Navigating the world of cryptocurrency can be daunting, especially when you're looking for a reliable platform to buy Bitcoin in Canada. With numerous options available, it's essential to choose an app that aligns with your investment goals, experience level, and security needs. This guide breaks down the top crypto apps in the country, highlighting their features, fees, and unique offerings to help you make an informed decision.
What is Bitcoin?
Bitcoin is the world's first and most widely recognized cryptocurrency. Launched in 2008, it operates as a decentralized digital currency, enabling peer-to-peer transactions without intermediaries like banks. The total supply of Bitcoin is capped at 21 million coins, with over 19 million already mined. This scarcity has contributed to its value appreciation over time.
Each Bitcoin can be divided into smaller units called satoshis, with one satoshi equal to 0.00000001 BTC. Bitcoin's decentralized nature and limited supply make it a popular choice for both investors and those seeking an alternative to traditional financial systems.
Top Crypto Apps to Buy Bitcoin in Canada
Bitbuy
Available Coins: 39+
Account Funding: Interac e-Transfer, bank wire, crypto deposits
Trading Fees: 0.2% on Express Trade; 0.1–0.2% for Pro Trade
Notable Features: Regulated by FINTRAC, Pro Trade for advanced users
Bitbuy stands out as Canada's first regulated crypto marketplace. It offers a robust platform with a wide range of supported cryptocurrencies, making it suitable for both beginners and experienced traders.
Newton
Available Coins: 70+
Account Funding: Interac e-Transfer, wire transfers, pre-authorized debit
Trading Fees: No trading fees (revenue generated from spreads)
Notable Features: User-friendly interface, Newton Pro for advanced trading
Newton is known for its low-cost structure and extensive coin selection. Its intuitive design makes it an excellent choice for those new to crypto trading.
NDAX
Available Coins: 30+
Account Funding: Interac e-Transfer, wire transfers, bank drafts
Trading Fees: 0.20%
Notable Features: Flat withdrawal fees, NDAX Wealth for high-volume traders
NDAX offers competitive trading fees and a straightforward platform. Its flat fee structure for CAD withdrawals provides clarity for users managing their funds.
Shakepay
Available Coins: Bitcoin and Ethereum
Account Funding: Interac e-Transfer, wire transfers
Trading Fees: No separate fees (costs included in spread)
Notable Features: ShakingSats rewards, fee-free CAD deposits/withdrawals
Shakepay is ideal for beginners focusing solely on Bitcoin and Ethereum. Its unique ShakingSats feature rewards users with free satoshis daily.
CoinSmart
Available Coins: 16+
Account Funding: Interac e-Transfer, wire transfers, credit/debit cards
Trading Fees: 0.2–0.4%
Notable Features: SmartPay for crypto payments, OTC trading desk
CoinSmart caters to all experience levels with multiple funding options and a focus on accessibility.
Netcoins
Available Coins: 30+
Account Funding: Interac e-Transfer, online bill payment, bank wires
Trading Fees: 0.5% plus spread
Notable Features: Publicly listed parent company, intuitive interface
Netcoins offers a reliable platform with a variety of supported coins and transparent fee structures.
Wealthsimple Crypto
Available Coins: 60+
Account Funding: Electronic funds transfer (EFT)
Trading Fees: No trading fees (1.5–2.0% operations fee included)
Notable Features: Integrated with Wealthsimple Trade app, CSA-regulated
Wealthsimple Crypto is perfect for those already using Wealthsimple for traditional investing, offering a seamless experience within a single app.
Key Factors When Choosing a Bitcoin App
Fees and Costs
- Deposit/Withdrawal Fees: Some apps charge fees for funding or withdrawing CAD, while others offer these services for free.
- Trading Fees: These can be percentage-based or built into the spread. Compare both to understand the total cost.
Supported Cryptocurrencies
While Bitcoin is widely available, some apps offer additional altcoins. Consider whether you might want to diversify your portfolio in the future.
Regulation and Security
Choose platforms registered with FINTRAC or other regulatory bodies. Look for features like cold storage and two-factor authentication to ensure your assets are secure.
Ease of Use
User-friendly interfaces and educational resources can make a significant difference, especially for beginners.
Alternatives to Crypto Apps
If direct crypto trading seems complex, consider Bitcoin ETFs. These exchange-traded funds track Bitcoin's price and can be bought through traditional brokerage accounts. They offer exposure to Bitcoin without the need for managing private keys or using crypto exchanges. 👉 Explore investment alternatives
Frequently Asked Questions
What is the best app to buy Bitcoin in Canada?
The best app depends on your needs. Newton and NDAX are great for low fees and wide coin selection, while Shakepay is ideal for beginners.
Are there sign-up bonuses for these apps?
Yes, most platforms offer referral bonuses or promotions for new users who meet minimum deposit or trading requirements.
Is Bitcoin legal in Canada?
Yes, Bitcoin is legal and can be used for transactions and investments. However, it is not considered legal tender.
How are Bitcoin gains taxed in Canada?
The Canada Revenue Agency (CRA) treats cryptocurrency gains as either income or capital gains, depending on your trading activity. Consult the CRA guidelines for details.
What is the safest way to store Bitcoin?
Hardware wallets like Ledger or Trezor offer cold storage, keeping your assets offline and secure. Many exchanges also use cold storage for added protection.
Can I buy Bitcoin with CAD?
Yes, all listed apps support CAD funding through Interac e-Transfer, bank wires, or other methods.
Conclusion
Choosing the right app to buy Bitcoin in Canada involves considering fees, security, and ease of use. Whether you're a beginner or an experienced trader, there's a platform that fits your needs. Always prioritize security and regulatory compliance to protect your investments. For those seeking alternatives, Bitcoin ETFs provide a simpler way to gain exposure to cryptocurrency.