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Buy Bitcoin (BTC) in Canada with CAD with Lowest Fees
Buy Bitcoin (BTC) in Canada with CAD with Lowest Fees
Are you looking the way to buy Bitcoin in Canada effortlessly, avoiding elevated transaction fees? Changelly, a trusted online crypto exchange with instant executions, deserves your first consideration. In partnership with MoonPay, Banxa, Simplex, Indacoin, and Switchere, we are able to offer our clients industry-low rates on crypto purchases. Enjoy the ultimate convenience when buying Bitcoin in Canada and obtain popular cryptocurrencies using your credit/debit card, bank transfer, or Apple Pay. Changelly makes purchasing crypto in Canada super easy.
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How to buy Bitcoin in 5 easy steps
Set your purchase pair
Select the crypto you’d like to purchase. Next, choose the local currency you want to buy crypto with and your country of residence. Compare the best offers and choose the one that suits you most.
Provide your crypto wallet address
Enter your crypto wallet address in the required field. Double-check your unique crypto wallet address to make sure it is correct.
Verify your identity
Verify your identity with the provider you've chosen to buy crypto with. This is the best way to make sure that the payment information is only yours.
Confirm your payment
Confirm your payment and have your purchased cryptocurrency delivered to your crypto wallet in several minutes.
Welcome your crypto
As soon as the payment goes through, your coins will be credited to your wallet address.
Payment methods to buy Bitcoin
A bank transfer is a secure option to buy cryptocurrency, especially if you are thinking of purchasing large amounts of virtual currency. Keep in mind that bank transfers may take a little longer, and fees may vary.
Apple Pay and Google Pay
Apple Pay and Google Pay are the quickest ways to buy BTC with a credit or a debit card from your iOS or Android device.
Credit or Debit Card
Credit or debit card payment is one of the effortless ways to buy BTC and other cryptocurrencies in a fast and secure manner. With Changelly, you can use a Visa or a Mastercard credit card issued in your local currency.
Buy Bitcoin Without Any Hassle
Purchase your crypto with any payment method that suits you best. Start buying with as little as 30 USD or your local currency equivalent.
Why buy Bitcoin on Changelly?
We take a comprehensive security approach to ensure your crypto investments and identity are safe. We provide quick crypto purchases to more than 2.6 million users every month.
Got any questions? We've got all the answers. Changelly offers personal support to each and every user. We are here to help you 24/7 with any challenges that you might face using our services.
Get any of the 500+ supported cryptocurrencies in mere minutes with just a few clicks and at the best rates on the market.
All premium offers in one spot
We aggregate crypto offers from a variety of fiat payment providers so that you can always find the very best one.
How Is The Price Of Bitcoin Determined?
Since Bitcoin is a decentralized electronic currency whose issuance and circulation are not regulated by a central financial authority, and it is not backed by a government, monetary policy tools, inflation rates, and measures of economic growth that typically affect the value of a national currency do not apply to Bitcoin. Bitcoin acts as a commodity used to store value, so driving forces behind Bitcoin price include:
- The supply of Bitcoin and demand for it;
- Costs involved in generating new Bitcoin coins through mining;
- Competition on the crypto market and performance of other cryptocurrencies;
- Government endeavors in controlling the applications of and transactions with Bitcoin;
- Media, major global events, military conflicts.
Can I Buy Less Than 1 Bitcoin?
A crypto purchase of less than 1 Bitcoin is possible. 1 Bitcoin consists of 100 million fractions called Satoshi. You can buy as little as one hundred millionth of Bitcoin on most cryptocurrency exchanges, although some platforms may have a minimum purchase requirement of 0.0001 Bitcoin, for example.
Where to Store Your Bitcoins?
After making a purchase, you will need a solution to store cryptocurrency. That solution can be a physical gadget, an online platform, or a mobile app to store your public and private keys – passwords to enable blockchain transactions. It can be of different forms – hardware (cold wallets) like Trezor, which look like a USB stick, to mobile software that will let you purchase and manage your digital assets on the go.
