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Sunday, July 25, 2021

A Quick Guide on How to Buy Cryptocurrency in Canada

Getting ready to venture into the industry of cryptocurrency in Canada? 

Exchanging and trading crypto is like a scary game of chance. You can be instant millionaires overnight and lose it all the next day. Despite that, many people today wish to get involved with cryptocurrency. 

There’s easy access to cryptocurrencies like Bitcoin, Stellar, Dogecoin, and Litecoin. Not only that, but these digital currencies are also now shaping to be the next big currencies in the world. Getting ahead while these coins and tokens are still affordable to the pocket is a good start. 

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Want to start investing in your future with cryptocurrency? Read the article below to find out how to buy cryptocurrency in Canada. 

Choose your Cryptocurrency 

Did you know that in 2020, there were over 3.2% of Canadian citizens who owned cryptocurrency? The first thing to do in buying a cryptocurrency is to choose which currency you’d like to use for trading. 

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Canadians have access to most international cryptocurrencies. It’s all thanks to the government’s positive approach to the industry. With that in mind, you get the pick of the litter of currencies. 

Choosing what crypto suits you best is a crucial step to getting a good cryptocurrency exchange. These are some of the most popular cryptos in Canada: 

Bitcoin (BTC) 

Bitcoin is the most common digital currency worldwide and is also known as the “cash for the internet.” We create and distribute blockchains through the use of the internet. Blockchains are a decentralized ledger system that stores cryptocurrency. 

Litecoin (LTC) 

Litecoin is similar crypto to Bitcoin and functions the same way. The only differences are that Litecoin has shorter transaction times and lower fees. 

Dogecoin (DOGE) 

DOGE has the same similarities and functions as Bitcoin and Litecoin. In the beginning, DOGE was initially created as a fun joke. However, it soon developed as a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. 

Determine How Much Crypto You’ll Buy 

Knowing how much value you’d like to put in your crypto is an important part of buying digital currencies. To find out how much you’ll buy, consider how much you are willing to risk. 

Cryptocurrency trading and exchange are akin to gambling in casinos. It means that a crypto trade can either go good or bad, depending on the odds. 

Investing in cryptocurrency in Canada can have a volatile currency exchange. What does that mean? 

Buying crypto, especially in huge numbers, includes higher risks of losing and gaining it. Not only that, bigger crypto would be more vulnerable for hackers to penetrate and steal. To avoid this, you must have strong keys for your digital wallet. 

To lower the risk of losing money, protect your digital wallets with strong security codes. Addressing that, you can buy currencies without having more concerns. 

Find Out Where to Buy Crypto in Canada 

After choosing your cryptocurrency and deciding how much you want, find out where to buy them. There are many ways to get your hands on the crypto of your choice. Here are some of them: 

Crypto Trading Platforms 

This is where you can buy and sell cheap cryptocurrency with ease. These platforms collect different exchanges to give the best crypto prices to their clients. In the case of DOGE, it isn’t easy to find legitimate sellers in Canada. 

However, some platforms can help you buy dogecoin in Canada. You can find this link on dogecoin price. Here are other ways to buy Bitcoin and Litecoin in Canada. 

Bitcoin ATMs 

Bitcoin ATMs help you buy cryptos using your credit or debit cards. Compared to other ways to buy your cryptocurrencies, Bitcoin ATMs are not used that often. This is due to their poor exchange rates and, at times, high fees. 

Over-the-Counter (OTC) 

OTC is a type of trading where you trade outside of exchanges. OTCs are generally brokers that help trade multi-million dollar cryptocurrencies for their clients. Because of this, the trades are not registered in public ledgers. 

This makes it a more discreet type of trading. Bitbuy is a well-known OTC in the Canadian cryptocurrency trading scene. 

Open a Crypto Wallet 

Once you have decided to get your hands on any cryptocurrency, opening a wallet is necessary. You can use these wallets to secure your crypto holdings. Your crypto wallet will allow you to receive and spend Bitcoin. 

A digital wallet works the same as your bank account. It also holds your public and private keys. 

Public keys are the codes that act like your bank account. This is the code you share with someone you’re expecting to receive a cryptocurrency from. 

Private keys are your secret codes. This is the code that allows you to spend your crypto. Make sure to use a strong private key to avoid compromising your wallet and losing your crypto. 

There are several types of wallets you can use for your crypto. 

Paper Wallets 

Paper wallets are the most basic type. You can list your private keys on a piece of paper and store them for security offline. However, once lost or misplaced, it can pose a danger to your account. 

Software Wallets 

Software wallets are applications you can install on your PC or smartphone. A great example of a software wallet is Coinbase. Take note that software wallets are vulnerable to hacking and corruption from malicious software. 

Brief Guide to Cryptocurrency in Canada 

Now you know how to buy and manage cryptocurrency in Canada. Here are some things you need to know before delving into a cryptocurrency exchange in Canada. Once you have a secure wallet, you can start trading crypto. 

However, why stop there when you can go even further? To make the most out of your crypto wallet, check out our other blog posts. We have more great tips and tricks for investing in cryptocurrency. 

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