Top 4 Exchanges to Buy Bitcoins in Canada
As everyone joins the race to owning digital currency, it can be bad luck if you are left out. Bitcoins are becoming a profitable venture. Despite the huge fall in price experienced at the beginning of 2018, the price of the coin is back to the growth track. As you know, you can own the coins through several ways which include mining and buying them through Bitcoin exchanges.
However, due to the profitability of the coin, it has attracted everyone including fraudsters. So, while buying Bitcoins in Canada without taking care, you can easily become a prey to these cybercriminals. For you to stay safe and avoid losing your hard earned cash, this article presents to you the leading Bitcoin exchanges in Canada. Here they are:
Coinbase is one of the leading Bitcoin exchanges in Canada. The exchange offers Canadians an opportunity to buy Bitcoins using their credit cards or bank transfers. For those seeking instant ownership, credit card payment is the right approach. The good thing about Coinbase is that you will get Bitcoins worth 13CAD for free every time you make a purchase worth 130CAD.
As such, it is a good option for new entrants. However, you must be ready to pay a transaction fee of 3.99% in every transaction. Also, if you opt for the bank transfer, you must be ready to wait for 5 business days before you get your coins. Another issue is that your Bitcoin privacy is questionable as the exchange may track how you intend to use the coins.
b) Canadian Bitcoin
If Coinbase does not meet your needs, you can opt for the Canadian Bitcoin exchange. The exchange is one of the popular places to buy Bitcoins in Canada. Here, you can make purchases worth $100,000 or more. Also, you have several ways of making payments which vary on fee. They range from online banking transfers, Cash in person to Interac Online. Canadian Bitcoin also offers a platform that is easier to use for anyone. Thus, it is suitable for new entrants. However, you are at high risk of falling into a scam as a wide array of the payment methods provided lack privacy.
When privacy and security are your major concerns, LocalBitcoins is the way to go. This exchange comes with escrow service that links a buyer and a seller. Hence, you do not transact in the open platform where everyone can track your actions. Furthermore, the exchange offers an opportunity for face to face transfers. This way, they enhance the privacy of trading and fast exchange of Bitcoins. However, these benefits are not free. You have to cater to them by paying a higher price than the rest. Also, there are premium charges for privacies accorded to you.
Coinmama is the next exchange you can buy Bitcoins in Canada. The exchange offers you an opportunity to buy a maximum of coins worth $150 (193.37CAD) without revealing your identity. Hence, it is a good option for entrants. However, Coinmama is one of the exchanges with highest transaction fee as you have to pay at least 6% for each purchase you make. Despite this, it is the leading exchange allowing buyers to purchase high amounts of coins using their credit cards. Also, it operates in many countries giving you an opportunity to transact regardless of where you are at the moment.