The different types of Bitcoin wallets include:
- Mobile wallets. It is a program that you install on your smartphone to store your private keys for your cryptocurrencies. Most mobile crypto wallets will let you pay for goods/services, as well as buy and sell tokens without leaving the app.
- Online wallets. An online wallet will store your private keys on an online server that is operated and controlled by a third-party, such as a crypto trading platform. Such wallets are also called custodial because you entrust your private keys to an external agent to keep and secure. Some online wallets, such as MetaMask, are non-custodial, meaning they are not responsible for keeping your private keys. Do your own research when shopping for the right online wallet for your needs.
- Desktop wallets. It is a downloadable client that stores your private keys on your PC’s hard drive. Such Bitcoin wallets are called non-custodial because they do not involve a third party to keep and safeguard your private keys.
- Hardware wallets. These are physical devices resembling a stylish USB gismo. Modern hardware Bitcoin wallets come with biometrics locks to add an extra layer of protection to your crypto funds. To transact, you will need to connect your hardware wallet to your computer.
Crypto wallets that are presented by software solutions and need the Internet connection to carry out blockchain transactions are called hot wallets. Contrariwise, crypto wallets that exist in the form of hardware (physical) units and store your private keys offline are known as cold wallets.
Which Bitcoin Wallet Does Canadians Use?
When it comes to storing crypto, Canadians are spoiled by the generosity of selection. Various sorts of crypto wallets are available, and they vary in capabilities, private key protections, and prices. The most popular products in Canada include:
- Ledger Nano X. It is considered as one of the best hardware wallets for purchasing and moving cryptocurrency. It is also compatible with the Ledger Live app to deliver a slew of additional features, such as buying and selling crypto, fiat purchases, staking, and more.
- MetaMask. It is one of the most popular hot wallets on the crypto market today. MetaMask can be used both as a browser extension and a mobile app, while the number of features it offers is hard to beat.
- Binance wallet. It was created by the same team who created Binance – the largest crypto exchange in the world. You may use the Binance wallet to store all of your cryptocurrencies and even non-fungible tokens NFTs in one secure platform, access crypto trading, participate in coin offerings and airdrops, send tokens to anyone, trade on a P2P market, and even grow your crypto wealth through lucrative APYs.
Got any questions about the BTC purchase on Changelly?
We tried to gather all the necessary information about the BTC purchase on this page. Yet, the crypto world can be darned confounded. If you still have questions, check out the FAQ page or contact our support team 24/7.
Keep your Bitcoin safe and sound
If you are searching for the best cryptocurrency wallets for your favorite coins, look no further! Whether you are a crypto pro or just starting out, these wallets might be a good option for crypto storage.
Integrating Changelly services into Trezor Wallet's exchange has been a great success for all parties, especially the users. Working with Changelly is a pleasure, thanks to their professional and courteous approach.
Changelly is the best option for users to access the most cost-savvy rates
With Changelly's stellar team, we have developed a unique system to ensure exchanges are fulfilled in the fastest possible time and with immediate customer support.
We are thrilled to partner with Changelly to provide an exceptional trading experience: anytime, anywhere - in a few simple taps!
What is Bitcoin?
Bitcoin is the world’s first decentralized digital currency that was introduced by an anonymous developer – Satoshi Nakamoto – as a method to send value quickly and easily all over the Internet. The inception of Bitcoin inspired the creation of a brand-new industry of alternative coins (altcoins) – all digital currencies that appeared after Bitcoin. Bitcoin crypto coins are transferred directly from one person to another using the Internet connection – this is called a peer-to-peer (P2P) transaction.
Sending Bitcoins does not require the assistance of any clearing banks or controlling financial authorities. This means that a person does not need to pay high trading fees to transact, while payments can be sent all over the world, across all country borders. Unlike a traditional bank account, a Bitcoin account cannot be frozen, and there are no prerequisites or arbitrary limits.
How Does Bitcoin Work?
