Buying Bitcoin in Canada without paying high fees

Buying Bitcoin in Canada without paying high fees

The reason why cryptocurrency exchanges exist is simple – they are making money by connecting sellers and buyers. Namely, they are asking for certain fees for every transfer made through their websites. This is quite logical because running these platforms can be quite expensive especially when it comes to safe and secure platforms. The fees you will pay for buying Bitcoin in Canada depend on the payment method you are using too. So, you can make different combinations on different platforms that will save you some money.

First of all, one of the most inexpensive ways to buy Bitcoins in Canada is to use Interac Online via QuadrigaCX. You probably know that QuadrigaCX is a Canadian-based Bitcoin exchange used by many Canadians. The fee using this method is 1.5%. You can use CoinSquare in the same way, but the fee is set at 3.5%. Keep in mind that it is not very easy to get Interac Online. It turns out that online non-Visa debit cards with Interac online logo are eligible for such transactions. In addition, there aren’t many banks that issue cards like this which means that you will have to make some effort to get them. Finally, both QuadrigaCX and ConSquare require verification before you can use Interac Online.

Another option you have for relatively cheap Bitcoin transactions is e-Transfer or Electronic Funds Transfer. You can buy Bitcoins via QuadrigaCX with 2.5% fee. CoinSquare will ask for 5% fee. So, if you don’t have a chance to use Interac Online, we will recommend using e-Transfer. Don’t forget that you will have to verify your account if you use this method too. if you use this method of payment, it will take between 3 and 5 business days to get the Bitcoins. This may look like a long time, but it will save you money.

Finally, you can use MasterCard debit card or Visa Electron to buy Bitcoin in Canada. The best option is to use these debit cards on Coinbase. Remember that this platform will let you buy, but not sell bitcoins in this way. You will have to use CoinSquare or QuadrigaCX if you want to sell Bitcoins and get money on your debit card. The exchange fee on Coinbase for debit card users is 4.49%.

We hope that this information will help you avoid costly fees and get Bitcoins safely.

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