How to buy cryptocurrency in Canada?

By 7b Crypto Trading Wallet | 7b | 26 Sep 2022

If you are new to crypto in Canada, one of the fundamental questions to ask is where you will buy crypto in Canada and how to sell it. The question will be sufficiently answered in this article. 

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How to buy crypto in Canada?

Buying crypto in Canada is a fast, straightforward process. Although crypto is not legal tender within the country, there are several ways to buy crypto within Canada. The central bank of the country is equally experimenting with the idea of a token-based digital currency, however, the best way to buy crypto will be via exchanges as they are legal and authorized to do business within the country. 

Going through other means like third-party purchases and peer-to-peer may work sometimes, however, in the long run, most of the methods carry their own risks and may not always be available.

Getting your crypto at exchanges remains one of the most secure ways to get crypto. Here, we will receive your best shots at getting Bitcoin and other cryptocurrencies within the country. 

Sticking with exchanges when buying or selling crypto in Canada will prove that they remain the best place to buy crypto in Canada. 

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Best Crypto Exchanges in Canada 

There are several crypto exchanges in Canada, many of which are legal and licensed within the country. A look through these crypto exchanges will give any potential buyer or seller of crypto assets the confidence to transact. 

  1. 7b
    7B is especially accessible and easy to navigate than most crypto exchanges. It is a good starting point for beginners in the country looking for simple interfaces and uncomplicated trades.

    Also, likewise, 7B runs on Binance, meaning it offers just as many cryptocurrencies for trade. If you’d love to trade a particular coin very much less popular than the likes of Bitcoin or Ethereum, then 7B is a good bet.

    Finally, along with its incredibly low fees, 7b has a tremendous support team available at all hours.
  2. Binance 
    Binance has earned a reputation for being one of the foremost cryptocurrency trading platforms all over the world and it has staked its claim in Canada too as one of the best places to buy crypto. The low-cost fee approach that Binance uses has endeared it to several crypto investors in the country.
  3. Bitbuy 
    Established in 2016, BuyBit is one of the most popular exchanges in Canada allowing traders to transact effortlessly. Now used by several traders, Bitbuy has shifted focus from being a Bitcoin-only platform to allowing traders to invest in other cryptocurrencies. With a variety of deposit options, anyone can get to invest in cryptocurrencies for as little as possible.
  4. Gemini 
    Gemini crypto Canada is another exchange operational in Canada that allows anyone to invest in crypto in Canada. The exchange allows for the use of multiple deposit options and likewise has an easy user interface for seamless transactions.

    Notably, Gemini offers its users both offline and online storage options. 
  5. FTX
    Still fairly new in the country, FTX recently announced its entry into Canada with the acquisition of Bitvo. The crypto giant will be bringing its branded approach to the Canadian market and users can expect good support and pricing as they go about investing in digital assets. For those looking for alternative exchanges, FTX has an intuitive trading platform that caters to the needs of most traders. 

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Is it easy to invest in crypto in Canada?

Given the number of legal exchanges and brokers who are licensed to operate within the country, it is fairly easy to invest in crypto in Canada. You can easily pick an exchange with the benefits that you want; go on and invest in the crypto of your choice. 

Buy Crypto Canada Reddit 

Reddit is a good opinion space to get sound bites on where to buy and sell crypto. Crypto investment threads can be a starting point. Reddit often has a lot of discussions going on in the crypto space and if you can filter the opinions, you will be able to make some good purchasing decisions. 

Best place to buy crypto in Canada

Without a doubt, there are several good crypto exchanges in Canada, however, the one-stop answer to the best place to buy crypto is from 7b. With the ease of investing in crypto, 7b runs on the BSC engine and it allows for the rapid purchase of digital assets and cryptocurrencies. 7b is the premium location for anyone to buy crypto in Canada.

Best way to buy crypto in Canada

First, you’d need to download a good exchange app like 7b. You can access most of these exchanges also on web browsers if you’d prefer the desktop approach.

7B for one is available for download both on Android. First, download the 7B app on GooglePlay or AppStore, create an account within minutes, and make your first deposit. No matter how small your deposit is, you can get the equivalent in your desired crypto. Finish this step, and you’ve made your first trade! 

7B is especially easy to use, and fast, with extremely low fees and agile trading options. 

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Crypto & Tax in Canada 

Taxes on crypto in Canada are quite straightforward. This is because, for now, there is almost no need to worry about them. The purchase or sale of crypto assets is not a taxable event within the country.

Having qualified it as near money, it is taxed only for income purposes; in the case where businesses receive payment using crypto, it is taxed using the fair market value of the crypto on the day payment was received. Miners are also taxed. In the case of buyers sellers or traders of crypto, taxes will only be treated on a capital gain or loss consideration. 

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