In Canada, more people are exploring how to buy and sell Bitcoin, whether as a speculative asset, long-term investment, or gateway to the broader crypto economy.
But for beginners, the process can seem complex — especially when trying to navigate platforms, regulations, and wallets.
One of the first names to know is Best Wallet.
The platform is positioning itself as a beginner-friendly option in the Canadian crypto space, allowing users to buy, sell, and hold Bitcoin securely. It also supports integration with self-custody wallets and claims to offer competitive fees and strong compliance protections.
From popular apps like Shakepay and Bitbuy, to global exchanges like Binance Canada and Coinbase Canada, Canadians have more ways than ever to access the digital currency economy.
Whether you’re wondering how to buy Bitcoin in Canada with an e-Transfer, a TD Bank or RBC account, a credit card, or even PayPal, this guide explains what to know before getting started.
How to buy crypto in Canada for beginners
For Canadians, the easiest way to begin is by using a regulated crypto platform.
These services let users fund their accounts in Canadian dollars and convert that balance into BTC — the ticker symbol for Bitcoin.
“There are two different regulatory regimes in Canada, both of which publish lists of registered businesses,” said Amber D. Scott, co-founder and chair of Outlier Solutions.
“This is a useful starting point for investors vetting companies.”
Apps like Shakepay, Wealthsimple, Coinsquare, and Bitbuy are popular for beginners.
These custodial platforms hold users’ Bitcoin on their behalf and typically support funding through Interac e-Transfer, which remains the most widely used method to buy Bitcoin in Canada.
Some platforms also allow purchases with a credit card, and a growing number — such as Coinbase Canada — offer limited support for buying Bitcoin in Canada with PayPal.
Users banking with TD Bank or RBC can typically connect accounts or cards for direct deposit or transfer options, though compatibility varies by platform.
More advanced users may choose non-custodial services like Best Wallet, Bull Bitcoin, or Beaver Bitcoin, which transfer Bitcoin directly to the user’s private wallet rather than holding it in-platform.
These services are registered with FINTRAC as money services businesses (MSBs) and are often favored by privacy-conscious buyers.
For those not ready to hold crypto directly, Bitcoin ETFs are another option.
Investors can buy Bitcoin ETF Canada listings through traditional brokerages, gaining exposure to BTC price movements without holding the asset itself.
Still, owning Bitcoin through an app or ETF doesn’t offer the same control as managing your own wallet.
“The idea of a blockchain and the associated crypto-assets… is that you hold crypto-assets yourself,” said Andreas Park, professor of finance at the University of Toronto.
“Only then can you use them as intended and access the services that they stand for.”
While platforms like Coinbase Wallet offer user-friendly ways to manage crypto privately, self-custody comes with serious responsibilities.
“With the ability to control assets come high risks,” Park said. “If one loses the private key that controls the assets, one loses the assets.”
What is Bitcoin?
Bitcoin is a decentralized digital currency created in 2009.
It allows users to send money directly to each other over the Internet without going through banks or governments. It runs on a blockchain—an open, distributed ledger that records every transaction.
“Bitcoin is the mother of all cryptocurrencies with a market capitalization of almost US$2 trillion and tens of millions of users,” said Alex Tapscott, an author and speaker on blockchain technologies.
“It functions like cash for the internet and a final settlement layer for the crypto-economy.”
The Bitcoin price fluctuates significantly, attracting both investors and speculators alike.
However, experts caution that BTC is not a risk-free asset.
“A Bitcoin is an entry in a distributed database, the Bitcoin network,” said Park.
“It is effectively a digital sticker… Buying Bitcoin is not ‘investing,’ it’s speculation.”
Still, Bitcoin remains one of the most widely held cryptocurrencies in the world.
“Bitcoin is digital gold for investors and a lifeline for many of the world’s unbanked,” said Tapscott.
Scott agrees, calling Bitcoin the most prominent cryptocurrency today.
“Bitcoin accounts for the majority of the market share of all virtual currencies,” she said.
“There is a really in-depth collection of resources updated regularly by Jameson Lopp at lopp.net for anyone who wants to learn more.”
Canadians can buy Bitcoin through apps, web platforms, and even buy-and-sell ATMs found in urban centers.
These Bitcoin ATMs allow cash-based purchases but often charge higher fees than online exchanges.
What is cryptocurrency?
While Bitcoin is the most well-known digital currency, it’s just one of thousands.
