Buy Bitcoin Quebec 2021
Making Crypto Simple
The pandemic crisis of 2020 has shone new light on corporate and personal investments. People shifted to the digital space much faster than predicted, and Bitcoin became our new financial reality. Now that Bitcoin’s price has built up public expectations, it’s your turn to enter the crypto game. The goal of this article is to break the conventional view of Bitcoin as a tech experts’ privilege and guide you safely through the most reliable purchase methods in Quebec, Canada.
Before we get started, you can also take some time to read How to Buy Bitcoin in Canada and learn more about the topic.
How to Buy Bitcoin in Quebec
Fortunately, the Canadian Bitcoin market has developed to a level where you can choose a payment method that suits your personal needs, as choosing the best way of buying Bitcoin can sometimes be harder than the purchase process itself. Based on the latest trends and security measures, we’ve decided to give particular attention to the following three methods:
- Use Bitcoin/Cryptocurrency Exchanges to buy Bitcoin
- Buy Bitcoin with Cash (via an OTC Broker or a Flexepin voucher)
- Buy Bitcoin from a Bitcoin ATM
Buy Bitcoin on a Cryptocurrency Exchange
Cryptocurrency exchanges are centralized digital platforms that allow the trading of cryptocurrencies for other fiat or digital assets. They serve as an intermediary between buyers and sellers. It’s impossible to discuss crypto exchanges in general terms as they differ in many aspects, including transaction fees, cryptocurrencies accepted, payment methods, interface, etc. When choosing an exchange platform, you should consider its reputability, history, and average trading volume.
Our team has prepared a valuable list of the top-ranked 11 crypto exchanges in Canada based on deep market analysis and users’ feedback. Experienced crypto-traders in Canada single out the Bitbuy platform, as it strikes the perfect balance of the most desired features. Therefore, we’ll demonstrate how to buy Bitcoin for the first time using Bitbuy as a model:
Sign Up and Verify Your Account
- Visit the Bitbuy website or download the free mobile app (available both for iOS and Android).
- Find Sign up and enter your email address and password
- Verify your email address and sign in.
- Add a phone number and enter the SMS code you receive.
- Fill in your personal details and click Request Verification.
- There is an option for automatic verification to confirm your identity. If your account fails to pass the automatic version, the next point describes the manual process.
- You’ll need to upload: a photo of your ID, a selfie with the identical ID, and a note with the text “Bitbuy Use Only” and the current date, financial statement, and utility bill.
- Press the Request Verification button and wait for 1-2 business days for approval.
Deposit Funds (Canadian Dollars) to Your Account
As a newbie, we advise you to go to the Express Trade section at the top of the page. It is Bitbuy’s simplified version, adapted for beginners. All you have to do is select Bitcoin, choose the amount of CAD, and click Purchase. Bitbuy accepts wire transfer, Interac e-Transfer, or Express Interac e-Transfer but not credit or debit cards.
Buy Bitcoin with Cash
Broadly speaking, cash payments may seem fast, convenient, and anonymous, but when it comes to cryptocurrency, they’re usually limited and not the most cost-effective solution.
Flexepin vouchers are one of the safest and most innovative ways to buy Bitcoin with cash in Canada. According to their store locator, you can find around 30 physical locations within Quebec City where you can buy a Flexepin voucher ranging from $20-$500 and redeem it for Bitcoin on the exchange platforms that accept this payment method.
Using the unique 16-digit voucher code, traders will have the Bitcoin sent to their digital wallets within an hour. The advantage of Flexepin is that the prepaid voucher allows top-up of your Bitcoin wallet accounts without exposing sensitive bank information. However, Flexepin vouchers are intended for limited personal investments, allowing only a restricted number of Bitcoin exchanges at this point.
If you want to go “big” and invest a large number of funds into Bitcoin, over-the-counter (OTC) desks are what you are looking for. OTC services operate as entities that offer users to buy large amounts of Bitcoin, usually any trade over 30,000 USD. They provide anonymous and personalized services to corporations and affluent individuals who look for high liquidity and privacy.
The main benefit of using OTC desks is the capacity to deal with huge trading volumes while protecting investors from slippage. In simple terms, price slippage is the difference between the expected price and the actual price at which the trade is executed. It occurs on regular crypto exchanges as a result of either their insufficiency to support such large market orders or volatile and frequent changes in the price of Bitcoin. Genesis and itBit are some of the most popular OTC desks in Canada. In addition, some of the well-established, centralized exchanges like Bitbuy, Kraken, Coinbase, and Coinsquare offer OTC services to their clients.
Buy Bitcoin from a Bitcoin ATM
As Bitcoin transactions become widely accepted, crypto traders appreciate the alternative for buying Bitcoin at a physical location despite the notoriously high fees. Bitcoin ATMs operate in a standardized manner, similar to bank ATMs. Complete a verification process, submit your digital wallet’s QR code up to the screen, deposit some cash, and confirm the order. Your Bitcoin will be instantly transferred to your Bitcoin wallet. In comparison to Toronto, Montreal, and Vancouver, the number of BATMs in Quebec City is relatively small. There are only 12 BATM kiosks, all located within the city center.
Frequently Asked Questions
In Canada, it is not illegal to buy Bitcoin in exchange for digital or fiat currencies. It is also perfectly legal to sell Bitcoin and make a profit or capital gain, subject to GST/HST (Goods and Services Tax/Harmonized Sales Tax). You can also spend your Bitcoin on various goods and services, wherever it’s accepted as a payment method in Canada. However, according to the Financial Consumer Agency of Canada, Bitcoin and other altcoins are not considered legal tender in Canada.
A restricted number of exchange platforms like eToro and Coinbase allow you to buy Bitcoin using PayPal. However, PayPal is currently the most unpopular Bitcoin purchase method in Canada due to the restricted market, high fees, and additional requirements (connecting your PayPal account with your debit/credit card).
It depends on the exchange platform. Some exchanges allow selling a wide range of over 100 cryptocurrencies, some accept Bitcoin (BTC) exclusively (like Coinmama, for example). However, the most reputable exchanges in Canada accept Bitcoin and other popular cryptocurrencies such as Ripple (XRP), Ethereum (ETH), Stellar (XLM), Bitcoin Cash (BCH), and Litecoin (LTC). Check what type of altcoins your particular exchange platform accepts on its website, pay attention to the withdrawal fees, and convert your desired digital currency into cash with ease.
Coinbase is an international crypto exchange available in over 200 countries including Canada. It’s a well-established and popular platform, especially for beginners and travelers (allows depositing funds with SEPA transfers). However, Bitbuy is more trusted among Canadian traders as a locally-based exchange platform with high levels of security. It has been registered as a Money Service Business (MSB) and is regulated by FINTRAC. Moreover, it has an attractive interface and supports both Interac and bank transfers for easy CAD deposits.
Peer-to-peer services like LocalBitcoins are an available yet not recommended Bitcoin purchase method in Canada. They allow direct communication between the buyer and the seller without a third party acting as an intermediary. Besides the inconvenience of face-to-face trading, peer-to-peer exchanges can expose you to various scams and uncertainties.