Selecting the best Bitcoin exchange in Canada

Selecting the best Bitcoin exchange in Canada

If you are prepared to invest in some Bitcoins, you should know that there are many Bitcoin exchanges that allow people in Canada to buy Bitcoins. In case you are looking for a way to stay out trouble, you should learn how to pick the right online Bitcoin exchange.

First and foremost, keep in mind that there are three different kinds of Bitcoin exchanges – brokers, P2P exchanges, and trading platforms. The latter represent platforms where both sellers and buyers meet and conduct transactions instantly in an automatic way. Kraken is a good example of a site like this. Typically, they have low fees for these transactions.

P2P online exchanges are websites like where sellers and buyers are negotiating trades and meet each other in person to finish these transactions. These places allow you to get the best price if you are buying or selling Bitcoins, but you have to meet strangers out of your home to finish the deals.

Finally, there are brokers like Coinbase where you can buy Bitcoins directly from the website. Whenever you are buying cryptocurrency through them, you are buying Bitcoins from the website itself. Purchasing in this way is simpler and easier, but it usually comes with prices that are not so great.

Of course, these are not the only things that you should know about selecting a good online Bitcoin exchange in Canada. In addition, you should analyze their fees. Most of them have deposit fees, withdrawal fees, and transaction fees. Check the value of each of them and opt for the ones that have reasonable fees. Remember that some of them are not asking for deposit or withdrawal fees.

Furthermore, not every online exchange accepts all the possible payment methods you can think of. Some of them will allow users to use wire transfers in Canadian dollars. There are also Bitcoin exchanges that accept debit and credit cards. Finally, in some cases, they will accept payments via PayPal too.

Before you opt for an exchange, you must be aware of their buying limits. In most cases, these limitations are directly related to your verification level which is the other important thing you should take into account. Namely, some exchanges have 2-step verifications other have multi-level verifications. This is very important for the level of protection you can expect.

Finally, read some honest reviews about the exchange you are interested in on review websites, forums, and discussion boards.