Three Easy Ways to Buy Bitcoins in Canada

Sponsored by Bitbuy

Let’s face it, cryptocurrencies are now mainstream investments similar to stocks and forex. This asset class is growing in popularity and statistics from 2019 showed that 3.89% of Canadians had used Bitcoin that year. That was up from 2.9% in 2017, and the upward trend shows no sign of slowing down. 

Clearly, many Canadians are taking this space seriously, and for good reason. For example, if you had invested $100 in Bitcoin on February 1, 2020, you would currently be sitting on a profit of around 450%. According to Bitbuy’s CEO Jordan Anderson, BTC has also vastly outperformed the performance of gold in recent history. “In 2017, 1 Bitcoin could buy you an ounce of gold. Fast-forward to 2021 and the same 1 BTC can buy you 30 OZ.”

One Bitcoin costs around $61,090 USD as of this report and there are multiple ways to get exposure to the world’s most popular digital currency. Considering that experts and Bitcoin evangelists have predicted that the cryptocurrency could climb as high as $1 million, it is not too late to board the crypto train.

You can invest, both actively and passively, in Bitcoin and in other cryptocurrencies. Below we’ll discuss 3 of the many ways you can invest in this highly disruptive space:

• Peer-to-peer marketplace
• Bitcoin ETFs
• Bitcoin exchanges such as Bitbuy 

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Peer-to-peer marketplace

A peer-to-peer marketplace is where you can trade Bitcoins with other individuals. Think of it as the classified ads for cryptocurrencies. Platforms like LocalCryptos and Paxful enable you to pay via multiple methods including credit cards, PayPal or even gift cards.

Sellers can choose how they want to get paid. For the buyer, it’s an option to offer something other than cash for Bitcoin. Peer-to-peer marketplaces provide users with payment flexibility. However, you have to be careful here so that you don’t get scammed by entering into worthless trades.

Bitcoin ETFs

There are a number of good crypto ETFs available in which people can invest. Below you can take a look at a few of the crypto ETFs investors can buy as well as the expense ratios they charge you.

• First Trust Indxx Innovative Transaction & Process ETF: 0.65%.
• Innovation Shares NextGen Protocol ETF: 0.95%
• Purpose Bitcoin ETF is a Canadian ETF that only holds Bitcoins. Buying this ETF is equivalent to buying Bitcoins. However, one major point to keep in mind while buying the Purpose Bitcoin ETF is its steep 1% annual management fee. However, this is a great option for people who are not tech-savvy.
• Galaxy Bitcoin ETF began trading on the TSX in March 2021 with a management fee of just 0.4%, which is the lowest fee in the crypto ETF world.

Bitcoin exchanges: Bitbuy review

There is a plethora of cryptocurrency exchanges or trading platforms out there where investors can buy and sell Bitcoins. These are the easiest and most convenient ways to invest in cryptocurrencies.

While choosing an exchange, you have to be mindful of the fees. They come in two forms:

• A maker’s fee where you pay a fee to add liquidity to the exchange.
• A taker’s fee where you pay to trade. Generally, a taker’s fee is lower in order to encourage more trading.

Bitbuy is amongst the many crypto exchanges in Canada. On this exchange, you can buy Ethereum, Litecoin, and other cryptos aside from Bitcoin. The fees are as low as 0.1%. It has very high buy and sell limits, and it is capable of handling large transactions through its OTC counter.

What to look for in a crypto exchange

As one of the most reliable and popular crypto exchanges in Canada, Bitbuy’s main features and characteristics are a good example of things to look for in a platform.

Most of us are new to the crypto game! So a platform that is easy to use and that facilitates buying in only a few clicks is essential. Once you become more acquainted with this type of investment, you’ll also want a platform like Bitbuy Pro that offers more advanced features.

Obviously, as with any financial service, you need to look for a crypto exchange with a transparent fee model that is well-suited to your investing habits while also providing effective yet personalized customer service.

If you’re shopping around for a way to invest in Bitcoins or other cryptocurrencies, here are some of Bitbuy’s other key features to help you compare.

• It has a partnership with Knox to insure users’ Bitcoins. Bitbuy is the only Canadian exchange to offer 1:1 BTC insurance.
• OTC service is available for those wanting to trade large amounts.
• It’s fully compliant and transparent with regular proof of reserves audits.
• It offers high cybersecurity for users.
• It offers high-speed performance and trading.
• The major cryptocurrencies are available.

Lastly, earn $20 for every person who signs up using your referral code and makes their first deposit.

Looking to add cryptocurrencies to your assets? Get started today with Bitbuy and earn a $20 welcome bonus!