How to Buy Crypto With a Credit Card in Canada

Buy crypto with credit card

If you’re a Canadian wondering if you can buy crypto with a credit card, you’re in luck. There are many different ways to invest in Bitcoin and other cryptocurrencies. Depending on the cryptocurrency exchange you use, you can purchase Bitcoin via e-transfer, bank wire, debit, cash, or credit card. But if you’re using a credit card to buy cryptocurrency, then there are some important factors you’ll want to consider. In this article, we will go over all the different ways to buy crypto with a credit card in Canada.

Why should you buy cryptocurrency?

Bitcoin, the most popular cryptocurrency in the world, is a decentralized digital token. That means it’s free from the regulation of financial authority, like a central bank for example. This is generally a plus because there is more transparency and lower transaction fees since there are no intermediaries.

That said, it also means there is less stability because the price is controlled solely by supply and demand. There are only 21 million Bitcoins that can be mined in total, making it different from cryptocurrencies like Ethereum. So, once they are all mined, that’s it!

No more Bitcoin will ever be created. The great thing about buying Bitcoin is that it is borderless, meaning you can transfer it internationally within seconds without paying fees.

Are Bitcoin and other cryptocurrencies a risky investment?

As with all cryptocurrencies, Bitcoin is highly volatile, with its value rising and falling every day. So, investing in Bitcoin will always be a risk. You’ll often hear advice to “buy the dip,” but there is no way to truly know when it will dip and how low the price will go.

You could buy $100 worth of Bitcoin today, and it could be worth only $80 tomorrow.

The best advice we can give is to never invest more money into Bitcoin than you’re willing to lose. That way, even if its value tanks, you’ll still be financially stable.

However, because Bitcoin is the most valuable and popular cryptocurrency available, it also comes with the lowest risk compared to other low-value alternative cryptocurrencies, called altcoins, and crypto projects that may not survive in the market.

How to buy crypto with a credit card in Canada

If you’re ready to buy Bitcoin or other crypto with a credit card in Canada, here’s where you can do that:

1. Buy crypto with a credit card on VirgoCX

VirgoCX is a Toronto-based cryptocurrency exchange founded in 2018. It’s known for its user-friendly platform, zero deposit and withdrawal fees, and dedicated customer service. In fact, we recently named VirgoCX as one of the best crypto exchanges in Canada.

Not only is VirgoCX regulated, but the platform is also striving to become an all-inclusive hub for cryptocurrency transactions in Canada, catering to investors of all skill levels. It provides users with the opportunity to trade 63 different types of cryptocurrencies including stablecoins, altcoins, and Metaverse tokens. Additionally, VirgoCX also hosts a marketplace for non-fungible tokens (NFTs).

To buy crypto with a credit card on VirgoCX, you need to create and verify your account. Once this is done, go to ‘Funding,’ then select ‘Deposit’. Choose ‘Credit Card’ as your deposit method. Input your credit card details, and the amount you want to buy, then confirm the transaction to complete your purchase.

Keep in mind the fees to buy crypto with a credit card are steep. On this platform, it will cost you either 3.99% or $10, whichever is more.

MORE: Is VirgoCX the Best Cryptocurrency Exchange in Canada?

2. Buy crypto with a credit card on Kraken

Founded in 2011, Kraken is one of the best cryptocurrency exchanges based in the United States but accessible to Canadians. It is recognized for its wide range of available cryptocurrencies, advanced trading features, and strong security measures.

Depositing Canadian dollars into your Kraken account is easy, and there are multiple options for funding your account such as eTransfer, wire transfer, debit card, and credit card. Credit card purchases are available to Canadian users with either an Intermediate or Pro level account.

The platform accepts both Visa and Mastercard, provided they support 3D Secure (3DS), and the cards must be registered under the same legal name as the Kraken account. If you choose to buy crypto with a credit card, be prepared to pay hefty fees of roughly 5% or more.

To purchase crypto with a credit card on Kraken, you need to sign up and verify your account. After verification, navigate to the payment options, add your credit card details, and verify the card if needed. Then, select the type of cryptocurrency you wish to purchase, specify the amount, and confirm your transaction.

