Bitcoin has evolved from a niche digital experiment into one of the most sought-after investment assets in Canada. With over 30% of Canadians already owning some form of cryptocurrency, demand for accessible and secure ways to buy Bitcoin continues to grow. At a market value exceeding $90,000 CAD per Bitcoin, it's no surprise that investors are exploring diverse methods—from centralized exchanges to ETFs and mining stocks—to gain exposure.
This guide explores 20 practical and secure ways to buy Bitcoin in Canada, covering everything from beginner-friendly platforms to advanced investment vehicles. Whether you're new to crypto or expanding your portfolio, this comprehensive overview will help you make informed decisions.
Popular Payment Methods to Buy Bitcoin in Canada
Before diving into specific platforms, it's essential to understand the most common ways Canadians fund their Bitcoin purchases:
- Bank Transfer / Wire: Most exchanges support direct bank transfers, offering high limits and strong security.
- Interac eTransfer: Fast, widely accepted, and often free—ideal for quick deposits.
- Credit/Debit Cards: Convenient but may come with higher fees due to fraud risk.
- Cash: Available via Bitcoin ATMs or peer-to-peer (P2P) trades using cash vouchers like Flexepin.
Each method varies by speed, cost, and accessibility. Always verify which options your chosen platform supports.
👉 Discover the fastest way to fund your first Bitcoin purchase today.
Centralized Cryptocurrency Exchanges (CEX)
Centralized exchanges are the most popular way for Canadians to buy Bitcoin. These regulated platforms act as intermediaries, allowing users to trade fiat currency (CAD) for crypto securely.
Key Features of CEX Platforms:
- Easy onboarding with ID verification
- Support for CAD deposits
- Built-in wallets (though self-custody is recommended)
- Regulatory compliance and insurance coverage
Let’s explore the top Canadian CEX platforms.
1. Bitbuy
Bitbuy is a fully licensed Canadian exchange offering over 25 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Dogecoin. Its tiered fee structure ranges from 0.10% to 1.5% based on 90-day trading volume.
- Supports Interac eTransfer, bank wire, and crypto transfers
- Offers over-the-counter (OTC) trading for large transactions
- Strong regulatory standing under FINTRAC
Ideal for both beginners and high-volume traders seeking reliability.
2. CoinSmart (Now Part of WonderFi)
CoinSmart, now integrated into the WonderFi ecosystem, was known for its user-friendly interface and multi-payment support. While new signups are paused, existing users can transition to Bitbuy for enhanced features like staking and advanced trading tools.
3. MyBTC.ca
MyBTC.ca operates more like an online Bitcoin ATM than a traditional exchange. It only supports Bitcoin and Ethereum, with no built-in wallet—funds are sent directly to your external wallet.
- Accepts Interac eTransfers, credit cards, and Flexepin cash vouchers
- No transaction fees on Bitcoin buys over $350
- Deposit fees range from 7.75% (eTransfer) to 9.75% (credit card)
Best suited for users needing fast access without full exchange registration.
4. Shakepay
Shakepay stands out with zero deposit, withdrawal, or trading fees. However, it profits through a ~1% spread on buy/sell prices.
- Only offers Bitcoin and Ethereum
- Fast Interac eTransfer funding
- Simple mobile-first experience
Perfect for casual investors who value simplicity over low-cost trading.
5. Netcoins
Launched in 2014, Netcoins is one of Canada’s oldest exchanges. It supports 36 cryptocurrencies with transparent pricing.
- Free CAD deposits via Interac eTransfer and large wire transfers
- Flat 0.5% trading fee + ~1% spread
- Free incoming crypto transfers
A solid choice for long-term users prioritizing stability.
6. NDAX.io
NDAX offers a secure, regulated environment with 0.20% trading fees across all trades.
- No fees on CAD deposits (eTransfer, wire)
- $4.99 flat withdrawal fee
- Cold storage with multi-signature security
- Registered with FINTRAC and Revenu Québec
NDAX is ideal for security-conscious investors.
7. VirgoCX
VirgoCX differentiates itself with NFT marketplace integration and metaverse-focused tokens.
- Spread-based pricing (0.5%–2.5%)
- Free CAD deposits via eTransfer and wire
- Supports institutional and retail trading
Great for users interested in digital collectibles alongside Bitcoin.
8. Wealthsimple Trade
Wealthsimple Trade combines stock and crypto trading under one roof, offering 53 cryptocurrencies, including Bitcoin.
- No trading fees but charges a 1–2% operational spread
- 42 cryptos are withdrawable to private wallets
- Seamless RRSP/TFSA integration potential
Best for investors already using Wealthsimple for other financial products.
Decentralized Exchanges (DEX) & Peer-to-Peer Platforms
Decentralized exchanges (DEX) enable direct user-to-user trading without intermediaries—similar to eBay for crypto.
Advantages:
- Greater payment flexibility
- Lower platform control = more privacy
- Escrow systems protect both parties
However, they require caution due to scam risks, especially for beginners.
