How to buy Bitcoin in Canada
Bitcoin is the first decentralized digital currency. It operates without central banks or intermediaries, allowing for peer-to-peer transactions across borders in minutes. Many people buy Bitcoin in Canada and globally as an investment or to use it for transactions. Bitcoin’s popularity has fueled the growth of other cryptocurrencies, like Ethereum, which offers similar decentralized features.
How to buy Bitcoin in Canada can be confusing. There are a lot of options and fees to consider, and most exchanges only support a handful of coins. In addition, some exchanges require you to register as a money service business and follow regulations designed to prevent money laundering and terrorist financing.
Top Crypto Platforms in Canada: Where Canadians Are Buying Bitcoin
While there are over 535 crypto exchanges in the world, most of them don’t serve Canadians. To avoid the risks of unregulated exchanges, look for a cryptocurrency broker that is licensed and registered in your country. Most brokers are also required to meet certain security standards, like having two-factor authentication, so you can feel confident that your funds are safe.
If you want to invest in Bitcoin without having to manage your own wallet, consider investing in a Bitcoin ETF (exchange traded fund). This gives you diversified exposure to the price of Bitcoin without the need for an exchange or a separate wallet. In addition, you can buy ETFs in your TFSA or RRSP to take advantage of tax benefits.