People have different reasons for buying cryptocurrency. Some use it for cross-border transactions, while others see it as an investment opportunity. Buying cryptocurrency in Canada is surprisingly straightforward; you might be amazed at how simple it is. Plus, buying crypto is open to everyone, regardless of their experience.
Before you buy cryptocurrency, there are a few things you should understand.
Know what cryptocurrency is and its risks
Cryptocurrency is like digital money that doesn’t need a regular bank. It is decentralized and often uses blockchain technology for secure transactions. But, remember, just like any investment, there are some risks with cryptocurrency such as price volatility and regulatory changes. By learning about these things, you can make smarter choices when dealing with cryptocurrency.
Get a crypto wallet
Think of a wallet like a digital pocket where you can store your digital coins. Just as you wouldn’t leave your money lying around, you need a safe place for your cryptocurrency. A wallet gives you that safe haven, making sure your digital assets are well-protected.
There are various ways to buy cryptocurrency in Canada:
Bitcoin ATM
Using a Bitcoin ATM is a straightforward way to buy Bitcoin. These ATMs work similarly to regular cash ATMs but allow you to buy Bitcoin with your local currency. You just need to follow the on-screen instructions, insert your cash, and provide a Bitcoin wallet address. The machine then transfers the purchased Bitcoin to your wallet. This method offers a user-friendly approach for anyone interested in owning Bitcoin without the need for online transactions.
Crypto Exchange
Buying crypto through a cryptocurrency exchange is a common method. Cryptocurrency exchanges are online platforms where you can create an account, deposit your local currency, and then use it to buy Bitcoin. These exchanges provide a range of features, such as real-time price tracking and secure transactions.
You can place buy orders at your preferred price, and once matched with a seller, the Bitcoin will be credited to your exchange account. From there, you can choose to leave it on the exchange or transfer it to your wallet for added security.
One common cryptocurrency exchanges in Canada is Kraken. Kraken is a popular exchange that allows users to trade various cryptocurrencies with a focus on security. These exchanges serve as platforms where you can buy, sell, and trade cryptocurrencies.
P2p Platform
Buying cryptocurrency through a peer-to-peer (P2P) platform is a direct and person-to-person method. P2P platforms connect buyers and sellers, allowing you to find someone willing to sell their crypto for your local currency. You can browse through listings, choose a seller with favorable terms, and initiate a trade.
The platform usually acts as an escrow service, holding the crypto until both parties fulfill their part of the deal. This approach offers a more personalized experience and often allows for a variety of payment options, such as bank transfers.
Best Bitcoin Wallet in Canada
Owning a Bitcoin wallet gives you complete authority over your digital assets. There are various types of wallets available. First, there are hardware wallets, physical devices that offer enhanced security by keeping your Bitcoin offline.
Software wallets are applications you can install , providing easy accessibility. Web wallets operate online, accessible from any device with an internet connection. Each type has its considerations, so choosing the wallet that suits you best is important.
These are some Bitcoin wallets in Canada.
- Trust Wallet: Trust Wallet is a software wallet that you can install on your mobile device. It is designed to provide a user-friendly experience for managing your Bitcoin and other cryptocurrencies.
- Ledger Nano S: Ledger Nano S is a hardware wallet that offers enhanced security by keeping your Bitcoin offline. It’s a physical device that you can connect to your computer when you need to manage your cryptocurrencies.
- Electrum: Electrum is a software wallet available for desktop computers. It’s known for its simplicity, making it a practical choice for those who want a straightforward way to manage their crypto.
Selling Crypto in Nigeria
If you’ve received crypto from someone in Canada, you might want to exchange it for Naira. It is more practical for everyday transactions and allows you make the most of the value you’ve received.
Selling crypto is very common in Nigeria, and there are platforms that let users do this. Cardvest is one platform that stands out. It has the best exchange rate compared to others, making it a popular choice for selling crypto for Naira.
To sell crypto in Nigeria, follow these steps:
- Download Cardvest mobile app from your app store.
- Sign up and complete the registration process.
- On your first login, you will be prompted to set up a 4-digit PIN. This PIN will be used to verify your transactions for added security.
- Once logged in, you’ll find a sell coin icon on your dashboard.
- Click on the sell coin icon and input the type of cryptocurrency you want to trade and the amount in dollars.
- The rate calculator will convert the dollar value to Naira.
- Click on “sell coin now” to proceed with the sale.
- The system will provide you with a wallet address where you can send your cryptocurrency.
- Send the specified amount of cryptocurrency to the provided wallet address.
- After you’ve completed the transaction, you will be credited with the equivalent amount in Naira. This process usually takes just a few minutes.
