Best Apps to Buy Bitcoin in Canada

In Canada, the growing popularity of Bitcoin has led to an increasing demand for reliable platforms to purchase this digital currency. Whether you are a beginner or an experienced trader, choosing the right app to buy Bitcoin is crucial. This article will explore the top apps available in Canada for buying Bitcoin, considering factors such as user interface, security, fees, and available features.

1. Wealthsimple Crypto

Wealthsimple Crypto is a highly trusted platform in Canada, known for its user-friendly interface and seamless integration with the Wealthsimple ecosystem. The app allows you to buy, sell, and hold Bitcoin along with other cryptocurrencies directly within its app.

• User Interface: Wealthsimple Crypto offers a clean and intuitive interface, making it easy for beginners to navigate.
• Security: Wealthsimple is regulated by the Canadian Securities Administrators (CSA), ensuring that your investments are secure. The app uses two-factor authentication (2FA) for added security.
• Fees: Wealthsimple Crypto charges a spread fee of 1.5% to 2% on transactions, which is relatively competitive within the Canadian market.
• Features: One unique feature is the ability to hold cryptocurrencies in registered accounts, such as a Tax-Free Savings Account (TFSA), offering potential tax advantages.

2. Shakepay

Shakepay is a popular choice among Canadians for its simplicity and fast transaction times. It allows users to buy Bitcoin and Ethereum instantly with CAD.

• User Interface: The app is designed for simplicity, making it accessible for all levels of users.
• Security: Shakepay is fully compliant with Canadian regulations and offers 2FA and cold storage for added security.
• Fees: Shakepay doesn’t charge any fees for deposits or withdrawals. Instead, it earns through a spread on transactions.
• Features: A standout feature is the "Shake" reward program, where users can earn free Bitcoin by shaking their phone daily.

3. Newton

Newton is another Canadian-based platform that offers a wide range of cryptocurrencies, including Bitcoin, at competitive rates.

• User Interface: Newton provides a minimalist and modern interface, appealing to both beginners and experienced traders.
• Security: The app features 2FA, institutional-grade storage, and compliance with Canadian financial regulations.
• Fees: Newton boasts no fees for trading, deposits, or withdrawals. The platform earns money through the spread.
• Features: Newton’s instant verification process and wide range of supported coins make it a versatile option for cryptocurrency enthusiasts.

4. Bitbuy

Bitbuy is one of Canada's oldest and most reputable cryptocurrency platforms, offering a robust trading experience.

• User Interface: Bitbuy’s interface is slightly more complex, catering to more experienced users.
• Security: The platform is registered with FINTRAC as a Money Services Business and offers 95% cold storage, ensuring the safety of your assets.
• Fees: Bitbuy charges a flat 0.5% fee on transactions, which is competitive for the services it offers.
• Features: Bitbuy provides an "Express Trade" option for quick transactions and a "Pro Trade" option for advanced traders who need more features.

5. Coinberry

Coinberry is a Toronto-based cryptocurrency platform known for its no-fee structure and ease of use.

• User Interface: Coinberry offers a straightforward and easy-to-use interface, perfect for those new to cryptocurrency.
• Security: Coinberry is compliant with the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) in Canada, and it offers insurance coverage for digital assets.
• Fees: Coinberry doesn’t charge deposit, withdrawal, or trading fees, which is a significant advantage for cost-conscious users.
• Features: Coinberry's "AutoPilot" feature allows users to set up recurring buys, making it easier to dollar-cost average into Bitcoin over time.

6. Coinsquare

Coinsquare is one of the largest cryptocurrency exchanges in Canada, offering a wide range of digital assets beyond Bitcoin.

• User Interface: Coinsquare’s interface is designed for both beginners and advanced traders, featuring simple buying options as well as more complex trading tools.
• Security: The platform is highly secure, with 95% of assets held in cold storage and full compliance with Canadian regulations.
• Fees: Coinsquare has a maker-taker fee model, with fees ranging from 0.1% to 0.4% depending on your trading volume.
• Features: Coinsquare offers a comprehensive suite of features, including advanced charting tools and API integration for automated trading.

7. Kraken

Kraken is a global cryptocurrency exchange that is also available to Canadian users, known for its strong security features and low fees.

• User Interface: Kraken’s platform is designed with both beginners and professionals in mind, offering both a simple and advanced trading interface.
• Security: Kraken is renowned for its security, featuring 2FA, encrypted storage, and a strong regulatory compliance record.
• Fees: Kraken offers some of the lowest fees in the industry, with fees ranging from 0.16% to 0.26% depending on the transaction.
• Features: Kraken supports margin trading and futures, making it ideal for those looking to take their trading to the next level.

Conclusion

When choosing an app to buy Bitcoin in Canada, it’s essential to consider what you prioritize most, whether it's low fees, ease of use, or additional features. Wealthsimple Crypto is an excellent choice for those looking to integrate their crypto investments with other financial assets, while Shakepay and Coinberry are great for users who want simplicity and no-fee structures. For more advanced trading options, Bitbuy and Kraken offer the tools needed for more sophisticated strategies.

Ultimately, the best app for you will depend on your individual needs and how you plan to interact with the world of cryptocurrency. Each of these platforms provides a unique set of features tailored to different types of users, making Canada a well-served market for Bitcoin enthusiasts.