6 Ways to Buy Bitcoin in Canada
As the first and most popular cryptocurrency in Canada, many people are looking to sink their teeth and wallets into Bitcoin. With many ways to use the cryptocurrency, Bitcoin isn’t just a hot commodity for traders, it is growing as a currency and form of payment in Canada.
However, even though Bitcoin may be growing in popularity, traders and consumers won’t be able to use the currency, without knowing how to buy it first. But, that tends to be easier said than done – especially in Canada where the weather and technology trends can be unpredictable.
To remedy this, we’re going to provide you with our short list of the top 6 ways to purchase Bitcoin in Canada. From the purchase method, to the limits and speed of delivery, we’ll provide you with the best ways to beat those Bitcoin buying blues and fill your digital wallets.
#1: Interac e-Transfer
Interac e-Transfers, also known as Email Money Transfers (EMT) are one of the quickest, safest, and most cost effective ways for consumers to send money. All that is needed is a sending and receiving email address, and two individuals can send money to one another with low or zero fees within minutes.
What makes this even better? Interac e-Transfers can be completed on your computer, tablet or smartphone. So long as you can login to your online banking, you are able to send and receive e-Transfers at the tap of a button.
Not only are Interac e-Transfers an easy and affordable way for people to send money between one another, but this user-friendliness also applies to the way that you can buy Bitcoin. In fact, Interac e-Transfer is the most popular payment method for Canadians to purchase Bitcoin.
When you navigate to the homepage of MyBTC.ca, to start the Bitcoin purchase process, all you need to do is fill in your profile information and verify your identity. Once completed, you will be able to view the Interac e-Transfer details to set up MyBTC.ca as a recipient to send funds to.
When using MyBTC.ca to purchase Bitcoin (using Interac), you can transfer between $50 and $10,000 CAD and have your transfer completed within 30 minutes. This is the go-to option for those looking for small to medium-sized transactions with a high speed of Bitcoin delivery.
Simply send the transfer, and with a few clicks to lock-in your rate, you are now the proud owner of Bitcoin – making Interac one of the simplest ways to purchase Bitcoin with MyBTC.ca.
#2: Bank Wire
Bank wires are another highly secure way that people can purchase Bitcoin on MyBTC.ca, if they are looking for larger transaction limits, lower fees, and more high-touch customer service.
We’ve talked about Bank Wires in a previous blog on MyBTC.ca, but we want to touch on it here. When purchasing Bitcoin using Bank Wires, you can purchase between $5,000 and $100,000 CAD with a fee considerably less than other payment methods.
Who is this type of Bitcoin purchase for? Simply put, it’s for those clients that want high-touch and high-value service, when dealing with larger amounts of money. By purchasing Bitcoin on MyBTC.ca through the Bank Wire section of our website, you will be instructed to enter your profile details, much like you were with e-Transfers, and advise us if you will be sending from a personal or business account.
However, instead of entering your bank account information for direct debit, you will be emailed Bank Wire instructions, and assigned a Wealth Team Member to oversee and take care of your buying needs. If you would like to buy Bitcoin with funds from your corporation or partnership, additional documentation will be requested.
Then, simply complete the funding process by providing the bank teller with the instructions, containing our banking information, along with the Canadian dollar amount. We aim to make this a simple and secure process for those buying large amounts of Bitcoin in Canada using MyBTC.ca.
#3: Credit Card
If you’re looking to buy Bitcoin in Canada without the wait time, then you’ll want to slow down and make sure you read this.
By navigating MyBTC.ca, to “Buy Crypto with Credit Card”, all you need to do is enter the amount of Bitcoin that you would like to purchase between $75 and $25,000 CAD, at an approximate fee of 9.75%, that is processed instantly.
But, once you’ve clicked the big red button at the bottom of the page, you’ll be forwarded to enter your basic information, and your Bitcoin will be transferred to your wallet.
Using your credit card is the fastest and simplest way to purchase Bitcoin in Canada using MyBTC.ca, because it instantly processes your purchase to help grow your crypto wallet balance.
#4: Cash or Debit
If digital payments and bank wires aren’t in your wheelhouse, there is a way that you too can purchase Bitcoin in Canada using more traditional methods of payment.
By using either your debit card or cash (although, in 2020 cash may be less of a viable option) you are able to visit any of the 6,000 Canada Post Locations across the country to fund your MyBTC.ca account to purchase Bitcoin.
You can even verify your identity at Canada Post just before you pay with cash or debit. To do this, all you need to do is create and verify your MyBTC.ca account. Then, simply select the Canada Post option from the verification page and wait for our agent to review your request and email you with a PDF document with a barcode. Simply bring this document to Canada Post, and have them complete your identity verification.
After you’re verified, all you need to do is go to MyBTC.ca’s fuding page, and select the “Cash or Debit” option to view the instructions with QR code.
Have the clerk at Canada Post scan the QR code, so you can use the Loadhub Payment Network to add Canadian dollars in amounts between $50 and $2,500 CAD to your MyBTC.ca account balance. Then, just pay with cash or Interac debit, and you will have immediately funded your MyBTC.ca account.
We also have an in-depth explanation of this process on Blockgeeks.com, so feel free to visit for more information on how to buy Bitcoin in Canada with MyBTC.ca using your debit card.
#5: Flexepin Voucher
Flex – what?
If you’re unfamiliar with Flexepin, and Flexepin vouchers, they are a pre-paid and non-reloadable voucher that you can use for digital transactions. Flexepin Vouchers are also an extremely secure way to make online payments that help keep your personal data safe.
Flexepin Vouchers can be purchased in any one of more than 4,000 independent and chain stores across Canada, and can be purchased with debit, credit, or cash. So, this is really another way that you can use your debit card, if you choose to do so.
You can also use our Store Locator to find the closest location to you.
Nevertheless, you just need to go to MyBTC.ca and select the Flexepin Voucher option. Fill in your voucher amount, contact information, and Bitcoin wallet. Then, you will be required to enter the 16-digit Flexepin voucher number, and click “Add”.
You can add between $20 and $2,500 CAD in Flexepin vouchers in order to instantly fund your account.
Once you’ve completed these steps, you will have successfully funded your MyBTC.ca account. This is another simple, secure, and affordable way that you can purchase Bitcoin in Canada.
#6: Interac Online
The final way that MyBTC.ca offers for you to buy Bitcoin in Canada is using Interac Online. Currently, Interac Online funding and purchase options are available through RBC, TD, and Credit Union debit cards.
Interac Online through these institutions is a very easy and secure way to fund your MyBTC.ca Bitcoin account. From the funding page, simply enter the dollar amount you'd like to draw from your chequing account and select one of the participating institutions presented within the Interac payment gateway page that you land on next. Once you have selected your institution and the funds are drawn, your MyBTC.ca account balance will instantly populate with the matching dollar amount (minus fees).
Using Interac Online you can instantly fund between $30 and $200 CAD to your MyBTC.ca account.
This is one of the final, most secure and easy ways that you can buy Bitcoin in Canada with MyBTC.ca.
Using one of these 6 payment options, and following the steps found here and on the blog on our website, you’ll be able to fund your MyBTC.ca Bitcoin account – without the confusion, and with all the rewards.