How to Buy Cryptocurrency or Bitcoin in Canada
So, you are wondering how to buy cryptocurrency in Canada, eh?
You want to know what are the best ways to buy crypto in Canada, especially in Ontario, considering Canadian banks and credit card companies do not make it easy to buy crypto using credit cards.
Even more frustrating, many cryptocurrency exchanges do not accept gift cards or your prepaid debit cards.
With all that being said, there are a couple methods that I am aware of in which you can buy crypto online with relative ease.
First, before I get into these crypto currencies and how you can purchase crypto in Canada or Ontario with relative ease please read the following disclaimer:
I am Not a financial expert, I am not telling you what, or how to invest your money. This is a website for educational purposes to help people understand different ways available online to potentially make money. If you are looking to invest in crypto-make sure you understand the risks and DO NOT risk any more money then you are prepared to lose. This information just shoes my personal method to buy crypto in Canada and the Province of Ontario based on my findings.
Buying Crypto Currency in Ontario
If you live in Ontario, the Ontario Securities Commission prohibits certain cryptocurrency exchanges from accepting investments and trades from people residing in Ontario unless those crypto exchanges agree to their terms. Many cryptocurrency exchanges do not agree to their terms.
However, there are some exchanges which allow traders and investors from Ontario and others do not accept you. If you applied to certain exchanges and were denied, that’s probably the reason.
I live in Ontario, so I can only speak for the issues I have encountered and my experiences trying to join certain exchanges and being denied. I can’t speak for other parts or provinces of Canada.
Cryptocurrency & Credit Cards in Canada
There are some cryptocurrency exchanges that accept you and then you go to buy some crypto on the exchange and your credit card doesn’t go through.
There are some 3rd party payment processors that make it seem as though they will process your payment using a credit card etc. and they also are denied by your credit card issuer in Canada.
Not only do these 3rd party payment processors have large fees on top of your transaction, your payment will get denied.
How do You Buy Cryptocurrency in Canada
So how and where do you buy cryptocurrency in Canada then, more specifically in Ontario?
There are 2 methods I currently know of to buy crypto if you are Canadian.
First method is pretty cool and it is by joining Shakepay.
Shakepay allows you to buy bitcoin or buy Ethereum crypto using a few simple methods.
You can join Shakepay by using this link https://shakepay.me/r/N42CMHE and we will each get $10 once you spend $100 through their platform.
Shakepay is cool because they allow you to buy bitcoin or Ethereum by sending Interac – Etransfer directly from you bank account just like you would send and Etransfer to anyone else using an email address etc for the exact amount you wish.
This method is so simple to do and is very Fast. You will typically see your e-transfer amount show in your Shakepay account within a minute or 2.
There is also a method to send money to your Shakepay account using Wire Transfer, or using any bitcoin (BTC) or Ethereum (ETH) you may already own.
How to Add Funds for Your Crypto
Once your are signed up and verified your email and your mobile number for Shakepay, then you want to Add Funds.
You can click on Add Funds on the left side menu, and you will then be able to choose how you wish to deposit funds (money) to your Shakepay account.
For 99% of you, it is going to be by sending an etransfer to your Shakepay account.
You need to follow the specific instructions and enter those details as shown on Shakepay like ‘receiver’s email’ and ‘security question’ and ‘security answer’ as shown into your bank account under the send interac e-transfer section.
Converting to Bitcoin and Sending to a Bitcoin Wallet
Once you receive your etransfer to your Shakepay account in the amount which you sent, you can then convert it to ETH (ethereum) or BTC (bitcoin) inside of the Shakepay app.
You do this by clicking on the blue circular button at the bottom of the Skakepay app.
Once you tap on this button, then you click on ‘Buy or Sell’ option that pops up.
You will then have the option to switch or buy from your ‘dollars’ to ‘bitcoin or ethereum. Personally, I choose bitcoin because it can be moved easily with no fees.
Ethereum has something called Gas Fees – in order to be able to move it around between cryptocurrency exchanges and online wallets etc.
Bitcoin is just much easier to move and has no fees through this method.
Select the Amount You Want To Buy
Based on the amount of dollars you now have showing in your Shakepay account. Select which crypto you wish to Buy and how much.
You can choose a specific amount, or you can click the MAX link to buy the most of your selected crypto based on the current exchange rate inside of Shakepay.
Once you do this it will Instantly convert to your chosen crypto and show now as a value in that crypto in your Shakepay account.
Next we want to move this crypto we just purchased to an exchange wallet or cold wallet (online software wallet) etc.
Join a Crypto Exchange to Buy, Sell & Send
There are many different crypto exchanges online. You can do your own research and find an exchange that works for you and simply join it.
You will need to go through a series of identification and security measures in order to verify your identity and to help keep your crypto account as secure as possible. Expect to have to upload a photo of your government issued id, do some video or photos of your self and verify your phone/email.
Usually once all these conditions have been met then your will get verified by the exchange and be ready to start buying, selling and transfering your crypto.
I am not a financial expert. I am simply sharing information with visitors for those who may be looking to buy crypto or get into cryptocurrency buying and selling. This is not financial advice! Always take the time to learn about crypto and what it is and what works for you. This is just for educational purposes and letting you know things that I am currently involved in and what processes have worked for me. Always do your own research online.