How to Buy Bitcoin, Ethereum, Litecoin, and Other Cryptocurrencies in Canada
Interested in buying your first cryptocoin in Canada? Here is how to buy Bitcoin, Ethereum, Litecoin and other cryptocurrencies in Canada!
If you are following the news lately, you probably have noticed that Bitcoin is all over the news, and not just Bitcoin, but other cryptocurrencies as well.
If you live in one of the greatest countries in the world, Canada and you are interested in buying Bitcoins, you have come to the right place, as in this article, we will discuss how to buy Bitcoins Canada and other cryptocurrencies such as Ethereum, Litecoin, and etc.
If you are a beginner you probably have spent a lot of time researching and gathering information about Bitcoins which is normal but it will take some time and energy to go through all those Reddit channels, YouTube videos, and blog posts to find the information you need. We hope that our article will save you both time and stress.
There are a few essential things that every person interested in buying or selling Bitcoins should understand. Buying and holding Bitcoins, Ethereum, and cryptocurrencies, in general, is not as simple as it sounds. As we said, there are a few things you need to keep in mind:
- All cryptocurrencies share a few similarities to fiat cash (money) but not many. In order to keep your Bitcoins, you will need a wallet (a cold or hot wallet), just like you keep your money in a wallet. You can purchase things with them, but first, you need to check which places accept Bitcoins as a form of payment.
- There are a few places where you can safely buy or exchange Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. When it comes to virtual coins, it is the Wild Wild West and the risks related to it are higher than stocks, fiat cash, and other types of investment which are regulated and well protected.
- You should only buy Bitcoins and invest money you can afford to lose. You need to be prepared that you are going to lose all of your money and as long as it is an amount you can afford it is totally ok. You should be prepared mentally that you could lose your Bitcoins and your investment, just like when going to a Casino. This could easily happen if your cryptocurrencies get lost or stolen. You need to keep in mind that Bitcoins Canada, Ethereum, and other cryptocurrencies are a speculative investment and they are pretty unpredictable.
Now that you know more about Bitcoins, let’s see how you can buy some. In order to buy Bitcoins Canada, you need to create your own account with QuadrigaCX (a Canadian crypto exchange). You will have to go through a short ID verification process which will take from 1-2 weeks. Once the account is created, you can select from a variety of ways to deposit Canadian funds which in turn you can use to purchase Bitcoins, Ethereum, Litecoin, and other cryptocurrencies on the exchange.
After you have made your first purchase by using QuadrigaCX, we highly recommend you to move it out of the exchange (this is if you are planning to hold on to it for more than a few months or longer). This is recommendable because the exchange could easily get hacked and you will lose all of your money. Even though QuadrigaCX is considered to be pretty safe and one of the best exchanges in Canada, you still need to be careful.
Hope this guide was helpful and it is a solid preparation for your future Bitcoin investment. Good luck!