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When I first set up my Coinbase account, I ended up just going in a loop of Reddit, Coinbase help, and Google searches trying to figure out how to fund my Coinbase account so I could buy some Bitcoin.
If you are Canadian you will need to use a Canadian crypto exchange like Shakepay or Newton to send money from your bank to a crypto exchange.
Interac e-Transfer is the easiest, fastest, lowest fee way for most people.
Now, once you have converted your $ CAD to crypto on a Canadian cryptocurrency exchange — you can send your crypto to Coinbase.
You will be able to stake, trade it for altcoins, and use Coinbase Advanced if you are a trader.
To cash out your Coinbase account, you will then need to send crypto from Coinbae to a Canadian exchange (Shakepay or Newton).
Convert it to Canadian dollars, and deposit it into your bank account via eTransfer or Wire Transfer.
I think the confusion for us Canadians is around the term ‘Debit card’.
To some American banks and Coinbase — a debit card is a different thing than an eTranfser. Even though in Canada an Interac eTransfer is a debit card. Now that I have researched this more — I still don’t understand it.
But, I do know that I can send crypto to Coinbase to trade.
HowToBuyBitcoin101.com is basic how-to crypto guides, reviews, and information for beginners to get started with cryptocurrency in Canada. NOT investment advice. Investing in cryptocurrency is risky. Do your own research.
Seen in: Finbold, CoinMarketCap, and TheBitTimes.com