Buy Bitcoin Vancouver 2021
Making Crypto Simple
Bitcoin was first invented in 2009 by Satoshi Nakamoto. Satoshi intended to create a digital payment scheme that’s independent of official authorities and completely decentralized.
In the beginning, when Bitcoin was presented, people couldn’t grasp its basic technology, the blockchain, nor could they understand how it could function as a regular currency. However, as time passed, Bitcoin became immensely popular throughout the world and paved the way for digital assets to come. Nowadays, numerous people use it as a payment method.
So, don’t wait any longer and invest in Bitcoin, as it’s never been as easy and secure to trade this coin as it is today. In this guide, you’ll find the answer to all major questions regarding how to buy Bitcoin in Vancouver, Canada.
To learn more, you can also find more valuable information in our How to Buy Bitcoin in Canada guide.
How to Buy Bitcoin in Vancouver
In the past few years, Canada has become a leader in cryptocurrency innovation. Despite the fact that the Canadian government was not responsive enough to acknowledge the potential of Bitcoin right from the start, over time, it has succeeded in making the country a strategic location for Bitcoin traders. Moreover, given the fact that Toronto and Vancouver are basically the home of Bitcoin in Canada, there are several options for buying Bitcoin in both cities, particularly Vancouver. You can:
- Buy Bitcoin on Cryptocurrency Exchanges
- Buy Bitcoin with Cash (via an OTC Broker)
- Buy Bitcoin from a Bitcoin ATM
Buy Bitcoin on Cryptocurrency Exchanges
The best option to buy Bitcoin, regardless of your location, is through online exchanges.
If it’s your first time buying through cryptocurrency exchanges, you’ll need a fiat-to-crypto exchange where you can deposit CAD or other fiat currency, in order to buy bitcoins. If you already own crypto assets, don’t hesitate to use the services on any crypto-to-crypto exchange.
Before jumping into choosing an exchange, you should examine several factors such as security, fees, history of the exchange, markets, online reviews, and user experience. This might take some time and effort, so, have a look at our review of the best crypto exchanges in Canada.
To get started, you need to register for an account and set up 2FA. Next, verify your identity in order to adhere to Canadian cryptocurrency laws. Once you’re verified, you can deposit fiat currency (Canadian dollars) through one of the payment methods. The most common payment methods include Interac e-transfer, credit card, bank wire, and in-person payments.
If you’re an experienced trader looking for a very user-friendly and straightforward exchange, we recommend NDAX. The platform is appropriate for beginners that can stick to NDAX’s basic features and place lower volume orders.
If you are looking for the most secure trading platform, we recommend Coinsquare. The exchange offers two-factor authentication, and a 95% cold storage procedure including all digital assets. In addition to Bitcoin, Coinsquare offers a number of other cryptocurrencies, such as Ethereum, XRP, and Litecoin.
Finally, if you are looking for the overall best exchange, Bitbuy is our top pick without a doubt. The platform offers average trading fees, both beginner-friendly and advanced trading features, and has been continuously praised for its openness, compliance, and transparency. However, keep in mind that the platform lacks altcoin support.
Buy Bitcoin with Cash
Yes! You are reading it correctly. You can actually purchase Bitcoin with cash. We understand that it might be difficult to fully grasp Bitcoin trading and how exchange platforms work, especially if you’re not feeling particularly tech-savvy. Although some exchanges support credit/debit card payments, it still requires tolerance and patience to wait for the bitcoins to be delivered. In addition, most users favor privacy in regard to Bitcoin transactions, and exchanges typically ask for an ID. All this makes buying Bitcoin with cash all the more appealing.
One way you can buy Bitcoin with cash is using a reputable brokerage exchange such as the Canadian-based MyBTC.ca. The exchange offers the quickest and safest way of purchasing Bitcoin by redeeming a prepaid voucher bought with cash or debit at 4000+ locations across the country or online at TopMeUp.ca. After purchasing your Flexepin voucher with a unique 16 digit code, you can redeem it directly on MyBTC.ca and receive your bitcoins in no time.
Another alternative is buying Bitcoin with cash via bank wire. Popular exchanges such as Bitbuy provide direct bank wire transfers. Some of the advantages that this Canadian-based exchange provides are speed, scalability, and liquidity on large volume orders through its OTC desk. It also offers an easy-to-use mobile app. Before making your purchase, you’ll need to register for an account and visit one of your local bank branches to deposit funds into your exchange account. You’ll also need to visit the bank after your account has been verified, in order to send the bank wire to the exchange.
Cryptocurrency exchanges constantly make an effort to include new features to meet the trading needs of their users. In spite of this, their main focus is still on retail traders, contrary to institutional investors that buy large quantities of Bitcoin at once. So if you’re considering purchasing over $100,000 worth of Bitcoin, we suggest using an OTC (over-the-counter) desk instead.
There are a variety of benefits to using an OTC desk, ranging from greater privacy when making your order to high liquidity. You might have realized that if you put a large order on a regular crypto exchange, you could end up purchasing a mixture of low and high price orders and essentially receive a price far higher than what you had initially specified, a phenomenon known as “slippage”. Luckily, slippage can be prevented by using an OTC desk. You can select from OTC desks such as ItBit and Genesis or find an OTC option from established platforms such as Kraken.
Buy Bitcoin from a Bitcoin ATM
Bitcoin ATMs, or BATMs, have recently gained attention as a convenient method of purchasing Bitcoin. BATMs accept payments in cash or using credit/debit cards. Nevertheless, the convenience has its own costs, as these machines charge you a 5% to 10% fee. According to Coin ATM Radar, Canada is one of the top countries in the number of BATMs, with 1,319 in total. There are 138 BATMs in and around Vancouver alone. Unlike some exchange platforms, BATMs don’t demand from you to provide bank information. However, some machines may ask for your mobile phone, a government-issued ID, or a fingerprint scan.
Frequently Asked Questions
Yes, you have the option to sell Bitcoin on Coinbase using Canadian dollars (CAD). Coinbase is one of the most reliable exchanges, authorized by various authorities and compliant with their AML and KYC regulatory policies. You only need to deposit CAD funds into your Bitcoin wallet and trade CAD/BTC on Coinbase.
Besides, the exchange is known for its user-friendly interface and has adopted a Digital Asset Framework that evaluates cryptocurrencies based on a number of criteria, such as the currency’s market capitalization, customer requirements, and liquidity.
Yes, Kraken was officially launched in Canada following a partnership with digital currency risk management specialist Vogogo. Canadians can buy digital currencies with CAD using EFT and Interac e-Transfer on Kraken.
BitBuy and Coinberry are two popular and trustworthy Canadian exchanges. In terms of available cryptocurrencies and trading interfaces, Bitbuy ticks more boxes. Moreover, Bitbuy is ahead of Coinberry by providing both beginner-friendly and advanced trading interfaces and has a super helpful customer support team.
Yes, you can buy Ethereum on peer-to-peer exchanges such as LocalBitcoins. P2P exchanges are marketplaces where people can trade crypto directly with each other without the involvement of an overseeing authority. However, we would like to warn you not to take the risk of buying from P2P sellers since there’s no guarantee that the trade won’t end up being a scam. AARP discovered that more than half of Americans believe they can reclaim money sent in error. However, after sending money through a P2P payment, it can rarely be retrieved.