How to Buy Cryptocurrency in Canada

Buying cryptocurrency in Canada

Buying cryptocurrency in Canada Canada grants the use of cryptocurrencies, but there's a catch. Cryptocurrencies aren't considered as legal tender, meaning that Canada's tax laws and rules, with the Income Tax Act, can also be applied to cryptocurrency transactions. Furthermore, the Canada Revenue Agency defined cryptocurrency as more of a commodity and claimed that its use to purchase goods or service needs to be regarded as a barter transaction. Additionally, Canadian taxpayers are also responsible to pay a certain amount of tax on crypto. It can be taxed as capital gains or as income tax, which is dependent on whether or not the activity involving cryptocurrency is regarded as a business or not. Only 3.89 percent of Canadians had used Bitcoin in 2019, and the percentage of those who used Ethereum or Ether during the same year is even lower. This could be a result of these tax regulations regarding cryptocurrencies
As of 20/03/2021

Exchanges Info

These exchanges all accept customers from Canada. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below

Open a Bybit Account

Bybit

Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.

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