Buying crypto in Canada is a straightforward process that can be done through various platforms. How to buy crypto in Canada?
Here’s a step-by-step guide on how to buy crypto in Canada:
Step 1: Choose a cryptocurrency exchange
The first step is to choose a cryptocurrency exchange that is registered and operates in Canada. Some popular options include Coinmama, Newton, Netcoins, Shakepay, and Wealthsimple Crypto. These exchanges offer a variety of features, fees, and supported cryptocurrencies, so it’s important to compare them and choose the one that best suits your needs.
Step 2: Create an account
Once you’ve chosen an exchange, visit their website and create an account. This will typically involve providing personal information, verifying your identity, and setting up two-factor authentication (2FA) for added security.
Step 3: Deposit funds
Most exchanges allow you to deposit funds using various methods, including bank transfers, credit or debit cards, and Interac e-Transfer. The specific methods available and the processing times may vary depending on the exchange. Coinmama accept all methods.
Step 4: How to buy crypto in Canada? Choose a cryptocurrency to buy
Once your funds have been deposited, you can browse the exchange’s list of supported cryptocurrencies. Popular options include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Step 5: Place a buy order
Select the cryptocurrency you want to buy and enter the amount you want to purchase. You can choose from various order types, such as market orders, limit orders, and stop orders. Market orders execute at the current market price, while limit orders execute at a specified price or better.
Step 6: Review and confirm your order
Carefully review the order details, including the amount, price, and fees. Once you’re satisfied, confirm the order to execute the purchase.
Step 7: Store your crypto
After your purchase is complete, you’ll need to store your cryptocurrency securely. You can either keep it in the exchange’s wallet or transfer it to a personal wallet for added control and security.
Additional tips for buying crypto in Canada
- Do your research and choose a reputable exchange.
- Verify your identity and enable 2FA on your exchange account.
- Start with small amounts and gradually increase your investment as you gain more experience.
- Understand the risks involved in cryptocurrency investing.
- Seek professional financial advice if needed.