Best Apps to Buy Bitcoin in Canada

If you're looking to buy Bitcoin in Canada, there are several excellent apps available that offer ease of use, security, and a range of features to meet your needs. This guide will explore the top apps for purchasing Bitcoin in Canada, providing detailed information on their features, fees, and benefits to help you make an informed decision.

1. Coinbase Coinbase is one of the most popular cryptocurrency platforms globally and is well-regarded in Canada for its user-friendly interface and strong security measures. The app allows you to buy Bitcoin using various payment methods, including bank transfers and credit cards.

• Features:

  • Easy-to-use interface.
  • Supports a range of cryptocurrencies.
  • Strong security features including insurance against breaches.
  • Mobile app available for iOS and Android.

• Fees:

  • Coinbase charges a spread of about 0.5% for cryptocurrency purchases, along with a fee that varies based on the payment method and location.

• Pros:

  • High liquidity and large user base.
  • Excellent customer support.
  • Good educational resources for beginners.

• Cons:

  • Higher fees compared to some other platforms.
  • Limited payment methods compared to other apps.

2. Kraken Kraken is another well-known platform for buying Bitcoin in Canada. It is praised for its advanced trading features and strong security protocols, making it a good choice for more experienced traders.

• Features:

  • Advanced trading tools and features.
  • High security with two-factor authentication.
  • Supports a wide range of cryptocurrencies.
  • Offers margin trading.

• Fees:

  • Trading fees start at 0.16% for makers and 0.26% for takers, which can decrease with higher trading volumes.

• Pros:

  • Comprehensive range of trading features.
  • Lower fees for high-volume traders.
  • Strong security measures.

• Cons:

  • Can be overwhelming for beginners due to its advanced features.
  • Verification process can be lengthy.

3. Bitbuy Bitbuy is a Canadian cryptocurrency exchange that caters specifically to the Canadian market. It offers a simple and straightforward way to buy Bitcoin and other cryptocurrencies.

• Features:

  • Designed with Canadian users in mind.
  • Supports Interac e-Transfer and bank wire transfers.
  • User-friendly interface.
  • Provides a secure wallet for holding cryptocurrencies.

• Fees:

  • Bitbuy charges a 0.1% trading fee on market orders and a 0.2% fee on limit orders.

• Pros:

  • Tailored for Canadian users.
  • Lower fees compared to international platforms.
  • Quick and easy transactions with Canadian payment methods.

• Cons:

  • Limited range of cryptocurrencies compared to larger exchanges.
  • Less advanced trading features.

4. Shakepay Shakepay is a Canadian app that allows you to buy and sell Bitcoin and Ethereum with minimal fees. It's known for its simplicity and ease of use.

• Features:

  • No trading fees on purchases.
  • Simple and intuitive interface.
  • Offers a referral program with rewards.
  • Supports Interac e-Transfer for deposits and withdrawals.

• Fees:

  • No trading fees; however, the spread is included in the price.

• Pros:

  • Easy to use for beginners.
  • No fees for trading.
  • Quick transactions and deposits.

• Cons:

  • Limited to Bitcoin and Ethereum.
  • No advanced trading options.

5. Wealthsimple Crypto Wealthsimple Crypto is part of the larger Wealthsimple platform, known for its investment services. It provides an easy way to buy and hold Bitcoin and Ethereum.

• Features:

  • Integration with Wealthsimple's investment platform.
  • Simple interface.
  • No minimum account balance.
  • Offers automatic portfolio rebalancing.

• Fees:

  • Wealthsimple Crypto charges a 1.5% fee on trades.

• Pros:

  • Integrated with other Wealthsimple services.
  • Simple and straightforward for new users.
  • No account minimums.

• Cons:

  • Higher fees compared to some other platforms.
  • Limited to Bitcoin and Ethereum.

Choosing the Right App

When choosing an app to buy Bitcoin in Canada, consider the following factors:

• Fees: Different platforms have varying fee structures, so it’s essential to choose one that aligns with your trading frequency and volume.
• Security: Ensure the app has robust security measures to protect your investment.
• Features: Depending on your experience level, you may prefer a more straightforward app or one with advanced trading tools.
• Payment Methods: Check which payment methods are available and most convenient for you.

By evaluating these factors, you can select the app that best meets your needs for buying Bitcoin in Canada.