How To Buy Bitcoin In Canada

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How To Buy Bitcoin In Canada

If you live in Canada, there are three ways you can buy Bitcoins; through Bitcoin exchanges, via ATMs, or through CFDs. When you buy through ATMs and Bitcoin exchanges, you have complete ownership of the Bitcoins, and you can transfer them to your Bitcoin wallet. However, if you buy them through CFDs, you can trade the coins without holding them.

The majority of people in Canada buy Bitcoins through exchanges. One of the most popular Bitcoin exchanges in Canada is CEX.IO. People in Canada like CEX.IO because it charges far less trading fee (0.2%) compared to other exchanges. It also lets people buy Bitcoins using multiple payment options, such as bank transfers, credit cards, AstroPay, SEPA transfers and cash. However, people prefer credit cards because they are fast.

Here is a step-by-step process on how to buy Bitcoins in Canada through CEX.IO:

1.Create your own Bitcoin wallet

You can’t do anything or own any Bitcoins without a Bitcoin wallet. A Bitcoin wallet is a piece of software that lets you store your Bitcoins. It’s also through the Bitcoin wallet that you can buy and sell other cryptocurrencies. You can buy a digital wallet out there, but be careful who you buy from, as this is like your bank account and if someone can get your private keys, they can steal your Bitcoins. You can invest in hardware wallet if you like to hold Bitcoin for the long term.

2.Create a Bitcoin account with CEX.IO

Once you land on CEX.IO’s website, you’ll need to create your own account. You’ll need an email address and a strong password to create an account.

3.After creating your Bitcoin account, you will receive the 2FA code

You’ll receive the 2FA code through SMS. This is basically an authentication code, as well as your password to log into the CEX.IO website.

4.You are now ready to buy Bitcoins

Once you get your 2FA code and password, you can log into CEX.IO and start buying Bitcoins, as well as other cryptocurrencies. You’ll also have to choose a payment option to use when buying Bitcoins. The payment options available here include credit card, bank transfer, and CryptoCapital.

Conclusion

Well, that’s basically how you can buy Bitcoin in Canada through CEX.IO exchange. Other exchanges you can take advantage of to buy Bitcoins in Canada include Coinbase, Coinmama, Canadian Bitcoins, QuickBt and more. Just ensure you choose the right Bitcoin exchange to avoid the possibilities of getting scammed.

 

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