Buy Bitcoin Ottawa 2021
Making Crypto Simple
Bitcoin is very popular in Canada, and the Currency Department of the Bank of Canada revealed that 58% of Canadians who own Bitcoin hold it for investment purposes.
With the rising popularity of this digital currency and the growth in bitcoin mining you might wonder if it’s too late to buy Bitcoin. We would like to assure you that it’s never too late to buy Bitcoin, as it will definitely continue to top the charts for a long time, so don’t wait any longer to start trading in crypto!
We’ve put together this guide to assist you in finding the best payment options. However, if you need more general information about buying Bitcoin in Canada, we suggest you read our guide on How to Buy Bitcoin in Canada.
After reading this article, you’ll be able to choose the payment method that fits your investment plan best.
How to Buy Bitcoin in Ottawa
If you find the process of buying Bitcoin difficult, we would like to assure you that it’s not. Over the past years, the crypto market has developed to a huge extent, so each reader can select a payment method according to their personal preferences.
Ottawa offers various options to buy cryptocurrencies such as Bitcoin. The most common methods include:
- Buy Bitcoin on Cryptocurrency Exchanges
- Buy Bitcoin with Cash (via an OTC Broker)
- Buy Bitcoin from a Bitcoin ATM (BATM)
Buy Bitcoin on Cryptocurrency Exchanges
However, before we present to you our best exchanges, we have made a breakdown of the key steps to buying cryptocurrency in Canada. Just follow the step-by-step instructions below.
- Register for an account;
- Enable two-factor authentication;
- Verify your account;
- Deposit CAD;
- Enter the amount of BTC you want to buy.
Typically, you can choose to pay via Interac e-Transfer, credit/debit card, bank wire, and in-person payments.
If you are an experienced trader looking for a user-friendly platform, we recommend NDAX. NDAX provides various channels of funding your trading account and has an excellent support team.
Another great Canadian exchange that we recommend is Coinberry. The exchange offers versatile features and services and supports leading crypto tokens like Bitcoin (BTH), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Stellar (XLM), and Ripple (XRP).
If you are looking for an exchange that offers a wide range of cryptocurrencies ranging from the most popular to the least-known ones, our top pick is Binance. The platform has its own token, the Binance token (BNB), and is known as a very quick, safe, and secure platform. Other popular international exchanges include Kraken, Coinbase, and Coinmama.
To enjoy the best overall experience, we recommend using Bitbuy, the most established cryptocurrency in Canada. The platform includes Express and Pro trading interfaces, an OTC desk, excellent customer support, and a wide choice of cryptocurrencies.
If you need more detailed information, please check out our Best Cryptocurrency Exchanges in Canada article, where you’ll find a detailed list of the best cryptocurrency exchanges in Canada chosen based on their security features, service quality, fees, user interface, etc.
Buy Bitcoin with Cash
Although the most common way to buy Bitcoin is through an online cryptocurrency exchange, there are also options of buying Bitcoin with cash in Ottawa.
One way of purchasing Bitcoin in Ottawa is using Flexepin vouchers. You can easily find them all over Canada as they are sold within major brands’ retailers. Simply click the ‘My Location’ icon or enter an address/postcode to find a store near you. When you locate the nearest store that supports Flexepin vouchers, visit the store and pay in cash for the voucher. Next, buy BTC using the unique 16 digit-PIN on the voucher via one of the exchanges that support this method such as MyBTC.ca and Coincurve.
If you consider making high-volume Bitcoin trades, OTC (over-the-counter) brokers are the best and most recommended option. OTCs are different from regular crypto exchanges, as they feature personalized and anonymous services, high liquidity, a great number of purchasing offers, and better conversion rates.
Most importantly, they maintain the initial Bitcoin price and protect traders from slippage. Let’s say that you intend on buying 300 BTC. In such cases, it’s impossible to find a single offer as close to this number on a regular exchange. As a result, your order will be split into smaller ones, with several of them being completed at a much higher price than originally decided, a phenomenon known as slippage.
Our OTC recommendation is Kraken as it’s a highly secure exchange that offers 24/7 services and high liquidity volumes.
There is also the possibility to purchase Bitcoin on peer-to-peer exchanges such as LocalBitcoins. These exchanges operate outside the purview of a central authority. This actually makes it an unsafe method of purchasing BTC that we advise against, since you’ll have to arrange all the details with a seller and carry the risk that it might potentially result in a scam.
Buy Bitcoin from a Bitcoin ATM
Bitcoin ATMs or BATMs are like normal ATMs, created to make the purchasing of Bitcoin available throughout the world.
BATMs are portals that enable customers to engage in Bitcoin-related financial transactions. Their only disadvantage is that they’re more expensive compared to other payment methods with a transaction fee that goes as high as 10% from the order. BATM payment methods include credit/debit cards and cash.
Most BATM machines are located in larger cities like Vancouver, Toronto, Montreal, and Ontario. In Ottawa, according to Coin ATM Radar, there are 76 BATMs. On the other hand, the entire province of Quebec has only 12.
The purchasing process is quite simple: either deposit cash into the BATM or use your debit card/credit card and provide your QR code.
Frequently Asked Questions
Yes, Bitcoin is legal in Canada and the Government of Canada enables purchasing, selling, and mining Bitcoin and other cryptocurrencies. Although they’re not yet recognized as legal tender in Canada, you can use digital currencies to purchase goods and services.
All you need to do is register with an exchange that allows selling Bitcoin and deposit the amount of BTC you want to sell to see the current price. Once you complete the transaction, you can withdraw your fiat money from the exchange to your bank account.
Yes, Bitbuy is the best cryptocurrency exchange. The exchange offers a wide selection of coins, low fees, great customer support, many alternatives for trading, and features for both beginners and advanced traders so that no one gets left behind.
Coinbase is a very safe digital currency exchange as it offers a combination of online and offline cold storage, holding 98% of their users’ assets. Besides, the platform is one of the very few platforms that have a license in NY under the pilot BitLicense program.
Apart from Bitcoin (BTC), which has been a focus of interest for traders for a long time, other popular blockchain-based currencies include Ethereum and Litecoin. Ethereum’s blockchain is the most widely-used blockchain thanks to its smart contract ecosystem, while Litecoin has succeeded in setting itself apart from the competition with its scalability and micro-payments options. It currently follows closely behind Bitcoin as the sixth-largest digital currency by market cap.