Bitcoin is reckoned to be the most traded cryptocurrency today. Many whales in the crypto world are trading in Bitcoin, which is no surprise as its trading value is relatively high. It is the most expensive coin in the world today, and this article examines Bitcoin price CAD Canada for Canadians looking to begin trading Bitcoin.
It is normal to want to know what the Bitcoin price in Canada is, so you know what to expect when you start trading in Bitcoin. If you’re going to begin your crypto journey with Bitcoin or desire to know what the price of Bitcoin in Canada is, then this is the article for you.
How much is One Bitcoin in (CAD) Canada
Bitcoin suffered a major setback in May 2021. The cryptocurrency began trading at the beginning of the year at a value above $40,000. After that, it continued to grow, and by the end of February 2021, Bitcoin had crossed the $50,000 threshold.
Many crypto analysts and traders expected that Bitcoin price would hit $100,000 before the end of the year. Unfortunately, a tweet from Elon Musk caused one of the most significant dips Bitcoin has faced in years, and this brought the price of Bitcoin from its all-time high rate of over $60,000 to trading below $40,000
As of the time of writing this article, the price of one Bitcoin in Canadian dollars (CAD) is 48321.83. It is important to note that Bitcoin price in Canada varies from exchange to exchange. Some Bitcoin exchange platforms may charge higher than others, and transaction fees existing in some platforms may make Bitcoin price in Canada slightly different.
If you are wondering why the price of Bitcoin in Canada may be slightly different from one exchange to another, it is captured in the reasons for the speculation of Bitcoin price, which I have explained below.
Reason for Bitcoin Price in Canada Speculation
Across the world, Bitcoin price comes with slight changes. This is because different Bitcoin exchange platforms trade Bitcoin at different values, and the reason why this is so is because of an economic rule that the BTC network thrives on.
The price of Bitcoin is affected by the demand and supply of Bitcoin. This means that Bitcoin is sold at a high price when its demand and supply are high, and it would sell at a lower rate when the demand and supply are low.
Therefore, the Bitcoin price in an exchange would be different from another due to the rate of trading on the platform. For example, if the buying and selling of Bitcoin on a particular exchange platform are high, then the price of Bitcoin on that platform will be higher than a platform where Bitcoin is not traded regularly.
When buying Bitcoin, you may see differences in its price across platforms open to Canadians (I will list exchange platforms where you can buy Bitcoin in Canada later on.) The reason why this market difference exists is because of the market trend.
Is Bitcoin Legal in Canada?
Bitcoin has come under the scrutiny of many governments. It is no surprise because cryptocurrency operates a particular form of financial freedom that central banks and financial institutions never offer.
Imagine having to send and receive money via a peer-to-peer network that any governmental organization does not govern. Furthermore, you do not face the risk of being tracked as Bitcoin trading is done via secured blockchain technology.
Bitcoin is considered a revolution to the financial world, and many governments do not take this revolution lightly. Looking at the responses of world governments and financial institutions, it is normal to ask if Bitcoin is legal in Canada.
The short and simple answer to the question–is Bitcoin legal in Canada? Is Yes. No government legislation bans the buying and selling of Bitcoin in Canada. Hence it is safe to say that Bitcoin is legal in Canada.
Anyone living in Canada who would like to buy and sell Bitcoin can do so and not be guilty of a crime for trading Bitcoin in Canada. Bitcoin presents an excellent opportunity to make money seamlessly, and Canadians are not exempted by any law that restricts the trading of cryptocurrency in Canada.
Can I Buy $100 of Bitcoin?
Yes, you can buy $100 of Bitcoin in Canada. The price of one Bitcoin in Canada is about $48k. You may not have enough to buy 1 Bitcoin, but you can get Bitcoin in bits.
It is possible to buy $100 of Bitcoin. The cost of $100 worth of Bitcoin is 0.0020694. It is not up to one Bitcoin, but it is a great start. With time the value will appreciate, and you can continue to buy more than $100 BTC and trade to make a profit.
How to Buy Bitcoin in Canada
Now that you know the price of Bitcoin in Canada, it is commonplace to know where to buy Bitcoin in Canada. Unfortunately, as Bitcoin’s hype continues to grow, fraudsters are adapting to the trend and defrauding people by posing as Bitcoin exchanges.
It is quintessential to buy Bitcoin from a reliable and trusted Bitcoin exchange. This section will show you some Bitcoin exchange platforms to buy and sell Bitcoin in Canada.
Bitcoin Exchange Platforms to Buy and Sell Bitcoin in Canada
In no particular order, Bitcoin exchange platforms to buy and sell Bitcoin in Canada are:
Before you begin your crypto journey, buying and selling Bitcoins, browse through the short reviews I have provided on each exchange platform. I have outlined some of the pros and cons of each platform to be better informed when dealing with them.
Coinsquare is the largest cryptocurrency and Bitcoin exchange platform in Canada. It allows users to buy and sell Bitcoin, Ethereum, Litecoin, and other cryptocurrencies in Canada. With Coinsquare, Canadians can buy and sell Bitcoin and other coins via Interac e-Transfers, bank transfers, and SWIFT.
