While the concept of Bitcoin may be new to some people, this well-known cryptocurrency has been around for many years. Bitcoin is one of many digital currencies that have become quite common entity among tech-savvy households. If you are keen on purchasing bitcoin or other cryptocurrencies in Canada, you need to do it through an exchange. This guide will discuss some of the best exchanges you can use to buy bitcoin in Canada for 2023.
Top 5 Crypto Exchanges In Canada For 2023
1. Coinbase
Coinbase is one of the most convenient ways to buy, sell, and hold cryptocurrencies. With Coinbase, you can connect an American bank account and easily transfer dollars in or out of your wallet. You can use those US dollars to buy Bitcoin and other cryptocurrencies.
This digital exchange and online cryptocurrency wallet provider is a great choice for people who are new to Bitcoin. It makes buying and selling quite similar to buying and selling stock through your brokerage accounts. Coinbase wallets can take on more than 20 cryptocurrencies including the U.S. dollars and the USD Coin pegged to the dollar.
Another great feature is Coinbase Earn, which it gives you free cryptocurrencies in exchange for watching the videos and taking quizzes. If you use Coinbase, you will have to look out for high fees and costs. There are flat transaction fees and a spread Coinbase charges when converting between currencies. Those can add up pretty quickly and a lot too. Also, while they are certainly not a common occurrence, Coinbase has seen outages in the past that left users unable to buy or sell on it.
Coinbase is a leading crypto exchange and proponent of cryptocurrency regulation as a method of improving the entire industry. Your Canadian cryptocurrency coins are most likely in great hands with Coinbase in 2023.
2. Trezor
Just like the money in your wallet, if someone steals your cryptocurrencies, you are most likely out of luck. After high profile cryptocurrency flunkies and losses in the past, it is smart for people to keep a strong focus on the security of their cryptocurrency.
The Trezor hardware wallet is a device you keep your bitcoins on. It can plug into your computer or smartphone. The device comes with a small screen you can use to manage your safe and secure connection. Current models sell for US$55 to over US$500 depending on which one you opt for.
The most affordable version, a black or white plastic device called the Trezor One, is an incredibly secure device that comes with multi-factor authentication and supports more than 1,000 digital coins. Just make sure that you will never lose your Trezor or your Trezor password, otherwise your bitcoin can be gone for good.
3. Ledger
The Ledger Nano X and Ledger Nano S are hardware wallets that retains your bitcoins safe in an offline device. It is approximately the size of a USB flash drive, Ledger devices are able to connect to your phone or computer to store and access your digital holdings. The device is enclosed in a stainless steel cover, which makes it very durable.
With the included Ledger Live software, you are able to check your balance, and send and receive currencies. Ledger supports well over 1,200 digital coins and tokens, so you are far from limited to Bitcoin. Ledger Live even supports coin staking, in which you can earn rewards created on your balance.
The basic Ledger Nano S and Bluetooth-enabled Ledger Nano X cost you US$59 or US$119, respectively. Nano S supports up to 20 different currencies at a time while Nano X holds up to 100 currencies at a time. Both use highly safe and secure chips similar to the ones used in a chip-based credit card or passport.
4. BitBuy
Bitbuy is a Bitcoin exchange based in Canada itself. You can buy bitcoins, litecoin, ethereum and other similar cryptocurrency coins with Interace e-Transfer or bank wire for as low as 0.1% fees. The exchange has solid support available through its live chat, or via phone and email.
5. Netcoins
Netcoins is a Canadian-based exchange based in Vancouver. You can buy and sell Bitcoin, Ethereum, Litecoin and other major cryptocurrencies with Interac e-Transfer, online bill payment or even wire.
They charge 0% on funding and FIAT withdrawal fees and at least 0.5% on trading. Customers will receive support during business hours through live chat, email or phone call. Getting started and verified takes just a couple of minutes. Note that new users will receive a $10 CAD bonus as soon as they complete $100 in cumulative transactions.
Crypto Conclusion
Finding the best and most suitable wallet is important, sure. However, you should also keep in mind several things before you load up on Bitcoin. First of all, make sure you’re always careful with your security information, and keep your hardware wallets within sight. As losing them also means losing your investments. Even then, for large amounts of money, consider using a hardware wallet, as software wallets are more vulnerable and defenceless to hacking.
You will also have to know that on the other hand, the BTC and crypto market is volatile overall, and you must be okay with potentially taking significant losses before making any more investments. And just remember: just because you store your Bitcoin in a wallet, it does not mean that the price won’t fluctuate. Only invest what you can possibly afford to lose in cryptocurrency.