Many crypto trading platforms have appeared to let people buy and sell cryptocurrencies online for Euros, Canadian dollars, and more. Your digital assets are stored on a special wallet. There are hardware wallets, desktop wallets, mobile wallets, and web-based (online) wallets to store cryptocurrency. These solutions differ by the level of security, functionality, and price.
The Bitcoin network is secured by individuals called miners. Miners receive a reward in a form of a newly generated Bitcoin for verifying transactions. Each verified transaction is forever recorded on a transparent distributed public ledger – the blockchain.
The Bitcoin blockchain is open-source software where anyone can view its code. The blockchain contains a history of all transactions ever made, allowing users' computers to verify the legitimacy of each transaction. The authenticity of each transaction is protected by electronic signatures corresponding to the addresses used in the transaction, which allows users to have full control over the transfer of Bitcoins from their Bitcoin addresses. Anyone can become a Bitcoin miner and authorize transactions using the computing power of specialized equipment to earn Bitcoins for such a service.
Is It Legal to Buy Bitcoin In Canada?
There is good news for those looking to buy cryptocurrency in Canada. Trading activities with crypto assets are legal in Canada, even though Bitcoin and other electronic currencies are currently not allowed to perform as a legal tender in the country.
According to Canada Revenue Agency (CRA), different types of transactions or exchanges with cryptocurrencies may be taxable, including:
buying crypto in Canada with fiat money such as Canadian Dollar (official money of a country is known as legal tender);
transferring crypto coins from one person to another;
exchanging crypto for other cryptocurrencies or using crypto to pay for goods or services directly.
Apart from this, CRA says that taxes must be paid when virtual currency is bought or sold like a commodity. Any resulting gains or losses could be taxable income or capital for the taxpayer in Canada. Tax rules may also apply if an employee receives digital currency as payment for salary or wages.
Best Ways to Buy Bitcoin in Canada Safely
The best way to buy cryptocurrency in Canada is through a broker or crypto exchange. However, crypto exchanges like Changelly give an account holder more control and flexibility compared to crypto brokers. It is known that broker crypto trading platform solutions such as Wealthsimple Crypto may restrict a user’s holdings, withdrawals, payments, and storage options depending on their brokerage policy.
In Canada, crypto brokers perform similarly to regular finance trading platforms. They may offer a simple process to buy and sell cryptocurrency, but this simplicity comes at a cost, as they tend to establish higher trading fees compared to other crypto exchanges.
On the contrary, Changelly, a reputable crypto trading platform in Canada, allows users to purchase crypto with extremely moderate transaction fees. Thanks to our cooperation with MoonPay, Banxa, Simplex, Indacoin, Switchere – the leading fiat-to-crypto marketplace aggregateres, our users can choose the most favorable rates to buy and sell cryptocurrencies, using customary payment methods: VISA, MasterCard, Apple Pay, and a bank wire.
How to Buy Bitcoin with Credit and Debit Card
Many people hesitate to start their crypto journey because the process of buying Bitcoin looks intimidating to them. Luckily, you do not need to possess any technical skills to purchase digital currencies for the first time because this can be done easily, using your credit or debit card.
Most exchanges support fiat-to-crypto purchases in Canada, including Changelly. Buying Bitcoin with a credit card or a debit card is as easy as buying stuff through an online supermarket like Amazon. However, such operations are commonly possible only if a person agrees to verify their identity through a Know Your Customer (KYC) treatment. KYC is necessary to prevent money laundering, stop fraud, and not allow the financing of terrorist activities. It also helps to ensure the security of user funds and personal information.
Under this procedure, an individual needs to share their personal information with a crypto trading platform (a full name, date of birth, place of residence, and bank account details), upload their actual photo, and provide a government-issued document.
Generally, if there are no problems with the provided details, KYC verification takes a couple of hours to complete. Once verified, a user can easily access services of a crypto trading platform, engage in trading, and start investing in digital assets through the platform of their choice.
