Wednesday, December 6, 2017

How to buy Bitcoin in Canada

Bitcoin price is now over $14000 USD (Dec 6, 2017), which is quite crazy. Some friends asked me recently how to buy Bitcoin in Canada. So, I would like to introduce the options for Canadians to buy bitcoin today. Note: I am not telling you that you should buy those cryptocurrencies now. All I provide here is just an introduction of the workflow.

1) Coinbase

The easiest way for Canadians to buy Bitcoin (or other cryptocurrencies) is to use the website Coinbase (based in USA). If you want to sign up a coinbase account, please use our referral link below:

With this referral link, you will earn $10 USD of free bitcoin when you buy or sell $100 USD of digital currency or more. And our website will also get a bonus from Coinbase. Thanks.

The best thing of Coinbase is you can use your Canadian credit card to buy Bitcoin and the interface is very user-friendly. It is great for the newbie to try things out.

During the registration, you need to provide an email address, cellphone number and a credit card (for now, Canadian can only use credit card to buy Bitcoin on Coinbase). Only Visa/MasterCard is accepted. And Coinbase will charge you 3.99% convenience fee for that. Considering the 2% cash back of my credit card, the actual fee is 2%.

Coinbase will make 2 small authorization charges to your card. You can check your credit card account in a few minutes and come back to Coinbase to tell them the amounts of those 2 charges to complete verification.

After the verification, you can start buying right away. The procedures are pretty straight forward. You can get your own Bitcoin in just 15 minutes. The Bitcoin (BTC) you bought will be in your Coinbase online BTC Wallet instantly. Note: you don't need to buy ONE full Bitcoin.

The annoying part is Coinbase only allow your to buy $100 worth of Bitcoin weekly at the beginning. You can upload your driver license, and the limit will increase to $250 weekly, and if you spend some amount on buying, this limit will increase slowly. So, it is good to start early...

BTW, the Bitcoin in your Coinbase Wallet can be sent to other Bitcoin wallet (for example your own Bitcoin wallet or Bitcoin wallet of other exchange. The only thing you need is the addresses of those wallets.

Please see the instruction below for how to send the Coinbase Bitcoin to other Bitcoin wallet in Coinbase Android APP.

2) QuadrigaCX

Once you know more about Bitcoin, and want to buy more with your Canadian bank account, you can use QuadrigaCX (based in BC, Canada). From my knowledge, this is the largest Canadian exchange.

Please follow the member registration workflow below:
  • Go to our referral link:
  • Create your account. At QuadrigaCX, you can only start funding/trading after the member verification (not as quick as Coinbase).
  • Instant Member Verification by Equifax. Equifax will ask your 4 questions based on your information. If you finish this, You can fund your account with Bank Wire and Crypto Capital.
  •  ID and Address Verification. This may take a few days or even longer when they are busy. After this step, you can have more options to fund and withdraw from your Canadian bank accounts.

Below you can see all the funding options for CAD.  The easiest and fastest way is to use interac online (1.5% fee, Min $5 CAD).  Interac online allows you to get your fund instantly.

CAD Fund: 

CAD Withdraw:

The participating institutions for Interac Online are as follows (no CIBC...):

With money in your QuadrigaCX account, you can start trading. The training fee is about 0.5%, which is much lower than the Coinbase.

Note that your QuadrigaCX account can also be funded by sending Bitcoin directly from other Bitcoin Wallet. For example you can send the Bitcoin you bought from Coinbase to QuadrigaCX. Then you can trade those Bitcoin in QuadrigaCX for other digital currencies or withdraw them to your bank account.

And that's it! Now you know how to buy Bitcoin in Canada 😊! Feel free to let us know what you think about cryptocurrencies in the comments! Thanks.

BTW, If anyone wants to leave his/her referral link below, please use the following format ONLY: "My *** referral link is: *****. Thanks." Other links will be deleted. And repeated entries could also be deleted. Thanks for your cooperation and support.

Updated on Jan 26, 2018: Visa/MasterCard may charge you Cash Advance Fee, when you buy bitcoin from Coinbase Canada. It seems QuadrigaCX is a better option now...