Now, this is where you want to spend some time doing research, because online exchanges vary wildly in terms of features, benefits and security. Start with how you want to invest. Are you interested in only one type of cryptocurrency, or are you looking to invest in several? Which payment methods do you intend to use for purchases (via link to your Canadian bank account, or pay with crypto you already own, for example)? Do you want the option of trading on your smartphone? As well, you need to be absolutely sure that the exchange you choose is trustworthy, and will be able to offer support should you need it.
One option that ticks multiple boxes is CoinSmart*, a Canadian-owned digital currency exchange (DCE) created exclusively for buying and selling bitcoin (as well as other cryptocurrencies, including ethereum, litecoin and more) in Canadian dollars.
More than 95% of CoinSmart’s currency is kept in “cold storage” wallets, meaning your holdings are kept offline. This is the most advanced method in the industry for ensuring the security of your bitcoin. As well, CoinSmart has partnered with two banks (DCBank and Switzerland-based InCore Bank) for secure onboarding and offboarding of funds.
CoinSmart also offers low or $0 fees for transactions, including deposits, withdrawals and trading. Refer a new user, and you can scoop bonus credits, too.
Getting started is easy: Simply create an online account and you’ll receive verification in minutes. Your CoinSmart digital wallet allows you to purchase bitcoin using funds you’ve e-Transferred directly from your Canadian bank account. You can also fund your CoinSmart purchases using your credit card, cryptocurrency you already own, or a bank draft. Deposits are credited on your account the same day they’re received—unlike with some online platforms, there’s no waiting period.
CoinSmart’s user interface is designed to be intuitive even for first-time investors, so you can buy, sell and trade cryptocurrencies with one click. And if you do need assistance, 24/7 support is available via email, phone or live chat. (Advanced Trade features are available for those with more trading experience.)
With Canada becoming the first nation to approve cryptocurrency ETFs in early 2021, it’s increasingly clear that bitcoin isn’t going away. While some people will be happy to hold crypto inside a pre-selected basket of securities, for those who wish to hold bitcoin and other cyber-currencies directly, it’s important to connect with a platform that stays abreast of regulatory requirements and offers peace of mind that the cash you use to fund your account, as well as your bitcoin, is safe.
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