While the top Canadian banks haven’t been lending much of a helping hand, Bitcoins have actually become easier to purchase over the past few years. If you’re looking to get your feet wet for the first time, the trouble of wiring money, submitting verification documents, and understanding the wacky world of wallets can have a steep learning curve.
Fortunately it doesn’t have to be that difficult.
There are two extremely simple ways to buy Bitcoins in Canada:
1. Buy Bitcoins with Visa or Mastercard Debit
Start by creating an account on Coinbase. Your account, which I suggest creating a 2FA setup for added security, also includes a wallet for storing your cryptocurrency.
The interface is simple to navigate, especially for beginners. Plugging in your Visa or Mastercard debit allows you to purchase up to $200 CAD worth of Bitcoins (BTC), Ethereum (ETH), and Litecoins (LTC) per week. Verification isn’t required unless you’re looking to up your limits.
Lastly, Coinbase takes a 4.49% fee off your crypto purchases. My suggestion is to move your BTC, ETH, and LTC to your personal wallet. It’s a good rule of thumb to keep your coins out of your exchange and into your pockets.
2. Buy Bitcoins from an ATM
If you’re lucky to have a location nearby, an extremely simple way to purchase Bitcoins is to bring your wallet to a Bitcoin ATM (created by LocalCoinATM). You pay higher fees, but your deposits are completely anonymous. The deposit, which can be of any denomination of $5 and up, are instantly sent to your wallet in seconds, including an optional email receipt. You’re literally in and out in 2 minutes.
LocalCoinATM machines can be found across Canada.