Buy Bitcoin Quebec 2024

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

1. Visit the Bitbuy website or download the free mobile app (available both for iOS and Android).
2. Find Sign up and enter your email address and password
3. Verify your email address and sign in.
4. Add a phone number and enter the SMS code you receive. 
5. Fill in your personal details and click Request Verification.
6. 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. 
7. 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. 
8. 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

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.

OTC desks

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.