Buying BTC in Canada

[BrotherMencius]

I started investing in BTC since the middle of last year, but for some reason it's always a rigamarole. A lot of financial institutions here make it difficult or impossible to buy BTC.

After finding out both my bank and credit card companies don't allow crypto purchases, I got a Mogo card (back when they'd give you satoshis for purchases).

I bought some crypto directly through that, but then found they won't allow me to transfer to my Ledger. I then tried buying with my Mogo to my ledger. That worked once but now it's getting declined, and their customer service is non-existent.

What do other Canadians use to buy BTC. Do you run into the same problems? Any suggestions?

[Yogee]

Try asking on reddit if you have an account https://www.reddit.com/r/BitcoinCA/

Here's a question posted not too long ago asking where to buy BTC and some of their community members already answered https://www.reddit.com/r/BitcoinCA/comments/sbyea8/where_should_i_buy_bitcoins/ You may find that useful.

[BrotherMencius]

Thanks. I don't really use reddit but I checked it out.

The thread is mostly do to with what exchanges it's good to buy with, that's not really my problem. It's that banks and credit card companies block crypto purchases.

I left a post on the main subreddit, hopefully I can sort this out soon.

[BitMaxz]

Based on what I heard before from Canadian users like Darkstar_ you can try to check the NDAX exchange the only problem is they do not accept credit/debit cards but they have 3 other options.

Interac e-Transfer, Wire Transfer and, Bank Draft is currently what funding method do they have.
And take it seems they also required ID verification.

Here's the website https://ndax.io/

[sheenshane]

Here's the website https://ndax.io/

I found a list of where to buy Bitcoin in Canada and this website was also mentioned here.  How To Buy Bitcoin in Canada, there are pros and cons that might OP need to have research on his own.

I didn't live in Canada and the ones who can give a suggestion are those who live there, maybe.  But have you tried using Bitcoin ATM or do we have a DEXs/P2P exchange platform where you can buy Bitcoin through your bank account like Bisq and Hodlhodl.com.

[Dobbyz]

Im canadian and i use shakepay app (ios or android). Its an exchange for btc and eth. They also have a visa card.
You have to KYC and then purchase via e-transfer. they are base in Montreal (QC)

There is Bitbuy . ca, and other canadian exchange or crypto . com.

There's plenty online option or P2P community

[DarkStar_]

I haven't heard of any of the major banks not allowing BTC purchases at all, though it is quite common that banks won't allow you to purchase crypto using a credit card or debit card due to the amount of fraud that can occur. I would just recommend using Interac e-Transfer, which is accepted by most Canadian focused exchanges. NDAX, Newton, Shakepay and Crypto.com are all fairly good options that take e-Transfer.

[BrotherMencius]

So for these different exchanges, do they allow BTC to be transferred to a Ledger?

I bought some BTC using Mogo a while back, but they don't allow you to transfer your BTC to a different wallet.

I was trying to buy directly through Ledger but I don't think they have the option to buy using e-transfer (only bank transfer and debit/credit card I think)

[mk4]

Canada actually has one of the most coolest Bitcoin exchanges I know! As far as I know BullBitcoin[1] is the only exchange that actually uses Wasabi CoinJoin[2] on their coins, hence more privacy for their users.

Don't take my word for it though as I haven't used it. DYOR!

[1] https://bullbitcoin.com/
[2] https://medium.com/bull-bitcoin/bull-bitcoin-protecting-against-financial-censorship-and-reclaiming-customers-privacy-one-5630e1f47922

[UmerIdrees]

I started investing in BTC since the middle of last year, but for some reason it's always a rigamarole. A lot of financial institutions here make it difficult or impossible to buy BTC.

After finding out both my bank and credit card companies don't allow crypto purchases, I got a Mogo card (back when they'd give you satoshis for purchases).

I bought some crypto directly through that, but then found they won't allow me to transfer to my Ledger. I then tried buying with my Mogo to my ledger. That worked once but now it's getting declined, and their customer service is non-existent.

What do other Canadians use to buy BTC. Do you run into the same problems? Any suggestions?

Well, are you not able to buy bitcoins from any P2P dealer or exchange?  If in the country you can't buy bitcoin directly through debit or credit cards then the P2P is the best and most secure option. You will find lot of dealers at exchanges like local bitcoins.
I am from Pakistan and this method works best for me because we are also unable to buy bitcoins directly.

[Nhazwrath]

I started investing in BTC since the middle of last year, but for some reason it's always a rigamarole. A lot of financial institutions here make it difficult or impossible to buy BTC.

After finding out both my bank and credit card companies don't allow crypto purchases, I got a Mogo card (back when they'd give you satoshis for purchases).

