Buying digital assets in Canada is much easier than many people think. All you need to do is select a trusted exchange in Canada, create an account, deposit Canadian Dollars (CAD) and you are ready to buy.
Bitbuy is the leading cryptocurrency exchange based in Canada. This platform simplifies trading of digital assets for all Canadian residents through their retail-friendly exchange, and convenient over-the-counter (OTC) services for institutional investors. They are a great way to buy Bitcoin with an RBC Bank Account or TD Trust Account.
Their fee's are the most competitive in the industry, and they also offer a great selection of cryptocurrencies to buy, sell and trade.
Kraken was founded in mid-2011 by long time Bitcoin advocate Jesse Powell and has grown to become one of the world's largest exchanges. Based on volume alone, they are the largest exchange in Europe and the UK.
Kraken is one of the most trusted exchanges worldwide.
Coinsquare is the largest and longest running crypto and Bitcoin exchange in Canada. It enables users to easily buy and sell Bitcoin, Ethereum and other cryptocurrencies.
Their platform offers many different ways to trade crypto including an instant buy feature, traditional order book and OTC for institutional investors. Learn more about Coinsquare Fees.
Binance is arguably the world’s largest Bitcoin and cryptocurrency exchange. They offer the best platform for crypto to crypto trades if you are looking to boost your Bitcoin holdings and stack some satoshi’s.
Buy Bitcoin Finder recommends Binance as the best place to trade Bitcoin against other cryptocurrencies for the lowest fees and the deepest liquidity. Binance also offer a Bitcoin Futures trading platform with up to 125x leverage.
Shakepay is a new and highly regarded Bitcoin and cryptocurrency exchange based in Canada. They have an easy to use web app and iOS/Android app that enables users to buy Bitcoin and other cryptocurrencies within minutes.
On Shakepay, users can cashin and cashout their cryptocurrencies with no fees, instantly. They offer Interac e-Transfer, EFT & Wire Transfer for deposits and withdrawals.
Coinberry is an exchange based in Canada that offers a sleek and simple user interface on both their web and mobile app that enables users to buy, sell and trade Bitcoin, Ethereum and more.
CoinField is the best known Bitcoin and cryptocurrency exchange based in the Cayman Islands. They offer an end to end service for all kinds of crypto users including an easy to use exchange with an iOS and Android app, as well as a market leading OTC desk for institutional and high net worth investors.
CoinField are operational across 193 different countries and offer a wide range of payment methods and fiats to onboard into the digital asset space.
Coinmama allows users from any country around the world to buy Bitcoin, Ethereum and Chainlink using their exchange. They are one of the few exchanges that allow Credit Card and Debit Card purchased for Bitcoin and crypto using Visa and Mastercard.
If you are a customer in Europe, you can also buy Bitcoin with a SEPA transfer for a lower fee. Coinmama is an extremely private and secure option to invest in Bitcoin as they will send it to your personal Bitcoin wallet, as opposed to having the Bitcoin or cryptocurrency on a managed and less secure wallet on their platform.
Gemini was founded by well known venture capitalists, the Winklevoss twins. They are a New York based Bitcoin exchange that enable residents of the United States, United Kingdom, Canada and more to buy, sell and trade using their exchange.
Gemini offer both a web application and iOS/Android app that enable users to invest in Bitcoin and other cryptocurrencies within minutes.
eToro is a world renown multi-asset brokerage company that allows users to invest in Bitcoin as well as buy and trade other cryptocurrencies, stocks, ETFs, currencies, indices and commodities.
eToro is a well respected business that is best in class in terms of security and regulation from a global standpoint. eToro is available in most countries around the world including Australia, Canada, United States, United Kingdom, New Zealand and more.
Canada allows the use of digital currencies like Bitcoin, however the regulatory authority of Canada does not consider Bitcoin and cryptocurrencies as legal tender. Canada’s tax laws and rules, such as the Income Tax Act, also apply to Bitcoin/crypto transactions. The Canada Revenue Agency has recently provided clarity and classified Bitcoin as a commodity, stating that the use of Bitcoin to pay for goods and services is to be considered a barter transaction.
In summary, buying Bitcoin in Canada and transacting Bitcoin in Canada is completely legal. But you still cannot buy Bitcoin on Questrade or many other brokerage accounts in the country, so you have to use a recommended and specialised cryptocurrency exchange.
The Canadian Revenue Agency (CRA) has recently declared that Bitcoin and other cryptocurrencies are taxable as commodities as opposed to traditional currencies. As discussed above, this means that Bitcoin transactions are viewed as barter transactions.
With respect to profits from trading or selling Bitcoin in Canada, this is considered capital gains. This is largely due to the fact that only a part of that profit will be taxable at the applicable rate. Meaning you will only be taxed the amount that you profited from the transaction, for example:
1. John buys 1 Bitcoin in Canada at $10,000 CAD
2. John then sells that same Bitcoin for $12,000 CAD
3. The taxable amount is the $2,000 profit on the 1 Bitcoin
Quebec has been popularised as a great area to mine Bitcoin in Canada due to its inexpensive and largely renewable sources of power. For Bitcoin mining to be effective, it essentially requires the most energy at the lowest cost and this is why Bitcoin mining companies have started to build infrastructure in Quebec. The most popular source of renewable energy in Quebec at the moment is hydropower.
If you are a high-net-worth individual or institution looking to buy Bitcoin shares (over $100,000 CAD) - we recommend you check out a Bitcoin over-the-counter (OTC) desk in Canada. Bitcoin OTC desks offer a personalized and secure service that allows you to buy over $100,000 CAD worth of Bitcoin without worrying about getting a bad price.
Buy Bitcoin Finder recommends Coinsquare as the go to OTC desk for Bitcoin in Canada. They offer fast settlement, personalised service, secure gateways to foreign currencies and much more. You can also purchase bitcoin using TD Bank in Canada or Scotiabank with Coinsquare.
The latest Bitcoin and cryptocurrency news from around the world.