Buy Bitcoin in Canada

Bitcoin (BTC) is the world's first and most established cryptocurrency, created in 2009 as a decentralized digital currency. Understanding why people invest in Bitcoin can help you determine if it's the right investment for your portfolio.

• Store of Value: Often called "digital gold," Bitcoin has a fixed supply of 21 million coins, making it resistant to inflation.
• Decentralization: No single entity controls Bitcoin, providing independence from traditional financial systems.
• Global Adoption: Increasing institutional investment and growing acceptance as a legitimate asset class.
• Portfolio Diversification: Can serve as a hedge against traditional market volatility.

Important: Cryptocurrency investments are highly volatile and speculative. Only invest what you can afford to lose, and consider consulting with a financial advisor before making investment decisions.

• Symbol: BTC
• Market Rank: #1
• Launch Year: 2009
• Creator: Satoshi Nakamoto (pseudonym)
• Maximum Supply: 21 million BTC
• Consensus Mechanism: Proof of Work

All exchanges listed below are registered with FINTRAC and compliant with Canadian regulations. Choose based on your priorities for fees, ease of use, and features.

Compare all Canadian cryptocurrency exchanges →

Select a regulated Canadian exchange that supports BTC. Consider factors like trading fees, security features, deposit methods, and user interface. Popular options include Bitbuy, NDAX, and Kraken.

Sign up with your email and create a strong password. Complete the Know Your Customer (KYC) verification process by providing government-issued ID and proof of address. This usually takes a few minutes to 24 hours.

Fund your account using Interac e-Transfer (most common), bank wire, or other supported methods. Most exchanges process Interac transfers instantly or within a few hours.

Navigate to the BTC/CAD trading pair. Choose between a market order (buy immediately at current price) or a limit order (set your desired price). Enter the amount of BTC you want to purchase and confirm the transaction.

For long-term holdings, transfer your BTC to a personal wallet for enhanced security. Choose between a hardware wallet (maximum security) or a mobile/desktop wallet (balance of security and convenience).

Hardware wallets like Ledger or Trezor store your private keys offline, protecting against online threats. Recommended for long-term storage and larger amounts.

Mobile and desktop wallets like Exodus or Trust Wallet offer a good balance of security and convenience. Suitable for smaller amounts and frequent transactions.

Keeping BTC on an exchange is convenient for active trading but less secure for long-term storage. Only keep funds you're actively trading on exchanges.

• Start Small: Begin with a small investment to familiarize yourself with the process before committing larger amounts.
• Use Limit Orders: Set your desired entry price with limit orders to avoid overpaying during price spikes.
• Enable Two-Factor Authentication: Add an extra layer of security to your exchange account with 2FA.
• Beware of Phishing: Bookmark your exchange URL and never click links in unexpected emails claiming to be from your exchange.
• Dollar-Cost Averaging: Consider investing fixed amounts regularly rather than trying to time the market.
• Understand Tax Implications: Keep detailed records of all transactions for tax reporting purposes.

Bitcoin can be a speculative investment with potential for high returns, but it also carries significant risk due to price volatility. It may serve as a portfolio diversification tool and hedge against inflation, but should only represent a portion of a well-diversified investment strategy. This is not investment advice, consult with a financial professional before investing.

Some Canadian exchanges like NDAX accept credit card purchases, though they typically charge higher fees (3-4%) than other deposit methods. Interac e-Transfer is generally the most cost-effective option for Canadian residents.

There's no minimum purchase amount on most exchanges, you can buy as little as $10 worth of Bitcoin. Most financial advisors suggest limiting cryptocurrency exposure to 5-10% of your investment portfolio, though this varies based on individual risk tolerance.

No. Bitcoin is divisible to eight decimal places (0.00000001 BTC, called a "satoshi"). You can purchase any fraction of a Bitcoin based on your budget.

In Canada, cryptocurrency transactions are generally subject to capital gains tax. When you sell, trade, or spend Bitcoin, you must report any capital gains or losses. Learn more about crypto taxes in Canada.