9. Binance P2P (Not Currently Available in Canada)
Previously allowed Canadians to trade Bitcoin directly with others globally using various payment methods. Now restricted due to regulatory issues.
10. LocalCryptos
Originally launched as LocalEthereum, this P2P platform supports Bitcoin, Ethereum, Litecoin, Dash, and Bitcoin Cash.
- Buyer fee: 0.75%, Seller fee: 0.25%
- Strong escrow protection
- Limited coin selection compared to competitors
Suited for experienced traders comfortable with direct deals.
11. Paxful
Paxful supports over 350 payment methods, including PayPal and gift cards.
- Only trades BTC, USDC, and USDT
- Up to 2% fee for sellers
- Active community but higher scam risk
Use only with verified traders and escrow enabled.
👉 Start peer-to-peer Bitcoin trading safely with low fees.
Bitcoin ETFs: Invest Without Owning Crypto
Exchange-Traded Funds (ETFs) offer indirect exposure to Bitcoin through traditional brokerage accounts—perfect for registered accounts like TFSAs or RRSPs.
Benefits:
- No need to manage private keys
- Tax-efficient account compatibility
- Regulated and audited holdings
Risks:
- Annual management fees (MER)
- No direct ownership of Bitcoin
12. Amplify Transformational Data Sharing ETF (BLOK)
Tracks companies involved in blockchain tech—not direct Bitcoin ownership.
- Holdings include NVIDIA, MicroStrategy, and Block
- MER: 0.71%
13. Purpose Bitcoin ETF (BTCC)
First-mover Canadian ETF holding actual Bitcoin.
- Direct BTC exposure
- MER: 1.00%
14. CI Galaxy Bitcoin ETF (BTCX)
Competes with BTCC with lower costs.
- MER: 0.40%
- Holds physical Bitcoin
- Listed on TSX
Actively Managed Cryptocurrency Funds
These funds employ professional managers who actively adjust holdings based on market trends.
15. Rivemont Crypto Fund
Canada’s first actively managed crypto fund.
- Mix of BTC, ETH, and CAD
- Fees: 2% AUM + 20% performance fee
- Minimum investment: $150,000
Targeted at accredited investors.
16. Pantera Liquid Token Fund
U.S.-based fund focusing on liquid cryptocurrencies.
- Similar fee structure: 2% + 20%
- Minimum: $100,000
For high-net-worth individuals seeking diversified exposure.
Invest in Bitcoin Mining Companies
Gain indirect exposure by buying shares in publicly traded mining firms whose profits correlate with Bitcoin prices.
17. Bitfarms (BITF)
Quebec-based miner leveraging low electricity costs.
- Operates in Canada and the U.S.
- Listed on TSX-V and NASDAQ
- Market cap: ~$814M
18. HIVE Blockchain Technologies (HIVE)
Uses cold-climate data centers in Sweden and Iceland for energy efficiency.
- Mines BTC and ETH
- Listed on TSX-V, NASDAQ, FSE
- Market cap: ~$1B
19. Riot Blockchain (RIOT)
U.S.-based miner with operations in Texas and New York.
- Shifted focus to mining in 2019
- NASDAQ-listed
- Market cap: ~$1.9B USD
20. Marathon Digital Holdings (MARA)
Unique strategy: mines and holds Bitcoin instead of selling immediately.
- Owns over 8,595 BTC (~C$430M)
- Market cap: ~$2.37B USD
- NASDAQ-listed
Frequently Asked Questions (FAQ)
Q: What is the easiest way for beginners to buy Bitcoin in Canada?
A: Using centralized exchanges like Bitbuy or Shakepay with Interac eTransfer is the simplest method for newcomers.
Q: Can I buy Bitcoin with cash in Canada?
A: Yes—via Bitcoin ATMs or platforms like MyBTC.ca that accept Flexepin cash vouchers.
Q: Are Bitcoin ETFs safer than direct ownership?
A: They’re more convenient and suitable for retirement accounts, but you don’t own the actual coins—direct ownership offers more control.
Q: Do I need to pay taxes when buying Bitcoin?
A: Purchasing Bitcoin isn’t taxable, but selling or trading it may trigger capital gains tax obligations.
Q: Is it safe to store Bitcoin on an exchange?
A: Not long-term. Always transfer large amounts to a secure hardware wallet to reduce theft risk.
Q: Which payment method has the lowest fees?
A: Bank transfers typically have the lowest fees; credit cards often add 3–5% in processing costs.
Final Thoughts: Safety First When Buying Bitcoin
While there are many ways to buy Bitcoin in Canada, safety should be your top priority:
✅ Use regulated exchanges
✅ Enable two-factor authentication (2FA)
✅ Use strong, unique passwords
✅ Store large holdings in cold wallets
✅ Be vigilant about scams
Bitcoin investing carries significant volatility and risk. Only invest what you can afford to lose—and always do thorough research before committing funds.
👉 Secure your first Bitcoin purchase with a trusted global platform.