How to buy and sell Bitcoin in Canada?
Living in Canada is great if you want to buy Bitcoin, since most well-trusted exchanges are supported there. The problem may be where to start. Find out how to buy Bitcoin in Canada, especially if you’d prefer to go with local options, through our guide.
If you want to buy Bitcoin in Canada literally, there are exchanges such as Vancouver-based QuadrigaCX.com or Toronto’s Coinsquare.io. Both exchanges accept e-transfers and bank wires for funding and withdrawal, among other options. Unfortunately, though, neither accepts credit cards. For more info on that, read our guide How to buy Bitcoins with a credit card. You can also use a local Bitcoin ATM, but be warned: they charge very high fees. If this is not a problem for you, you can find the closest Bitcoin ATM at websites such as coinatmradar.com.
The answer to the question “How to sell Bitcoin in Canada?” is, incidentally, the same. There is really no way to make sure that you’re selling Bitcoin in Canada if you’d like to keep the coins within the country, other than using a direct method, like LocalBitcoins.
Don’t forget that Bitcoin is not beyond the Canada Revenue Agency - you still need to pay taxes on it. If you’re using your virtual tokens to pay for goods and services, the rules for barter transactions apply. If, like most people, you’re treating Bitcoin more like gold – buying it for the purpose of selling it at a later date for a profit – you’ll have to declare any capital gains or losses on your tax return. For more information, contact your local tax service.