It is estimated that over 106 million people worldwide are using crypto exchanges. With digital currencies being adopted in countries everywhere, it’s time to consider an investment of your own. But how does the exchange process work in Canada?
For those looking to invest in Canadian Bitcoin, the process may prove easier than you might expect. With a variety of crypto options and exchanges, you’ll just need to know where to start.
Continue reading for our guide on how to choose the best Canadian crypto exchange.
What Is a Crypto Exchange
For those that have heard the latest buzzwords like Bitcoin and cryptocurrency, there’s more to it than giving the bank your money. Because of the technology’s decentralized nature, you’ll have to enter a crypto exchange first.
A crypto exchange is a platform that allows you to buy, sell and trade different cryptocurrencies. It provides users with a central location to save digital currency, either to convert it or to sell it back to their physical bank. Crypto exchanges provide the accessibility and security needed to work with encrypted, digital currency.
Not all exchanges are the same, however. Depending on your needs, you may need to look through several different exchanges. Some aspects to consider when choosing an exchange include:
- Security
- Investment opportunities
- Selection of cryptocurrency
- Location
How to Buy Bitcoin in Canada
While cryptocurrency is a decentralized form of money, many countries have put limits on the way people can trade them. An exchange that works in the United States may not work the same in Canada. For those looking to own Canadian Bitcoin, your options may work differently.
To buy crypto in Canada, the process looks similar to most countries. You’ll have to sign up for a crypto exchange platform, transfer money from your bank account, and trade it for the currency you desire. However, the crypto exchange that you sign up for will determine your accessibility to the crypto you can purchase.
Best Canadian Crypto Exchange
When looking for an exchange to purchase Canadian Bitcoin, there are a few aspects to consider. Because not all exchanges are made the same, some are better than others in terms of trading fees, security, customer support, and crypto variety.
Your choice of exchange depends on the aspects you hold most important. For the most security and customer support, universal exchanges like Coinbase or Binance have long-term experience in the industry. For Canadian-based trading with a wide range of crypto options (altcoins).
Cryptocurrency’s mainstream induction offers several chances for fraudulent transactions. When searching for how to buy Bitcoin in Canada, take caution when determining the legitimacy of the exchange you decide to work with.
More on Canadian Bitcoin
With a variety of changes offering different services, you may want to research your options before buying Canadian Bitcoin. For info on exchanges to choose from, as well as other news regarding cryptocurrency, check out our Technology section.