Monday, July 26, 2021

How to buy Bitcoin in Canada


Updated on Jul 26, 2021:
If you want to create a new Binance account and you are not live in Ontario, please use our referral link: https://www.binance.com/en/register?ref=VGZKN3ZH With this link, you can receive 5% Binance commission back. Thanks.

Updated on Jun 16, 2021: I am not asking you to buy Bitcoin or any cryptocurrencies here. Cryptocurrencies investment has very high risks. Please be wised with your decision! But, if you want to buy Bitcoin in Canada, I would suggest you to try Shakepay or Newton.  If you want to sign up a Shakepay account, please use our referral link below: https://shakepay.me/r/NXDBDC0 , and you can earn $10 when you buy CAD $100 of Bitcoin / ETH.  If you want to open a new Newton account, please use our referral link: http://web.newton.co/r/7O419Y , and you can earn $25 when you make your first trade of CAD $100 cryptocurrencies. Thanks for your support.
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Bitcoin price is around USD $40,000 on Jun 16, 2021. 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 recommending or suggesting that you should buy those cryptocurrencies, and you should always do your research to make informed investing decisions. All I provide here is just an introduction of the workflow. From my point of view, I prefer Shakepay and Newton exchange platforms.

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/NXDBDC0 , 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):

Fund


Withdraw


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.

And, Shakepay app also allows you to send and receive money or crypto to your friends for FREE.

Updated on Dec 23, 2020: If you sign up Shakepay using referral link, you can earn ShakingSats Rewards from Shakepay. All you need to do is to open the Shakepay mobile app and “shake” your device. Then a message will pop up in the Shakepay mobile app when you have successfully earned the ShakingSats Rewards.


If the referral link does not working properly, you may see the above message. But don't worry, this situation does happen sometimes. There is a easy way to solve this issue:
  • Open the Shakepay app
  • Click "Help" => "Support chat". There is an option for referral. Normally, it will provide you with a link: http://shakepay.com/add-referral
  • Then you can fill in the referral code you used. If you used our code, you can fill in NXDBDC0 here. Thanks.

ShakingSats Rewards are given once per calendar day. ShakingSats Rewards shall be deposited into your Shakepay Bitcoin wallet. On the first day, if you shake your device you will be rewarded with the Day 1 ShakingSats Reward (250 satoshis). If you shake again on the next day, you will be rewarded with the Day 2 ShakingSats Reward (280 satoshis). And so on until you reach Day 201 (2500 satoshis). Based on today's Bitcoin price, 2500 satohis value is around CAD $1.50. If you continue to shake after Day 201, you will earn the Day 201 ShakingSats Reward for each additional day you keep shaking. If you fail to shake your device on any day calendar day (Eastern Time), the next time you shake your device you will come back to Day 1 and the Day 1 ShakingSats Reward. Please read the Terms & Conditions (with ShakingSats Rewards Table). Shakepay has the right to change this ShakingSats Rewards amount anytime. Now I know why this app is called Shakepay...


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

Updated on Apr 21, 2021: Shakepay is introducing a Shakepay Visa Prepaid Card with bitcoin cashback on everything you buy. With the Shakepay Card, you’ll be able to spend your dollar balance at any Visa-accepting merchant, both in-store and online, and earn bitcoin to your Shakepay account. The Shakepay Card will only be available to Shakepay customers that have been fully verified. To get early access, you can open the Shakepay app and join the waitlist. To move up in ranks, shake your phone for sats or shakepay a friend.


Newton


Newton is a Canadian exchange platform and it is FINTRAC-regulated. It currently supports Bitcoin, ETH, LTC, XRP, Monero, DOGE, USDC, USDT, Stellar, Bitcoin Cash, LINK, AAVE, UNI, MATIC, COMP, SUSHI, CRV, SNX, DAI. If you want to open a new Newton account, please use our referral link: http://web.newton.co/r/7O419Y , and you can earn $25 when you make your first trade of $100+. Thanks for your support. BTW, your own referral link will generate after your account is created.


The Newton registration workflow is similar to Shakepay. So, we will not talk too much on it.

One thing special about Newton is "Zero fees". Whether you’re making a trade, adding  or withdrawing funds — Newton has made it easy by removing the fees. This is a really fantastic feature, and I like it a lot. You can see Newton's explanation on the 0 commission charge below.