I bought some crypto directly through that, but then found they won't allow me to transfer to my Ledger. I then tried buying with my Mogo to my ledger. That worked once but now it's getting declined, and their customer service is non-existent.

What do other Canadians use to buy BTC. Do you run into the same problems? Any suggestions?

Canada has very few exchanges that are certified to purchase/sell/trade BTC. What you are looking for is FINTRAC compliance   https://www.fintrac-canafe.gc.ca/intro-eng <government website>.  If the exchange meets the qualification then the banks will accept and send etransfers from them(my understanding) without the argument about crypto.  the banks themselves still will not touch crypto.  I have talked to several banks and what it boils down to with them is they think it will hurt their reputation.

[cryptoboi18]

I've used bitcoin well a couple times now and they've been pretty good and they're on the stock market so they're a bit more reputable in my opinion but YMMV.

https://bitcoinwell.com/

[DarkStar_]

So for these different exchanges, do they allow BTC to be transferred to a Ledger?

I bought some BTC using Mogo a while back, but they don't allow you to transfer your BTC to a different wallet.

I was trying to buy directly through Ledger but I don't think they have the option to buy using e-transfer (only bank transfer and debit/credit card I think)

Yes, the four that I listed all allow withdraws to external wallet addresses (your Ledger). I would do some more research into withdraw fees though, as they do vary a decent amount. Off of memory, Crypto.com charges 0.0004BTC, Newton charges dynamic withdraw fees but will subsidize up to $5, Shakepay offers free withdraws, and I can't remember what NDAX charges. One of these options might be much more appealing depending on how much you plan on buying. I believe NDAX or Newton would have the best prices.

Feel free to DM me if you want a referral link to any of these. I think they all have referral bonuses of various sizes for new users.

[belov]

Canada actually has one of the most coolest Bitcoin exchanges I know! As far as I know BullBitcoin[1] is the only exchange that actually uses Wasabi CoinJoin[2] on their coins, hence more privacy for their users.

Don't take my word for it though as I haven't used it. DYOR!

[1] https://bullbitcoin.com/
[2] https://medium.com/bull-bitcoin/bull-bitcoin-protecting-against-financial-censorship-and-reclaiming-customers-privacy-one-5630e1f47922

mk4. Trying BullBitcoin on your recommendations but it sells BTC-CAD for c$37664.78 when Kraken sells for c$36785.60
and then BullBitcoin says that he does not take money for sales and his rate is lower than that of Kraken.
So am I missing something or he already ruined?
If you find a minute to answer I will be very thankful

[Mr.Member]

The capital of Canada is showing signs of becoming one of the world’s most crypto-friendly destinations. In this city, residents can pay for various goods and services, such as dinner, drinks, rent, clothes, dentist appointments, and even mortgage payments in crypto (to accepting merchants). Canada is home to NOWPayments, which allows Toronto-based companies to set up crypto-payment gateways. The platform is compatible with eCommerce ventures based on platforms like WooCommerce and Shopify, which reveal positive attitudes towards these currencies. Even many charities accept crypto payments through NOWPayments.

Bear in mind that crypto is still not designated as legal tender in Toronto, but regulatory steps to change this are underway. All this makes the city highly desirable for individuals looking to live a crypto-friendly life.

Visit link: https://quantilus.com/the-10-most-crypto-friendly-cities-in-the-world/

[Lucius]

~snip~

It is simply their price at which they make a profit, because if you look at the price for which they buy and sell, then you can clearly see that the difference is about 1500 CAN dollars, which is again about 1000 CAD dollars more than the average price you would pay if you were buying on some CEX. Such crypto exchanges that are of a local type and do not have a lot of liquidity usually have much higher prices than those globally positioned.

So for these different exchanges, do they allow BTC to be transferred to a Ledger?

Every "normal" crypto exchange will allow you to withdraw your coins to any wallet, including Ledger. There are some services that offer the purchase of cryptocurrencies, but do not allow users to withdraw them to their wallet, but that's why you should always read the terms of service (TOS).

[Nhazwrath]

The capital of Canada is showing signs of becoming one of the world’s most crypto-friendly destinations. In this city, residents can pay for various goods and services, such as dinner, drinks, rent, clothes, dentist appointments, and even mortgage payments in crypto (to accepting merchants). Canada is home to NOWPayments, which allows Toronto-based companies to set up crypto-payment gateways. The platform is compatible with eCommerce ventures based on platforms like WooCommerce and Shopify, which reveal positive attitudes towards these currencies. Even many charities accept crypto payments through NOWPayments.

Bear in mind that crypto is still not designated as legal tender in Toronto, but regulatory steps to change this are underway. All this makes the city highly desirable for individuals looking to live a crypto-friendly life.

Visit link: https://quantilus.com/the-10-most-crypto-friendly-cities-in-the-world/

The capital of Canada isn't Toronto.