How to Buy and Sell Bitcoins in Canada?

Bitcoins have gained trajectory quite fast and attracting more investors towards it every day. If you have Canadian citizenship and want to be a player in the cryptocurrency economy, you can use online exchange or Bitcoin ATM to buy and sell Bitcoins.

1. Buy/ Sell in Exchanges

One of the easiest ways to buy/ sell Bitcoins is to use online cryptocurrency exchange. Open a digital wallet and make sure your information is secure (Read also: Bitcoin Paper Wallet: How to generate it? to set up a secured paper wallet). It’s always good to do a little research and learn about the security features before setting up your wallet. Open your account in one of the cryptocurrency exchange.

You can choose among most popular crypto exchange’s in Canada like Bitbuy, Canadian Bitcoins, QuadrigaCX. You can also select from non-Canada based exchanges like Coinmama, EToro etc. to buy/ sell Bitcoins. Coinbase online exchange has got an excellent user interface. You can buy your Bitcoins instantly with your credit card. Canadian version doesn’t have an option to cash out though; you will have to do so by transferring your Bitcoin to a different exchange.

Steps for Verification in the Canada based exchanges:

Regardless of what Canadian based exchange you use, you need to verify your account to authenticate your identity. Here we discuss in complete detail the process you need to go through for the three exchange sites.

  • The verification process in Bitbuy requires an ID issued by the Canadian government. In addition to that, you need to send a picture of yourself holding the government ID card.
  • Quadriga requires ID & address verification where you securely upload copies of your ID and proof of address. Another option is to complete the instant verification in partnership with Equaifax where you need to answer multiple choice questions based on information within your credit file.
  • To verify your identity in Canadian Bitcoins exchange, you need to verify your phone number, name, address and date of birth. You need to upload a bank statement or void cheque to verify bank account ownership. Additionally, you need to take a call from Canadian Bitcoins exchange to answer a few security questions.

2. Buy/ Sell in ATMs

Alternatively, you can go to one of the Bitcoin ATMs located across Canada. There are more than 675 ATMs in Canada where you can exchange Bitcoin with cash over a cryptocurrency exchange or get a public key on the blockchain (Read: What is Blockchain? to know more about blockchain technology). To get a complete list of the ATMs in Canada click this link.

 

Buy/ Sell Bitcoin in Canada

Exchange

Withdrawal Fees Trading Fees

Deposit Fees

Binance

Fees vary 0.1%

None

Bitbuy.ca

Interac e-Transfer: 1.75%
Bank transfer: 1.75%
Wire transfer: 2%
Expedited bank transfer: 3%
Interac e-Transfer: 2%
Interac Online: 2%
Express Interac e-Transfer: 3.5%
Wire transfer: 0.5%
Flexepin: 2%
0.02-0.18%

MyBTC.ca

None

N/A

Interac e-Transfer: 7.75% or $30 minimum
Instant Debit: 7.75% or $20 minimum
Interac Online: 6.75% or $15 minimum
Flexepin: 6.75% or $15 minimum
Coinsquare 1-2% 0-0.25%+

Interac online: 2.5%
Interac e-transfer: 2.5%
Credit card: 10%
Flexepin: 2.5%
Bank draft: 2.5%
Money order: 2.5%
Wire transfer: 0.5%
Instant transfer: 2.5%

Quebex

0.001-0.005 BTC 1% N/A
Coinmama None 5.90%

Credit card: 5%

Coinbase

SEPA: €0.15

U.S Bank transfer: 1.49% (US$0.15 min.)

Coinbase USD wallet: 1.49%

Wire transfer USD: $25

Fees vary

Credit/debit card: 3.99%
SEPA: €0. U.S Bank transfer: 1.49% (US$0.15 min.)
Coinbase USD wallet: 1.49%
ACH Transfer USD: $0
Wire transfer USD: $10

Cex.io

None Maker: 0-0.16%

Taker: 0-0.25%

Instant buy: 7%

VISA & Mastercard: 3.5% + $0.25 USD, 3.5% + £0.20 GBP, 3.5% + 3.5% + €0.24 EUR, 5% + ₽ 15.57 RUB

Bank transfer: None

Crypto Capital: None

SEPA: None

Uphold

Cryptocurrency: $2.99 + coin fees

Bank transfer: $3.99

0.65%-3.65%

Bank transfer: None

Bitcoin: None

Credit/debit card: 3.99%

QuadrigaCX

USD withdrawals: None

Cryptocurrency withdrawals: None

CAD –

Express Bank Transfer: 3%

Cash delivery: 2% + $20CAD

Gift card: $5.85CAD

Other CAD withdrawals: None

0.2-0.5%

USD deposits: None

Cryptocurrency deposits: None

CAD –

Flexepin: 2.5%

Interac e-transfer: 1.5%

Bank wire: 1%

Other CAD deposits: None

EZBTC

Cryptocurrency: fees vary

Interac E-Transfer: $20

Cash: 1.5%

Wire Transfer: $25 or $0 if over $10,000 withdrawn

Cheque: None

Electronic Funds Transfer: None

0.3%

Cryptocurrency: fees vary

Interac E-Transfer: 1.5%

Cash: 1.5%

Interac online: 5%

Wire Transfer: $25 or $0 if over $10,000 deposited

Changelly

1-7.1%

5% 1-7.1%
CRYPTEX24 1-8% None

1-8%

COINJAR None 1%

None

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