Best Bit Canada

James Lee
• Tuesday, 15 December, 2020
• 8 min read

While digital currencies aren’t officially recognized as money, Bitcoin is legal in Canada. Canadian residents are therefore free to buy, sell, and trade Bitcoin, which is regulated under anti–money laundering and counter–terrorist financing laws.

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In mid-2018, a study by the Currency Department of the Bank of Canada revealed that 58% of Canadians hold Bitcoin for investment purposes. Weekly LocalBitcoins volumes for the Canadian dollar shows that interest in Bitcoin has leveled off since the high prices of late 2017 and early 2018.

Google Trends data for the term “Bitcoin” searched within Canada shows declining interest from January 2018. Apart from Bitcoin, it features a handful of other cryptocurrencies available for trading, including Ethereum, ARP, and Litecoin.

The Interact, Flexeril, money order, and bank draft deposit fees are reasonable at 2.5%. Conquer has a special offer now that if you join, you get $10 CAD for free after you make your first deposit.

Coin smart is a Canadian cryptocurrency trading platform based in Toronto, which launched in mid-2018. You can buy Bitcoin on Coin smart with CAD directly using a credit or debit card, for a 6% processing fee.

As for using the trading platform, the costs for funding are 0% for wire transfers, or up to 6% for credit card deposits. It is a convenient Canadian cryptocurrency exchange offering over the counter (OTC), brokerage and advanced trading options.

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Fees are extremely reasonable compared to the competition and customer support seems to be doing a very good job. Coin berry, founded in 2017, is a FINRA registered platform for buying and selling Bitcoins in Canada.

There are no deposit or withdrawal fees on Coin berry and funding can be made through credit cards, wire transfers and Interact transfers. In order to prevent fraud on the platform first-time users will have withdrawals locked for 72-hours from their first deposit.

As a side note, Coin berry’s partnership with the Town of UNIFIL resulted in the first payment of property taxes with Bitcoin in Canadian History. Shake pay is a Montreal based company that allows you to buy and sell Bitcoins free of any fee (deposit, withdrawal and trading).

Shake pay accepts Interact transfers and wire transfers only (no credit / debit cards). The company also offers neat features such as turning your spare change into Bitcoins by rounding up purchases to the nearest dollar.

One of the main advantages of this Bitcoin exchange is that you can purchase with a credit or debit card. Despite the bear market, the Canadian Bitcoin community remains healthy and active.

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Awareness and involvement is very high in the country, as evidenced by the Bank of Canada’s study, community activity both on and offline, and the high number of Bitcoin ATMs scattered around the country. Bitcoin is the world’s first and most popular cryptocurrency which makes it super easy to find an exchange that supports and sells this coin.

Most of the time, alt coin exchanges try to compensate for the risk they’ve taken in listing some volatile assets by reducing the number of payment options. The alt coin market is extremely popular with experienced traders who like the thrill that comes from speculating on a lesser-known coin’s price.

These coins are a double-edged sword: they have a low market cap and are almost worthless at the start, but if sufficient attention has been drawn to them, it drives their price up, and they turn into a lucrative investment. This way, you don’t have to worry about potential flash crashes, i.e. sudden plummet in the alt coin’s price, because such an exchange takes the necessary precautions to prevent or solve such scenarios efficiently.

The platform lists over 1,000 alt coins that can be traded against BTC, ETH, USDA, and BNB, the exchange’s native token. On top of that, Finance provides its customers with a plethora of advanced trading tools, order books, and depth and price charts.

Not only is this platform fully compliant with Canadian regulations and offers a decent choice of coins and trading features, but it’s also commission free! Newton operates as a brokerage that buys the coins beforehand and sells them to its customers making a profit from the small bid-ask spread.

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However, nowadays it has become extremely hard to find trustworthy data on the exchanges’ trading volumes because the platforms try to confiscate the results to gain more customers. Fake information is a common thing in the crypto industry, and even once-reliable websites like CoinMarketCap can’t be fully trusted anymore.

The results from the calculations done by the Blockchain Transparency Institute show that Finance is the number one crypto exchange by trading volume. This has been confirmed with data from the Blockchain Transparency Institute and SimilarWeb who found that these two platforms have had the highest number of website visits.

The fact that this platform can only be used in Canada tells us that its large trading volume comes exclusively from local traders. By focusing on one market only, Bit buy can afford a dedicated support team that promptly solves any customer queries.

