Best Platforms to Buy Bitcoin in Canada According to Reddit

In recent years, Bitcoin and other cryptocurrencies have surged in popularity, attracting many investors from around the world. Canada, with its progressive stance on digital currencies, has become a hub for cryptocurrency trading. As more Canadians dive into the world of crypto, finding a reliable platform to buy Bitcoin is crucial. Reddit, known for its vast and engaged communities, serves as an excellent resource for unbiased user reviews and recommendations. This article explores the best platforms to buy Bitcoin in Canada, as recommended by Reddit users.

1. Wealthsimple Crypto

Wealthsimple Crypto is one of the most recommended platforms on Reddit for Canadians looking to buy Bitcoin. This platform, operated by the popular Wealthsimple brand, offers a simple and user-friendly interface that is ideal for beginners. One of the biggest advantages of Wealthsimple Crypto is its seamless integration with the Wealthsimple ecosystem, allowing users to manage their investments in one place.

Key Features:

• Regulation and Security: Wealthsimple Crypto is regulated by the Canadian Securities Administrators (CSA), which gives users confidence in its security and reliability.
• Ease of Use: The platform is praised for its intuitive design, making it easy for users to buy and sell Bitcoin without any technical knowledge.
• No Fees for Deposits and Withdrawals: Wealthsimple Crypto charges no fees for CAD deposits or withdrawals, which is a significant plus for users.

Drawbacks:

• Limited Coins: Currently, Wealthsimple Crypto only offers a limited selection of cryptocurrencies, including Bitcoin and Ethereum, which might be a downside for those looking to invest in a wider range of digital assets.
• No Wallet Transfer: Users cannot transfer their Bitcoin to an external wallet, which might be a concern for those who prefer to hold their assets independently.

Reddit Verdict: Reddit users appreciate Wealthsimple Crypto for its simplicity and regulatory compliance, making it an excellent choice for newcomers to the crypto space in Canada.

2. Newton

Another highly recommended platform on Reddit is Newton, a Canadian-based crypto exchange known for its competitive pricing and ease of use. Newton is often highlighted for its transparent fee structure and quick sign-up process.

Key Features:

• Zero Fees: Newton boasts zero trading fees, instead making money on the spread. This feature is highly valued by Redditors who are looking to minimize costs.
• Fast Account Setup: Users have praised Newton for its quick verification process, which allows new users to start trading almost immediately.
• Wide Range of Cryptocurrencies: Unlike Wealthsimple Crypto, Newton offers a broader selection of cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and more.

Drawbacks:

• Spread Fees: While there are no direct trading fees, Newton's profit from the spread can sometimes result in higher costs, particularly for large trades.
• Customer Support: Some users on Reddit have reported delays in customer support response times, which could be a drawback for those needing timely assistance.

Reddit Verdict: Newton is praised on Reddit for its user-friendly interface, zero fees, and wide selection of cryptocurrencies. It's considered a strong option for both beginners and more experienced traders.

3. Shakepay

Shakepay is another favorite among Canadian Reddit users. It's known for its simple app and instant verification process, making it a popular choice for those who want to buy Bitcoin quickly and efficiently.

Key Features:

• Instant Buy and Sell: Shakepay allows users to buy and sell Bitcoin instantly, which is a significant advantage for those looking to capitalize on market movements.
• No Fees: Shakepay does not charge any fees on deposits, withdrawals, or trades, making it one of the most cost-effective platforms available.
• Referral Program: Shakepay offers a referral program where users can earn bonuses by inviting friends, which adds an extra incentive to use the platform.

Drawbacks:

• Limited Cryptocurrency Selection: Similar to Wealthsimple Crypto, Shakepay offers only Bitcoin and Ethereum, which might not be sufficient for users looking to diversify their crypto portfolio.
• Mobile App Only: Shakepay is primarily a mobile app, which might be limiting for users who prefer desktop trading.

