- 24 Mar 2021
- Reading time
- 2 minutes
The world is embracing everything digital, and digital money isn’t left out. Cryptocurrency is the future of fiat tokens and assets we are used to now, and as it gains traction in the financial services market, it is becoming a sought-after investment solution in Canada. There are also several financial companies willing to guide you on speculation about cryptocurrencies, so you get started on the right foot.
Is Cryptocurrency Legal in Canada?
The use of cryptocurrencies is legal in Canada, and this includes Bitcoin, altcoins and stable coins. The only snag is that it isn’t considered a legal tender like their fiat counterparts. The law in place is that virtual currencies are treated like money service businesses which are mostly for anti-money laundering provisions. You can buy and sell these digital tokens, but most daily financial transactions like purchases will require you to convert to a fiat currency first.
How to Buy Cryptocurrencies in Canada
The simplest ways to buy cryptocurrencies in Canada are through:
- Exchange Platforms
Several Bitcoin ATMs around Vancouver, Toronto, Calgary, Montreal, and other big cities let you deposit money and purchase bitcoins. At present, there are about 304 bitcoin ATMs in Canada. These ATMs are not linked to a bank network but are connected to the internet. This means buyers can remain anonymous, which is one of the features of blockchain technology.
You can find the nearest ATM to you using coinATMRadar.
You can also buy these digital coins from online exchange services such as Coinbase, coinmama, GDAX, Canadians Bitcoins, satoshi counter, and QuickBT. Here’s how to begin trading cryptos on an exchange:
- Register and open an account with any of the platforms
- Verify your account (by completing the 2FA security code)
- Open a digital wallet
- Buy your cryptocurrency
- Sell the cryptocurrency in exchange for fiat money or other digital coins
Buying Through a CFD Broker
CFD Trading allows you to purchase these digital coins without actually holding the cryptocurrencies. You can start your purchase with popular CFD brokers like Avatrade. Here’s how to start buying from them.
- Open an account
- Download the Avatrade trading platform
- Fund your account to buy. Accepted payments include PayPal, credit card, and wire transfer.
How to Sell Cryptocurrency in Canada?
After buying cryptocurrency, you might also be interested in learning how to sell cryptocurrency in Canada for a profit. Fortunately, exchange platforms do not only let you purchase these tokens, but you can sell them too. Bitbuy, coinberry, crypto.com, Gemini crypto exchange, Coinbase, coinmama, coinsquare, are popular platforms where you can sell these coins at low transaction fees. Simply:
- Register on the website
- Go to the currencies section
- Find the cryptocurrency wallet address
- Transfer your cryptocurrency to the site wallet address
- Exchange your crypto coins for fiat money or for other altcoins
Here you have the easiest ways on how to buy cryptocurrencies in Canada. There is nothing complicated about transacting with these virtual assets, and they are completely legal too. A bonus tip on trading profitably with cryptocurrencies is to buy while the price is low, then sell when it’s high. You’ll have to monitor the market trends constantly, and there are several speculation investment companies that are aimed at helping you achieve your wealth management goals. We’ve got an overview of the most notable companies around. By reading through the customer reviews, you can base your judgement on the trustworthy experiences of other customers.