How to Buy Bitcoin in Canada via Exchange in 2018

How to Buy Bitcoin in Canada via Exchange in 2018

Bitcoins are a very popular topic nowadays and most people still don’t really know what they are. Essentially it is a peer-to-peer payment network that was established back in 2009 that uses the bitcoin as a virtual currency in order to conduct transactions. For you to be able to make any transactions though, you need to first acquire bitcoins and the easiest way to do that it via exchange which can be done in three ways in Canada and in this article we will introduce you to them.

Online exchange

As with most things, when they are done online they tend to be the most popular and that is also the case with online exchange as a method of buying bitcoins in Canada. You can fund an online trading account, most of the time that is done either via wire transfers or through a third party banking service, and this can also enable you to buy bitcoins. This method will most likely require you to give some additional personal information for identity verification which is used to enable you to transact on the website that you choose.

Exchange in person

If you want to exchange bitcoins with someone in person then the best thing for you to do is go to an over-the-counter platform, like LocalBitcoins or CoinCola, which are resources that can help find people in your area with which you can trade bitcoins. The biggest issue with this method of exchange is the security element, or rather the lack there of. Trust and security can definitely be a concern, as they are most of the time when you are dealing which strangers that found on the internet, which is why we recommend that you make sure you always transact in a public place, preferably with amount of money that are not too big.

Bitcoin ATMs

With the world of bitcoin growing larger every day, the need to make bitcoins more accessible has also been growing. There are now over 400 Bitcoin AMTs worldwide, and a lot of those are actually in Canada. A simple online search can help you see which the one nearest to you is and mostly they are located in dense urban areas because of the cost of the machines. Another thing that you can do is locate a store that sells bitcoin via a “virtual” bitcoin ATM which they run on a tablet or at the cashier’s check out.

While there are different ways in which you can buy bitcoin, the method of exchange is probably the most popular one. What is now left for you to do is assess all of the options that exchange gives you and figure out which one will be the right one for you and which one will give you the best chances in the world of bitcoin.

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