How to Buy Bitcoin from Canada: A Step-by-Step Guide for 2024

Why Buy Bitcoin in Canada?

As cryptocurrency adoption surges globally, Canadians are increasingly exploring Bitcoin as both an investment and digital currency. Canada’s progressive regulatory environment and advanced financial infrastructure make it exceptionally straightforward to buy BTC. Whether you’re diversifying your portfolio or entering the crypto space for the first time, this guide simplifies the entire process.

Step-by-Step: How to Buy Bitcoin in Canada

1. Choose a Reputable Exchange: Select platforms registered with FINTRAC like Wealthsimple, Bitbuy, or Newton for security and compliance.
2. Create and Verify Your Account: Provide ID (driver’s license/passport) and proof of address. Verification typically takes minutes to hours.
3. Deposit Funds: Use Interac e-Transfer, bank wire, or debit card. Most exchanges support CAD deposits with zero fees.
4. Place Your Order: Navigate to the trading section, enter the CAD amount you wish to spend, and execute a market or limit order.
5. Transfer to a Secure Wallet: Move BTC from the exchange to a private wallet (hardware or software) for enhanced security.

Top Canadian Bitcoin Exchanges Compared

• Wealthsimple Crypto: Best for beginners – simple interface, insured custodial wallets.
• Bitbuy: High liquidity – 0.50% trading fee, advanced Pro Trade platform.
• Newton: Lowest fees – spread-only pricing with free CAD deposits.
• Shakepay: Unique rewards – earn Bitcoin through daily ‘shaking’ bonuses.
• NDAX: Institutional-grade – supports 25+ coins with cold storage.

Securing Your Bitcoin Investment

Never store large amounts on exchanges. Use:

• Hardware Wallets (Ledger/Trezor): Offline devices immune to hacking.
• Software Wallets (Exodus/Electrum): Free apps with encryption.
• Enable two-factor authentication (2FA) and backup recovery phrases offline.

Tax and Regulatory Considerations

The CRA treats Bitcoin as a commodity. Key rules:

• Capital gains tax applies when selling or trading BTC.
• Report all transactions exceeding CAD $10,000.
• Businesses accepting crypto must record fair market value.

Frequently Asked Questions

Is buying Bitcoin legal in Canada?

Yes, Canada has clear cryptocurrency regulations. Exchanges must register with FINTRAC and comply with AML/KYC laws.

What’s the minimum investment?

Most platforms allow purchases as low as $1-$50 CAD. Newton supports $1 minimums, while Shakepay starts at $0.02.

How long do withdrawals take?

Exchange-to-wallet transfers usually complete in 10-30 minutes. Bank withdrawals take 1-3 business days.

Are there alternatives to exchanges?

Yes! Bitcoin ATMs (7,000+ in Canada) and peer-to-peer platforms like LocalBitcoins offer instant cash purchases.

Can I buy Bitcoin anonymously?

No. Canadian regulations require full identity verification on all exchanges. P2P trades may offer partial anonymity but carry higher risks.

Ready to start? Choose a trusted exchange from our list, secure your wallet, and join Canada’s thriving crypto economy today!