How to buy cryptocurrency in Canada?

Learn how to buy Bitcoin and other cryptocurrencies in Canada through brokers or directly through a crypto exchange.

How to crypto

The purchase of cryptocurrencies like Bitcoin (BTC), Dogecoin (DOGE) or Ether (ETH) in Canada is experiencing a resurgence as crypto ownership increases. Additionally, the Ontario Securities Commission in its report stated that more than 30% of Canadians plan to buy crypto assets in 2023.

So if you are wondering how to buy bitcoin or crypto in Canada, read on and get familiar with the details.

Is it legal to buy cryptocurrency in Canada?

Cryptocurrency trading is legal in Canada even though it is not yet considered legal tender. The Canada Revenue Agency (CRA) specifies what virtual currencies are and provides information on any applicable taxes. One can choose to shop in cryptocurrency in Canada if retailers, cafes or e-commerce websites accept it.

The CRA treats cryptocurrency as a commodity that can result in capital gains or losses. Taxable transactions include sending, receiving, and exchanging cryptocurrencies. The Canadian Securities Administrators website details the regulation of your crypto assets in Canada.

Do Canadian banks allow cryptocurrency?

With the growing popularity of cryptocurrencies, Canadian banks allow and recognize cryptocurrency trading subject to federal and state regulations. For example, Canadian banks have installed more than 2,600