These advanced options have the potential to bring you high profits, but they could just as easily result in heavy losses. They keep only a small portion of all funds online in hot wallets, storing the rest in secure vaults (cold storage) that are monitored 24/7 and distributed across various geographic locations.

Both platforms have been registered as Money Service Businesses (MSB) and are regulated by the Financial Transactions and Report Analysis Center of Canada (FINRA). The two exchanges monitor the transactions of their customers in order to identify suspicious trading patterns which are then reported to FINRA.

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As far as account security is concerned, users on Bit buy and DAX are required to log in using the two-factor authentication method. Optionally, they’re encouraged to activate the withdrawal address whitelist to prevent outsiders from gaining access to their funds.

With the growing number of cyber thefts and security breaches, the well-known KYC or Know Your Customer check has become mandatory on most crypto exchanges. Apart from basic personal information such as full name, address, and telephone number, most KYC checks ask for a utility bill to prove your place of residence and a copy of a government-issued ID.

If you share the same feeling, you’ll be happy to learn that there are still a couple of exchanges where you can trade cryptos without providing your ID. Pawful and LocalBitcoins are two popular ID-free exchanges where you can find a Bitcoin seller who’ll accept the trade without requesting your documentation.

Accounts that haven’t performed a KYC check are subjected to annual limits of 1,000 EUR or 1,500 USD worth of Bitcoin on LocalBitcoins and Pawful respectively. Next, you can use popular exchanges like Coinbase or Coin mama that let their users pay with a credit or debit card almost instantaneously.

Browsing their websites, you can find sellers that either accept cards as a payment method or would agree to meet with you in person so that you pay them in cash. Finally, exchanges such as Bitt offer yet another option of purchasing Bitcoin using a prepaid voucher (e.g. Flexeril or Neo surf).

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The main reason for this decision is the fact that the number of online thefts and hacking attacks is continually on the rise. Centralized exchanges play a similar role to banks because they monitor and process users’ transactions and sometimes offer escrow services.

They’re usually approved by financial regulators and backed up by individual investors or venture capital firms which allows them to invest in advanced security mechanisms. On the other hand, decentralized exchanges simply connect buyers and sellers through the use of blockchain technology and let them carry out the deal themselves.

If you’re interested in trading Bitcoin on a completely decentralized exchange we urge you to opt for BIS. In this guide we will explain how to buy bitcoin in Canada and present the top cryptocurrency exchanges for 2020 to help you make your purchase.

It was founded in 2018 to facilitate the buying and selling of bitcoin and other cryptocurrencies through its top-notch website and mobile applications. If you are a new trader, you can take advantage of the quick buy and sell order buttons that will give crypto prices at market rates.

One of its most noticeable features is that it allows its users to buy and send cryptocurrencies directly to their wallet address. However, if you value your privacy and don’t mind leaving your home, you can complete the KYC verification at any of the 6000+ Canada Post locations countrywide.

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You will be required to carry your government ID, proof of residence and the unique barcode issued by My BTC.ca. You can get in touch with the customer agents through email, text, phone call or via its official Facebook page.

Offers a quick option to buy cryptocurrencies Excellent customer support Two KYC verification processes Kraken is a reputable crypto exchange based in San Francisco with an office in Halifax, Nova Scotia to handle its Canadian operations.

The best feature on the site is the margin trade option that enables users to borrow funds to buy digital assets. This means that it does not hold its users; data or personal information, making it less susceptible to hacking.

Buyers and sellers post adverts looking for trading partners, and a transaction is created when someone accepts the advertisement. After an advert is accepted, the platform functions like an escrow where it locks the BTC or other cryptocurrencies so that they are inaccessible to both parties.

This helps ensure that the seller does not receive the funds then refuses to send the bitcoin to the buyer. There are no KYC or AML verifications required, making them an excellent option to secure your identity and privacy.

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Some cities in Canada with these ATMs include Toronto, Calgary, Edmonton, Winnipeg, Ottawa and Montreal. However, instead of dealing on the platform, you arrange a one-on-one meeting to exchange the bitcoins for cash or any other agreed payment method.

Due to the vast number of exchange sites in the cryptocurrency industry, it is difficult to choose the best for your needs. Some critical factors to look out for are payment methods, fees, limits, ease of access and customer support.

This means that banks cannot stop you from transferring your money into exchange sites to buy bitcoins. For instance, if you had bought $200 worth of bitcoins and sold at $270, you will be required to declare $70 income in your annual tax return.

For example, if you purchased bitcoins worth $200 and the value increases to $250 after a few months without realizing any gain, you are not required to declare the value.

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