How to buy bitcoin in Canada? An easy guide for beginners

Way back in 2011, a leading tech magazine said bitcoin was over—a fad whose time had passed. Yet almost 13 years after it was first introduced, it’s more popular than ever before.

Today, everyone from billionaire investors to huge corporations and even governments are buying bitcoin totalling billions of dollars.

Bitcoin is by far the most popular form of cryptocurrency (or digital currency). Being a digital currency, bitcoin exists only virtually and is uniquely limited to 21 million coins—unlike traditional money that can be printed at an unlimited rate.

This scarcity is why bitcoin’s value has endured (even thrived) during tough economic times. Financial analysts point out that bitcoin has been the best-performing asset of the decade, with a 200% compounding annual growth rate.

It’s for these reasons corporations like Tesla made headlines earlier this year, when it purchased USD$1.5 billion worth of bitcoin, why Visa Inc. began accepting it as a form of payment, and why El Salvador became the first country to make bitcoin legal tender last August.

As bitcoin continues to be widely adopted and grow in value, how can Canadians buy bitcoin?

Ayelen Osorio, content and community manager at Netcoins, a Canadian crypto trading platform, shares what it’s like to buy bitcoin in Canada with Netcoins.

What is Netcoins?

Netcoins is a Canada-based trading platform that makes it easy for Canadians to buy bitcoin and other cryptocurrencies (including Ether, Litecoin and more) anywhere, anytime, in as little as two minutes.

Beyond making it easy to buy bitcoin, Netcoins focuses on helping Canadians understand crypto. From a Crypto Academy for Beginners, to a blog post on 6 Things to Consider When Vetting a Crypto Investment and podcasts including why bitcoin matters to your financial future—their mission is to educate Canadians about crypto in an entertaining and informative way.

How can I buy bitcoin?

“It’s super easy,” says Osorio. “You go to the Netcoins website or download our app, create an account and get verified.

“After verification, your first step is to send Canadian dollars into the Netcoins platform via an e-transfer or one of our other funding methods. Once those dollars are in your Netcoins account, you can use them to buy bitcoin or any of the other cryptocurrencies we offer. For example, if you select ‘BUY BITCOIN,’ you’ll be asked how much you’d like to spend and shown how much bitcoin you’ll get in return. Click ‘CONFIRM’ and that’s it. Congratulations–you’ve just bought bitcoin in a couple of minutes!”

Plus, with 0% funding fees, it’s fast and affordable to get started.

How can I sell bitcoin on Netcoins?

Once you’ve purchased bitcoin with Netcoins, you can also sell at any time.

“Selling is just as easy as buying bitcoin,” says Osorio.

“You go to the trade page on the Netcoins platform and click ‘SELL’ to convert your bitcoin back into Canadian dollars.”

The same as with funding, cash withdrawals cost you nothing. You can send the funds straight to your bank account in a couple of minutes at no cost from the Netcoins side.

In addition to selling, users can also choose to hold their bitcoin for as long as they like, either within Netcoins or by transferring it into their own external bitcoin wallet. Whether to sell or hold is entirely up to users.

Is Netcoins safe to use?

Asked why they’re reluctant to buy bitcoin, Canadians often say it’s a question of trust—they don’t know who is behind the trading platforms. Understandably, Canadians want the peace of mind that comes from knowing their investments are secure and being held by a reputable institution.

This is where Netcoins comes in. Netcoins is a fully transparent, safe and compliant crypto trading platform in Canada. (It’s a registered money services business with FINTRAC, an entity of the Federal Government of Canada.)

In addition, Netcoins became the first publicly-owned, fully regulated crypto trading platform in Canada in September of this year. Learn more about what this means for consumer protection, the crypto industry and Canada.

“Another big reason why Canadians like trading with us is because we’re the only Canadian crypto exchange in Canada that’s public,” explains Osorio, adding that Netcoins is publicly traded on the Canadian Stock Exchange (under their parent company BIGG).

“Private exchanges don’t offer Canadians any insight into their operations or how they manage their finances. But because we’re a public company, we publish all our financials every quarter.”

Netcoins has fast become a favourite way to buy bitcoin in Canada because “it allows people to have complete power over their finances,” says Osorio. “Our open-loop system means your dollars and cryptocurrency flow in and out of your Netcoins account anytime you want, no matter where you are. It’s really an easy way to buy bitcoin in Canada.”

To learn more about Netcoins, set up an account, and start buying and selling cryptocurrencies, visit netcoins.ca. The Netcoins app is available for download at the Apple Store and Google Play.

This article is written by or on behalf of the sponsoring client and does not necessarily reflect the views of Castanet.