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Buying cryptocurrency: everything you need to know

In recent years, cryptocurrencies have aroused a real craze among the Canadian population. In fact, many communities have been created around this new kind of finance, and now many people are taking the plunge and buying crypto-currencies.

This is your case, and are you wondering about buying cryptocurrency?

In this guide, we answer all your questions about buying cryptocurrency: how to do it, where to go, which cryptocurrency to buy and much more.

Where to buy cryptocurrency in Canada?

Newbies who want to buy cryptocurrency often find themselves faced with a question: where to buy cryptocurrency in Canada? In reality, to buy cryptocurrency, there is only one solution: go through a cryptocurrency exchange platform .

There are many platforms for buying cryptocurrency online, more or less reliable.

How to buy cryptocurrency in Canada?

As you probably know, the cryptocurrency financial ecosystem lies outside the “traditional” financial circuits represented by banks and fiat money. Thus, the latter will not let you exchange money for cryptocurrencies – like Bitcoin or Ethereum for example.

So how do you go about buying cryptocurrency in Canada? We show you the steps to follow below :

  1. The first step to buying cryptocurrency is to register on a platform that works in Canadian dollars.
  2. Then you will need to exchange your dollars for a cryptocurrency. Be careful though: only a few cryptocurrencies (like Bitcoin and Ethereum) are exchangeable for currencies.
  3. Once you have changed your dollars into cryptocurrencies, you can trade them to buy other cryptocurrencies. From this moment, forget the currencies, all your exchanges will be in crypto via the online exchange platforms.
  4. If you want to repatriate your profits, you will only have to do the opposite, and convert your cryptocurrencies into Canadian dollars.

So, buying cryptocurrencies is not that easy, and requires a bit of organization. Nonetheless, once you get used to online cryptocurrency exchange platforms, it will become child’s play for you.

How to buy cryptocurrencies on PayPal?

Since the start of 2021, the PayPal platform has allowed its users to spend cryptocurrencies through its application . In this case, the only cryptocurrency that will be usable through PayPal will be Bitcoin for the moment. Those who buy Bitcoin goods through PayPal will have their cryptocurrency transformed into fiat currency at the time of purchase, causing the seller to be paid in “cash”.

To buy Bitcoin on PayPal, you must go through the Paxos Global platform , which provides PayPal. As for the merchants, they will receive the sum in the currency of their choice. A priori, it should be possible to buy your cryptocurrency free of charge on PayPal.

How to buy Bitcoin in Canada?

The process for buying Bitcoin in Canada is actually the same as buying any other cryptocurrency. As indicated above, you will have to go through an online platform to buy Bitcoin in Canada. Indeed, there is no other alternative.

Is it possible to buy cryptocurrencies online?

Yes, indeed, it is possible to buy cryptocurrencies online. In fact, going through an online exchange platform is the only way to buy cryptocurrency . There is indeed no institution with a physical representation that can exchange you Canadian dollars for Bitcoins or any other cryptocurrency.

Which cryptocurrency to buy?

Many investors are wondering which cryptocurrency to buy. In fact, the answer to this question is complex, as the price of crypto-currencies fluctuates over time. For example, the price of Bitcoin has been very low for a long time, before skyrocketing a few months ago. Also, it is advisable to take advice from experts in order to determine which cryptocurrency to buy, and always invest with caution.

How to sell cryptocurrency in Canada?

If you want to sell cryptocurrency then the process will be much the same as buying it . You will have to go through an online cryptocurrency exchange, on which you must place your capital. From there, you need to exchange your cryptocurrencies for the currency of your choice – the Canadian dollar if you reside in Canada.

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