“Cryptocurrency is a relatively broad term used to capture a variety of different electronic or virtual currencies,” said Scott.
“In some cases, these can be secured by traditional assets like gold or fiat currencies — also called stablecoins or value-referenced cryptoassets.”
Tapscott said the purpose of cryptocurrencies has expanded beyond simple money transfers.
“Cryptocurrencies attempt to build Internet-native money that can act as a store of value, unit of account, and peer-to-peer medium of exchange,” he said.
“But there are many other different types of digital assets beyond just ‘currencies,’ and each is important in its own way.”
Beyond Bitcoin (BTC), there are utility tokens, stablecoins, and application-based assets that power decentralized apps on platforms like Ethereum.
Are You Crypto Curious?
How to start crypto trading today
Download a trusted exchange app — Start by choosing a licensed crypto exchange. We recommend starting with the Best Wallet app, available for both iOS and Android.
Create and verify your account — Sign up using your email, Google, or Apple ID. To complete registration, you’ll need to verify your identity with a government-issued ID and enable two-factor authentication (2FA) for added security.
Fund your account — Deposit money into your account by linking a bank account or credit card or even using gift cards. Choose an option that best fits your lifestyle.
Buy your first cryptocurrency — Use the app’s marketplace or swap tool to purchase crypto by entering the ticker symbol — like BTC for Bitcoin or ETH for Ethereum — and follow the prompts to complete the transaction.
Choose how to store your crypto — Decide whether you’ll keep your crypto in the exchange, move it to a digital wallet (hot wallet), or store it offline (cold wallet) for extra protection.
Some of these assets are used for gaming, digital identity, lending, and cross-border payments.
“My interest is in the technology — blockchain — and what it can be used for,” said Park.
“Essentially, a blockchain is a value transfer protocol that does not require a third party like a bank.”
However, Park also warned about the proliferation of worthless tokens in the space.
“Many, many tokens have absolutely no genuine value proposition,” he said.
“Any muppet can create a token, attach a pretty sticker to it and waffle about ‘community.’ Don’t get drawn into this nonsense.”
Where to buy Bitcoin in Canada
Canadians now have more access points than ever when it comes to buying crypto.
Whether through Wealthsimple, Bitbuy, Shakepay, or Binance Canada, users can fund accounts using Canadian dollars and buy BTC through apps or web platforms.
These custodial exchanges are regulated under Canadian securities laws and offer a convenient entry point.
More advanced buyers often use Coinbase Wallet to move their BTC into private storage or explore decentralized apps.
For those looking for alternatives, Bitcoin ETFs can be purchased through traditional brokerages — ideal for investors who don’t want to manage crypto keys or navigate blockchain networks.
And for anyone asking how to buy Bitcoin in Canada with TD Bank, RBC, credit card, PayPal, or Interac e-Transfer, the answer is: it depends on the platform.
Most Canadian exchanges support e-transfer, while some accept bank cards and PayPal for a fee.
“Canadians have a wide range of options for buying Bitcoin,” said Tapscott.
“Each method comes with its own tradeoffs in terms of fees, custody, convenience, and security.”
Ultimately, Park said, real crypto ownership begins with taking custody.
“Buying a token on a marketplace like Coinsquare or Wealthsimple is not enough,” he said.
“One needs to transfer the assets to a self-custody wallet to truly control them and access decentralized applications.”
Cryptocurrency is not a guaranteed path to profit. While it offers incredible potential, it also comes with volatility, scams, and technical complexity.
“The most important gap is to understand that the blockchain economy is not about token price speculation, but about useful applications,” said Park.
Scott encourages Canadians to consult reliable educational resources, including the Canadian Securities Administrators’ investor tools.
She also recommends the Certified Bitcoin Professional (CBP) credential for those serious about learning.
“There is a frustrating amount of fraud and crime, but also an equally frustrating amount of fear-mongering,” said Park.
“Never ever put any money into crypto assets that you are not prepared to lose 100%.”
Still, Tapscott remains bullish on the long-term transformation underway.
“Bitcoin is actively undergoing a renaissance,” he said. “It is evolving beyond just a medium of exchange or store of value into a platform that supports a wide array of activities, applications, and use cases.”
For Canadians wondering how to buy crypto in Canada, the options are vast — but informed decision-making is key. Understanding both the risks and the technology is the best first investment.
