Last updated March, 2021
For those in Canada: Trying to figure out how to buy bitcoin Canada? And frustrated with all of the dead-ends you’re finding that are for USA only people? Here are some ways that Canadians can buy bitcoin and other cryptocurrencies.
Newton.co – Easiest way to buy bitcoin Canada
For the easiest to use system, we recommend Newton.co. Within as little as 30 minutes, you can have an account set up, verified, and be ready to start sending CAD to their system.
With the ease of e-transfer funding, we recommend Newton for people who are purchasing their first Bitcoin in Canada. Newton does require that the name on the sending account match the Newton account, likely to meet anti-money-laundering rules.
With the simplicity, of course, are some limitations. The biggest is that there is no exchange system for placing orders, you can only manually place a buy or sell at the current price and time. They do allow you to withdraw cryptocurrency to other wallets which makes Newton a better choice than PayPal.
Currently, Newton allows buying and selling Bitcoin, Ethereum, Ripple, Stellar, Litecoin, Monero, and Bitcoin Cash.
To increase signups, they are currently offering $25 to both you and me if you sign up and buy or sell least $100 CAD worth of cryptocurrencies.
Kraken Cryptocurrency Exchange
Kraken is one of the oldest cryptocurrency exchanges still around – and we say still because there have been some that have been hacked, shut-down, and otherwise gone out of business (especially Canadian specific crypto-exchanges like ezBTC and QuadrigaCX).
Kraken allows Canadians to wire transfer funds and then buy bitcoin right on their exchange. Once the BTC is purchased, you can move it to cold storage or a different exchange as you see fit.
Coinbase – Canada friendly exchange
Coinbase has been around for a long time, and comes with a solid track record of fulfilling its promises and protecting your information.
Coinbase supports Canada (as well as more than 100 other countries). Currently, Canadians looking to buy bitcoin can create an account, and then using either a credit card to buy Bitcoin, or a PayPal account to sell, and convert cryptocurrencies.
Approximately 23 cryptocurrencies are currently supported by Coinbase for Canada, which means you can invest in a number of top blockchain products without having to sign up on more than one cryptocurrency exchange.
Mind the fees
If you decide to pay with your credit card to buy bitcoin and you are in Canada, beware that your credit card company may charge you a cash advance fee – which can be $25 to $50.
Already a CoinBase member from Canada? Earn free crypto
If you already have a CoinBase account, you can earn up to $161 CDN just by watching some short videos and learning about cryptocurrencies. Click here to earn free XLM
Deposit Fiat into Binance with Silvergate
In March 2021, Binance announced Fiat deposits and withdrawals were now available for Canadian users. Although they only accept USD deposits, money can be sent to Binance using a SWIFT transfer.
USD are automatically converted to BUSD (Binance USD stablecoin) when received by Binance, and deposits are often completed on the same day if sent early in the day.
Currently, fees from Binance are 10 USD for deposits and 30 SUD for SWIFT withdrawals.
Buy Bitcoin with Paypal
In early 2021, Paypal started offering the ability to purchase and sell Bitcoin on the Paypal platform. Ethereum and some other major cryptocurrencies are also being added.
However, Bitcoin and other cryptocurrencies can not be withdrawn – they can only be sold back to PayPal. PayPal is planning to allow more functionality in the near future.