Best Apps to Buy Bitcoin in Canada: A Comprehensive Guide
Startling Fact: Did you know that as of 2024, over 1.2 million Canadians own Bitcoin, making it one of the fastest-growing crypto markets in the world? This trend is driven by the increasing accessibility of Bitcoin through mobile apps, allowing users to seamlessly integrate cryptocurrency into their daily financial activities.
1. Wealthsimple Crypto
Wealthsimple Crypto has made waves in the Canadian market due to its simplicity and the fact that it’s backed by a well-known Canadian financial services company. With Wealthsimple, you can trade Bitcoin and other cryptocurrencies in a tax-free savings account (TFSA), giving it a significant edge over other platforms for Canadian users. It offers zero deposit and withdrawal fees, making it a cost-effective option.
Key Features:
- Zero deposit and withdrawal fees
- Ability to trade crypto in a TFSA or RRSP
- High security with a fully regulated platform under the Canadian Securities Administrators (CSA)
- Simple interface tailored to beginners
2. Shakepay
Shakepay is another fantastic app for Canadians, known for its speed and ease of use. It's a mobile-first platform, which means you can buy Bitcoin and Ethereum directly through your smartphone with a few taps. Shakepay also offers a unique feature: they reward users with free Bitcoin simply by shaking their phone each day. This "Shake & Earn" feature has garnered a loyal user base.
Key Features:
- Instant transactions via Interac e-transfer
- Free daily Bitcoin rewards (Shake & Earn)
- No withdrawal fees for CAD
- Fully compliant with Canadian regulations
3. Bitbuy
Bitbuy is one of Canada's most trusted cryptocurrency exchanges, with over 400,000 registered users. It’s a solid option if you’re looking for a secure and reliable platform to buy Bitcoin. One of the main advantages of Bitbuy is its transparent fee structure, which offers competitive rates for both beginners and advanced traders.
Key Features:
- Advanced security measures with 95% cold storage
- Transparent and competitive fees
- Wide range of cryptocurrencies available
- Quick and easy Interac e-transfer support
4. Coinsquare
Coinsquare is one of the oldest and most reputable cryptocurrency exchanges in Canada. It offers both a simple platform for beginners and advanced trading features for more experienced users. With Coinsquare, you can trade Bitcoin, Ethereum, and several altcoins, while enjoying a robust security system designed to protect your assets.
Key Features:
- Highly secure platform with a long-standing reputation
- Offers multiple cryptocurrencies
- Low fees for high-volume traders
- Simple interface for easy Bitcoin purchases
5. Newton
Newton is known for its low fees and wide range of cryptocurrencies. As a Canadian cryptocurrency exchange, Newton offers competitive rates and no commission trading. The platform is also very user-friendly, catering to beginners looking to dip their toes into the world of Bitcoin and other cryptocurrencies.
Key Features:
- No deposit or withdrawal fees
- Easy-to-use platform
- Supports over 75 cryptocurrencies, including Bitcoin
- Secure platform with institutional-grade protection
6. Binance
While not based in Canada, Binance is a global exchange that offers a wide range of features for buying Bitcoin. It's particularly popular among Canadian users due to its comprehensive trading tools, low fees, and ability to purchase crypto using CAD.
Key Features:
- Low trading fees (starting at 0.1%)
- Advanced trading tools for experienced users
- Access to hundreds of cryptocurrencies
- Supports CAD deposits via Interac e-transfer and other methods
7. Coinbase
Coinbase is a globally recognized name in cryptocurrency and has a strong presence in Canada. Known for its simple and clean user interface, Coinbase makes it easy for beginners to buy Bitcoin. Though it charges slightly higher fees than some Canadian-specific platforms, its ease of use and security make it a popular choice.
Key Features:
- User-friendly interface designed for beginners
- Supports multiple payment methods, including debit cards and bank transfers
- Strong security with insurance on Bitcoin held in the platform
- Offers educational resources for new users
8. Kraken
Kraken is another global player that is frequently used by Canadians to buy Bitcoin. Known for its high security and wide range of supported cryptocurrencies, Kraken is ideal for those who want a feature-rich platform with advanced trading options. It's particularly suitable for those who want to trade larger volumes of Bitcoin.
Key Features:
- Advanced security features including 2FA and cold storage
- Supports a wide variety of cryptocurrencies
- Competitive fees for advanced traders
- Offers advanced trading tools
9. MyBTC.ca
MyBTC.ca is a Canadian-specific Bitcoin purchasing platform that allows users to buy Bitcoin using Interac e-transfer, bank wire, and Flexepin. It’s a great option for those who want to make a quick Bitcoin purchase without navigating a complex trading platform.
Key Features:
- Instant purchases via Interac e-transfer
- No registration required for small purchases
- Fast verification process
- 24/7 customer support
Factors to Consider When Choosing an App
When selecting the best app to buy Bitcoin in Canada, there are several factors you should keep in mind:
- Fees: Some platforms charge deposit, withdrawal, or trading fees. Check the fee structure of the app before committing to it.
- Security: Ensure the platform has robust security measures, including two-factor authentication (2FA) and cold storage for assets.
- Ease of use: If you're a beginner, a user-friendly platform like Wealthsimple Crypto or Shakepay may be more suitable.
- Availability of cryptocurrencies: While some apps focus on Bitcoin, others, like Newton or Binance, offer a wide range of cryptocurrencies.
- Customer support: Having access to fast and reliable customer support can make a huge difference if you encounter any issues.
| App | Fees | Security Features | Cryptocurrencies Available | Ease of Use |
|---|---|---|---|---|
| Wealthsimple | Zero deposit/withdrawal | Regulated by CSA | Bitcoin, Ethereum | High |
| Shakepay | No withdrawal fees | Compliant with regulations | Bitcoin, Ethereum | High |
| Bitbuy | Transparent fees | 95% cold storage | Multiple | Medium |
| Coinsquare | Low for high-volume users | Long-standing reputation | Multiple | Medium |
| Newton | No deposit/withdrawal | Institutional-grade security | 75+ cryptocurrencies | High |
| Binance | 0.1% trading fee | 2FA, cold storage | Hundreds | High |
| Coinbase | Slightly higher fees | Insured Bitcoin | Bitcoin, Ethereum, altcoins | High |
| Kraken | Competitive fees | 2FA, cold storage | Wide variety | Medium |
| MyBTC.ca | No registration needed | Fast verification | Bitcoin only | High |
With so many options, it's clear that Canadians have a wealth of choices when it comes to buying Bitcoin. Whether you're a beginner looking for simplicity or an experienced trader in search of advanced features, there's an app tailored to your needs.
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