Usually, credit cards are suitable to purchase digital currencies. However, such purchases may entail excessive chargers because credit card companies tend to establish higher interest rates and impose additional fees on crypto purchases with credit cards.
How to Buy Bitcoin with Bank Transfer in Canada
As cryptocurrencies are enjoying increasing adoption with manufacturers, retailers, and financial institutions all over the world, almost every major Canadian bank will allow and recognize operations with cryptocurrency, provided they are compliant with state and federal regulations.
Your Canadian bank is likely to allow you to purchase cryptocurrencies via a wire transfer. You will need to link your bank account with a crypto account on the selected trading platform to buy Bitcoin using the Canadian dollar funds held on your bank account.
In Canada, users can buy Bitcoin through Interac e-Transfer because it is a quick, intuitive, and secure way to send CAD to a crypto account.
What Banks Let You Buy Bitcoin Canada?
There is no shortage of banks in Canada to support crypto purchases using wire transfer, eTransfer, and even debit/credit card. Bitcoin-friendly banks that will let you buy cryptocurrency in Canada in a seamless way include:
The National Bank of Canada
Royal Bank of Canada (RBC)
Toronto Dominion (TD Canada Trust)
Canadian Imperial Bank of Commerce (CIBC)
The Bank of Nova Scotia (Scotiabank)
The list is not complete. As cryptocurrencies are being massively adopted by both businesses and consumers, it is expected that the number of banks to become friendly towards crypto investors and traders will grow over time. Make sure your bank does not set a strict no-cryptocurrency policy, so you can easily deposit CAD to your crypto account.
How to Buy Bitcoin with Apple Pay in Canada
Most exchanges in Canada, including Changelly, will allow you to deposit funds on your crypto account using Apple Pay to buy Bitcoin in a secure and convenient manner from an iOS device.
To buy cryptocurrency in Canada with Apple Pay, you just need to find a cryptocurrency exchange that supports Apple Pay payments. Make sure the service of your selection has adequate transfer fees, a wide array of tradable tokens, and instant order executions – Changelly has it all.
Then you will need to complete an identity verification formality.
Next, you will need to deposit cash to your crypto account using Apple Pay. For this, sign in to your crypto account on a device that supports Apple Pay and then select your chosen payment method for depositing money. Funds will usually land on your exchange account immediately, or within a few minutes, when you use Apple Pay.
Then you just navigate to the “Buy Crypto” section on the crypto exchange website (app) and complete a purchase, following the instructions provided by the system.
How to Buy Bitcoin from ATM in Canada
Cryptocurrency in Canada is so popular that Canadian banks have decided to install lots of Bitcoin ATMs all over the country. There are over 900 crypto ATM installations in Toronto and over 200 machines in Vancouver, but other regions do not suffer from the deficit of Bitcoin ATMs either.
With some possible variations, a general process of purchasing crypto through a Bitcoin ATM in Canada will involve the next instances:
Verification stage (optional and may vary drastically depending on machine’s type);
The provision of your Bitcoin address to deposit funds (it is optional too, because some machines can generate and print/email a Bitcoin address for you on the fly, but you better to have your own up-and-running Bitcoin wallet address before using a machine);
Inserting cash into the ATM. You can use Canadian dollars or other national money supported by the apparatus to buy crypto.
Operation confirmation. After reviewing the order, you need to confirm it, and crypto coins will be sent to your address in no time.
This process can vary from ATM to ATM and this is how it generally looks like. It is important to understand that even if the software/hardware of an ATM supports compliance procedures, they are not necessarily activated, as this depends on the choice of the operator of each particular Bitcoin ATM. This is why different verifications and limits can be set for the same type of machine.
Also, Bitcoin ATM units are badly known for having ridiculously high transfer fees. To buy crypto in Canada through an ATM, you may expect to pay 10-15% per transaction – they are commissions charged by operators for converting fiat to cryptocurrency. Still, it is the quickest and simplest way to exchange CAD for Bitcoin.
