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How to buy bitcoin in Canada

Canada
Bitcoin

Despite some significant ups and downs, $1,000 of bitcoin purchased in 2010 is worth around $287.5 million by the end of 2020. Famous corporations are actively adopting crypto. For instance, Tesla purchased $1.5 billion in bitcoin and announced plans to accept it as payment for its vehicles. Paypal, Starbucks, and Yum! Brands are just a few companies that are now accepting or testing bitcoin payment.

According to the Government of Canada, it is legal to buy bitcoin in Canada: “[y]ou can use digital currencies to buy goods and services on the Internet and in stores that accept digital currencies. You may also buy and sell digital currency on open exchanges, called digital currency or cryptocurrency exchanges.”

As far back as 2018 5% of Canadians adopted the currency and 89% at least heard about it. 58% of those who hold it, use it as an investment. Cryptocurrency now is more about rational investment diversification.

If you want to buy bitcoin in Canadian dollars, here is the simple instruction on the fastest and safest way to buy bitcoin in Canada using the service Itez.

How to buy Bitcoin on Itez:
step-by-step instruction
1.

In order to buy bitcoin, it is not necessary to register on the Itez website. In a handy calculator, you can quickly calculate the cost of BTC based on the amount you plan to use for payment. The smallest purchase amount in dollar terms is 30 USD. By the way, the same applies to the euro - the starting purchase threshold starts at €30. Well, in our instructions, as promised, we will go through all the stages of purchase BTC for dollars step by step.

2.

After converting the currency to BTC, you will see the final result in the "You Get" field and on the "Buy" button. Click the button and enter your email address in the following window.

3.

Confirm your email with a 6-digit code sent to the previously indicated e-mail and click the "Verify" button.

4.

Specify the purchase amount in the Itez dialog box. Copy the recipient address - your bitcoin wallet - from the “Accept” section.

Important: you should not manually copy the bitcoin wallet address. The blockchain system does not give any information about bitcoin addresses problems, and if an error occurs during manual entry, all the buyer's funds may be lost.

For example, this is how the copy address button looks like in the Exodus wallet:

5.

After copying the bitcoin wallet address, paste it into the dialog box.

Check your data — it is important to make sure that the address is entered correctly.

6.

After pushing the “Card details” button, enter the required card information: card number and expiration date, the cardholder name and CVC-code — three numbers on the back of the card.

7.

Push the “Pay” button and enter the one-time bank code in the following window. As soon as the transaction receives 6 confirmations in the blockchain network, your bitcoin wallet balance will be top-up.

Important: the transaction will wait for confirmations for time. After six network confirmations, bitcoin will be on your e-wallet; when buying with Itez it will take for about 15 minutes. This is a very good speed for the Bitcoin network since transactions in the most popular blockchain network are somewhat slower than in other networks due to its properties and high load.

Banks

Canada’s banking sector is one of the safest in the world, with a strong regulatory framework governing it. With credit cards of the banks you can easily buy bitcoin on Itez platform.

Scotiabank — Canada’s third-largest bank. Recommended to those that like the convenience of keeping all or most of their financial accounts in one place. BMO — the fourth-largest of the Big Five. It is perhaps most advantageous to vulnerable groups like students, foreign workers, seniors aged 60 or older, and 13-18 years old children.

HSBC is the 7th largest bank in the world. It connects Canadian citizens to overseas markets, seamlessly moving funds for them across borders, and saving them money when they travel.

EQ Bank was launched in 2016 as a “direct bank”, offering its customers the newest generation of services. It is one of the best for high-interest savings.

Bank cards

In Canada, you can buy bitcoin with Visa, Mastercard, American Express credit, and debit cards. Some of the credit companies are blocking the purchase of cryptocurrencies, but you can use Koho. Thanks to Koho visa debit cards, Canadian credit cardholders can purchase cryptocurrencies on a number of exchanges. You can as well use such digital payment services as Apple Pay, Samsung Pay или Google Pay.

How to store bitcoin

An important quality of Bitcoin is decentralization. With a private key and seed phrase, you can be sure of the safety of your funds. Nobody except you can use your cryptocurrency. You can find the full list of possible wallets on bitcoin.org.