Beginner's Guide: How to Buy Bitcoin & Cryptocurrency in Canada
A very basic guide for Canadians to get started with digital currency and learn how to buy Bitcoin.
Educational guide. Cryptocurrency involves financial risk. Read our full affiliate disclosure to learn how we keep our research free.
Exchange Canadian Dollars $ for Bitcoin ₿
To buy cryptocurrency and Bitcoin you will need to transfer Canadian Dollars from your bank account to a crypto exchange. Use Interac e-Transfer or wire transfer. There is a small fee for this exchange (spread), rates will vary.
Cryptocurrency Exchanges to Buy Bitcoin in Canada
NOTE — You will need to verify your ID with photo ID for KYC (Know Your Customer) requirements. This ensures only you will be buying and selling on your account. Verification is fast and usually takes 1 to 2 business days. Registration and account setup is free. Start with one of the following exchanges:
Newton
- Instant Interac e-Transfer funding
- 70+ Canadian supported coins
- FINTRAC & CSA registered
Shakepay
- Instant Interac e-Transfer funding
- Daily free Bitcoin (ShakingSats)
- Exchange covers blockchain gas fees
Kraken
- Lowest trading fees in Canada
- Established global security track record
- Deep Bitcoin and altcoin liquidity
Security & Safety Guidelines
Best Practices (DO)
- DO use Google Authenticator 2FA (2-Factor Authentication) to secure all of your accounts.
- DO move your cryptocurrency to your own personal wallet (Step 2)!
Mistakes to Avoid (DON'T)
- DON'T leave your Bitcoin on the exchange.
Frequently Asked Questions about Bitcoin Exchanges
How much Bitcoin do I have to buy?
You do not need to buy a full Bitcoin. Bitcoin is divisible up to 8 decimal places (satoshis). You can start with as little as $10 or $20 CAD.
Where does my money go after I deposit CAD?
Your Canadian dollars are held in a secure fiat balance within your exchange account until you choose to execute a buy order for Bitcoin or other crypto assets.
Is it legal to buy and hold Bitcoin in Canada?
Yes. Buying, selling, trading, and holding Bitcoin and cryptocurrency is 100% legal in Canada under provincial and federal securities law.
What happens if I lose access to my account on the exchange?
Because Canadian exchanges require KYC identity verification, you can contact customer support with your photo ID and recovery credentials to regain access to your account.
Setup & Backup Your Bitcoin Wallet
A cryptocurrency wallet is software or a device that holds the private keys to access and control your crypto assets.
How a Wallet Works
A cryptocurrency wallet is a software program that stores a private & public key. These cryptographic keys match with the blockchain, so you control your tokens.
Your wallet interacts with the blockchain to enable you to send, save, & receive digital currency like Bitcoin. A wallet is required to send, receive, & hold Bitcoin & other cryptocurrencies.
Wallet
Your software wallet holds your private and public keys so only you can authorize access to your funds stored on the blockchain.
Blockchain
The blockchain is a public decentralized network ledger. Many people maintain the network and verify transactions on the blockchain.
Seed Phrase
Your paper wallet 12-word seed phrase is a hard backup. You will need this to recover your keys if your device is damaged or lost.
Security & Safety Guidelines
Best Practices (DO)
- DO write down your seed phrase on a piece of paper and put it somewhere very safe to backup your wallet.
- DO use a hardware wallet for larger amounts of Bitcoin.
Mistakes to Avoid (DON'T)
- DON'T lose or misplace your seed phrase.
- DON'T write or save your seed phrase online or digitally.
Frequently Asked Questions about Cryptocurrency Wallets
Is my cryptocurrency wallet secure?
Yes, non-custodial wallets give you complete ownership of your private keys. As long as you never disclose your seed phrase and keep devices free of malware, your funds remain secure.
What happens if I lose my seed phrase?
If you lose both your wallet device and your written seed phrase, your cryptocurrency is permanently lost. No company or recovery service can restore it.
What happens if I lose my wallet (device)?
If your phone or laptop breaks or is lost, simply install a compatible wallet app on a new device, enter your 12 or 24-word seed phrase, and your funds will be restored immediately.
Move Bitcoin from Exchange to Your Wallet
Send your Bitcoin from the exchange to your wallet Receive crypto address.
Congratulations! You now own Bitcoin.
By transferring your Bitcoin to a private wallet, you hold the cryptographic keys to your financial sovereignty.
Step-by-Step Transfer Guides by Exchange
Security & Safety Guidelines
Best Practices (DO)
- DO confirm the first 4 and last 4 digits of a wallet address when sending and receiving Bitcoin.
Mistakes to Avoid (DON'T)
- DON'T send your Bitcoin to people on Facebook or Twitter promising to send you more back. That is a scam.
Frequently Asked Questions about Sending & Receiving Bitcoin
What happens if I send my Bitcoin to the wrong address?
All blockchain transactions are permanent and irreversible. Always verify the first 4 and last 4 characters of your recipient address or use QR code scanning.
What are sending and network gas fees?
Network miner fees are paid to blockchain validators to process transactions. Some Canadian exchanges (like Shakepay or Newton) cover network withdrawal fees for users.
Key Canadian Cryptocurrency Resources
Continue your cryptocurrency journey with our detailed Canadian buying guides, comparison tools, and hardware wallet reviews.
Exchange Comparison
Compare fees, spreads & limits
Best Crypto Wallets
Trezor, Ledger & software wallets
Sign-Up Bonuses
Latest Canadian promo codes
Interac e-Transfer Guide
Fastest CAD funding methods
BTC to CAD Calculator
Live Canadian Bitcoin price
Canadian Crypto Taxes
CRA compliance & tax tools