How to Buy Bitcoin with PayPal
Many crypto investors are interested in the possibility to buy Bitcoin with PayPal in Canada. Unfortunately, PayPal does not currently support buying, selling, and holding Bitcoin and other electronic coins within its platform. This functionality is only available for the USA residents (except Hawaii residents), and such transactions must be performed in US dollars, not in Canadian dollars. However, PayPal is taking steps toward bringing the cryptocurrency trading feature to users outside the US territories soon.
How to Buy Bitcoin with Prepaid Card
Buying crypto in Canada with a prepaid card is as easy as purchasing goods online on Amazon or eBay. The only challenge you may face is finding a reliable cryptocurrency exchange that will support prepaid card purchases. To buy Bitcoin with a prepaid card you need to:
Register with an appropriate trading platform;
Verify your identify;
Deposit funds into your crypto exchange account, providing the details of your prepaid card;
Buy Bitcoin using the funds from your balance.
Note that you need to activate your prepaid card before using it on some crypto platform. Some exchanges will only accept Visa and MasterCard issued prepaid cards, so bear this in mind when shopping for a prepaid card. After activating the card, you need to deposit cash, so you can use the funds for crypto trading activities.
Also, some cryptocurrency exchanges may establish higher transaction fees for their crypto trading services with prepaid cards compared to other payment methods. However, with a prepaid card, you will get your crypto coins quickly, unlike with a wire transfer.
How to Buy Bitcoin with Cash in Canada
Individuals interested in using cash to purchase Bitcoin in Canada have several options.
Personal meeting. You can meet a Bitcoin seller in person and buy crypto coins from them, using your banknotes as a means of payment. You can find a seller by doing online research or through local Bitcoin forums. It is not the safest way to buy and sell digital assets in Canada, yet it is worth mentioning.
Online peer-to-peer exchange. Peer-to-peer (P2P) is a popular route to follow for enthusiasts interested in buying and selling crypto. There are both crypto exchanges and dedicated P2P marketplaces that allow you to trade crypto assets directly with other people. P2P is very convenient. It is possible to compare offers from around the world and select from hundreds of payment methods in various local currencies, including the Canadian dollar. Moreover, such platforms have a user P2P rating system to help traders pick reliable counterparties.
Cash transfer at banks. You can visit your local bank office and pay with paper money over the counter, and the bank will send a transfer to the account of a crypto coin provider. Certain considerations must be taken before using this scheme, the credibility of a chosen Bitcoin seller, crypto-friendliness of your bank, and the necessity to pay transaction fees (often very high).
Bitcoin ATMs. If there is a Bitcoin ATM installation near you, this might be the simplest way of getting cryptocurrency in Canada. However, it might come at a high cost. After depositing cash into a machine, you will instantly see Bitcoin show up in your wallet.
Can Foreigners Buy Bitcoin In Canada?
Basically, anybody can buy and sell Bitcoin, irrespective of their current location, because buying and selling crypto is not considered a form of employment. In many jurisdictions, including Canada, a person may be subject to tax implications when generating profits and losses from buying or selling crypto. Each crypto trading platform in Canada will establish its own policy concerning treating non-CA residents, and you may want to check this out with a particular exchange when making a signup decision.
Who Accepts Bitcoin In Canada?
Although crypto in Canada is not as widely accepted as CAD, there are, still, enough places to spend your Bitcoin wealth. Hospitality venues, flight booking websites, online marketplaces, automotive dealers, and even eyewear companies – lots of merchants and service providers will eagerly help you when you want to purchase something with cryptocurrency.
How to Cash Out Bitcoin in Canada?
Selling Bitcoin for cash is a very straightforward process. It only takes finding a suitable crypto trading platform that enables crypto-to-fiat withdrawals to trade crypto for real money. With a few clicks, you can sell crypto on an online exchange of your choice and receive a wire to your bank account within the established timeframes. Alternatively, you can use a Bitcoin ATM to convert your cryptocurrency holdings into fiat.
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