Reddit Verdict: Reddit users commend Shakepay for its speed and simplicity, especially for those new to cryptocurrency. However, its limited selection of coins might be a drawback for some.

4. Coinberry

Coinberry is another Canadian crypto exchange that comes highly recommended on Reddit. Known for its strong security features and user-friendly interface, Coinberry is a solid choice for those looking to buy Bitcoin in Canada.

Key Features:

• Regulated and Insured: Coinberry is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and is insured, providing users with a high level of security.
• No Deposit Fees: Coinberry does not charge fees for deposits, which is a plus for users looking to maximize their investment.
• User-Friendly Interface: The platform is designed with simplicity in mind, making it accessible to both new and experienced traders.

Drawbacks:

• Withdrawal Fees: While deposits are free, Coinberry charges a fee for withdrawals, which might be a concern for some users.
• Limited Cryptocurrency Selection: Similar to other platforms, Coinberry offers a limited range of cryptocurrencies, focusing on the most popular ones like Bitcoin and Ethereum.

Reddit Verdict: Redditors generally have a positive view of Coinberry, particularly appreciating its regulatory compliance and ease of use. However, some users are critical of its withdrawal fees.

5. NDAX (National Digital Asset Exchange)

NDAX is a Canadian cryptocurrency exchange that is often mentioned on Reddit for its comprehensive features and strong security protocols. It's suitable for both beginners and more advanced traders.

Key Features:

• Advanced Trading Features: NDAX offers a range of trading tools and features, including advanced charting and stop-loss orders, making it a good choice for more experienced traders.
• Low Fees: NDAX is known for its low trading fees, which are highly competitive compared to other Canadian exchanges.
• Regulated Platform: NDAX is fully regulated by FINTRAC, ensuring a secure trading environment.

Drawbacks:

• Complex Interface for Beginners: While NDAX offers advanced features, its interface can be overwhelming for beginners, which might make it less accessible for those new to crypto trading.
• Limited Mobile Experience: Some Reddit users have pointed out that the mobile version of NDAX is not as user-friendly as its desktop counterpart.

Reddit Verdict: NDAX is highly regarded on Reddit for its low fees and advanced trading options. However, beginners might find the platform a bit daunting due to its complex interface.

6. Bitbuy

Bitbuy is another well-regarded Canadian crypto exchange that frequently comes up in Reddit discussions. It's known for its reliability and strong focus on security.

Key Features:

• Security: Bitbuy takes security seriously, offering features like two-factor authentication (2FA) and cold storage for most of its assets.
• Advanced Pro Trade Platform: For experienced traders, Bitbuy offers a Pro Trade platform with advanced features and tools.
• Quick Verification: Bitbuy is praised for its efficient verification process, allowing users to start trading quickly.

Drawbacks:

• Higher Fees: Compared to other platforms like Newton or Shakepay, Bitbuy has higher trading fees, which might be a concern for frequent traders.
• Limited Cryptocurrency Selection: While Bitbuy offers more cryptocurrencies than some other platforms, it still lags behind global exchanges in terms of variety.

Reddit Verdict: Bitbuy is often recommended on Reddit for its security and reliability, particularly for those who prioritize these aspects over low fees.

Conclusion

When it comes to buying Bitcoin in Canada, Reddit users recommend a variety of platforms, each with its own strengths and weaknesses. Wealthsimple Crypto and Shakepay are praised for their simplicity and ease of use, making them ideal for beginners. Newton and Coinberry are valued for their low fees and regulatory compliance, offering a balance of cost-effectiveness and security. NDAX and Bitbuy cater to more experienced traders who need advanced features and are willing to pay slightly higher fees for enhanced security and trading options.

Ultimately, the best platform for you will depend on your specific needs, whether you prioritize low fees, a wide selection of cryptocurrencies, or a platform's ease of use. Reddit remains a valuable resource for real-world user experiences, helping Canadians make informed decisions in their cryptocurrency journey.