In terms of security, up to 95% of user deposits are securely stored offline in cold storage. Servers are protected within cages monitored by armed guards and constant video surveillance. Furthermore, Kraken regularly conducts network vulnerability assessments and ensures all your personal information is encrypted.

3. Buy crypto with a credit card on is a versatile platform founded in 2016 that operates a mobile app, an exchange, and even offers a crypto card to users. It’s known for providing a full-suite crypto experience, including buying, selling, earning interest, and spending crypto. is one of the most recognized cryptocurrency exchanges globally, boasting a user base of over 70 million, including a substantial number of Canadian users.

This crypto exchange supports trading in over 250 different cryptocurrencies against more than 20 fiat currencies. Notable benefits of using include:

  • No deposit charges, unless using a credit or debit card
  • A three-month free trading period for newcomers
  • Up to 50% reduction in fees for direct peer-to-peer transactions
  • Immediate transfer of cryptocurrencies between users
  • Zero fees on Bitcoin purchases.

The downside is that funding your account by credit card is expensive. Expect to pay up to 3.99% per transaction.

To buy crypto with a credit card on, first download the app and create an account. Once your account is set up and verified, select the ‘Trade’ button, then ‘Buy.’ Select ‘Credit Card’ as your payment method, enter your credit card details, and confirm the purchase.

MORE: the Pros and Cons for Canadians in 2023

4. Buy crypto with a credit card on Coinbase

Established in 2012, Coinbase is a San Francisco-based crypto exchange that has been serving Canadian customers for several years. It’s recognized for its user-friendly interface, making it particularly attractive to cryptocurrency newcomers.

Coinbase is best known for offering a wide variety of cryptocurrencies for trade and its educational program, Coinbase Earn, where you can learn about different cryptocurrencies and earn tokens. It has grown to become one of the largest and most popular exchanges in the world, with a strong reputation for transparency and regulatory compliance.

For Canadians looking to buy crypto with a credit card on Coinbase, the process is straightforward. First, create and verify your Coinbase account. Once this is completed, navigate to ‘Profile & Settings,’ then ‘Payment Methods,’ and click on ‘Add a Payment Method.’

From here, you can select ‘Credit/Debit Card’ and enter your card details. Once the card is added and verified, you can go to the ‘Buy/Sell’ tab, select your desired cryptocurrency, enter the amount you wish to buy, and select your newly added card as the payment method to finalize the purchase.

Be aware of the fees involved. To buy $100 worth of crypto with a credit card on Coinbase, it was going to cost me $3.84, which is 3.84% of the transaction amount.

MORE: Coinbase Review for Canadians: What You Need to Know

5. Buy cryptocurrency via is a Canadian company set up in 2016 specifically to make Bitcoin accessible to all Canadians, regardless of their experience with crypto. You can buy Bitcoin on the platform with Interac e-Transfer, cash, debit, bank wire or credit card. There is a daily purchase minimum of $75 and a maximum of $25,000 with a credit card.

mybtc home accepts both Visa and Mastercard via their partner, Simplex, an online merchant offering fraud-free payment processing. Simplex is also a partner of Binance and is the go-to payment processor in the cryptocurrency world. Unfortunately, Binance is not available in Ontario.

To buy Bitcoin using you will first need to set up an account. As part of the process, you’ll need to verify your identity with both a photo ID and address verification which can be done online or in person at a Canada Post.

Once your account is verified, you can simply log in and click on “buy crypto with credit card.” That is where you will choose how much Bitcoin you’d like to buy, and it will show you how much that will cost you.

Something to note about is that your account does not include a cryptocurrency wallet to store your Bitcoin. You will need to have your own external Bitcoin wallet that you can send it to.

You won’t be able to purchase Bitcoin until you provide a BTC address for your tokens to be sent to. Accounts on cryptocurrency exchanges do not count as wallets, so you will need to set one up on something like Exodus, Zengo or Electrum.

