Buy Bitcoin in Canada: A beginner's guide

Buying Bitcoin in Canada can be purchased through exchanges such as Coinbase, register and verify your identity and recharge the funds, choose market or limit order to purchase, and finally transfer it to a cold wallet to enhance security.

Apr 08, 2025 at 04:27 pm

Choose a reliable cryptocurrency exchange

In Canada, there are many well-known cryptocurrency exchanges to choose from, such as Coinbase, Binance, etc. Take Coinbase as an example, it has a wide user base worldwide, with high security and credibility. You can do it on its official website or application.

Register and verify your account

1. Go to the exchange official website or download the application: Open the browser, enter the official Coinbase website, or search for "Coinbase" in the mobile app store and download and install it.

2. Click Register: Find the "Register" button on the homepage and click to enter the registration page.

3. Fill in the information: Follow the prompts, enter your email address and set a password with high security strength (recommended to include numbers, letters and special characters).

4. Verify email: After registration is completed, the system will send a verification email to the email you filled in and click the link in the email to verify the email.

5. Identity Verification (KYC): This step is crucial, and most exchanges require identity verification under Canada’s Anti-Money Laundering (AML) and Customer Verification (KYC) policies. In Coinbase, you need to upload a clear photo of your ID (such as a driver's license, passport, etc.), and some cases may also require a proof of address (such as a utility bill). After the upload is completed, wait for the exchange to review, and the review time usually ranges from several hours to several days.

Recharge funds to the transaction account

1. Log in to your account: Log in to the Coinbase account using the email address and password you registered.

2. Choose the recharge method:

• Bank transfer: Find the "Recharge" option on the account page, click to enter and select "Bank Transfer". Follow the prompts to add your Canadian bank account information, including bank name, account number, etc. The advantage of bank transfer is that the handling fee is relatively low, but the arrival time may be longer, and generally takes 1-3 working days.

• Credit Card/Debit Card: Also select "Credit Card/Debit Card" on the "Recharge" page. Enter your credit or debit card information, including card number, validity period, CVV code, etc. Credit card/debit card recharge speed is fast and can usually be instantly received, but the handling fee may be higher. The specific fee can be viewed on the recharge page.

Buy Bitcoin

1. Enter the transaction page: After the recharge is successful, return to the Coinbase account main interface and click the "Trade" option.

2. Select Bitcoin: In the transaction page, find the Bitcoin (BTC) option.

3. Select an order type:

• Market order: If you want to buy Bitcoin at the current market price immediately, you can choose a market order. Enter the amount of Canadian dollars or the amount of Bitcoin you want to buy, click the "Buy" button, and the system will immediately complete the transaction for you according to the current market price.

• Limit order: If you want to buy Bitcoin at a specific price, you can set a limit order. For example, if you think the price of Bitcoin will fall to a certain price, set that price in the limit order, and the order will be automatically sold when the market price reaches or is lower than the price you set.

4. Confirm the purchase: After confirming that the order details are correct, click the "Confirm Purchase" button to complete the Bitcoin purchase operation. After the purchase is successful, Bitcoin will be deposited into your Coinbase account wallet.

Transfer Bitcoin to personal wallet (optional but recommended)

1. Buy and set up a cold wallet: Buy the Ledger Nano S cold wallet from the formal channels. Follow its instructions, initialize and set up the wallet password and backup mnemonics (be sure to keep it properly, this is the key to restoring the wallet).

2. Connecting a wallet and computer: Connect the Ledger Nano S to the computer using a USB cable and open the corresponding wallet management software (such as Ledger Live).

3. Export Bitcoin: In your Coinbase account, find the "Cash Withdrawal" option and select "Bitcoin Withdrawal". Enter the receiving address of the Ledger Nano S wallet (visible in the Ledger Live software), confirm the withdrawal amount, and follow the prompts to complete the withdrawal operation. Wait for confirmation of the blockchain network. After the confirmation is completed, Bitcoin will be successfully transferred to your cold wallet.