Newton's funding options include Interac e-Transfer, wire transfers, pre-authorized debit, and crypto.



The Newton app is easy to use, even for new users. Overall, I am very satisfied with Newton.

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%.


Updated on Feb 17, 2021: Coinsquare decreased  the Quick Trade commission fees to 0. Also you can enjoy the free Interac e-Transfer on the withdrawals from Quick Trade.


VirgoCX 


VirgoCX is a relatively new platform for CryptoCurrency in Canada. Currently, you can trade BTC / ETH / LTC / USDT / XLM / EOS / USDC / BCH / PAXG / DOGE / DAI / UNI on VirgoCX. Overall, its workflow is very similar to Shakepay or Newton and VirgoCX does not charge trading fees. Currently, the account welcome bonus is $30:
  1. Click your friend's referral link and open a new VirgoCx account. If you don't have a referral link, please use ours (https://www.virgocx.ca/page#/register?code=ePAWfScT). And you will receive a $10 CAD. Note: no deposit required!
  2. When you sign up and make your first fiat deposit of $100 CAD or more, you will get an extra $20 CAD. 
BTW, We will receive bonus from VirgoCX too. Thanks.

Unlike other platforms such as Shakepay or Newton, VirgoCX only requires $100 deposits and does not require "buy" or "sell" a certain value of CryptoCurrency, so there is no need to worry about losing the value. 


Deposits and withdrawals can be made through Interac transfer, but withdrawing requires a 0.75% handling fee (at least $5), so from the perspective of account welcome bonus, it is actually $30 - $5 = $25 CAD. 

It is worth noting that the $30 account welcome bonus does not come immediately. It may take about 2 weeks. Be patient.

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 Shakepay / Newton / Coinsquare. So, I want to introduce how to trade other cryptocurrencies (for example: EOS. Of course, you can select other cryptocurrencies you like) 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=VGZKN3ZH and create your Binance account with ID and Address Verification. BTW, you can also receive 5% Binance commission back with this referral link.


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 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).

Updated on Jan 6, 2021: As you may know, now you can also buy Bitcoin easily from: Wealthsimple Crypto or MogoCrypto etc. The thing is that you can only buy / sell / hold coins within those platforms. But you cannot withdraw Bitcoin from those platforms to your own crypto wallet (deposits and withdrawals can only be made in Canadian dollars. There is a well-known saying "Not your keys, not your coin". It means that if you don't control the keys of the wallet, you don't control the cryptocurrency. Therefore, I don't recommend those platforms.

Updated on Feb 28, 2021: Newton covered network fees for crypto withdrawals before. But due to recent high network fees, Newton introduced a new program called "Surge Pricing". Basically, Newton will cover the first $5 in network fees, and anything beyond that will come out of the withdrawal amount. When network fees are at normal (historical) levels in the future, withdrawals will still be free. 


Updated on Mar 10, 2021: Cryptocurrency is taxed in Canada as either capital gains or as income tax, depending on whether your activity with cryptocurrency is considered to be as a business or not. 100% of business income is taxable, whereas only 50% of capital gains are taxable. Crypto.com is releasing a free only solution for every cryptocurrency owner who needs to prepare their crypto taxes (website address). 
It support API (read-only access) and CSV import for popular exchanges/wallets in Canada. If you are using other exchanges/wallets, you can still follow its generic CSV format to get your tax calculation results.


Updated on Jun 25, 2021: Binance has updated its Terms of Use to provide that Ontario (Canada) has become a restricted jurisdiction, effective Jun 26, 2021 at 3:59:59 AM (UTC). Regrettably, Binance can no longer continue to service Ontario-based users. Ontario-based users are advised to take immediate measures to close out all active positions by December 31, 2021.

Updated on Jun 29, 2021: Newton just added support for four more coins on Newton. Trading and funding for DAI, SUSHI, SNX and CRV are live on Newton now. Withdrawals are coming soon. So, for now, Newton can support following coins: Bitcoin, ETH, LTC, XRP, DOGE, USDC, USDT, Stellar, Bitcoin Cash, LINK, AAVE, UNI, MATIC, COMP, SUSHI, CRV, SNX, DAI (much more than Shakepay).

BTW, If anyone wants to leave his/her Shakepay / Newton / Binance / Coinsquare / VirgoCX referral link below, please use the following format ONLY: "My ****** 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...