Obtaining bitcoins in Canada is not always easy since we do not have access to convenient services such as coinbase (US) to buy bitcoins and mining the currency as a beginner might seem very challenging. Here we show you the best ways of buying bitcoins in Canada.
Through a bitcoin exchange
Cavirtex is currently the largest bitcoin exchange in Canada where you can trade your Canadian dollars for bitcoins and vice versa. The down side of using cavirtex when just starting out with bitcoin is the account verification process. In order to deposit fiat currency into your cavirtex account you will need to verify the account which takes 2-5 business days or even longer according to the website. Once your account is verified you will be able to deposit funds through a bill payment, wire transfer, direct withdraw or quickBT interac Online and buy bitcoins with your deposited funds. There are other Canadian exchanges available but currently cavirtex is the largest the most reputable.
The fees and processing time for depositing funds into cavirtex are as follows:
- Bill Payment: 5$ – Processing time 2-3 business days
- Wire Transfer: 30$ – Processing time 2 business days
- EFT Direct Debit/Withdraw: 30$ for up to 5000$ deposit and 50$ for over 5000$ deposit – Processing time 3-5 business days
- QuickBT Interac Online: Up to 5$ – Processing time 2-5 minutes
You can also use an international bitcoin exchange that is not located in Canada such as mtgox or btc-e but the verification process and time is usually much longer and more painful. Mtgox and btc-c currently only accept wire transfers from international clients.
If you are not patient enough to wait for a digital exchange to verify your account, process your deposit or simply need the bitcoins today you can try to buy bitcoins locally. One of the easiest ways to do this to to search for people that sell bitcoins in your city on the local classified ad sites. The major ones in Canada would be kijiji and craigslist. Due to booming popularity in bitcoins there should always be people selling the currency if you are located in one of the large Canadian cities. Since meeting up with someone is usually a more of a hassle, people selling bitcoins in person would price them a bit higher than on the digital exchanges.
Localbitcoins is a new service that allows you to trade bitcoins with people locally. Just like on a classified ad site you can search for people selling the currency in your area. You can choose to deal with them in person or online. If you will be dealing with them online, localbitcoins provides a third-party escrow service to ensure that the trade would be successful.