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Bitcoin: What it is and How to Buy Bitcoin in Canada

how to buy bitcoin in canada

How do I buy and sell it in Canada?

In Canada there are a few options for buying and selling Bitcoin.

Online Exchange: If you want to buy or trade Bitcoins at the best available rate, you‘ll want to use an online exchange like Coinsquare. Exchanges act as an escrow by storing both Bitcoin and fiat currency on behalf of their customers. Here you can make your own orders to buy or sell Bitcoin at the best rates with the click of a button. On exchanges, fees and the spread are low, however you are required to submit personal information like your address to comply with Canadian regulations.

ATM: Maybe the most private method to acquire Bitcoins is a Bitcoin ATM. These machines where you can get money with your card. Some companies also produce ATMs where you can buy Bitcoin with cash. ATMs have very high fees of 5-8% percent or even more.

Gift Cards/Voucher: This is another easy method to buy Bitcoins. In Canada you can use cash or debit to buy a Flexepin voucher at thousands of retail purchase locations. These vouchers can be redeemed on exchanges like Coinsquare for Bitcoin. Like ATMs, these voucher cards tend to charge relatively high fees.

Image credit: Bitcoin logo


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