Though not as popular as they used to be, cryptocurrencies still have a place in the portfolios of investors in Canada. There are many ways to dive into the cryptocurrency market from Canada and the most popular are through exchanges. Of course, there are a few cryptocurrency exchanges that are better than others in terms of security and processing fees.
Here are the names to still watch out for:
Coinbase
Coinbase is easily one of the most popular ways to buy Bitcoin and other cryptocurrencies in Canada. People can get their coins instantly after paying for it with their credit card. Furthermore, the fees are relatively lower compared to other exchanges as Coinbase charges 3.99 percent of the entire transaction as the charge.
This portal has high liquidity and buying limits. Since users can get coins using their credit card or debit card, it is the easiest way for newcomers to get cryptos fast. The con to Coinbase is that those that prefer safer transactions such as bank transfers may have to wait up to five days before their coins arrive.
Coinbase also has a pro version that is available to U.S. and EU traders. It has some of the lowest fees for the region and it is even possible to buy Bitcoin with no charge. The only downside to Coinbase Pro is that new users might find it hard to navigate the exchange’s user interface.
bitbuy
In terms of payment options and availability, people should look no further than bitbuy. The exchange allows users to buy Bitcoins using their credit card, Flexepin bank transfer or Interac Online for 0.75 percent of the fees. When they sell their coins, they will need to pay a small fee of 0.5 percent.
What makes bitbuy one of the top-tier exchanges out there is that they are easy to contact. The exchange has support available through live chat, phone, and email so people can have their concerns attended to immediately. One downside to bitbuy is that it only supports four currencies including Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
LocalBitcoins
LocalBitcoins in an outlet wherein cryptocurrency buyers and sellers can connect with each other. It is an online public marketplace for crypto sellers so people can find deals on coins easily. The exchange allows a cash deposit but the users can opt to organize meet-ups for direct trading instead.
The problem with LocalBitcoins is that everyone is free to post listings on the exchange. That means scammers can get inside too. Users should take various precautions to ensure that they are dealing with a legitimate dealer. Users are also advised to weight out their payment options before sending heavy sums of cash.
Buying cryptocurrencies like Bitcoin and Ethereum have been made easier thanks to various online exchanges that began popping up when digital coins rose to popularity. As with any other cryptocurrency transaction, traders should be very careful about who they deal with and what exchange they are using so they can avoid scams.