Easiest ways to buy bitcoin in Canada
In this article we will be discussing the easiest ways to buy bitcoin and other cryptocurreny in Canada. Unless you live under a maple tree you have heard the term Bitcoin or Blockchain. Cryptocurrency is on the rise and Canadians want to get involved and not get left behind.
The Canadian crypto market has surged in popularity in the past few years and Canadians want to know what it’s all about. With news outlets reporting Bitcoin and other digital currency markets in billions, many Canucks are looking to get in on the action and rightfully so! Bitcoin went from $100 to $20,000 in just a few years. It is now around $12,500 – quite the investment eh.
With all that being said, buying this digital asset is not always easy although PCCEX has made it simple for the so called “average Joe” to get a piece of the pie.
Here we are going to outline 4 different ways to buy bitcoin in Canada
1. Online exchanges
This is definitely the most popular way to buy bitcoin. When you think of bitcoin or other cryptocurrencies, you think of an online exchange. There are many exchanges out there but you have to choose one that’s suitable for you. Exchanges in Canada traded in astronomical numbers last year and they are on pace to do the same or even surpass last years numbers. Once you join an exchange, you will be required to go through their KYC process by providing your ID and maybe other documents. Depending on the exchange you choose, you have different options to fund your account – Credit card, e-transfer, bank wire are the most popular.
Steps to get started:
1. Create an account on an online exchange of your choice
2. Fund your account from the options the exchange has available
3 Provide the required KYC
4. Start buying!
2. Local over the counter (OTC)
This is exactly how PCCEX started in 2017. This is a trade between 2 market participants that trade bitcoin anonymously. OTC trades are also facilitated by OTC brokers who negotiate directly with the buyer and seller. The major difference between a crypto exchange and an OTC is the anonymous factor that is provided by the OTC desk. OTC desks does not provide a public order book listing of all trades, this allows a large purchase to be made without any disruption from the markets also termed the word “spillage” For example, If you purchase a large amount of bitcoin that exceeds the amount available on a live quoted price, part of you order will go to the next available sale price, which is typically higher (spillage). So, using an OTC desk to buy a large amount of bitcoin will help save the buyer money by protecting them from spillage.
To sum it up, OTC brokers eliminates slippage and provides liquidity by coordinating buyers and sellers at a mutually agreed-upon price.
Steps to get started
1. Create an account on a platform that provides OTC service
2. Get a live quote from a trader
3. Accept the price
4. Buy bitcoin!
Buying OTC from a broker
1. Find a broker in your area
2. Contact broker and provide the amount of bitcoin you want
3. Get a quote
4. Buy bitcoin!
3. Bitcoin ATM
Bitcoin ATM’s look just like bank ATM’s expect they are not connected to a bank but rather to a bitcoin exchange. It allows people to buy bitcoins using a debit card or even cash. This system is great for buyers that are not so savvy with the technology but want to own bitcoin. There are more and more bitcoin ATM’s showing up across the country, so they shouldn’t be too difficult to find. The one thing you should know about buying bitcoin from ATM’s is that their fee is much higher than buying from an exchange, it typically ranges from 4-6%.
Steps to get started
1. Find a bitcoin ATM near you
2. Insert your debit card or pay cash
3. Select the amount of bitcoin you want
4. Scan your wallet and your all set
4. Peer to peer (P2P)
A P2P transaction usually occurs on a peer to peer sites or platforms. A buyer and seller connect on the site or platform and agree to a price. The seller’s bitcoins are held in escrow by the site and only released when it confirms payment from the buyer.
Steps to get started
1. Register on a site or platform
2. Obtain a digital wallet from the site
3. Connect with a seller and agree on a price
4. Pay the seller and your all set
With all that being said, buying this digital asset is not always easy although PCCEX has made it simple for the so called “average Joe” to get a piece of the pie. We offer 0.25% trading and the ability to trade up to $499 without verification.
Cryptocurrency sounds very complicated with all these new terms and acronyms, PCCEX will make it simple.
We hope this article helped you understand the easiest ways to buy bitcoin in Canada. Please leave us a comment below.