Pros of Coinsquare
- Wide variety of payment options
- Buying and selling of Bitcoin and other cryptocurrencies in Canada
- Fast verification process
Cons of Coinsquare
- The Orderbook interface on Coinsquare may be confusing for new users.
bitbuy is a Bitcoin exchange platform in Canada. It allows traders to buy Bitcoin, Litecoin, Ethereum, and other altcoins with Interface e-Transfer or bank wire for as low as 0.1% fees. They are notable for their excellent customer support via phone calls, live chats, and emails
Pros of bitbuy
- Only Canadian Bitcoin exchange to offer 1:1 Bitcoin insurance
- A quick way to purchase Bitcoin
- High trading limits
- Allows large Bitcoin purchases via an Over-The-Counter (OTC) desk.
Cons of bitbuy
- It does not support Flexepin.
Satstreet is a Canadian Over-the-Counter (OTC) exchange platform. It sells Bitcoin to persons and businesses who want to buy large amounts of Bitcoin within the price range of $25k to over CAD 10M.
As they sell Bitcoin and other cryptocurrencies in bulk, Satstreet offers one of the cheapest transaction fees for Bitcoin in Canada.
Pros of Satstreet
- Offers low Bitcoin price in Canada
- Provides private banking experience
- Excellent customer service.
Cons of Satstreet
- The starting price for Bitcoin purchase is CAD 25K.
On MyBTC.ca, Canadians can buy Bitcoin starting from C$20 to c$250,000. However, to buy Bitcoin from MyBTC.ca, one would need to undergo an ID verification exercise. The ID verification is carried out by submitting an ID online or in-person at any Canada Post location nationwide.
The customer support on MyBTC.ca is tremendous and can be accessed via SMS, email, phone, and live chat on the website. One of the notable features of this exchange platform is that it allows a wide variety of payment options, including Bank Wire, Interac e-transfer, Flexepin voucher, credit card, and cash or debit.
Pros of MyBTC.ca
- The platforms provide an easy way to buy Bitcoin in Canada
- Wide variety of payment options.
Cons of MyBTC.ca
- MyBTC.ca has ridiculous transaction fees.
- ID Verification is an essential requirement before transacting on MyBTC.ca.
CoinSmart is a newly launched Canadian exchange. Not much is known about this platform, but it allows Canadians to buy and sell Bitcoin and other cryptocurrencies. Using CoinSmart, Canadians can buy and sell cryptocurrency via Interac e-Transfers, bank transfers, SWIFT, and credit/debit cards.
New users on CoinSmart enjoy an extra C$20 of BTC when they deposit nothing less than C$100.
Pros of CoinSmart
- Wide variety of payment methods
- Bonus Bitcoin on $100+ deposits for new users
- Speedy verification upon signing up.
Cons of CoinSmart
- Their reliability cannot be vouched for as they are a new company.
Pros of Coinbase
- Offers high buying limits and liquidity
- Allows instant Bitcoin purchase using debit cards
- Designed for newbies
Cons of Coinbase
- Privacy on a transaction is not assured as Coinbase may track how you make use of your Bitcoin.
- Bitcoin purchase via Bank Transfer take up to 5 working days to complete
Coinberry is a secure exchange that allows Canadians to buy and sell Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. Using this platform, customers can buy and sell bitcoin via Interac e-Transfers, bank transfers, SWIFT, and credit/debit cards.
Pros of Coinberry
- Accepts a wide variety of payment options
- Allows the buying and selling of many cryptocurrencies
- Offers fast, seamless verification process
Cons of Coinberry
- The platform only supports Canadian customers
Based in Vancouver, Netcoins allows Canadians to buy and sell Bitcoin, Ethereum, Litecoin, and other significant cryptocurrencies using Interac e-Transfer, online bill payment, or wire.
They have offered some of Canada’s best crypto trading deals with 0 percent of the funding and FIAT withdrawal fees and 0.5 percent on trading. Netcoins also ensures that customers are provided with excellent customer service support via live chat, email, and phone.
Verification for new users is seamless and can be completed in minutes. In addition, when a new user completes a cumulative transaction of C$100 worth of BTC, Netcoins gives him or her a C$10 bonus.
Pros of Netcoins
- High liquidity with no room for slippage
- Hassle-free verification
- Withdrawals are instantaneous
- The platform is fully audited
- Excellent customer support
Cons of Netcoins
- Netcoins has no mobile application
Final Thoughts on Bitcoin Price in Canada
Bitcoin is no doubt a revolution to the world of finance. It is believed that anyone that would be wealthy in the future should have begun interfacing with Bitcoin already. As a Canadian, you can secure your wealth tomorrow using Bitcoin.
Now that you know Bitcoin price in Canada and reliable exchange platforms where you can buy and sell Bitcoin and other cryptocurrencies in Canada, I expect you would enter the crypto world and start trading already.