Cryptocurrency has come a long way in the last 10 years. While Bitcoin was the first and most well known cryptocurrency available to purchase, there are now hundreds of different cryptocurrencies to choose from. As always, Canada is leading the way in bringing these innovative and useful financial technologies to the Canadian market in a safe and reliable way. Cryptocurrency has been around for a while. The first ever cryptocurrency was called Bitcoin, and you may have heard of it. It was created by someone (or someones) who goes by the pseudonym Satoshi Nakamoto. While this person is anonymous, their creation has inspired many others to follow in their footsteps and bring us a variety of different cryptocurrencies to choose from.Due to the strength of our regulations and banks, we have many great options that allow Canadians to get into the cryptocurrency market. Some of our favourite crypto companies in Canada include Newton and Bitbuy.
4 Tips to Help You Buy Cryptocurrency in Canada
We are passionate about the potential that cryptocurrency has for the world, and we want everyone who is interested in cryptocurrency to get involved. We have put together 4 tips to help you buy cryptocurrency in Canada.
Research! Make sure that you do your research before buying any cryptocurrencies. The best thing to do is to first learn about what cryptocurrency is, and how it works. Once you understand how it works, you can start looking for companies that will allow you to buy and sell the currencies on their platform. When doing your research, consider what cryptocurrencies are available in Canada, and who they are registered with (Fintrac). Make sure to research the wallet options available for each coin. We have done our research, and we know about the best wallets for your coins.
Fund your account! You need to have money backing up your purchase of cryptocurrency. There are a lot of different ways you can get money into cryptocurrencies. The easiest is to sign up for an exchange that will allow you to hold Canadian dollars in their accounts with you, so that they will transfer the money over to you when buying crypto. This is probably the best way to take advantage of your bank and currency options while buying. You can also set up a payment plan with your bank to buy in small payments over a period of time. Lastly, you can store cryptocurrency on a wallet such as KeepKey or Ledger Nano S. These are both great ways to store tokens safely on your phone or computer
Buy! Once you have your money in place, make sure you are ready to buy the cryptocurrency that you want. There are a lot of different platforms for buying cryptocurrency. We have based the majority of our companies on which platforms are available for buying in Canada: Coinbase, Bitbuy, and KeepKey
Stay safe! Once you have your cryptocurrency, do your research on how to keep it safe. There are a lot of different options available, such as hardware wallets, paper wallets and using an exchange such as Coinbase (Canada). Make sure that you understand the risks associated with each option. If you can, avoid storing large amounts of money on a crypto exchange that is not in Canada.
Learn more about Coinbase and Bitbuy in our mining support forum.
