Tuesday, November 12, 2019

How to buy Bitcoin in Canada

Updated on Nov 12, 2019: Shakepay launched two new features on Shakepay: limit orders (allow you to buy or sell at a price that you set) and 2FA with Authenticator (safer and more flexible).


Bitcoin price is around USD $5300 now (Apr 10, 2019), which is much higher than the price of USD ~$3000 just a few month ago. 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.

SHAKEPAY

The easiest way for Canadians to buy Bitcoin (or ETH) now is to use Shakepay exchange platform. You can buy Bitcoin in minutes with Interac e-Transfer. If you want to sign up a Shakepay account, please use our referral link below: https://shakepay.me/r/DZZESHI , and you can earn $10 when you buy CAD $100 of Bitcoin. Thanks for your support.

After you click the referral link above, you can choose to use website or smartphone app to register a new account. Fill in the basic information such as your username, email and password. Shakepay will then verify your email and cellphone number.

You’ll then fill out the rest of the personal information, ensuring it’s as accurate as possible so Shakepay automated third party service can try to get your account verified through a "soft pull" identity check.

A soft pull is restricted only to Name, Address, and Date of Birth in order to match the information found on the credit bureaus’ database. The nature of this pull is that only you, as the owner of your credit bureau report, can see this inquiry. It does not affect your credit score.

If the check passes, your identity will automatically be verified on Shakepay. Normally if you have a few years Canadian credit history, you should be able to get verified with the soft pull. If it fails, however, Shakepay will need you to share some documents to help verify your identity (please see more details here).

In addition to the ID verification, Shakepay will ask you to upload a picture of yourself with a phone ID in hand along with a sheet of paper that has on it written Shakepay and today's date.


Now your account has been created, you’re ready to use the app. There are four ways to fund or withdraw in Shakepay (all FREE):


I feel the Interac e-Transfer is quite convenient to me.

After add money to your account, you can click "Exchange" => "MAX" => "Exchange" to buy Bitcoin.


Shakepay charges a simple 0.75%  0% trading fee when buying or selling cryptocurrency, which is a little high. And if you want to send your Shakepay Bitcoin/ETH to other accounts, it is free. You can click "Send" and choose the cryptocurrency, then click "Scan" to scan the QR code of receiver's account address.

I think Shakepay is quite convenient and user-friendly. If you are new to cryptocurrency trading, Shakepay is your best way to start in Canada.

COINSQUARE


As I said, Shakepay is amazing, but you can only trade Bitcoin and ETH in Shakepay for now, and they don't provide advanced trading option. So, if you want to trade LTC / ETC / DASH / BSV / BAB / DOGE / XRP in addition to Bitcoin and ETH, you can use Coinsquare. If you want to open a new Coinsquare account, please use our referral link: http://coinsquare.com/register?r=1s773 , thanks.

The Coinsquare registration workflow is similar to Shakepay.

The Canadian Dollar funding and withdrawal options are as follows:



The Coinsquare trading fee is from 0.1% to 0.4%.


And that's it! Now you know how to buy Bitcoin in Canada 😊!
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APPENDIX

How to buy other types of cryptocurrencies?

There are still many other types of cryptocurrencies that worth to invest in addition to those listed in Coinsquare/Shakepay. So, I want to introduce how to trade other cryptocurrencies (for example: EOS) in Canada with 10 simple steps.

1) Click our referral link: https://shakepay.me/r/DZZESHI and create your Shakepay account with your ID verification.

2) Fund your Shakepay Canadian Dollar balance through Interac e-Transfer.

3) Buy Bitcoin in Shakepay. Shakepay does not support EOS. So, you need to buy Bitcoin in Shakepay and then transfer it to other trading platforms. I like to buy EOS in Binance, which is one of the largest trading platforms in the world with hundreds of different types of cryptocurrencies. The reason why you cannot buy EOS directly in Binance is they don't take Canadian Dollar deposits from Canadian banks.

4) Click our Binance referral link: https://www.binance.com/en/register?ref=15026211 and create your Binance account with ID and Address Verification.

5) Transfer your Bitcoin from Shakepay to Binance

a. In Binance, click Bitcoin "Deposits" and "Copy Address":



b. In Shakepay, click Bitcoin "Send", and then paste the above address.


6) Exchange EOS with Bitcoin in Binance.




You can choose "Limit" or "Market" to buy EOS with Bitcoin.

Now you have EOS in Binance. If you want, you can sell EOS for Canadian Dollars. All you need to do is to reverse the workflow I mentioned above.

7) Sell EOS to Bitcoin in Binance.

8) Withdraw Bitcoin in Binance and then Deposit them into Shakepay.

9) Trade Shakepay Bitcoin into Canadian Dollars

10) Withdraw Canadian Dollars from Shakepay account to your Canadian bank account.

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

Note: I am not asking you to buy Bitcoin or any cryptocurrencies here. Cryptocurrencies investment has very high risks. Please be wised with your decision!

Updated on May 10, 2019: Bitcoin price is around USD $6400 now (~20% increase in a month). Honestly speaking, I don't expect this. Actually, I sold my Bitcoin around USD $6000...  😢

Updated on May 27, 2019: Bitcoin price is around USD $8800 now. I want to say that the market is "crazy", but as you know, the market is always right. One of the reasons could be FOMO (Fear Of Missing Out). When Bitcoin price rises sharply, investors may take steps without rationale. From my point of view, I don't want to buy Bitcoin when the price is so high...

Updated on Jun 21, 2019: Bitcoin price is over USD $10,000 (1st time since Mar 2018) now. I have nothing to say ...

BTW, If anyone wants to leave his/her Shakepay/Coinsquare/Binance referral link below, please use the following format ONLY: "My Shakepay/Coinsquare/Binance referral link is: *******." Other format will be deleted. Thanks. Note: Because it contains link, we need to approve referral comments one by one. So, please be patient...