is registered with the Financial Transactions and Reports Analysis Centre of Canada.

    Star icon

    4

    Best for Many Coins

    Coinbase

    coinbase thumbnail image
    Coinbase one of the largest exchanges, with over 100 million users.

    Residents of Canada can buy bitcoins and crypto fast and easily using Coinbase's free app or on its website.

    Coinbase also offers a free wallet for its Canadian users.
    Star icon

    4.5

    Best New Exchange

    Kraken

    kraken thumbnail image
    Kraken supports users from Canada. It offers some of the lowest fees available, along with unique features like staking. Kraken has over 9 million users globally and is one of the world's largest exchanges. Users in Ontario are unable to use Kraken's crypto futures trading.
    Star icon

    4.6

    Best for Low Fees

    MyBTC.ca

    mybtc.ca thumbnail image
    • Speed: Swift online identity verification and rapid delivery of cryptocurrency.
    • Trustworthiness: A reputable source for Bitcoin since 2016 in Canada.
    • Convenience: Multiple payment options, including Interac e-Transfer, Bank Wire, Credit Card, and Flexepin vouchers.
    • Availability: Operates 24/7, offering continuous access and live chat support.
    • Security: Prioritizes user safety with multi-factor account authentication and a non-custodial service model.
    • Local Commitment: Entirely Canadian, supporting the national crypto community and economy.
    Star icon

    4.6

    Best for Speed

    Frequently Asked Questions

    Methodology

    BuyBitcoinWorldiwde is dedicated to providing readers with detailed and comprehensive reviews. To list exchanges, we examined each exchange's history, security, fees, customer support, coins supported and its trust. Our goal is to make it easy to make informed decisions about exchanges.

    Research Process

    • Exchanges listed for review: 13
    • Number of exchanges that ended up being listed: 8
    • Time taken to write, review and research for this article: 13 hours

    About the Author

    Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. He studied computer science at Towson University and holds an online degree in trading & cryptocurrency. Jordan has been writing about Bitcoin since 2015. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets.