Knowing how to buy bitcoin in Canada is very important for investors who are thinking about jumping on the bandwagon and trading here. You see, the currency exchange here is done not through the USD but rather the CANADA dollar. This makes it very different from the United States because the latter uses the USD as their currency. So when you exchange between currencies in the States, you have to convert to US dollars and then back to your national currency. Whereas in Canada, all that you need to do is convert from Canadian dollars to US dollars and vice versa.
Hence, the best way to Buy bitcoin Canada is by trading on the two most popular exchanges, Gemini and BPI. These are the two leading exchanges in Canada and have a high transaction volume. Best of all, these two platforms are very liquid, which means there is always cash available to facilitate trades. Being one of the most liquid currency exchanges worldwide, both Gemini and BPI have very low trading volumes.
If you're looking to get into this resource, then ideally you should start by opening a Canadian wallet. There are several wallet providers available and most of them are backed by major financial institutions like Credit Union, Scotiabank, Canadian Pension Plan and Bank of America, etc. These major institutions are usually backed by deposits from the funds of their respective customers. Since the transactions here are all secured and encrypted, your privacy is greatly assured. This is another reason why transactions here are always very fast and secure.
Once you're done setting up a Canadian wallet, you may move on to looking for an ATM. Although some of the bigger exchanges have their own ATMs, they don't tend to extend support to other smaller Canadian banks and corporations. Hence, to obtain their support, you may need to find one of their clients or affiliates to enter your virtual account. Since the Canadian government recently legalized the trade of cannabis, many experts predict that this will become a very lucrative market shortly. Legalizing marijuana has caused a huge boom in the number of ATM providers in Canada, especially in Toronto and Vancouver. You can usually find a nice selection of these machines in any ATM network in Canada.
Last but not least, you must be familiar with your Canadian banking options. Some Canadian banks offer a wide range of services related to trading in any other currencies or a virtual environment. Most of these services are focused on cash trading, although they also allow the customers to make purchases using their credit cards, electronic cheques, and wire transfers. However, most of the time they cater to the more traditional cash-based trading market only. These include wire transfers and debit card transactions only.
All in all, if you are thinking of trading in any other currencies or a virtual environment, you must first familiarize yourself with the Canadian marketplace. Aside from the different transaction types that you can use, it is very important to know about the different ways in which you can convert your Canadian dollars to other currencies or back to your currency. This will ensure that your transaction goes as smoothly as possible, every time. When you want to buy bitcoins in Canada, you should always keep these things in mind so that you can enjoy the benefits brought by these currencies and keep your finances running smoothly. Check out for more info in this link: https://en.wikipedia.org/wiki/Bitcoin.
