How to Buy Bitcoin in Canada
Bitcoin might sound complicated, but buying it in Canada is easier than you think! Imagine Bitcoin as digital money that people all over the world use, just like regular money—but it only exists on the internet. If you want to buy some, you’ll need a special account, like opening a piggy bank but online!
Step 1: Choose a Place to Buy Bitcoin (A Crypto Exchange)
A crypto exchange is like a store where you can buy and sell Bitcoin. In Canada, there are several trustworthy exchanges where you can start your Bitcoin journey. Here are four popular ones:
1. Shakepay (Best for Beginners)
Shakepay is a super easy-to-use platform made for Canadians. It’s beginner-friendly, and you can buy Bitcoin in just a few taps! You can even “shake” your phone every day to get free Bitcoin. It supports Interac e-Transfer, so you can deposit money instantly. Learn more
2. Wealthsimple Crypto (Best for Simplicity)
Wealthsimple Crypto is great if you already use Wealthsimple for investing. You can buy Bitcoin directly in the app, and it’s one of the simplest platforms to use. Learn more
3. NDAX (Best for Low Fees)
NDAX is a Canadian crypto exchange with super low fees. It’s great for people who want to buy and sell a lot of Bitcoin without spending too much on fees. Learn more
4. Bitbuy (Best for Security)
Bitbuy is one of Canada’s most secure exchanges. If safety is your biggest concern, this platform makes sure your Bitcoin is stored safely. Learn more
Step 2: Sign Up and Verify Your Account
Just like opening a bank account, you’ll need to sign up and prove who you are. This means uploading a photo of your ID (like a driver’s license) and maybe a selfie. It sounds serious, but don’t worry—it’s just to keep everything safe! Learn more about KYC verification
Step 3: Add Money to Your Account
Now that you have your account, you need to add money to buy Bitcoin. Most exchanges let you use Interac e-Transfer (which is fast and easy), bank transfers, or even credit cards. More on funding methods
Step 4: Buy Bitcoin!
Once your money is in the exchange, you can buy Bitcoin! It’s as easy as shopping online. Just type how much Bitcoin you want to buy and confirm your purchase. Congratulations! You now own Bitcoin. Read more about Bitcoin transactions
Step 5: Keep Your Bitcoin Safe
Think of your Bitcoin like a treasure. Keeping it on an exchange is like leaving your piggy bank at the store—it’s not the safest option. The best way to store Bitcoin is in a crypto wallet. There are two types:
Hot wallets (like apps on your phone) – Convenient but not as safe. Learn more
Cold wallets (like a USB stick) – Super safe because they’re offline. Learn more
Store Your Crypto Long-Term for Safety
If you’re planning to hold Bitcoin for the long term, it’s best to store it in a secure wallet, preferably a hardware wallet. This protects your Bitcoin from hacks, exchange failures, and other risks. Many experts recommend cold storage for serious investors. You can read more about long-term Bitcoin storage here: Investopedia Guide and Bitcoin.org Wallet Guide.
Risks of Buying Bitcoin (Be Careful!)
Before you jump in, here are some important things to know:
Bitcoin prices go up and down – Sometimes, the price skyrockets, and sometimes it drops. Only invest what you can afford to lose. More on volatility
Scams exist – Never send Bitcoin to someone promising to double your money. If it sounds too good to be true, it probably is! How to spot crypto scams
Security matters – Always use strong passwords and enable two-factor authentication (2FA) to protect your account. Learn about 2FA
Disclaimer: Investing is Risky
This blog is for educational purposes only and is not financial advice. Always do your own research before investing in Bitcoin or any cryptocurrency.
Affiliate Disclosure
Some of the links in this blog may be affiliate links, meaning we might earn a small commission if you sign up using them—at no extra cost to you! This helps us keep providing great content for you.
Final Thoughts
Buying Bitcoin in Canada is easier than ever! Whether you use Shakepay, Wealthsimple Crypto, NDAX, or Bitbuy, the process is simple. Just remember to stay safe, use a wallet, and never invest more than you can afford to lose. Happy Bitcoin buying!
