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There are multiple ways you can buy and sell bitcoin in Vancouver. The process is very tricky, especially when it comes to banks. If you are wondering where and how to buy Canada bitcoin, here are a few ways. In the crypto world, fees change rapidly and are different.
In Canada, you can find a few cryptocurrency exchanges. CoinSquare, one of the popular cryptocurrency exchanges, allows its clients to fund their accounts via several methods like wire transfer and e-transfer. There are many issues involved in using cryptocurrency exchanges to buy bitcoin online in Vancouver, Canada.
In the crypto world, weeks could mean the digital asset losing an incredibly huge percentage of its value. As such, you should always read reviews and do your research first before dealing with an exchange. There may also be hidden fees charged when depositing and withdrawing.
So, to be sure, get a breakdown of the entire fee structure. Currently, many websites allow people to buy and sell bitcoin using their credit cards.
There are a couple of companies that offer these services, including Paxful, Coinmama, Changelly, among others. These sites receive crypto much faster, claim to have instant transactions, and are good for purchasing small amounts of digital currency.
Peer-to-peer transaction sites like ours are platforms that connect buyers and sellers in the area, including their contact information. Coinsquare is another good option for Canadians just getting into cryptocurrency. Einstein Exchange is a Vancouver-based startup still going through its beta testing phase. Although new, the exchange already outclasses the more established Canadian exchanges with nine cryptocurrencies in its listing. Whether you place market, limit or stop orders, Einstein Exchange charges a flat 0.
You can deposit and trade crypto without getting verified. However, only verified customers may withdraw crypto or trade fiat currency. Einstein Exchange supports electronic deposits and bank wire transfers. You can also buy bitcoin with a credit card. The only cryptocurrencies Coinberry supports, however, are bitcoin and ether. Fees on Coinberry are a little mysterious.
Rather than publishing a rate schedule, Coinberry calculates trading fees dynamically based on the size of the order, the exchange involved in the trade and a spread on the exchange rate, among other factors.
In addition to bitcoin, you can trade bitcoin cash, ether and litecoin on this exchange. The fees QuadrigaCX charges, however, are fairly high — either 0. Since the online verification process can take as long as 72 hours to complete, QuadrigaCX customers can go to their local Canada Post retail outlet for an in-person verification. The most popular cryptocurrencies and support for dollar deposits make QuadrigaCX a solid but unexciting choice.
With no advanced trading options, more experienced crypto enthusiasts may want to look elsewhere. As its name suggests, MyBTC is a bitcoin-only trading platform. You can use Interac or Flexepin to fund your purchase or directly debit your bank account. That convenience, however, comes at the cost of high fees. MyBTC charges 6.
Trading fees on EzBTC are a little steep at 0. Funding or withdrawing fiat money, however, requires verification — a process that can take 24 hours to complete. NDAX only opened its doors to customers less than two months ago. Still, you can place market and limit orders for bitcoin, bitcoin cash, ether, litecoin and ripple. You can also place stop-limit and other advanced order types that few Canadian exchanges provide.
Enhanced Verification requires full documentation in order to increase withdrawal limits. Market takers will end up paying a 0. Market makers pay nothing. In addition, NDAX charges fees for deposits and withdrawals. Related : NDAX. Montreal-based Shakepay was once a bitcoin prepaid card issuer, but had to shut down when Visa cut off its credit card processor. The only fee Shakepay charges is a 1. To give itself time to iron out kinks in the trading platform, the new company limited new customer on-boarding to per day until March when it opened up to broader public interest.
The centralized exchange supports trading in bitcoin, bitcoin cash, bitcoin gold, dash, ether, litecoin and ripple. The base markets those coins trade on are Canadian dollars, US dollars and bitcoin. CoinField charges a flat 0. Ripple-based trades incur a 0. Fiat deposits and withdrawals also have fees based on the transaction method you use. Besides bitcoin, the custodial service supports litecoin and feathercoin. Dollar deposits and withdrawals may have fees depending on the funding message.
BitBuy is a Toronto-based crypto trading service that lets you exchange between Canadian dollars and bitcoin, bitcoin cash, ethereum or litecoin. The company differentiates itself through fast fiat transfers and responsive customer service.
However, many of its processes are manual which could prove problematic as the company scales. Bitbuy charges fees of 0. Ottawa-based exchange Canadian Bitcoins offers six cryptocurrencies.
It lets you fund your crypto purchase with electronic transfers or by paying cash at their office or through express mail. Buy Bitcoin Canada is a bitcoin seller owned by Ottawa-based blockchain company Bitaccess.
You can fund your purchases with direct debit from a bank account or by using cash to buy a voucher from a Flexepin retailer.
As it name suggests, Buy Bitcoin Canada is for purchases only you cannot sell bitcoin there. QuickBT is another sales-only crypto company. Customers are not limited to just buying bitcoin, they can also buy litecoin and ether from QuickBT. Purchases can be made through Interac or by purchasing Flexepin vouchers from a local retailer. Abra is a mobile-based platform that lets you trade more than 50 fiat currencies, including Candian dollars, and 20 cryptocurrencies.
The system of synthetic currencies Abra uses gives the platform a lot of flexibility, but has some side effects. None of the balances in your Abra wallet are real — they are actually smart contracts recorded to the litecoin blockchain. Bisq supports Interac transfers, which you can use to fund your crypto purchases with Canadian dollars. One downside to Bisq is the murkiness of its transaction fees.
Rather than set a fixed schedule, the app calculates fees on a trade-by-trade basis. The size of the trade, the difference between market and offer prices, and other factors determine how much any trade will cost. The exchange has a small listing consisting of bitcoin and three high-volume altcoins. Coinbase does support fiat transactions, but its Canadian dollar support is limited to credit card and debit card purchases.
You cannot withdraw Canadian dollars. The Coinbase Prime interface lets you place simple market orders. All Coinbase customers must verify their phone number and email address. If you want to deal in fiat currencies, however, you must submit more detailed identification documents. American exchange Kraken has built a reputation for security and stability. This was the exchange Japanese regulators turned to for help winding down the Mt. Gox debacle.
Kraken supports trading in 17 cryptocurrencies and 5 fiat currencies — including the Canadian dollar. Besides market and limit orders, Kraken lets advanced traders place margin orders to boost their returns. Kraken requires verification before allowing customers to place a trade. Trading fees operate on a maker-taker basis starting at 0.
Volume discounts will lower the fees further. Plan ahead before cashing out.