How To Buy Bitcoin In Toronto – All you need to know

 

How to buy bitcoin in Toronto
How to buy bitcoin in Toronto

Toronto, the financial capital, is the populous city in Canada with a population of 2.3 million. It’s the capital of the province of Ontario and has an energetic  metropolis with soaring skyscrapers and iconic free-standing CN Tower. Home to Vitalik Buterin the founder of the cryptocurrency, Ethereum, Toronto is also quickly becoming a really important hub for Bitcoin activity.

History of Bitcoin

Bitcoin was created by an anonymous person or a group of persons and is a decentralized currency that runs on blockchain technology. It is essentially a digital form of money that makes the people the real owners of their own money. It has been over a decade since the bitcoin blockchain went live and it has seen skyrocketed popularity and interest since then.

What Investors Gain From Buying Bitcoin?

Bitcoin is an asset or a financial instrument like no other. Its supply is limited and its economic policy is hardcoded into the blockchain itself. Also, it has seen an unimaginable surge in prices since its inception. From having no value to being worth a few cents to now being almost $10,000 per coin, Bitcoin has defied all expectations. The benefits for investors in buying bitcoin are:

  • No one can alter the original policies.

  • No central authority can manipulate it.

  • Fixed supply.

  • Global Phenomenon.

  • Huge potential for returns.

  • Security brought in by immutability.

  • Bitcoin is completely legal in Canada which reduces uncertainty. 

Ethereum and Other Cryptocurrency in Canada

 

ethereum and cryptocurrency in Canada
Ethereum and cryptocurrency in Canada

Bitcoin was the first cryptocurrency created, as well as the most popular. However, there are many other cryptocurrencies that have been built by various teams and companies around the world to serve specific use cases and bring forth a financial revolution.

These cryptocurrencies are often called altcoins or alternative coins as they are often seen as alternatives to bitcoin from an investment standpoint. There are thousands of these. However, the most popular ones are Ethereum, Ripple (XRP), Litecoin, Dash, etc.

How To Buy Bitcoin and other cryptocurrency in Canada

Seeing the increasing popularity and growth in the ecosystem of cryptocurrencies as a whole, many investors want to learn how to buy bitcoin in Canada. In recent years, it has become easier than ever to get involved with the crypto world and there are several ways you can do so. The following are some of the most popular ones:

1. Online Exchange

One of the most common and popular methods to get involved with bitcoin and other cryptos is to use online exchanges. This is also one of the easiest methods. At PCCEX (a proudly Canadian exchange), we have made it extremely simple to start your crypto journey in a secure manner. In fact, we also offer OTC services to our users who wish to go that route for large orders.

Steps to buy from an exchange:

  1. Create an account on the exchange.

  2. Complete the KYC process.

  3. Use any of the methods to fund your account using fiat currency (CAD).

  4. Buy bitcoin using CAD.

  5. Keep your bitcoin on the exchange or transfer them to your own secure wallet.

Pros:

  1. Extremely easy to use.

  2. Regulated exchanges provide the security you need.

  3. A variety of cryptocurrencies are available to buy and sell.

  4. Trading can be done with ease and simplicity.

  5. Availability of customer support.

  6. A variety of payment methods.

Cons:

  1. Lack of anonymity.

  2. During times of high market activity, exchanges can become difficult to access due to the high traffic.

    Bitcoin ATM Canada
    Bitcoin ATM Canada

2. Bitcoin ATM

ATMs are an important part of the legacy financial system. However, they have been adapted to serve the crypto users as well. There are many bitcoin ATMs all around Canada and other countries where users can easily buy bitcoin in an anonymous manner.

Steps to buy from Bitcoin ATM:

  1. Find the nearest bitcoin ATM to you using something like Coin ATM Radar.

  2. In the ATM machine, choose to buy bitcoin.

  3. Provide a bitcoin address for deposit.

  4. Insert cash into the machine.

  5. Confirm the transaction.

Pros:

  1. Ease of use.

  2. You can buy anonymously.

  3. The speed is impressive.

Cons:

  1. Transaction fees can be higher in this case.

  2. Logistical Problem (you have to go all the way to an ATM)

  3. Customer support may not always be on par.

3. Peer to Peer (P2P)

A p2p is an online marketplace where trades take place directly between a buyer and a seller. There is no middleman as such. However, each party is protected by an escrow service. P2P is one of the older ways to buy bitcoin in Canada and an example is Localbitcoin.

Steps to buy from P2P:

  1. Find a trustworthy p2p platform.

  2. Register using your email id and password.

  3. Look for sellers and their prices.

  4. Choose the one you like best and make the payment to them using any of the available methods.

  5. Mark the payment as complete and you will receive your bitcoin.

Pros:

  1. Security with escrow services.

  2. A variety of payment methods.

  3. Increased privacy.

Cons:

  1. Face to face cash transactions can be a little risky.

4. Local Over The Counter (OTC)

In the financial markets, over the counter trades are ones that happen privately between two individuals without the supervision of an exchange. Traders typically use this route when they have to buy or sell a large amount of a financial instrument. As mentioned before, PCCEX also offers OTC services. 

Steps to buy from OTC:

  1. Choose a bitcoin trading platform that also provides OTC services.

  2. Make sure it is a trustworthy platform.

  3. Sign up and create an account on this platform and get yourself verified.

  4. Contact a trader and get a price quote.

  5. After agreeing on a price, send the payment to them through any of the methods available.

  6. After the payment is done, the bitcoin will be released to you.

  7. Transfer these bitcoins to your own secure wallet.

Pros:

  1. Useful when you need to buy large quantities of bitcoin.

  2. Protects you from slippage.

  3. It helps you avoid trading limits on typical crypto exchanges.

Cons:

  1. Not as straight-forward as buying on an exchange.

  2. There can be settlement risks involved.

Taking Crypto To The Masses

At PCCEX, we want to take crypto to the masses. We believe that crypto has the potential to transform lives for the better and make financial instruments available for everyone. This financial inclusion is what we aim for.

We have many cryptocurrencies that you can buy and trade with ease and security. Apart from buying bitcoin Canada users can also buy ETH, Litecoin, XRP, Dash, Dogecoin.

https://exchange.pccex.io/Account/SignUp

***Please ensure to declare any capital gains or reward income to your local taxation authorities to ensure you always remain compliant. Cryptocurrency purchased on illegitimate exchanges that do not run KYC may not be supported and have been listed/traded there without our permission. Investing in cryptocurrencies is a high-risk and volatile

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