With a growing number of investors seeking to capitalize on the cryptocurrency boom, understanding how to buy and sell bitcoin in Canada has become increasingly important. From navigating regulatory frameworks to choosing the right crypto apps and understanding tax implications, the process can seem daunting to newcomers and seasoned investors alike.
Whether you’re a first-time buyer looking to dip your toes into the world of Bitcoin or an experienced trader seeking to diversify your portfolio, this article will provide Canadians with the knowledge and resources needed to navigate the crypto market with confidence.
Let’s uncover how to buy and sell bitcoin in Canada and navigate some of the challenges facing investors in the cryptocurrency market.
Get $100 in free bitcoin with MoonPay
How To Buy and Sell Bitcoin in Canada
Buying bitcoin in Canada for the first time can be confusing, especially for investors who are new to cryptocurrency. In order to buy bitcoin in Canada, first you’ll need to sign up for a digital wallet with a regulated crypto exchange.
Below, we’ll break down how to buy and sell bitcoin in Canada using MoonPay, one of the best Canadian crypto apps.
1. Choose a Cryptocurrency Exchange
First, new users will need to choose a cryptocurrency exchange and set up their crypto wallet.
For this example, we’ll use MoonPay, a reputable cryptocurrency exchange that is regulated in Canada and the U.S.
Click here to receive up to $100 in Bitcoin for free by signing up and funding your MoonPay account.
2. Create an Account
Once you’ve claimed your free bitcoin, it’s time to set up your account. Simply provide your email address and verify it by entering the confirmation code.
3. Fill Out KYC Information
Before you can buy and sell bitcoin with MoonPay, you’ll need to fill out some KYC (Know Your Customer) information. Simply fill in your full name, billing address, and credit card to proceed to the next step.
4. Deposit Funds
Once your account is set up and verified, you’ll need to deposit funds into your exchange account. MoonPay support various funding methods such as credit/debit cards, ApplePay, and Google Pay.
5. Place An Order
After depositing funds, you can place an order to buy bitcoin. You can buy popular cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), or others, depending on the offerings of the exchange.
Bitcoin Performance Over The Past Decade
|
Year |
Bitcoin Performance |
|
2013 |
5516% |
| 2014 |
-58% |
|
2015 |
37% |
| 2016 |
119% |
|
2017 |
1300% |
|
2018 |
-73% |
| 2019 |
92% |
|
2020 |
302% |
| 2021 |
58% |
|
2022 |
-65% |
| 2023 |
156% |
How Much Money Would I Have If I Bought $1,000 in Bitcoin 10 Years Ago?
Bitcoin is the top-performing asset class of the past decade, outperforming even the best Canadian stocks. That means Canadians who bought BTC in 2014 are reaping the rewards for holding during times of volatility.
Ten years ago, the closing price of Bitcoin was $372.06. As of this writing, Bitcoin is currently trading at $70,157.54
That means if you invested $1,000 in Bitcoin at the end of 2014, you would have approximately 2.68 BTC or approximately $188,595.54. Your $1,000 investment would be up 188x.