The transaction fee to purchase Bitcoin with your credit card with is very high at 9.75%, which could be a significant deterrent. But even their fee for e-Transfer is 7.75%, so they are just high in general.

MORE : Read our MyBTC Review

6. Buy cryptocurrency via Trust Wallet

One other option that Canadians have to purchase Bitcoin with their credit cards is Trust Wallet. Trust Wallet is a mobile crypto wallet where you can buy and store Bitcoin and other digital currencies.

trust wallet

There is no desktop version of the platform, so you’ll have to download the app if you want to purchase Bitcoin with your credit card. Like Binance and, Trust Wallet partners with Simplex to process your credit card payment, as long as it’s Visa or Mastercard.

To buy crypto with a credit card, you’ll first need to install Trust Wallet on iOS or Android. Once you’ve got the app, you can set up your account and then choose the asset you want to purchase. Once you select Bitcoin, you’ll enter the amount you want to buy and click continue.

Then you just need to enter your credit card details and your purchase will be completed instantly. Trust Wallet doesn’t charge any fees themselves, but you’ll pay a 3.5% transaction fee to Simplex.

MORE : Read our Trust Wallet Review

Before you buy crypto with a credit card: Pros & cons to consider

We’d always recommend buying cryptocurrency via e-Transfer or bank transfer, since it’s the safest and most cost-effective option. That said, if you want to buy crypto with a credit card, here are the pros and cons of doing so.

Pros of buying crypto with a credit card

1. Instant transactions

When you buy crypto with a credit card, the transaction is nearly instant. Bank transfers can take days. The price of the cryptocurrency you intend to buy will undoubtedly fluctuate by the time you are actually able to purchase it. If the price goes up, you’ll be buying at a higher rate than you planned.

2. User-friendly

For beginner crypto traders, buying crypto with a credit card is one of the most straightforward options. Many cryptocurrency exchanges are built for more advanced traders, but the process can be overwhelming if you’re new to trading. But when you’re purchasing cryptocurrency with a credit card, you just need to enter your card details, choose how much you want to buy, and that’s it!

Cons of buying crypto with a credit card

1. It could impact your credit score

The balance owing on your credit card directly impacts your credit score. The more that you use your credit, the higher your score, provided you always pay off the balance each month. But if you buy a lot of cryptocurrencies on your credit card and don’t pay it off, it will damage your credit score. Never buy more cryptocurrencies than you can afford to lose, and ensure that you are always able to pay off the amount you buy on your credit card.

2. Not all credit cards support cryptocurrency transactions

Some credit card companies don’t support cryptocurrency transactions. Issuers like Tangerine, CIBC, RBC and Scotiabank do not allow cryptocurrency purchases with any of their credit cards. TD bank allows the purchase of cryptocurrency with their credit cards on a case-by-case basis, and it may be charged as a cash advance, meaning that you’ll start to accrue interest immediately after the transaction takes place.

3. High transaction fees

You will have to pay high transaction fees if you choose to buy crypto with a credit card. It is much more cost-effective to purchase cryptocurrency via e-Transfer or by funding your exchange account with a bank transfer. Not only will the platform charge you one of the highest transaction fees to fund your account this way, but your credit card issuer will also charge you per transaction.

Crypto purchases are often treated as cash advances, which means it is subject to a higher interest rate than regular credit card purchases. Plus, there is no interest-free grace period on cash advances, which means the charge will immediately start to accrue interest charges.

To buy or not buy crypto with a credit card?

While you can buy cryptocurrencies using a credit card in Canada, it’s not the best option, and you will need to jump through some hoops. Not many platforms allow you to purchase cryptocurrency using a credit card, and not many Canadian credit card issuers allow the purchase of crypto either. If you want to buy cryptocurrency using your credit card, you can use the options in this article to do so.

Arthur Dubois is a personal finance writer at Hardbacon. Since relocating to Canada, he has successfully built his credit score from scratch and begun investing in the stock market. In addition to his work at Hardbacon, Arthur has contributed to Metro newspaper and several other publications